The State Bank of Vietnam held a training course at the Banking Academy for officials in its department-level succession planning pool, centred on “Modern monetary policy: international trends and responses amid macroeconomic instability”. Deputy Governor Pham Thanh Ha taught and discussed the outlook and direction for monetary policy management, including the opportunities and challenges facing the central banking sector and the SBV’s policy views for the period ahead. The programme aimed to update participants on monetary policy operations and emerging approaches at the SBV and other central banks, and to strengthen analytical and forecasting capabilities in a volatile macroeconomic environment. A lecture by Pham Chi Quang, Director General of the Monetary Policy Department, set out key monetary policy concepts, objectives and instruments, emphasising inflation stabilisation and maintaining output around potential, and compared approaches at the Federal Reserve, European Central Bank, Bank of England and Bank of Japan. Discussion also covered operating, intermediate and final targets, and transmission channels including interest rates, credit and the exchange rate, alongside the use of policy tools under different Vietnamese economic conditions.
State Bank of Vietnam 2025-11-22
State Bank of Vietnam holds modern monetary policy training for prospective department-level officials
The State Bank of Vietnam conducted a training course at the Banking Academy focused on modern monetary policy amid macroeconomic instability. Deputy Governor Pham Thanh Ha and Director General Pham Chi Quang discussed monetary policy management, inflation stabilization, and policy tools, comparing approaches with major central banks. The program aimed to enhance participants' analytical and forecasting skills in a volatile economic environment.