(VOV) - Regulators and experts from Vietnam, Indonesia, and the Philippines met at a seminar in Hanoi on November 18 to examine monetary policy coordination with other macroeconomic policies in a challenging global economic environment.
The event was jointly held by the State Bank of Vietnam (SVB) and the Asian Development Bank (ADB).
ADB Country Director of Vietnam Tomoyuki Kimura stressed that despite the complex situation in the world economy, the Vietnamese government has drastically implemented its Resolution 11 to stabilise the foreign exchange market, partially restore foreign currency reserves, and to better weather the global financial and economic crisis than many other countries.
Although Vietnam’s economy has bounced back, the high inflation and pressure on the Vietnam dong have re-emerged as central challenges to macroeconomic stability, he added.
“Closer coordination among monetary policy and other macroeconomic policies is critical to ensuring macroeconomic stability,” said Kimura. “Restoring macroeconomic stability is the immediate priority, but addressing root causes of high inflation requires efforts on structural reform.”
Participants agreed that the strained European public debts and the slow recovery of the US and Japanese economies could lead to a long time global economic decline which will affect emerging countries in Asia including Vietnam.
Therefore, they suggested the country should prioritize controlling inflation and stabilizing the macroeconomy to give necessary momentum for sustainable development.