Agribank joins the State Bank delegation to attend the 2024 IMF/WB Annual Meeting

From October 21-26, 2024, the Agribank delegation led by Mr. Pham Toan Vuong - Member of the Board of Members, General Director accompanied the Vietnamese delegation led by the Governor of the State Bank of Vietnam to attend the 2024 Annual Meeting co-organized by the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington DC, USA.

The IMF - WBG Annual Meeting is an annual event to promote close cooperation between global financial institutions on issues related to global economic development and international finance. The 2024 Annual Meeting is attended by a Vietnamese delegation led by Ms. Nguyen Thi Hong - Governor of the State Bank of Vietnam, along with representatives of the leaders of the SBV's Departments and Bureaus and representatives of the leaders of 04 state-owned commercial banks, including Agribank.

In her opening speech at the Conference, Ms. Kristalina Georgieva - Managing Director of the IMF summarized the world economic situation in 2024 with 03 outstanding results: (i) Global inflation decreased thanks to the effectiveness of drastic monetary policies, (ii) Supply chain stability and (iii) Food and energy prices tend to decrease due to good inflation control, improved supply chains and increased output. However, Ms. Kristalina Georgieva also warned about the difficulties that the world is and will continue to face in the long term such as: (i) High public debt, (ii) Stagnant labor productivity and (iii) Risks from geopolitical tensions and trade protectionism. Ms. Kristalina Georgieva continued to emphasize that economic growth is expected to be at a low average level, making it difficult to meet the goals of poverty reduction and employment needs, and at the same time demonstrated the IMF's determination to seek cooperative solutions to boost the global economy, reduce tensions and deal with emerging challenges.

The Agribank delegation was led by Mr. Pham Toan Vuong - Member of the Board of Members, General Director.

In his speech at the Conference, Mr. Ajay Banga - President of the World Bank Group emphasized the great strides made by the World Bank in supporting global development. He specifically mentioned the enhancement of the efficiency of the WBG's operations and disbursement capacity, in order to meet the capital support needs of developing countries more quickly. He also emphasized the role of the WBG in promoting sustainable growth and reducing poverty, especially in the context of global challenges such as rising public debt and the impacts of climate change. Mr. Ajay Banga also affirmed the long-term goal of focusing on financing sustainable agricultural development and promoting the role of women in economic development.

In the context of the volatile world economy, Agribank - with the goal of becoming a modern commercial bank, integrating internationally - is facing new opportunities and challenges. The stable growth of the world economy along with deep global integration opens up opportunities for Agribank to access capital sources and modern technology from abroad, while expanding cooperation, especially in the context of free trade agreements (FTAs) that facilitate financial activities. On the other hand, the trend of applying financial technology (FINTECH), developing green and sustainable finance in the world creates conditions for Agribank to promote digital transformation, provide modern financial services to rural areas, and attract green capital from international organizations to invest in sustainable agricultural projects that Agribank is supporting. In addition to potential opportunities, Agribank as well as other commercial banks are facing increasingly complex challenges, such as: fierce competition from international financial institutions with more advanced technology platforms and customer services; increasing risks of cyber security, customer data requiring modern security technology; requirements to meet increasingly high international standards in the field of risk management and sustainable development; impacts from geopolitical tensions on international payment turnover...

The participation of the Agribank Delegation at this important annual event demonstrates Agribank’s strong commitment to contributing to Vietnam’s efforts to address global challenges as well as the journey of green transformation and sustainable development. This is also an opportunity for Agribank to approach new trends in international financial policies, sustainable development strategies and ways to respond to global risks.

Agribank and the State Bank delegation worked with the Vietnamese Embassy in the United States.

Within the framework of the Conference, the Agribank delegation and the State Bank delegation worked with the WBG Vice President on international capital sources and banking projects serving Vietnam, and worked with the Vietnamese Embassy in the United States to support import-export and investment enterprises between the two countries. On the sidelines of the Conference, the delegation worked with a number of financial institutions and partners that have strategic cooperation relations with Agribank.

The World Bank Group (WBG), commonly referred to as the World Bank (WB), consists of five member financial institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the International Center for Settlement of Investment Disputes (ICSID) and the Multilateral Investment Guarantee Agency (MIGA), established in 1944 with the aim of providing loans to promote economic development for developing countries, through lending programs and poverty reduction. Currently, the WBG has 189 member countries.

The International Monetary Fund (IMF) is a multinational financial institution established in 1944 with the aim of promoting monetary cooperation and ensuring the security of the global monetary system, ensuring financial stability, facilitating the development of international trade, promoting employment and sustainable economic growth, and reducing poverty worldwide. Currently, the IMF has 191 member countries.

IMF and WB are two international financial organizations that have a close and long-standing cooperative relationship with Agribank. WB is currently Agribank's largest sponsor in the field of International Projects. As of August 31, 2024, Agribank has received and implemented a cumulative of 84 Banking Service projects funded by WB with a total value equivalent to 5 billion USD and 06 Credit projects funded by WB with a total value of nearly 6,500 billion VND. Some typical projects funded by WB include: Rural Finance Projects I, II, III and the Sustainable Agricultural Development Project (VNSAT). These are projects that Agribank has implemented in cooperation with WB since 2010 and has always been assessed as the Financial Institution with the fastest and most effective disbursement of project capital. The project's capital has contributed to improving access to financial services in a sustainable manner for households and individuals, thereby helping to increase income, create jobs for rural areas, and contribute to stabilizing and developing the agricultural and rural economy in the provinces implementing the project. In addition, 2024 marks the cooperation between Agribank and the World Bank in improving policy-making capacity and the framework for promoting sustainable financial development through a technical support project to support Agribank in building a green financial framework in accordance with domestic regulations and international practices.

On the IMF side, the IMF annually organizes bilateral working sessions between the IMF Advisory Group and representatives of the Agribank Board of Directors to update the macroeconomic situation and Agribank's business performance to provide advice, assessments, and recommendations on macroeconomic policies in the fields of banking and finance, trade, and state-owned enterprise reform.

Source: https://baoquocte.vn/agribank-tham-gia-doan-cong-toc-cua-nhnn-du-hoi-nghi-thuong-nien-imfwb-nam-2024-291646.html