Deputy Governor Pham Tien Dung works with Deutsche Bank representatives

Deputy Governor Pham Tien Dung speaks at the reception and working session

At the meeting, Deputy Governor Pham Tien Dung shared some information about the macroeconomic situation and policy management of the State Bank in recent times. At the same time, he highly appreciated the role of German banks in Vietnam, including Deutsche Bank, which has been established and operated in the Vietnamese market for 33 years and has made positive contributions to promoting economic relations, investment and trade activities between Vietnam and Germany.

On behalf of Deutsche Bank, Mr. Alexander von zur Muehlen was pleased to inform about the bank's performance in Vietnam in recent times; In particular, in 2024, the bank achieved a record return on equity and in the first quarter of 2025. Deutsche Bank is also on track to achieve its business goals. This result was achieved with great support from the State Bank of Vietnam. Deutsche Bank's customers in Vietnam have great confidence in Vietnam's economic development goals in the coming period. With this expectation, Mr. Alexander von zur Muehlen believes that European businesses will continue to pay attention and invest in Vietnam.

Mr. Alexander von zur Muehlen spoke at the meeting.

However, in the context of the world economy witnessing many fluctuations, the Deputy Governor said that the State Bank continues to closely monitor developments and the world and domestic economic situation to operate monetary policy proactively, flexibly, promptly, effectively, and harmoniously and closely coordinate with fiscal policy and other policies to contribute to prioritizing strong economic growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

Currently, Vietnam does not recognize virtual currency/virtual assets as a legal means of payment, but the Government is submitting to the National Assembly a draft Law on this issue, which is expected to include provisions on digital assets, virtual assets, and encrypted assets. The State Bank of Vietnam has been closely coordinating with relevant parties in the process of developing and completing the draft Resolution on piloting the crypto asset market in Vietnam to ensure that the Resolution is issued in accordance with the assigned functions and tasks on payment, foreign exchange, and anti-money laundering.

Overview of the working session

In addition, Vietnam has a letter of commitment to implement the FATF-designated Action Plan, which includes 17 actions on preventing and combating money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction. This is a huge challenge for Vietnam, but as the focal agency in the implementation, the SBV gives the highest priority and is resolutely handling the issues to achieve this goal.

In particular, the State Bank is working closely with relevant parties to draft a National Assembly Resolution on the development of an international financial center. Accordingly, the international financial center located in Ho Chi Minh City and Da Nang City will be built on the basis of unified operations, management and supervision; with separate product development orientations, promoting the strengths of each city; ensuring fairness and mutual support, aiming to become a leading international financial center, raising Vietnam's position in the global financial network, associated with economic growth momentum.

However, Vietnam's international financial center has different characteristics compared to other financial centers operating in the world. Therefore, the Deputy Governor hopes that Deutsche Bank representatives will share international experience in managing banking and foreign exchange activities in financial centers, especially financial center models with their own legal regimes, similar to those in Vietnam.

Receiving the sincere sharing from the Deputy Governor, Mr. Alexander von zur Muehlen affirmed that Deutsche Bank is willing to share experiences and contribute ideas related to the development of an international financial center. At the same time, the bank will build a group of experts to research financial centers in some countries with similarities to Vietnam and is ready to accompany Vietnam's international financial center for sustainable development.

Source: https://thoibaonganhang.vn/pho-thong-doc-pham-tien-dung-lam-viec-voi-dai-dien-deutsche-bank-162593.html