From October 21-26, 2024, the Agribank delegation led by Mr. Pham Toan Vuong - Member of the Board of Directors, 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 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) are held annually to promote close cooperation between global financial institutions on issues related to global economic development and international finance. The 2024 Annual Meetings are attended by a Vietnamese delegation led by Ms. Nguyen Thi Hong - Governor of the State Bank, along with representatives of the leaders of the State Bank's Departments and Bureaus and representatives of the leaders of 4 state-owned commercial banks, including Agribank.

In the context of a 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 international capital sources and modern technology, while expanding cooperative relations, 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 has created 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, etc.

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.

Within the framework of the Conference, the Agribank delegation and the State Bank delegation worked with the WBG Vice President on international capital 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.

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 donor in terms of International Projects. Regarding the IMF, the IMF annually organizes bilateral working sessions between the IMF's Advisory Group and representatives of Agribank's 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.

Kylie Nguyen