The BIS 96th Annual General Meeting took place in Basel, Switzerland, from June 26–28, 2026, with participation from the Governor and Deputy Governor of the State Bank of Vietnam (SBV) and leaders of international financial and monetary institutions. The SBV delegation was led by Governor Pham Duc An. At the conference, the BIS General Assembly adopted the Annual Report and the financial statements for the financial year ended March 31, 2026, along with other governance measures. BIS also released the 2026 BIS Annual Economic Report, the organization’s flagship policy research publication.
The BIS report notes that the global economy over the past year experienced two contrasting phases. In the first phase, the world economy showed resilience to the largest trade shocks since World War II, supported by investments in artificial intelligence (AI) and favorable financing conditions. Since the start of 2026, it has faced a severe energy supply shock due to the Hormuz Strait crisis. These developments influenced the BIS’s recommendation that central banks shift their focus from short-term resilience to building a sustainable long-term foundation, anchored by fiscal discipline, commitments to price stability, and consistency in financial safety regulations.
During the conference, Governor Pham Duc An attended BIS Governor’s 25th Workshop on the theme Central banks and macrofinancial stability in a globally fragmented economy and participated in the Global Economy session. Sessions addressed key issues for central banks, including monetary policy management amid signs of inflation returning; competition among cross-border payment methods by banks, fintech firms, and AI-powered platforms; and the impact of these trends on financial stability and monetary policy operations.
On the sidelines, Governor Pham Duc An held bilateral meetings with BIS leadership and partner central banks to discuss macroeconomic conditions, SBV policy operations, and BIS performance results for the previous financial year. In discussions with BIS Board Chair Fabio Panetta and BIS Managing Director Pablo Hernandez de Cos, the parties agreed to continue enhancing cooperation by increasing SBV’s involvement in BIS’s professional mechanisms, expanding cooperation with BIS’s Center for Innovation, and examining the potential to expand the use of BIS investment services.
In discussions with Thai central bank Governor Vitai Ratanakorn, the governors assessed the outcomes of the bilateral QR payment connection for retail payments, viewing it as a pioneering step to promote cross-border retail payments for Vietnam. They also agreed to task relevant units to coordinate preparations for a Governor-level meeting between SBV and the Bank of Thailand, planned to be held in Vietnam later in 2026. In discussions with Korean central bank Governor Hyun Song Shin, Governor Pham Duc An noted productive cooperation between the two central banks over more than a decade through the Bank of Korea–KPP Knowledge Sharing Partnership program. The two sides agreed to continue strengthening coordination to implement the bilateral QR-based retail payment connectivity project and to broaden exchanges of experience in fintech, digital transformation, and banking innovation.
The Governor’s attendance reaffirmed SBV’s active role in Vietnam’s international financial integration and elevated Vietnam’s standing and voice in the international central banking community. The mission opened practical cooperation directions with BIS and partner central banks to support effective monetary policy management, promote banking innovation, and ensure financial system safety in the time ahead. Outcomes included enhanced SBV involvement in BIS mechanisms, expanded cooperation with BIS’s Center for Innovation, and exploration of expanding BIS investment services. The discussions with Thailand and Korea established coordinated efforts on cross-border retail payments and fintech exchanges, with plans for a Governor-level meeting between SBV and the Bank of Thailand in Vietnam later in 2026 and continued bilateral collaboration with the Bank of Korea on QR-based payment connectivity and related digital finance initiatives.
The conference highlighted a shift in central-bank focus from short-term resilience to building a sustainable long-term foundation, anchored by fiscal discipline, price stability, and consistent financial safety regulation. The engagements with BIS leadership and partner central banks indicate a strategic push for greater international collaboration, banking innovation, and expanded use of BIS services to support Vietnam’s macroeconomic policy and financial-system safety outlook.
