Vietnam Names Pham Duc An as New Central Bank Governor

The parliament of Vietnam has officially approved the appointment of career banker Pham Duc An as the new governor of the State Bank of Vietnam for a five-year term. This leadership transition follows the country's recent political reshuffling, including the appointment of a new prime minister earlier this week. While the change is part of a standard turnover, it arrives as central banks globally manage the economic fallout of an energy crisis involving Iran. An, a seasoned professional within the domestic banking system, previously spent two decades at the Bank for Investment and Development of Vietnam and served at the Vietnam–Russia Joint Venture Bank. He replaces Nguyen Thi Hong, who had steered the central bank through a period marked by the nation's largest-ever financial bailout. Under Hong's tenure, the regulator injected billions into the banking system to stabilize lenders and monitored the activities of major private players like VINGROUP JSC to protect the state budget. The central bank continues to balance its primary mandate of inflation control with the government's push for economic expansion. Current policy involves setting credit-growth targets, which have been adjusted to 15% this year to prevent the formation of asset bubbles. In her final public addresses, Hong maintained that the institution would prioritize long-term stability over rapid gains. > Growth must go hand-in-hand with inflation control and macroeconomic stability, and stability will not be sacrificed for short-term growth. Following her departure from the central bank, Hong has transitioned to a new role as a deputy head of the national parliament.