On December 19, 2018, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Thi Hong had a meeting with Mr. Vijay Iyer - Vice President and Chief Operating Officer of the Multilateral Investment Guarantee Agency (MIGA). MIGA is the political risk insurance and credit enhancement arm of the World Bank Group (WBG).

On behalf of the SBV Board of Management, Deputy Governor Nguyen Thi Hong congratulated Mr. Vijay Iyer for his promotion to the position of Vice President and COO of MIGA. The SBV Deputy Governor also welcomed Mr. Iyer for his first visit to Vietnam as Vice President of MIGA and wished his visit the best of success, helping to deepen of the long-term cooperation relationship between MIGA and the Government of Vietnam (GoV).
On the occasion of MIGA’s 30th anniversary, Deputy Governor Nguyen Thi Hong congratulated the achievements that MIGA has made during 30 years fulfilling its mission of facilitating foreign direct investment (FDI) into developing countries through the guarantees of non-commercial risks. It is believed by the SBV that the contributions of MIGA have been really remarkable for the world economic development through the guarantees for more than US$ 43 billion to reduce the political risks of 830 FDI projects in the territories of its 111 member states.
The MIGA Vice President and COO thanked SBV Deputy Governor Nguyen Thi Hong for taking time to welcome the Delegation. Mr. Vijay Iyer congratulated Vietnam for its achievements in socio-economic development; at the same time, he also spoke highly of the effectiveness of the policies issued by the GoV and the SBV in the recent years, thus stabilizing the macro-economy and ensuring social security.
Until now, MIGA has been involved in providing guarantees for 9 projects in Vietnam with a maximum guarantee value of over US$ 1.1 billion. According to Mr. Vijay Iyer, MIGA treasures the good cooperation relationship with the GoV in general and the SBV in particular. MIGA is ready to become a long-term partner and to support Vietnam by enhancing its support to the domestic businesses in order to attract foreign investment and encouraging the businesses to expand overseas investment activities.
The SBV highly appreciates the cooperation with MIGA in facilitating foreign investment into Vietnam through its investment guarantees. The SBV also acknowledges MIGA's efforts in expanding the scope of its guarantees to Vietnamese companies planning to invest abroad. The guarantees of MIGA help to increase the confidence of foreign investors in projects implemented in the Vietnamese territory and investment projects abroad by Vietnamese enterprises, thereby creating favorable conditions for those projects in raising capital, developing business and investment cooperation.
Deputy Governor Nguyen Thi Hong suggested MIGA to consider and create favorable conditions for the SBV officials to join MIGA’s operations, such as in the form of dispatching officials from the SBV to study and receive training at MIGA’s regional office in Singapore; developing the contents for new programs and products, which are suitable for the interested parties, especially the enterprises in the private sector in Vietnam.
At the same time, Deputy Governor Nguyen Thi Hong also asked MIGA Regional Office to regularly exchange information and cooperate with the SBV in order to assist the SBV in studying, proposing and consulting appropriate policies for the GoV. As the representative body of the GoV, the SBV always wishes to maintain a close cooperation relationship with MIGA in attracting foreign investment into the domestic market, and assist the enterprises in seeking investment opportunities in foreign markets./.
Source: sbv.gov.vn