Policymakers and experts from Vietnam, Indonesia and the Philippines met in Hanoi on Friday for a seminar on monetary policy coordination amid the challenging times facing the global economy.
The event, co-organized by the State Bank of Vietnam and the Asian Development Bank (ADB), included discussions on views and practices in managing macroeconomic stability and capital flows, as well as in conducting monetary policy in developing and emerging markets.
Participants also made recommendations to improve monetary policy and implement broader structural reforms for Vietnam, ADB said in a statement.
ADB Country Director for Vietnam Tomoyuki Kimura said closer coordination between monetary policy and other macroeconomic policies is critical to ensuring macroeconomic stability.
"Restoring macroeconomic stability is the immediate priority, but addressing root causes of high inflation requires greater efforts on structural reforms," he said.
According to the Manila, Philippines-based lender ADB, recovery from the financial and economic crisis remains slow and fragile. The bank said emerging markets in Asia are not immune from ongoing problems in advanced economies, because of increasing global integration in trade and finance.
"In such a challenging global economic context, the government was rightly commended for making swift and strong policy responses that allowed Vietnam to weather the global crises better than many other countries," the bank said in a statement.
However, ADB noted that as the economy regained momentum, inflation and pressure on the dong remain central challenges.