Vietnam's National Assembly approved Pham Duc An as Governor of the State Bank of Vietnam on 8 April 2026, installing new leadership at the country's central bank for the 2026-2031 term. The appointment followed Vietnam's Communist Party congress in January and the naming of a new prime minister.
Pham Duc An replaces Nguyen Thi Hong, who was elected Vice Chairperson of the National Assembly on 6 April. Nguyen Thi Hong had led the central bank since 2020; during her tenure the SBV oversaw Vietnam's largest-ever bailout, injecting more than $25 billion into Saigon Commercial Bank after a 2022 bank run.
NEW GOVERNOR FOCUSES ON RATE REDUCTION
At a meeting with commercial banks on 9 April, the day after his appointment, Pham Duc An said strong capital demand for economic growth and rising oil prices posed significant challenges for monetary policy, and commercial banks agreed to cut both deposit and lending rates.
Reuters described the change as a routine leadership transition that was unlikely to alter monetary policy significantly, coming as central banks dealt with an energy crisis caused by the Iran war.
The State Bank of Vietnam's primary mandate is to control inflation while supporting growth, and it uses credit-growth targets as a monetary policy tool.
BACKGROUND
The National Assembly approved Pham Duc An as it ratified the Prime Minister's proposals for new government appointments.
Pham Duc An previously chaired state-owned Agribank, spent about two decades at BIDV, served as chief executive of the Vietnam-Russia Joint Venture Bank and chief of office at the SBV, and chaired the people's committees of Quang Ninh province and Da Nang city.
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