Pham Duc An appointed as Vietnam central bank governor

Vietnam’s National Assembly, the country's legislature, has approved the appointment of Pham Duc An as Governor of the State Bank of Vietnam for the 2026-2031 term.

Lawmakers on Wednesday passed a resolution ratifying the Prime Minister’s proposal to appoint members of the new government, including An as central bank chief.

An will replace Nguyen Thi Hong - one of the six people elected by the National Assembly on Monday to hold the position of Vice Chairperson of the National Assembly.

An brings more than three decades of experience in the banking sector, alongside recent leadership roles in local governments, where he oversaw economic management and public administration.

He used to be chairman of state-owned lender Agribank, as well as Chairman of People's Committees in Quang Ninh province and Danang city.

During his tenure in local governments between 2024 and 2026, he focused on improving public asset management, including efforts to reduce waste and address underutilized state properties, while accelerating key infrastructure projects.

At Agribank, An advocated market-oriented policies, including promoting agricultural insurance as a financial buffer to mitigate risks and limit bad debt, and calling for clearer legal frameworks to facilitate the seizure of collateral in non-performing loan resolution.

He also supported more proactive approaches to equitization, including resolving land-related bottlenecks and transferring unused land assets to local authorities where necessary.

In 2023, Agribank implemented eight interest rate cuts under his direction, reinforcing the role of state-owned banks in supporting businesses and households during economic recovery.

Born in 1970 and from Nghe An province, An holds degrees in law and finance-banking, as well as an MBA and advanced political theory qualifications.

He began his career in 1994 at state-controlled BIDV bank, where he worked in legal and management roles, including as head of legal affairs, branch director and deputy CEO.

He later held senior positions including CEO of the Vietnam-Russia joint venture bank, chief of Office at the State Bank of Vietnam, chairman of Agribank, and head of the Vietnam Banks Association.

His experience in both the banking sector and local government is expected to support a more integrated approach to monetary policy, aligning financial regulation with broader economic development goals.

Analysts say his appointment signals expectations for the banking sector to play a stronger role as a pillar of economic growth in the coming years.