The scholars went on to discuss policy implications for health care systems in their countries with Mr. Clements. On February 8, in response to the scholars’ interests, Mr. Raphael Lam, Economist, Asia and the Pacific Department, IMF, discussed research tips based on his recent working paper entitled "What Role Can Financial Policies Play in Revitalizing SMEs in Japan?" He elaborated on how to conduct research by outlining where to find sources of data; what data to look for; and how to conduct econometric analysis and draw policy implications from empirical evidence. The scholars actively discussed with Mr. Lam and were happy to receive first-hand information on his practical experience of conducting policy-oriented research.

Scholars’ comment on the JISPA Seminar: I think the seminar is very good not only because Dr. Raphael explained his working paper in a very clear and logic way, but also because it supplied us with a good chance to communicate with him face to face and learn the practical skills of academic research. We were told by our professor that the students from our program always produce the highest-quality policy paper in GRIPS, I feel very proud of that and believe one important reason is that we get strong support from the IMF-OAP office through all kinds of training programs, for example, the Orientation Program in IUJ, the IMF annual meeting seminars, this special seminar for academic writing and other related meetings or seminars. (Ms. Wu Man, 2012-13, GRIPS, China Securities Regulatory Commission)

High-level seminars: The scholars were also invited to OAP hosted seminars. On January 8-7, the Regional Seminar co-hosted by the IMF Fiscal Affairs Department, "Designing Fiscally Sustainable and Equitable Pension Systems in Asia in the Post-crisis World", brought together prominent academics and high-level senior officials of ministries of finance and labor from the region. In addition to further developing their understanding of the policy issues and challenges of the public pension reforms, the scholars also had the opportunity to interact with senior officials from their home countries. They were also invited to the APD-OAP joint seminar entitled "The Way Forward－Policies to Restore Growth and Employment in Japan" on February 7, 2013. Hitotsubashi University and OAP jointly organized the high-level seminar entitled "Managing Capital Flows: What Worked and Why?" on March 14-15, 2013, to which JISPA scholars were also invited. The discussion during the seminar stimulated the scholars’ interest in this issue, which is of crucial importance for several of their countries.

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Please describe your career path after graduating from the JISPA and briefly outline your duties as the Deputy Governor. How has the JISPA contributed to your career development?

After graduating from JISPA, I returned to the State Bank of Vietnam and served as head of the International Cooperation Department and Personnel Department before becoming a Deputy Governor in October 2011. My current responsibilities include:

• Supporting the Governor to solve authorized tasks; in charge of international cooperation, foreign exchange management, and international project activities;
• Being Alternate Governor of Vietnam in the World Bank, International Monetary Fund and Asian Development Bank

During my career path, I have found that the comprehensive knowledge and tools for policy making and leadership skills from JISPA have contributed fruitfully and naturally to the demanding and multidisciplinary policy work. Due to the exceptional strengths of the program, I believe that all of the current JISPA scholars in Japan will be successful at their studies as well as in their future careers. We all aim at making a strong and coherent network for JISPA alumni who will support each other in dedication to our countries for the common prosperity of the region.

Also, given 2013 as the "Japan – Viet Nam Friendship Year", marking the 40th anniversary of Vietnam and Japan’s diplomatic relation, I would like to share my appreciation toward the relationship between our two countries in the context of recent developments of Vietnam.

Please describe the economic outlook of Vietnam and any policy challenges

Vietnam is now undergoing a very important period in development. We recorded impressive economic growth for quite a number of years, however, in the context of the recent global economic and financial crises, the domestic economy is currently facing a number of difficulties, especially regarding quality of growth and transformation of growth model. The government’s prioritized measures in the coming year(s) are to ensure macroeconomic stability, curb inflation and maintain an appropriate level of economic growth. We have embarked on an economic reform program which focuses on restructuring public investment, financial sector and state owned enterprises sectors. This important restructuring process requires significant effort of the whole nation, together with valuable support from our international partners, including Japan as our historical companion in our development process.

Have you worked on any issues relevant to Japan? If so, please explain the duties and/or experiences that you had.

Japan and Viet Nam developed a very close relationship from as early as 1993, when the credit relation between Viet Nam and international donors and creditors was frozen due to the country’s overdue debt issue with the IMF. Japan was one of the 9 countries in the world, together with 16 banks worldwide, to provide Viet Nam with a bridge grant/loan to help the country repay the overdue debt, thus resuming a credit relationship with the IMF, as well as with WB, ADB and other international donors. Since then, the cooperation between Japan and Viet Nam, particularly in the banking sector, has continuously expanded and strengthened.

With 20 years experience in the State Bank of Viet Nam, I have witnessed and been directly involved in many activities and projects supported by the Japanese Government through the Bank of Japan (BOJ), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), and Japan Embassy to Viet Nam. I have always been impressed by Japan’s strong spirit, solid commitment, fruitful performance and enthusiastic cooperation. We can learn a lot from each other, as well as from sharing and cooperating with each other in various areas and events.

You led the Vietnamese delegation to the IMF-World Bank Annual Meetings in Tokyo in October 2012. Please tell us which events were useful and/or impressive for you during the Annual Meetings and/or your stay in Tokyo.

(To continue in the context of the experience with Japan) Most recently, in October 2012, on the occasion of attending the IMF/WB Annual Meetings 2012 in Tokyo, Japan, I visited the BOJ and met with then-Governor Masaaki Shirakawa to exchange views on recent developments in the world, region and our two domestic economies as well as the historical cooperation between our two countries. We both agreed that the cooperation activities had brought about positive outcomes and committed to the continued strengthening of our relationship. The past 40 years witnessed many achievements in the development of our two countries’ relationship, and I do believe that, for years to come, the profound and fruitful cooperation between Japan and Viet Nam will be more and more strengthened toward a bright future for the two countries and the region as a whole.

Meeting between SBV Deputy Governor Le Minh Hung (seated left) and then-BOJ Governor Masaaki Shirakawa, BOJ, October 2012.

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Please outline your work responsibilities before enrolling on your studies in Japan.

I worked for almost three years at the Bank of Thailand in the Prudential Policy Department under the Financial Institutions Policy Group, which is principally responsible for issuance of prudential regulations. First, I was in charge of the risk-based supervision particularly credit risk according to Basel II risk management framework. In addition, I studied and analyzed the Dodd-Frank Wall Street Reform and Consumer Protection Act and its impact on Thai regulatory policies such as Volcker rule. Later, my duty was shifted to capital adequacy regulations when the new Basel III framework was introduced.

What led you to study in Japan, and what motivated you to apply for the JISPA?

Japan has many interesting facts that attract my interest, which include (1) one of the few nations in the world that has great economic power; (2) an Asian country with high living standards, social conditions, technological innovation and education; (3) significant challenges posed to policy makers such as deflation and stagnant growth and aging populations; and (4) Japan’s long history and interesting cultures. Last but not least, Dr. Tarisa Watanagase; the previous female governor of the Bank of Thailand was educated in Japan as well. So, why not Japan?

Additionally, JISPA provides a good opportunity to broaden my knowledge and instill capacity building by offering top-ranked universities in Japan in terms of public policy to choose, supporting academic field trips, and also organizing many seminars and conferences in various global issues which are not available for other scholarships.

What are you studying?

Currently I am studying at the Graduate School of Public Policy at the University of Tokyo. The program does not only deliver specialized knowledge in this related field, but also develop practical competencies of students, In addition to well-rounded knowledge foundation, it allows me to choose specialized courses that fit my interest and future career. I basically choose to study economic and financial courses such as Topics on Modern Japanese Economy, Central Banking, and etc. Ultimately, I would be nurtured to have the capability to apply knowledge obtained from various courses in policy design, implementation and evaluation and be able to resolve policy challenges confronting modern society.

Please tell us of one experience in Japan that made you feel happy, sad, surprised, or moved.

Among valuable and enjoyable moments during my stay in Japan, one of the most impressive experiences was when I went to the Tohoku trip during summer last year. We visited many places seriously affected by the Great Eastern Japan Earthquake and Tsunami disaster and Fukushima Nuclear Plant incident. We explored Fukushima by meeting with a medical doctor and NPO Frontier volunteer in Minami Souma city. We had a session with Onagawa Town Mayor in Miyagi prefecture and headed to Minami Sanriku town to meet with temporary housing community leader. We also visited a seafood processing factory which was strongly hit by the Tsunami and had a chance to meet with Rikuzentakada City Mayor. Before the end of the trip, we spent time volunteering at the Shichigahama volunteer center for our last day.

This trip really equipped me with first-hand experiences about the current situation of the affected area. Seeing and talking to those people provided me examples of actual social contributors. Furthermore, it was sunburn that left me with another good piece of memories from the volunteering work. Importantly, without doing the volunteer I would not have felt how difficult it is to restore everything back in place again. It all requires robust efforts, durable time, positive attitudes, and motivated hearts. What I learnt from such a trip was much more than I expected. It conveyed me countless worthwhile lessons including understanding the challenges and difficulties of real-life public policy implications, encouraging being socially responsible individual, and reminding of whom public policy is meant for. The “Never Give Up” and “Nationalistic” spirits of Japanese really motivated and I could possibly answer why Japan, no matter how many times or how severe earthquakes or natural disasters happen, remains a great country up until today.

Please describe your experience and/or impression of the JISPA.

Exclusively for JISPA scholars, OAP has organized a series of seminars on various current economic topics. These seminars allow us to participate, ask questions and get acquainted with discussions in the international setting which beneficially prepare us to be comfortable when we actually confront them in the future prospect. Moreover, OAP invites us as observers to take part in regional conferences on important and hot macroeconomic and financial issues facing the global economy. These permit me to learn and meet with officials from governmental authorities and key economic agencies such as the IMF, the Bank of Japan, and the Japanese Ministry of Finance, in which I may otherwise have. Such opportunities would not be possible if I am not a JISPA scholar. JISPA also offers us with great and diverse international networking among JISPA scholars and classmates which we could connect and support one another for forthcoming future.

What is your future career vision and dream?

What differentiates developed economies from developing countries is something I have so far absorbed and learnt from Japan. It is not capital and neither labor nor technology but human capital. It is a totally important factor endogenously accumulated over time that progresses the technology. With highly motivated and strived to learn, I could contribute as a part of effective human capital and valuable asset that a country could afford to have. I thus hope in the future to be one of the Thai major cogwheels in positively rolling and driving the nation forward.

What is your favorite proverb or motto?

Don’t wait for extraordinary opportunities, but seize common occasions and make them extraordinary.

Any message to Japan?

Japan, You are my hero and will still be forever!

Please provide us with any comments that you wish to convey.

I would like to say a special thank you to JISPA for such a great and continuous support. After returning home, definitely this decent opportunity and experiences I have acquired would be employed in my work performance, career development and to benefit my country in the long run.

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