Janet Yellen suggested Vietnam should set up an independent central bank to effectively evolve monetary policy, keep inflation in check, stabilize the macro-economy and to create community-based trust.

FED is an independent agency from the Government aiming to manage national monetary policy, supervise and regulate banking organizations, maintain the stability of the financial system and provide financial services for custodial and deposit organizations, the US Government and foreign organizations.

The US Department of the Treasury and FED maintain regular reciprocal consultations without interference in each other’s affairs. Dissent between FED and the treasury department is resolved harmoniously, Yellen said.