State Bank of Vietnam and Bank of Thailand sign MOU on banking operation

22/08/2017 12:08

In the presence of Prime Minister Nguyen Xuan Phuc and his Thai counterpart Prayuth Chan-ocha during three-day visit to the Kingdom of Thailand, Governor Le Minh Hung of the State Bank of Vietnam (SBV) and Governor Veerathai Santiprabhob of the Bank of Thailand (BOT) signed the "Memorandum of Understanding (MOU) on Cooperation between SBV and BOT” on August 17th, 2017.

 The new MOU between two central banks is a replacement of the last MOU signed in 2006 in the context of consolidating cooperation in the banking sector between Vietnam and Thailand. This MOU is expected to create a platform for further promoting cooperative relations and partnerships in the banking sector, thus contributing to the enhancement of economic, trade and investment cooperation between the two countries.

According to the Memorandum of Understanding, the two central banks agreed to expand the areas of cooperation, which consists of two main focuses: Promoting cooperation in the areas related to central banking operations such as building legal framework, planning and implementation of monetary policy, foreign exchange management, banking supervision and inspection; Encouraging and supporting the commercial banks and financial institutions of the two countries to cooperate within the legal framework of each party. The Memorandum of Understanding also regulates the form of cooperation, including sharing experiences, organizing training programs and bilateral talks.
Over recent years, the State Bank of Vietnam and the Bank of Thailand have built and developed cooperative relations on many fronts. In addition to the Memorandum of Understanding on Cooperation, SBV has signed a Memorandum of Understanding (MOU) with the Bank of Thailand on the exchange of information on inspection and supervision (2010); and signed with the Anti-Money Laundering Office of Thailand the MOU on exchange of information relating to money laundering (2013). While implementing the cooperation agreements, the two central banks has exchanged information and exchanged experience-sharing delegations in various areas such as monetary policy, foreign exchange management, payment.../.

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