Vietnam and Thailand sign MOUs on financial cooperation
Veerathai Santiprabhob, Governor of the Bank of Thailand (BOT), and his counterpart, Le Minh Hung, Governor of the State Bank of Vietnam (SBV) signed two Memoranda of Understanding during the bilateral meeting on 5 August 2019 in Hanoi, aiming to promote banking and financial cooperation in the following two critical areas.
1. The MOU on Cooperation and Exchange of Information in Banking Supervision supersedes the original MOU signed in 2010. The MOU is aimed at strengthening the effective cooperation on Banking Supervision, particularly in areas of exchange of information and crisis management.
2. The MOU on Cooperation in the Area of Financial Innovation. This MOU aims to promote cooperation between the two sides in the development of financial services and new service channels that leverage financial technology in order to deliver more efficient, more secured and more easily accessible financial services at a much lower cost. It also serves as a framework for the effective cooperation on digital payment facilitating financial services connectivity between Thailand and Viet Nam.
The signing of these MOUs marks a significant step in the close collaboration between Thailand and Vietnam in both financial stability and financial development. These will further lead to financial integration between the two countries and in the sub- region, supporting sustainable economic growth and development going forward.
