SoKor, Vietnam central banks ink MOU to strengthen cooperation

It specifies areas of cooperation in greater detail, the BOK said.

Bank of Korea (BOK) and the State Bank of Vietnam (SBV) have signed a memorandum of understanding (MOU) to strengthen their cooperative relationship.

This replaces the MOU they signed in September 2004 which aimed to promote cooperation on information exchanges and technical assistance between the two central banks.

The revised MOU specifies areas of cooperation in greater detail, including key central banking duties such as monetary policy, financial stability, payment and settlement systems, and currency issuance, according to an announcement by the BOK.

It also diversifies the forms of cooperation by incorporating working-level meetings alongside the existing workshops and seminars, it said.

“At a time when there is a need to reinforce the foundations of regional trade and financial stability amid the ongoing reorganization of the international geopolitical landscape and the growing fragmentation of the global financial and economic order, the revised MOU is expected to contribute to enhancing strategic cooperation with Vietnam, one of the high-growth ASEAN economies,” Korea’s central bank said in the announcement.