On June 21, 2023, the Bilateral Meeting between the State Bank of Vietnam (SBV) and the Bank of Thailand (BoT) was organized at the headquarters of the BoT in Bangkok, Thailand. The Meeting was co-chaired by SBV Governor Nguyen Thi Hong and BoT Governor Sethaput Suthiwartnarueput. Also attending the Meeting, there were leaders and representatives from the relevant Departments of the two central banks.
SBV Governor Nguyen Thi Hong
At the Meeting, SBV Governor Nguyen Thi Hong chaired a discussion session about the outlooks and the macro-economic situations in each country in particular, and around the world and the region in general; as well as the policy priorities to maintain high economic growths in the context of the world fluctuations and the uncertainties regarding the recovery of the global supply chains.
At the discussion session, the two Governors shared about the difficulties in the management of the macro-economy and the monetary policy in both Vietnam and Thailand in the context of the complicated developments of the world economy. The two central bank Governors also exchanged their views about the orientations for the policy and the macro management in the coming time.
SBV Governor Nguyen Thi Hong and BoT Governor Sethaput Suthiwartnarueput, together with participants at the Meeting
In addition, the participants in the Meeting also discussed about the policies, shared their experience in the fields of reserve management, bank restructuring and banking operations; the laws on credit institutions; the development and supervision of the payment systems; and the cooperative relations between the SBV and the BoT within the bilateral and multilateral frameworks.
The SBV Governor spoke highly of the BoT’s support through the sharing of its experience in expanding the payment network for retail sales via QR codes within the framework of the Vietnam-Thailand Project on bilateral payment connection, which is currently implemented by the two sides, marking an important milestone for the partnership between the two central banks.
The BoT side expressed their willingness to cooperate with the SBV to carry out a campaign to promote retail payment transactions via QR codes at some key touristic locations of the two countries in order to enhance the performance of this Project.
Governor Nguyen Thi Hong speaks at the Meeting.
The SBV Governor asserted that the year 2023 also marks a big success in the cooperation between the two central banks in the implementation of the initiatives within the multilateral cooperation frameworks, such as ASEAN and ASEAN+3. The two sides also agreed to further maintain the policy dialogue channels, as well as to strengthen the coordination and the mutual support in implementing the initiatives within the frameworks of the new generation FTAs in the areas related to the commitments in the banking sector.
Besides, the two sides agreed to continue to maintain the exchange activities, including bilateral meetings, and to enhance the mechanisms for sharing experience and strengthening the capabilities of both sides in the areas of central banking operations, as well as promoting other effective forms of cooperation between the two central banks in the coming time.
SBV Governor Nguyen Thi Hong and BoT Governor Sethaput Suthiwartnarueput.
Toward the end of the meeting, the two Governors highly complimented the results of the close cooperation between the two sides and agreed on a cooperation plan between the two central banks in the coming time based on the proposals of the technical experts at the Meeting in order to achieve more practical results, which will be reported at the next bilateral Meeting between the two central banks.
Le Hang