On October 10, 2023, on the sidelines of the IMF/WBG 2023 Annual Meetings, which are held this year in the Kingdom of Morocco, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with Mr. Abdellatif Jouahri, Governor of the Central Bank of Morocco (Bank Al-Maghrib).
SBV delegation meets the delegation of the Central Bank of Morocco on the sidelines of the IMF/WBG 2023 Annual Meetings
Sharing at the meeting, the SBV Governor said that Morocco and Vietnam have a lot of similarities, with both countries having strategic geographical locations, creating potentials for the development of the cooperative relations between the two countries. Morocco is considered the gateway to Africa and Europe, while Vietnam is the gateway to Southeast Asia. Therefore, the two countries could support each other to accelerate and strengthen each other’s accessibility to the African/Asian markets, as well as to resolve the payment-related issues thanks to the experience of both Morocco and Vietnam, especially focusing on the West African and the Southeast Asian markets. Moreover, the two countries are both regarded as dynamic emerging economies, with stable economic growth rates, and both countries have been promoting their policies on diversifying the trade partners. Despite many difficulties and challenges in the post-COVID context, as well as the unprecedented developments of the global geopolitical situations, Vietnam and Morocco are two of the few countries that have managed to maintain the macro-economic stability and relatively high economic growth rates.
BAM Governor Abdellatif Jouahri and SBV Governor Nguyen Thi Hong at the meeting
In the context that the cooperative relations between Vietnam and Morocco are being enhanced and strengthened, the two Governors agreed to assign the relevant entities of both sides to actively exchange more information and finalize the contents of the Memorandum of Understanding (MoU) on the Joint Cooperation between the two central banks. The signing of the MoU is considered to be appropriate and necessary, and will contribute to supporting the commercial banks of both sides to connect, exchange information, and to update the lists of prestigious commercial banks of both sides. In addition, the MOU is also expected to encourage and create favorable conditions for Vietnamese banks to participate in the forums and seminars on the market potentials, and to directly connect with their partners, thereby acting as a bridge for the bilateral trade and investment activities.
Le Hang