This is the message of Governor Le Minh Hung of the State Bank of Vietnam (SBV) and Governor Veerathai Santiprabhob of the Bank of Thailand (BOT) at a virtual meeting on September 24, 2020.
At the meeting, when assessing the results of the bilateral cooperation in the recent years, SBV Governor Le Minh Hung and BOT Governor Veerathai Santiprabhob mentioned that the strategic partnership between Vietnam and Thailand has been developed for many years in all areas; however, the cooperation in the banking sector in general and between the two central banks in particular has only flourished in the recent years (especially during the last 5-year office term of BOT Governor Veerathai Santiprabhob).
The cooperation between the two central banks and the banking sectors of the two countries has been strengthened and made significant progress, including the signing of the Memoranda of Understanding between the two parties to create necessary frameworks for building and enhancing the comprehensive cooperation between the two central banks; and the first bilateral high-level meeting of the two Central Bank Governors which was held in 2019, marking a critical step forward in the bilateral relationship.
In the past 5 years, the two central banks have successfully conducted a lot of cooperative activities, such as the exchanges of information and sharing of knowledge, management expertise in the central banking areas, e.g. monetary policy, payment, FinTech, foreign exchange management, inspection and supervision, internal audits, etc., which has enabled the officers and staff of the two central banks to enhance their performance and management capacity in the banking sector.
Along with that, the BOT has actively coordinated and effectively transferred the Chairmanship of ASEAN 2020 to Vietnam, helping Vietnam to take over and perform the tasks, ensuring the continuity and sustainability, as well as contributing to promoting effectively the initiatives for financial and monetary cooperation in ASEAN and ASEAN+3.
BOT Governor Veerathai Santiprabhob speaks at the meeting (screenshot)
Speaking at the meeting, BOT Governor Veerathai Santiprabhob mentioned that his term as Governor at the BOT will end soon. Governor Veerathai Santiprabhob thanked and made high evaluation for the cooperation and support of Governor Le Minh Hung and the SBV entities in the past years. BOT Governor Veerathai Santiprabhob wished SBV Governor Le Minh Hung and the Vietnamese banking sector more successes in the coming time.
Governor Le Minh Hung thanked BOT Governor Veerathai Santiprabhob for his valuable support to the SBV during his term as BOT Governor, and believed that the comprehensive cooperation between the SBV and the BOT would continue to be a solid foundation for the development of the traditional friendship and strategic partnership between the two countries.
SBV Governor Le Minh Hung hoped that BOT Governor Veerathai Santiprabhob's successor would continue to promote the robust cooperation between the two central banks though enhancing the experience sharing and strengthening the banking system's capabilities on responding to risks, especially in the context that the world is experiencing several unpredictable developments such as the impacts of the Covid-19 pandemic. In addition, the SBV Governor also hoped that the BOT would continue to support Vietnam in fulfilling its role and responsibilities as ASEAN 2020 Chair, as well as to work closely with Vietnam and other ASEAN members to strengthen the policy dialogues in the region, promoting the operational efficiency and achieving the financial stability targets of ASEAN central banks.
SBV Governor Le Minh Hung wished BOT Governor Veerathai Santiprabhob and his family good health and happiness, and expressed his hopes to meet Governor Veerathai Santiprabhob in person in Vietnam in the near future.
VA