On December 4, 2020 in Hanoi, the State Bank of Vietnam (SBV) and the Bank of Korea (BOK) co-hosted a Seminar on the Advisory Report of the Bank of Korea Knowledge Partnership Program (BOK-KPP) in 2020. SBV Deputy Governor Doan Thai Son attended and delivered a speech at the Seminar.
SBV Deputy Governor Doan Thai Son speaks at the Seminar
Also attending the Seminar, on the side of the SBV there were representatives from the Foreign Exchange Management Department, the Monetary Policy Department, the International Cooperation Department, the Central Banking Department, the Finance & Accounting Department, and the Internal Audit Department. On the side of the Bank of Korea, there was Mr. Junesuh Ji - Head of the Advisory Group of BOK-KPP 2020, Professor of Dongguk University, Korea; Mr. Sun Won Kang - Deputy Director General of the BOK International Affairs Department; and other experts/consultants along with program officers of the BOK-KPP.
Overview of the Seminar
Speaking at the Seminar, SBV Deputy Governor Doan Thai Son highly appreciated the efforts of the members participating in the implementation of the BOK-KPP 2020, especially the experts from Dongguk University, Korea. Although all activities designed within the framework of this year's BOK-KPP had to be conducted virtually under the impacts of the COVID-19 pandemic, Korean research team members have still actively coordinated with the SBV research team to finalize the Advisory Report with high professional quality. The Report has given specific recommendations on the roadmap as well as introduced necessary tools that the SBV can use to improve the foreign exchange reserve investment and management framework, especially the mechanism to assess the market value of the foreign exchange reserves, which is the fundamental basis for the renovation of the SBV’s foreign exchange reserve management framework.
The SBV Deputy Governor further shared that in recent years, Vietnam-Korea cooperative relations are in a very strong development stage in all fields. The Republic of Korea is currently one of the top partners of Vietnam, and is the country with the largest foreign investment in Vietnam, and among the largest trading partners of Vietnam.
The cooperation between Vietnam and Korea in the banking sector has been continuously strengthened and has brought about positive results through regular cooperation activities between the SBV and the Korean monetary and banking regulators. In which, the BOK-KPP is considered to be one of the practical and effective cooperation activities between the SBV and the BOK - one of the bright spots in the banking sector cooperation between the two countries.
Participants attends the Seminar in Hanoi
SBV Deputy Governor Doan Thai Son believed that the results of this year's Advisory Report will be a valuable source of reference for the SBV to develop and implement a plan to improve the legal framework and a working process for foreign exchange reserve investment at the SBV, performing successfully the tasks assigned by the Government in ensuring the safety and efficiency of the State reserve management.
On the Korean side, the BOK representatives were pleased with the close and effective cooperation between the two countries in general and the two banking sectors in particular. In addition, the Korean representatives also expressed their wishes that the cooperative relationship between the central banks of the two countries would continue to be strengthened through future projects and technical assistance programs.
VA