Within the framework of Prime Minister Pham Minh Chinh's official visit to Australia, on March 7, 2024, in Canberra, in the presence of Prime Minister Pham Minh Chinh and Prime Minister Anthony Albanese, a signing ceremony of the Memorandum of Understanding (MOU) between the State Bank of Vietnam (SBV) and the Reserve Bank of Australia (RBA) on the cooperation and information exchange related to central banking operations took place. The MOU was co-signed by SBV Governor Nguyen Thi Hong and RBA Governor Michele Bullock.
The exchange of the signed MOU between Vietnam and Australia
This is one of the 12 important documents between the two Governments, and between the Ministerial agencies of the two countries. The exchange of the documents was held right after the official welcoming ceremony and the Joint Declaration on upgrading the bilateral ties to comprehensive strategic partnership between Vietnam and Australia.
The MOU between the SBV and the RBA would serve as a premise to help the two central banks build and maintain an official information exchange channel to share their experience in the management and operations of the areas of mutual interests, such as (i) the legal frameworks and the monetary policy operations; (ii) the stability of the monetary and the financial systems, and an early warning system; (iii) Research and development of cash production; (iv) Combating counterfeit money; (v) International economic and financial situations and developments; (vi) Human resource development.
The two sides expressed their hope that, with this MOU and a number of other MOUs that the SBV had signed with Australian monetary and banking authorities, in the coming time, the joint cooperation activities, especially the sharing of management experience and the human resource development between the SBV and Australian partners would be strengthened and promoted robustly.
By now, the SBV has signed 03 MOUs with Australian partners, including the Australian Prudential Regulation Authority (APRA), the Australian Transaction Reports and Analysis Centre (AUSTRAC), and the Reserve Bank of Australia (RBA). These MOUs have created working frameworks for the comprehensive cooperation on various state management matters between Vietnam and Australia in the banking sector.
Le Hang