Bank of Korea Revises and Signs MOU on Exchange and Cooperation with State Bank of Vietnam

The Bank of Korea announced on August 11 that it has revised and renewed its memorandum of understanding (MOU) with the State Bank of Vietnam, originally signed in 2004, to further promote exchange and cooperation between the two banks.

The two central banks had previously signed an MOU in September 2004 to strengthen cooperation in information exchange and the provision of technical support. Through this latest revision, the MOU now specifies areas of cooperation related to central banking operations, including monetary policy, financial stability, payment and settlement systems, and currency issuance. In addition, the forms of cooperation will be diversified by adding working-level meetings to the existing exchange programs, which have primarily consisted of workshops and seminars.

A Bank of Korea official stated, "The significance of this MOU revision lies in establishing a foundation for more substantive cooperation by clearly defining the scope and forms of exchange and collaboration, reflecting the progress in financial cooperation between the two central banks." The official added, "Amid the ongoing restructuring of the international order and the fragmentation of the global financial economy, it is necessary to strengthen the foundations for regional trade and financial stability. We expect that this revised MOU will contribute to enhancing our strategic partnership with Vietnam."

Bank of Korea building. Bank of Korea

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