Vietnam, Myanmar central banks increase cooperation

SBV Governor Nguyen Van Binh and his CBM counterpart Kyaw Kyaw Maung (Photo: SBV)

The State Bank of Vietnam (SBV) and the Central Bank of Myanmar (CBM) agreed to enhance collaborative ties through high-level delegation visits and professional exchanges.

The agreement was reached between SBV Governor Nguyen Van Binh and his CBM counterpart Kyaw Kyaw Maung at a meeting in Hanoi on August 6.

The two sides vowed to create optimal conditions for commercial banks to operate in their countries towards increasing the two nations’ bilateral trade.

They reviewed the implementation of Memorandum of Understanding (MoU) on cooperation signed between the two banks and concurred to implement the affiliation activities more effectively to propel Vietnam-Myanmar relations.

The CBM Governor recognised the efforts of Vietnamese commercial banks—including the Bank for Investment and Development of Vietnam (BIDV)—in entering the Myanmar market as well as contributing to Myanmar’s development.

He said the CBM will consider granting licences for BIDV to open a branch in Myanmar.

He also hailed Vietnam and the SBV for their achievements in macro-economic stabilisation, economic development and banking restructuring.

Meanwhile, the SBV Governor congratulated Myanmar on its attainments in economic restructuring, poverty reduction and local living standard improvements.

He stressed that as a reliable partner of Myanmar for many years, Vietnam hopes to continue supporting and cooperating with Myanmar for mutual benefits.-VNA