Aug 05, 2019 / 17:12

Vietnam, Thailand agree to expand cooperation in e-payment

The Hanoitimes - The two countries have huge potential for cooperation in banking supervision, payment facilitation, cross-border transaction, and minimizing risks in banking operation in digital era, said the Governor of the Bank of Thailand.

Vietnam and Thailand have agreed to expand cooperation in the finance-banking sector, particularly the e-payment, with the aim of facilitating cooperation in economic, trade and investment relation between the two countries. 
 
Prime Minister Nguyen Xuan Phuc and Veerathai Santiprabhob, governor of the Bank of Thailand (BOT). Source: VGP.
Prime Minister Nguyen Xuan Phuc (R) and Veerathai Santiprabhob, governor of the Bank of Thailand (BOT). Source: VGP.
The move, in turn, would help reduce costs and ensure smooth transaction for investors and enterprises, said Veerathai Santiprabhob, governor of the Bank of Thailand (BOT) in a meeting with Prime Minister Nguyen Xuan Phuc on August 5. 

Santiprabhob said the two countries have huge potential for cooperation in banking supervision, payment facilitation, cross-border transaction, and minimizing risks in banking operation in digital era, among others. 

Thailand is willing to support Vietnam’s initiatives for greater ASEAN integration as well as in promoting bilateral relation, especially in the finance-banking sector, Santiprabhob added. 

According to the BOT’s governor, the Fourth Industrial Revolution presents opportunities for Vietnam to make a leap in development, including e-payment towards a cashless society, which opens door for cooperation between two central banks. 

The BOT stands ready to share experiences and cooperate with the Vietnamese government and the State Bank of Vietnam (SBV) in providing banking services and products. 

Prime Minister Phuc said the Vietnamese government fully supports greater cooperation between the BOT and the SBV, particularly in e-payment, given BOT’s key role in supporting enterprises. 

Phuc stated the Vietnam – Thailand strategic partnership has been growing strongly, focusing on the trade and investment relation. 

Thailand is currently Vietnam’s largest trading partner in the ASEAN with bilateral trade turnover of US$17.3 billion in 2018, which remains on track to reach US$20 billion in 2020, Phuc added. 

Of 116 countries and territories having investment projects in Vietnam, Thailand remains the 10th largest investor and the third in ASEAN with registered capital of over US$8 billion. 

Vietnam gives priority to supporting Thai investors in the country, Phuc stressed, saying the two governments have been putting efforts in protecting lawful rights of investors and enterprises of Vietnam and Thailand. 

Under growing global uncertainties, Vietnam has been stabilizing macro-economic conditions and the exchange rate policy, while staying committed to cooperating with neighboring countries, including Thailand, in dealing with global economic shocks, stated Phuc.