The 14th session meeting of Vietnam-Rusia task force Group on Inter-Bank Cooperation

In the framework of the session meeting, Delegation of Vietnam had working meeting with Moscow Exchange and attended technical level meeting, plenum meeting of the task force Group.

At the Plenum session meeting of the task force Group co-chaired by the CBR Deputy Governor Skobelkin Dmitry and SBV Deputy Governor Nguyen Thi Hong, the two sides agreed to appreciate the positive and practical performance achieved in the progress of implementing the conclusion of the 13th session meeting of the task force Group and affirmed to continue to deepen the comprehensive strategic partnership between Vietnam and Russia in financial and banking sector, thereby boosting efficiently the investment and trade relationship between the two countries.

Both of two Deputy Governors affirmed the results of bilateral cooperation between the two banking systems over the past year were encouraging. In the past year, the proportion of bilateral payment via banks was improved; the rate of using local currency in payment has been pushed up, though still in small capacity, being a positive signal for the two sides to continue the efforts to promote local currency payment.

Especially, the two sides highly appreciated the efforts of the two central banks and commercial banks of the two countries in proactively cooperating to accelerate the establishment of necessary infrastructures and operations of bilateral payment channels, particularly the payment in VND/Rub currencies, typically, the SBV allowed the Vietnam - Russia Joint Venture Bank (VRB) to join the KFT payment system of Vneshtorgbank (VTB – Russia) and launch the pilot Scheme of bilateral payments between Viet Nam and Russia operated by the Bank for Investment and Development of Vietnam (BIDV), VTB (Russia) and VRB.

The two sides appreciated the performances that VRB achieved in the progress of implementing banking restructuring Scheme and the efforts to widen and to promote efficiency of VRB performance - a sole joint venture bank between Vietnam and the Russian Federation.

Deputy Governor Nguyen Thi Hong at The 14th session meeting of Vietnam-Rusia task force Group on Inter-Bank Cooperation

 

Acknowledging the necessity of expanding the dialogue on methods of local currency payment via attracting the participation of import and export enterprises of the two countries, the two sides agreed to consider organizing common activities to boost the information and communication on the local currency payment channels.

For connecting payment systems between the two countries, the two sides welcomed the progress achieved in the implementation of the Cooperation Memorandum signed by the Joint Stock Company National System of Payment Cards (NSPK) and NAPAS to enhance the effective connection of card payment systems between the two countries. NSPK and NAPAs briefed the delegates the results of payment connection between the two sides and committed to continue cooperating closely and consider the possibility of signing a memorandum on cooperation in common supervision of payment systems.

* Earlier, on August 16, 2016, the SBV delegation had a working meeting with Moscow Stock Exchange at the head headquarters of the Moscow Stock Exchange. At the meeting, the two sides agreed to continue sharing information, experience and collaborate to research thoroughly the legal regulations and technical as well as professional issues for launching the transaction in VND/Rub on Moscow stock exchange

Vietnam-Rusia task force Group was established under framework of the performance of Vietnam - Russia Intergovernmental Committee on economic-trading and scientific-technical cooperation. The task force Group works under the chairmanship of leaders come from the central banks of two countries. The board members are representatives of Departments and entities from the two central banks and relating commercial banks. Every year, the task force Group holds annual meeting alternately in the two countries and directly report to the two co-chairmen of Vietnam - Russia Intergovernmental Committee.

Nguyen Giang