Vietnam, Morocco to strengthen cooperation in finance, banking

An international conference was held on October 27 to discuss the actual situation of Vietnamese and Moroccan financial and banking business activities in Africa as well as solutions to promote the two countries’ cooperation in the field.
Vietnam, Morocco boost cooperation in finance, banking
Vietnam, Morocco to strengthen cooperation in finance, banking: Illustrative image. (Photo: VNA)

Spotlighting the experience and role of the Moroccan banking system in supporting payments with African countries, the event was co-organised by the Vietnam Academy of Social Sciences (VASS)’s Institute of African and Middle East Studies, the Moroccan Embassy in Vietnam, and the Vietnam - Africa Economic Cooperation Alliance.

In his opening speech, Le Phuoc Minh, head of the institute, said implementing the Government's project on developing relations with African - Middle Eastern countries in the 2016-2025 period, Vietnam has strengthened cooperation with African countries, including Morocco, and recorded positive progress.

Trade turnover between Vietnam and African markets increased from 2.5 billion USD in 2010 to 6.25 billion USD in 2020 and 7 billion USD in 2021, despite impacts from the COVID-19 pandemic.

However, their collaboration is yet to be on par with potential, particularly in trade, investment, and agriculture, with financial and banking barriers listed among causes. Vietnamese enterprises face difficulties and risks in the payment stage when trading and doing business with their African partners.

Participating managers, bankers, researchers, and businessmen exchanged information and experience on international payment activities of Moroccan and Vietnamese banks in Africa.

They also sought ways to limit risks in the payment process and remove finance and banking bottlenecks.

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(Source: VNA)