Morocco and Vietnam strengthen their financial and banking cooperation

Speaking at the symposium, IEAMO director and also chairman of the Vietnam-Africa Economic Cooperation Union Le Minh Phuoc said Vietnam has always strengthened collaboration with African countries in general and Morocco in particular during the implementation of the project of developing ties with these nations and the Middle East in the 2016-2025 period.

According to statistical data, the trade value between Vietnam and the African market has increased from $2.5 billion in 2010 to $6.25 billion in 2020. Despite the impact of the COVID-19 pandemic, this bilateral figure reached $7 billion in 2021, of which Vietnamese exports to the African region totaled $2.24 billion, up 20.4 percent from the same period in 2020, said Minh Phuoc.

He also stressed the importance of the seminar, creating a forum for domestic and foreign managers, banks, entrepreneurs to exchange information and experiences in international payment activities of Moroccan and Vietnamese banks in Africa, in addition to discussing measures to promote bilateral cooperation in investment, trade, agriculture, finance and banking, among others.

For her part, the director of the Trade Assistance Center of the Vietnam Foreign Trade Bank (Vietcombank), Truong Thi Dieu Linh, analyzed the difficulties and limitations of trade between Vietnam and African countries, seen from the international payment activities between banks, and proposed solutions to these problems.

At the meeting, the delegates focused on the risks in the payment of Vietnamese enterprises with African partners, the international cooperation of the military bank, as well as the opportunities of cooperation with Moroccan partners, and other issues.

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