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Deepening financial cooperation for sustainable growth
Yen nguYen
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Representatives of member banks and observing banks attend the virtual CAIBA meeting
On 10 November in Hanoi, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) co-hosted the 10th CAIBA Executive Board Meeting and ASEAN+3 Interbank Cooperation Mechanism 2020 Meeting (APTIBCM).
The meeting has the great honor to welcome Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam and representatives from the International Cooperation Department of the State Bank of Vietnam; Mr. Deng Xijun - Ambassador Extraordinary and Plenipotentiary of China to ASEAN, representatives of the Vietnam Banks Association, and nearly 70 banking leaders and experts from the member banks and observing banks of CAIBA and APTIBCM. The year 2020 marks the 10-year establishment and development of CAIBA. This is also the first time the CAIBA Executive Board Meeting has virtually been held.
Under the theme of "Deepening financial cooperation for sustainable growth in a post-pandemic world", the guests and representatives of member banks as well as observing banks of CAIBA and APTIBCM joined to share and exchange key issues of the finance - banking industry in the current period, especially sharing experiences in coping with the impacts of Covid-19.
Addressing the meeting, Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam congratulated CAIBA Association on its 10th anniversary and applauded the ASEAN+3 Interbank Cooperation Mechanism which was established in 2019. On this occasion, the Deputy Governor also reviewed the results achieved by Vietnam in response to the pandemic’s impacts in order to promptly restore socio-economic activities.
“The State Bank of Vietnam always supports and encourages cooperation mechanisms between financial institutions in the region such as the CAIBA and APTIBCM for strengthening financial products and services for regional economic development”, said Mr. Nguyen Kim Anh.
In the meeting, the banks emphasized the need to promote greater cooperation among member banks, especially in the current difficult time of the economies. Besides, they also proposed the solutions to encourage bilateral and multilateral cooperation activities among member banks in order to enhance the effectiveness and active role of CAIBA Association and APTIBCM Cooperation Mechanism, which thereby would contribute to the achievement of shared prosperity in the region.
“Over the past 10 years, on the basis of shared interests and for the prosperity of the region, the Association's member banks have strengthened their bilateral and multilateral cooperation and financial connectivity, which enhances the role of the Association in the region” affirmed Chairman of BIDV's Board of Directors, Mr. Phan Duc Tu.
“In particular, on the foundation of CAIBA Association and the consensus of member banks, the cooperation mechanism of ASEAN Member Banks and CDB, KDB, JBIC have been established to further expand collaboration and open more opportunities for all parties,
Mr. Nguyen Kim Anh, State Bank deputy governor (centre) and senior leaders of BIDV at the CAIBA meeting in Hanoi
contributing to the development of the ASEAN+3 region”.
During the discussion session, the member banks shared information, experiences and in-depth assessments on topics of interest, including: Regional cooperation to respond to Covid-19 and post-pandemic recovery; Promoting banking digitization during and after Covid-19; and supporting SME clients - the customer segment that was seriously impacted during and after Covid-19. Accordingly, the member banks have launched initiatives, drawing on experiences to better adapt to new circumstances, hence uniting to overcome difficulties and to seize growth opportunities, as well as setting business trends.
The member banks also agreed to sign Joint Statements, demonstrating the determination of CAIBA and APTIBCM member banks in implementing a number of specific contents to cope with the Covid-19 pandemic, in which emphasizing the members’ assurance to support measures taken by Governments and central banks of the countries, and to provide their assistance for businesses and projects affected by the pandemic through various forms of cooperation in accordance with the laws and regulations of the parties. The Joint Statements also reaffirm their efforts to promote cooperation in new areas through strengthening the digital economy, enhancing cooperation in sharing information, experiences and lessons learned in response to Covid-19.
Mr. Dong Gull Lee, Chairman and CEO, Korea Development Bank said: “By signing the Joint Statements today, we are opening up an important corridor of cooperation that will lead us to innovation, sustainability, and economic leadership in the region”.
Mr. Nobumitsu Hayashi - Deputy Governor, Japan Bank for International Cooperation expressed his heartfelt appreciation to all the staff, especially those at BIDV and CDB, for organizing the meeting at these difficult times. “We sincerely hope that this Mechanism and the Joint Statements to be announced today will contribute to the regional development in the ASEAN region through our cooperation”, said Mr. Nobumitsu Hayashi.
Concluding the meeting, BIDV transferred co-hosting role to Bank Islam Brunei Darussalam of the Kingdom of Brunei for the 2021 CAIBA’s Executive Board Meeting.
About CAIBA
The CAIBA was established on the basis of a proposal initiated by China at the ASEANChina Foreign Ministers’ Meeting on July 22, 2010 in Hanoi. Members of CAIBA include 11 major banks from ASEAN countries and China including: Bank Islam Brunei Darussalam - BIBD (Brunei), Canadia Bank (Cambodia), Bank Mandiri (Indonesia), Lao Development Bank (Laos), CIMB Group (Malaysia), Bank for Foreign Trade of Myanmar (Myanmar), Banco De Oro (Philippines), DBS (Singapore), Kasikorn Bank (Thailand), BIDV (Vietnam) and China Development Bank - CDB (China).
About APTIBCM
The ASEAN+3 Interbank Cooperation Mechanism (APTIBCM) was established on the basis of a Memorandum of Understanding (MOU) signed by 10 existing ASEAN member banks of the CAIBA Association and the China Development Bank (CDB), Japan Bank for International Cooperation (JBIC), Korea Development Bank (KDB) at CAIBA Executive Board Meeting held in Bangkok, Thailand in 2019.
