The Webinar “The Experience and Role of the Banking System of Morocco in Providing Payment Support to the African Countries”
On 27th October 2022, the Ambassador of His Majesty the King to Vietnam co- chaired Webinar “The Experience and Role of the Banking System of Morocco in Providing Payment Support to the 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, H.E. Mr. Jamale Chouaibi, the Ambassador of His Majesty the King to Vietnam highlighted the importance of the Webinar which comes in response to the request made by Vietnamese partners who wanted to immerse themselves in the Moroccan banking experience in Africa, in particular the problem related to payment difficulties. This is really an obstacle to the development of Vietnamese enterprises in Africa.
The webinar saw the participation of representatives of Bank of Africa (BMCE), Attijariwafa Bank and Vietnamese banks: the State Bank, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Military Commercial Joint Stock Bank (MB Bank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and others financial associations in Vietnam.
The financial-banking cooperation between BMCE, AWB and all other Moroccan banks with Vietnamese partners will help to remedy the payment problems faced by Vietnamese companies investing in Africa.
Statistics shows that 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 obstacle./.