The new MoU, signed on August 11, replaces the original agreement from 2004, which focused on promoting information exchange and technical assistance.

The revised MoU specifies the areas of cooperation in greater detail, including key central banking duties, such as monetary policy, financial stability, payment and settlement systems, and currency issuance. It also diversifies the forms of cooperation by incorporating working-level meetings alongside the existing workshops and seminars.

The new agreement is significant in that it reflects the advancement of financial cooperation between the two central banks and lays the groundwork for more substantive collaboration.

At a time when there is a need to reinforce the foundations of regional trade and financial stability amid the ongoing reorganisation of the international geopolitical landscape and the growing fragmentation of the global financial and economic order, this latest MoU is expected to contribute to enhancing strategic cooperation with Vietnam, one of the high-growth ASEAN economies.

Additionally, the Vietnamese and South Korean central banks also agreed to hold working-level meetings on top of existing workshops and seminars.

"This is meaningful as it lays the foundation to strengthen cooperation between the two banks," according to a statement from the Bank of Korea. "We hope it can contribute to strengthening the strategic partnership between our two countries."