On July 11, 2025, in Hanoi, Deputy Governor Pham Tien Dzung of the State Bank of Vietnam (SBV) had a meeting with the delegation from the Ministry of Commerce of Pakistan led by Mr. Jam Kamal Khan, Federal Minister for Commerce.
Speaking at the meeting, Deputy Governor Pham Tien Dzung shared that, the friendly relationship between Vietnam and Pakistan has been continuing to develop positively in many aspects. In that context, the banking cooperation between the two countries has affirmed its important role, providing a smooth and effective channel for payments and money transfer transactions, actively supporting the bilateral trade and investment.
The SBV Deputy Governor also spoke highly of the signing of the Memorandum of Understanding (MoU) on cooperation between the SBV and the State Bank of Pakistan (SBP) back in 2004, focusing on two areas of legal information exchange and human resource training.
Sharing information about the digitalization of the banking sector in the recent years, Deputy Governor Pham Tien Dzung shared that in Vietnam, payments through the digital channels have grown steadily over the years, both in the numbers of transactions and in the transaction value. The percentage of adults with bank accounts in Vietnam has reached over 87%. Some basic banking operations have been fully digitized (including savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, approving loans, etc.). At many Vietnamese credit institutions, as much as 95% of the transactions can now performed online. This reflects the strong digital development in Vietnamese banking sector.
Mr. Jam Kamal Khan, Pakistani Federal Minister for Commerce, speaks at the meeting
The SBV Deputy Governor emphasized that the SBV always supports the expansion of the scope and the update of the cooperation activities in the areas of mutual interest in the MoU to be aligned with the new situation.
An overview of the meeting
Mr. Jam Kamal Khan, Pakistani Federal Minister for Commerce, affirmed that Vietnam and Pakistan are both working toward enhancing the two-way trade and the financial cooperation. In Vietnam, the SBV plays the role of a ministerial-level agency, and performs the management functions of the monetary policy, especially the money printing and the digitalization process of the banking sector.
The SBV and the SBP representatives take a photo together
Mr. Jam Kamal Khan said that, Pakistan, with its population of about 250 million people, also has a great demand for non-cash payments. However, Pakistan is still using old money, but would like to change to new payment methods which are safer, more secure and modern. This is a great opportunity for Pakistan to learn from the experience of Vietnam, a country that has made significant progress in developing cashless payments.
The Pakistani delegation visits the National Banknote Printing Plant
On this occasion, representatives of the SBV and the Pakistani delegation led by Mr. Jam Kamal Khan also visited and surveyed the project on expanding and modernizing the National Banknote Printing Plant in order to receive direct introduction about the modern equipment and technologies that Vietnam has been investing in and using.
DL