Enhancing central banks’ cooperation in banknotes counterfeit deterrence among Cambodia, Laos and Vietnam

The conference was attended by the Delegations of Bank of the Laos People's Democratic Republic (P.D.R), the National Bank of Cambodia (NBC) led by Deputy Governors and representatives from relevant ministries and agencies, police and army of Cambodia, Laos and Vietnam.

Delivering the keynote opening speech, SBV Deputy Governor Dao Minh Tu emphasized that Cambodia, Laos and Vietnam do have the traditional relation. Along with the trade and investment relationship, the cooperation in the monetary and banking field among the three countries has also achieved very positive results. Central banks of three countries have signed a number of Memorandums of Understanding, Cooperation Agreements under their jurisdictions and tasks. Additionally, commercial banks of each country have steadily expanded their operations and branches and representative offices in the other countries.

Most recently, at the 6th meeting among the SBV and Bank of Laos PDR and the National Bank of Cambodia in February 2017, the three Governors signed a memorandum of cooperation and agreed to continue implementing efficiently the memoranda of understanding and cooperation agreements.

“One of the substances in the memorandum of cooperation is enhancing the cooperation in banknotes issuance and counterfeiting deterrence among the three countries. This is a significant content in the monetary management of three central banks”, SBV Deputy Governor Dao Minh Tu stated.

SBV Deputy Governor Dao Minh Tu

Speaking at the Conference, Madam Neav Chanthana NBC Deputy Governor stated that the NBC supported the SBV’s initiative in organizing the conference on cooperation in banknotes counterfeit deterrence among Cambodia, Laos and Vietnam. “NBC is responsible for banknotes counterfeit deterrence; therefore, we consider banknotes counterfeit deterrence one of the top priority tasks. We have made great efforts in implementing several strong measures in banknotes counterfeit deterrence. Over the past time, the NBC has actively coordinated with relevant ministries and agencies in detecting and handling banknotes counterfeiting criminals, as well as collaborating with central banks in this field. On the other hand, in order to strengthen the public’s trust, we have to ensure that banknotes are given the strong and durable security”, said Neav Chanthana.

NBC Deputy Governor Neav Chanthana

Deputy Governor Bank of Laos P.D.R, Mr Sonexay Sithphaxay expressed his honor to attend this international conference and highlighted that: “Obviously, banknotes counterfeit issue has a huge impact on the economy and society. Therefore, the Government of Laos is very much concerned about the banknotes counterfeiting deterrence. Laos has formulated the legal framework on this field. The Bank of Laos P.D.R has worked closely with relevant ministries and agencies; concurrently we also enhanced public awareness on identifying real or counterfeiting banknotes. Additionally, many banks of Laos have made videos on how to distinguish real and counterfeiting banknotes, and popularize them to remote areas”.

Deputy Governor of the Bank of Laos P.D.R

Vietnam – Laos – Cambodia share the border lines with convenient transportation. The trade, investment and border trade payment activities have positively contributed to the growth of trading turnover of the three countries. However, the advantages of geography and the variety of currencies in purchasing and exchanging commodities in the border areas have been taken by criminals for counterfeiting banknotes, that adversely affects to money circulation and security of each country. Therefore, the enhancement of the cooperation in banknotes counterfeit deterrence among the three central banks is really significant for the protection of currency security”.

On the framework of the international conference on enhancing central banks’ cooperation in banknotes counterfeit deterrence among Cambodia, Laos and Vietnam, under the witness of leaders and representatives of relevant agencies, the three central banks signed an agreement on strengthening the bilateral cooperation in banknotes printing, issuing and banknotes counterfeit deterrence.

Three central banks signed an agreement on strengthening the bilateral cooperation in banknotes printing, issuing and banknotes counterfeit deterrence

Speaking at the conference, SBV Governor Le Minh Hung affirmed that the traditional relationship among Cambodia, Laos and Vietnam have been consolidated and developed by the Parties, States, Governments and Congresses of three countries.

In the banking sector, the central banks also gradually expands their network and scale of presence in other countries, thereby positively contributing to the cause of social-economic development of each country.The first conference on co-operation in the field of banknotes printing, issuing and counterfeit deterrence as well as the signing of a joint agreement among the three central banks on cash printing, issuing, managing and anti-counterfeiting is a specific and practical initiative in order to implement memorandums and cooperation agreement among three central banks, especially the newly cooperation agreement signed by the SBV, the Bank of Laos P.D.R and NBC in February 2017.

SBV Governor Le Minh Hung speaks at the Conference

On behalf of the SBV Management Board, the SBV Governor Le Minh Hung highly appreciated the efforts of the three central banks in proposing and coordinating the successful organization of this Conference. "This reflects the high level of confidence and consistency between the three central banks and the authorities of our three countries in coordinating their actions to improve the effectiveness of our work against counterfeit banknotes - a serious problem not only for Vietnam, Laos, Cambodia, but for most countries in the world. The unification of viewpoints and methods of coordination among our nations in addressing regional and global issues is of utmost importance, especially in the context of the world with full of fluctuations and unexpectedness.” Governor Le Minh Hung emphasized.

Governor Le Minh Hung went on that the cooperation between Cambodia, Laos and Vietnam in general and among three central banks in particular has achieved very good results, and the potential and opportunities for further cooperation of three central banks are still great". It is our responsibility to make the full use of these potentials and cooperating opportunities for effective and sustainable development of banking system and active contribution to the socio-economic development of the Development Triangle: Vietnam-Laos-Cambodia," said Governor Le Minh Hung. The Governor Le Minh Hung also expressed his belief that the conference would be a positive highlight and the beginning of a new phrase of more comprehensive, more efficient and deeper cooperation among the three central banks. This also would push the cooperation between the three central banks more effective and practical as an opening of the series of events to commemorate the 50th anniversary of establishing diplomatic relations between Vietnam and Cambodia, 55 years of establishing Vietnam-Laos diplomatic relations and 40 years of signing of the Laos-Vietnam Friendship Agreement.

Governor Le Minh Hung suggested the affiliated units of the 03 central banks continue to perform more effective joint actions in the future to realize the agreements and memorandum of cooperation between the three central banks, especially the contents of the Cooperation Agreement signed by the three central banks’ leaders in February 2017; It is necessary to promote the coordination and cooperation between the three central banks in banking fields in order to share experiences and support each other to effectively perform the functions and tasks of the central bank to contribute to stabilizing the macro-economy and promoting sustainable growth in each country for the common interests of the three countries and the ASEAN region as well.

Van Anh Thoa Le