In the spirit of the celebrations of the 55th anniversary of the establishment of the diplomatic ties between Vietnam and Cambodia (1967 - 2022), and Vietnam - Cambodia Friendship Year 2022, on December 19, 2022, in Da Nang City, Madam Nguyen Thi Hong, Governor of the State Bank of Vietnam (SBV), and Mr. Chea Chanto, Governor of the National Bank of Cambodia (NBC), co-chaired the Bilateral Meeting between the two central banks in 2022.
SBV Governor Nguyen Thi Hong and NBC Governor Chea Chanto, together with the participants attended the Meeting.
Attending the Meeting, on the side of the SBV, there was First Deputy Governor Dao Minh Tu, representatives of several SBV entities, and the SBV – Da Nang Municipal Branch. On the side of the NBC, there was Deputy Governor Sum Sannisith and representatives of several key units.
SBV Governor Nguyen Thi Hong speaks at the Meeting.
Speaking at the Meeting, SBV Governor Nguyen Thi Hong congratulated the NBC on the successes in managing the monetary and banking sector in Cambodia to overcome the difficulties caused by the COVID-19 pandemic; as well as on having successfully fulfilled the role as Chair of the ASEAN banking-finance cooperation process during Cambodian ASEAN Chairmanship 2022.
On behalf of the NBC, Governor Chea Chanto thanked the SBV's leadership for the warm welcome, and expressed his high appreciation for the thorough preparations of the SBV for this Meeting.
NBC Governor Chea Chanto speaks at the Meeting.
At the Meeting, representatives of the two central banks presented and provided update information on the macroeconomic situation, the policy management, and the developments in the banking sector in each country, highlighting the achievements, as well as the difficulties, challenges and solutions in order to address the difficulties and challenges in the context of a world full of complicated developments.
Especially, SBV Governor Nguyen Thi Hong summarized and shared with the NBC’s delegation about Vietnam’s practical experience in the monetary and banking management, contributing to maintaining the macroeconomic stability, controlling the inflation, ensuring the safety of the banking system during the recent difficult period.
Overview of the Meeting.
The two Governors agreed that, over the past time, the two sides have achieved positive results through various bilateral cooperation activities. The two central banks have always reached a good consensus and supported each other at the multilateral cooperation forums, as well as in other relevant cooperation frameworks.
About the future orientations of cooperation, the two Governors agreed to focus on the operational practicality and efficiency with the objectives of strengthening the connection in the banking sectors of the two countries and improving the quality of policy consultancy of the officials of the two central banks. The two sides also agreed to continue to promote the exchanges of delegations in both ways, both in-person and virtually, in order to share experience on the topics of mutual interest, especially those that are new and have big implications on the banking sector, such as digital transformation, payment connection, regulatory frameworks for Fintech operations in the banking sector, etc.
SBV Governor Nguyen Thi Hong and NBC Governor Chea Chanto sign the Minutes of the Meeting.
Toward the end of the Meeting, SBV Governor Nguyen Thi Hong and NBC Governor Chea Chanto affirmed that the bilateral dialogue between two sides had been really useful, with the shared information focusing on the right topics, and the two sides had reached an agreement on the important orientations for the bilateral cooperation in the coming time. The annual bilateral meetings have proven to have a positive impact in enhancing the mutual understanding, the bilateral cooperation and assistance in banking operations, promoting the exchanges and strengthening the mutual trust between the leaders and officials of the two central banks.
The two Governors further confirmed that, the SBV and the NBC would continue to put efforts into maintaining and promoting this important high-level forum, thereby deepening the bilateral cooperative relationship between the two banking sectors, contributing to preserving and nurturing the good neighborliness, the traditional friendship, the comprehensive, long-term enduring cooperation between Vietnam and Cambodia.
According to the principle of rotation, the next annual Bilateral Meeting will be hosted by the NBC in Cambodia at an appropriate time in 2023.
LK