Vietnam, Cambodia to strengthen ties in central bank management

Both parties also reaffirmed their commitment to connect retail payments using QR codes.

The State Bank of Vietnam (SBV) and the National Bank of Cambodia held a bilateral meeting to enhance collaboration and share expertise in policy-making and central bank management. 

Discussions focused on various topics, including monetary policy management tools, solutions to combat phishing and fraud in payment systems, and measures to minimise risks in banking operations.

SBV Governor Nguyen Thi Hong noted that the two countries have been facing common challenges, requiring the two banking sectors to strengthen modernisation efforts towards international standards for security, and to remain alert to potential risks of bad debts.

Both central banks reaffirmed their commitment to accelerating the implementation of a joint project to connect retail payments using QR codes, reflecting a priority to enhance cross-border financial integration.

During the meeting, the governors also met with Vietnamese commercial banks operating in Cambodia, commending their positive contributions to the Cambodian economy. The banks were acknowledged for their strong commitment to long-term investment and adherence to Cambodian laws. 

The governors encouraged these institutions to leverage their strengths to solidify their market positions and further contribute to the economic cooperation between Vietnam and Cambodia.

Currently, five Vietnamese commercial banks operate in Cambodia, including Vietnam Bank for Agriculture and Rural Development, Joint Stock Commercial Bank for Investment and Development of Vietnam, Military Commercial Joint Stock Bank, Saigon-Hanoi Commercial Joint Stock Bank, and Saigon Thuong Tin Commercial Joint Stock Bank.