On November 24, 2021 the Bilateral Meeting between the State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) was organized virtually under the co-chairmanship of the two central banks' Governors.
Governor Nguyen Thi Hong speaks at the Meeting
Also attending the Meeting, on the SBV’s side, there was Deputy Governor Nguyen Thanh Ha and representatives from the International Cooperation Department, the SBV Office, the Foreign Exchange Management Department, the Monetary Policy Department, the Payment Department, the Human Resource Department, the Communication Department, and the Banking Supervision Agency. On the NBC’s side, there was Deputy Governor Sum Sannisith and representatives from the Inspection General, the Cash General, the Banking Operation Department, the Payment System Department, the Secretariat General, etc.
An overview of the Meeting at the SBV’s headquarters
At the Meeting, after having listened to the two sides’ sharing about the COVID-19 situation, the overview of the macro-economy, the management of the monetary policy, the banking sectors' performance, the banking supervision, the digitalization in the banking sectors, and the cashless payment promotion, the two Governors exchanged and made in-depth assessments and comments about the performance of the two central banks, and shared their experience in the management of the monetary and the credit policies in order to mitigate the negative effects of the pandemic, as well as to support the economic recovery.
NBC Governor Chea Chanto speaks at the Meeting
Talking about the bilateral cooperation between the two central banks, on behalf of the SBV Board of Management, Governor Nguyen Thi Hong expressed her sincere thanks to Governor Chea Chanto and the NBC Board of Management for having supported and finalized the procedures for the awardment of the Friendship Medals and the Certificates of Appreciation to several Vietnamese banking experts who were assigned to assist Cambodia in the reconstruction of the banking industry during the period of 1979 - 1989 (officials in the K-Committee). She affirmed that this was a very meaningful recognition for the contributions by Vietnamese banking experts in the development of Cambodia's banking industry.
The COVID-19 pandemic that has been occurring over the past two years has prevented the two central banks from carrying out many regular cooperation activities. And thus, the two Governors agreed to promote the regular cooperation and the experience sharing between the two central banks in policy formulation and implementation, in order to flexibly respond to the complicated developments of the COVID-19 pandemic.
Regarding the cooperation plan in the coming time, the two Governors directed the focal points of each side to coordinate with each other to review and evaluate the performance of the key cooperation programs over the past time, and to propose and submit to the two Governors a new work plan for the new period. In addition, the SBV and the NBC would coordinate to finalize the procedures for the re-signing of the Memorandum of Understanding on information exchange in the field of banking inspection and supervision, creating more favorable conditions for the inspection and supervision of the cross-border presence of the credit institutions in the new context.
SBV delegation attending the Meeting
NBC delegation attending the Meeting
In their conclusions at the Meeting, the two Governors shared the view that the two sides had a brief but effective exchange, and believed that the discussions at the Meeting would make useful contribution to the improvement of the performance of the two central banks, and would further tighten the special friendship between the SBV and the NBC. The two Governors requested the relevant entities of the two sides to continue promoting the good cooperation traditions between the two sides and to closely coordinate with each other in order to effectively implement the specific contents as agreed at the Meeting.
Le Hang