On August 7, 2026, at the headquarters of the State Bank of Vietnam, Governor Pham Duc An held a meeting with Mr. Tshering Wangchuk Sherpa, Ambassador Extraordinary and Plenipotentiary of the Republic of India to Vietnam.
SBV Governor Pham Duc An meets Ambassador Tshering Wangchuk Sherpa
The meeting was also attended by representatives from the Payment Department, the International Cooperation Department, the SBV Inspectorate, and the National Payment Corporation of Vietnam (NAPAS). On the side of the Embassy of India, participants included Mr. Bastian N. Chacko, Deputy Head of Mission, together with economic experts and advisors.
At the beginning of the meeting, Governor Pham Duc An welcomed Ambassador Tshering Wangchuk Sherpa and the Embassy’s staff to the SBV and congratulated him on his appointment as Ambassador Extraordinary and Plenipotentiary of the Republic of India to Vietnam. The Governor expressed his confidence that the Ambassador would have a successful tenure and contribute to further deepening and strengthening the Enhanced Comprehensive Strategic Partnership between Vietnam and India in a substantive manner, including in the banking sector.
The Governor affirmed that the Vietnamese Government in general and the SBV in particular highly value cooperation with Indian partners in the banking sector. He spoke highly of the positive outcomes of cooperation between the SBV and the Reserve Bank of India (RBI), particularly in the areas of financial innovation and digital payments. As trade, investment, tourism, and people-to-people exchanges between the two countries continue to expand, the demand for modern, secure, and efficient cross-border payment and financial services is also increasing.
An overview of the meeting
Governor Pham Duc An noted that commercial payment and money transfer activities between Vietnam and India have been conducted smoothly and effectively, in compliance with the laws of both countries and international standards. Credit institutions in the two countries continue to serve as an important bridge in providing financial services, meeting the demand for cross-border transaction, and supporting trade and investment activities between Vietnam and India.
The Governor also spoke highly of the stable and effective operations of the Bank of India – Ho Chi Minh City Branch, noting that this provides an important foundation for strengthening cooperation between credit institutions of the two countries. The SBV stands ready to support and create favorable conditions for Indian banks and enterprises operating in Vietnam in accordance with Vietnamese law, while encouraging Vietnamese banks to explore opportunities to expand their presence in the Indian market, thereby further promoting bilateral investment and trade cooperation.
SBV Governor Pham Duc An presents a gift to Ambassador Tshering Wangchuk Sherpa
Regarding cooperation in digital payments, the Governor shared that the SBV is actively promoting a bilateral retail payment linkage project using QR codes between Vietnam and India. The initiative is expected to provide greater convenience for people and contribute to promoting trade, tourism, and people-to-people exchanges between the two countries. The Governor expressed his hope that the Embassy of India would continue to facilitate the Reserve Bank of India in completing the necessary arrangements to enable the launch of the payment connectivity.
SBV Governor and the representatives of the Embassy of India in Vietnam pose for a group photo
Speaking at the meeting, Ambassador Tshering Wangchuk Sherpa sincerely thanked Governor Pham Duc An for receiving the delegation and congratulated him on his new position. The Ambassador expressed his pleasure at the strong development of Vietnam–India relations across various fields, particularly following the State Visit to India by General Secretary and President To Lam in May 2026, which resulted in the signing of several important cooperation agreements, including in banking and financial services.
The Ambassador emphasized the important role of the banking sector in promoting bilateral trade and expressed his hope for stronger cooperation between the RBI and the SBV in areas including payment connectivity between NAPAS and the National Payments Corporation of India (NPCI), support for businesses, training and technical assistance, and the sharing of experience in banking management. The Embassy of India affirmed its continued support in connecting relevant agencies, financial institutions, and businesses of the two countries to effectively implement the cooperation agreements reached.
Concluding the meeting, Governor Pham Duc An expressed his hope to visit and work in India in the near future to further strengthen cooperation between the two central banks and contribute to deepening the Enhanced Comprehensive Strategic Partnership between Vietnam and India.
Minh Khang