Vietnam, Cambodia’s central banks look to foster partnership

• State Bank of Vietnam cuts official interest rates
• Four major Thai banks cut loan interest rates to spur economy

Addressing the event, NBC Governor CheaChanto noted that after its establishment in 1979, the bank faced many difficulties along with a shortage in personnel, capital and other conditions. In that period, it received helpful support from the SBV in technology, personnel training, equipment and the banking system building, he highlighted.

On the occasion, CheaChanto thanked the SBV for the assistance which he saidhas contributed to the development of the banking system of Cambodia.

The NBC leader highlighted the efficiency ofcooperation between the two sides, especially Vietnam’s support in personnel training through offering scholarships to officials and staff of the NBC to study in Vietnam.

The official lauded the contributions by banking organizations of Vietnam to the economic growth of Cambodia.

Currently, the country is hosting five Vietnamese banks – BIDV, Agribank, MB, Sacombank, and SHB.

During the conference, the Vietnamese banks received answers to their questions regarding legal issues and business regulations.

For his part, SBV Governor Le Minh Hung said that the bank is proud to contribute to the growth of the NBC, expressing his delight at the impressive growth of the Cambodian economy.

Hung held that amidst the gloomy world economy with complicated developments, the partnership between the two central banks will help boost the growth of both countries.

Since the last conference in 2018 in Vietnam, the two sides have exchanged experiences in various issues, including exchange rates, the automation in gathering and processing information of the foreign currency market, and researching in developing the market.