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Praise for VN central bank’s contribution to local banking

Sok Chan / Khmer Times Share:
State Bank of Vietnam governor Le Ming Hung (centre) during the meeting with NBC yesterday. KT/Sok Chan

The governor of the National Bank of Cambodia has praised the State Bank of Vietnam and Vietnamese banks operating in the Kingdom for their support and contribution to the Kingdom’s banking sector and economic development.

During an annual meeting between the central banks, Chea Chanto, NBC’s governor, said Vietnam’s has played an important role in the socio-economic development of Cambodia, particular its human resources, through technical assistance.

The meeting took place yesterday in Phnom Penh, with the Vietnamese delegation led by State Bank of Vietnam governor Le Ming Hung.

Mr Chanto said the assistance provided by the State Bank of Vietnam can be traced back to 1979 and mostly focuses on helping develop the Kingdom’s human resources.

“I would like to thank Vietnam’s Central Bank for supporting and contributing to the development of the banking sector in Cambodia,” Mr Chanto said. “This year’s annual meeting will focus on technical cooperation, experience sharing, and human resources development.

“We also thank the governor who always cooperates with our bank, especially on human resources development,” he said.

Mr Chanto said Cambodia continues to grow at a rapid rate despite several global challenges, including trade tensions between the United States and China, that could slow down the global economy.

“In Cambodia’s banking system, the volume of transactions and their value continues to increase every year, boosting financial inclusion, and reducing poverty,” Mr Chanto added.

“I hope in this meeting, we will hear the most recent updates on the macro-economic situation and the banking sector. I hope together we can come up with ideas to strengthen the cooperation in the banking sector and between our peoples,” Mr Chanto said.

Mr Chanto said the annual meeting between the banking authorities of the two countries is an important mechanism to encourage cooperation and promote the development of the banking and finance industries in Cambodia and Vietnam.

State Bank of Vietnam’s Mr Le congratulated Cambodia’s Central Bank for its achievements in the last 40 years and said these achievements have enabled the country’s rapid economic expansion.

“For the last 40 years, the two central banks have been cooperating closely. Because of this cooperation, our economies are growing fast,” Mr Le said.

Echoing Mr Chanto, Mr Le highlighted the importance of the central banks annual meeting in strengthening the relationship between the countries. He said it is an important mechanism to share experiences and find solutions to the industry’s most pressing problems.

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