Viet PM welcomes Cambodian bank governor

Vietnamese PM (R) shakes hand with Chea Chanto (L).

Nhan Dan – Prime Minister Nguyen Tan Dung on December 18 received the visiting National Bank of Cambodia (NBC) delegation led by Governor Chea Chanto. Governor Chea Chanto said that the relations between the State Bank of Vietnam (SBV) and the NBC have seen ever more progress on the basis of the two countries’ traditional friendly co-operation. He informed PM Dung that during his visit to Vietnam, the two central banks exchanged views on the economic situation in their respective countries and on their activities in the areas of monetary policy, inspections and operation of credit organisations. Two sides signed a memorandum of understanding on the exchange of information regarding banking inspections to create a legal foundation for stricter management in order to help the two countries’ commercial banks operate in a safer and more secure manner in the context of international competition and integration. Governor Chanto affirmed that the Cambodian authorities would create favourable conditions for the Vietnamese commercial banks to open their branches in the Cambodia. PM Dung highly appreciated the co-operation between SBV and NBC, particularly the agreement signed during Governor Chea Chanto’s working visit. He said that the Vietnamese Government and people would do their utmost to boost the friendly, co-operative and neighbourly relations between Vietnam and Cambodia in the interests of their people. According to PM Dung, Cambodia’s recent granting of licences to two Vietnamese banks to open their branches in the country will help increase the two countries’ trade value to US$2 billion by 2010 and encourage Vietnamese businesses to invest in Cambodia.