Jam Kamal meets Dy Governor SBV: Pakistan & Vietnam to renew, modernize banking sector cooperation agreement

ISLAMABAD: Pakistan and Vietnam have agreed to renew and modernise their bilateral agreement on cooperation in the banking sector to better address the needs of growing trade and evolving financial landscapes.

On Saturday, Federal Minister for Commerce Jam Kamal Khan met with Dr Hoang Trung, Deputy Governor of the State Bank of Vietnam (SBV), to explore enhanced financial cooperation between the two countries.

“Both sides recalled the Memorandum of Understanding (MoU) signed in 2004 between the State Bank of Pakistan (SBP) and SBV, and welcomed the proposal to renew and modernise the agreement in light of changing dynamics in the financial sector and increasing bilateral trade,” the Ministry of Commerce said in an official statement.

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According to the Ministry, it was mutually acknowledged that a renewed MoU could provide a foundational framework for: (i) Strengthening banking cooperation; (ii) promoting cross-border investments; and (iii) facilitating regulatory collaboration between the two countries.

Both parties emphasised the need to incorporate emerging areas into the new agreement — such as digital transactions, QR code-based payment systems, and financial inclusion.

Commerce Minister Jam Kamal praised Vietnam’s progress in digital banking and expressed interest in learning from Vietnam’s experience to support Pakistan’s own efforts in financial innovation.

The two sides reaffirmed the essential role of central banks in creating an environment conducive to deeper economic and commercial engagement.

The meeting concluded with a commitment to maintain institutional linkages through the International Relations Department of the SBP for structured and sustained follow-up.

Copyright Business Recorder, 2025