The State Banks of Viet Nam and Cambodia have agreed to ratchet up their cooperation to better serve a wide range of banking activities between the two countries.

The agreement was made during a four-day visit to Cambodia by Governor of the State Bank of Viet Nam Nguyen Van Giau, which began on December 9.

The two banks signed a memorandum of understanding on accelerating cross-border payments to facilitate import-export activities between the two countries. The State Bank of Viet Nam pledged to provide expertise training for the Cambodian State Bank’s staff while the State Bank of Cambodia promised to create favourable conditions for Vietnamese banks to open branches in Cambodia.

During the visit, Governor Giau and his entourage were received by Deputy Prime Minister Sok An, who expressed his backing of the two state banks’ agreements.

He also affirmed his support for the State Bank of Viet Nam ’s intention of opening branches in Cambodia and asked the two countries’ relevant agencies to finalise procedures for the work.-(VNA)