ISLAMABAD: Pakistan and Vietnam have agreed to renew and update their 2004 agreement on banking sector cooperation to reflect changes in the financial sector and support growing trade between the two countries.
Federal Minister for Commerce Jam Kamal Khan met with Dr Hoang Trung, Deputy Governor of the State Bank of Vietnam, on Saturday to discuss ways to improve financial cooperation. Both sides supported the proposal to modernise the agreement signed between the State Bank of Pakistan and the State Bank of Vietnam.
The Ministry of Commerce said in a statement that the renewed agreement could offer a basic framework to strengthen banking cooperation, promote cross-border investments, and support regulatory collaboration.
Both sides also agreed on the importance of including new areas in the agreement. These include digital transactions, QR code payment systems, and financial inclusion.
The commerce minister noted Vietnam’s developments in digital banking and said Pakistan is interested in learning from Vietnam’s experience to support local progress in financial technology.
The two parties also said that central banks play an important role in building an environment that supports stronger economic and trade ties.
The meeting ended with both sides agreeing to maintain institutional contact through the International Relations Department of the State Bank of Pakistan for regular follow-up.
