Islamabad, July 12, 2025 – Pakistan and Vietnam have taken a significant step toward strengthening bilateral financial ties, as senior officials from both countries agreed to renew and expand existing cooperation frameworks between their respective central banks.
In a meeting held in Islamabad, the Honourable Commerce Minister of Pakistan met with Dr. Hoang Trung, Deputy Governor of the State Bank of Vietnam (SBV), to explore avenues for deeper institutional collaboration. The focus of the discussion was the Memorandum of Understanding (MoU) initially signed in 2004 between the State Bank of Pakistan (SBP) and the SBV. Both sides emphasized the need to revisit and modernize the agreement in light of recent advancements in global finance and growing economic engagement between Pakistan and Vietnam.
The renewed MoU is expected to serve as a strategic framework to boost banking cooperation, encourage cross-border investments, and streamline regulatory practices. In particular, both Pakistan and Vietnam expressed interest in expanding the scope of collaboration to include digital financial services, QR code-based payment systems, and initiatives aimed at enhancing financial inclusion.
The Commerce Minister praised Vietnam’s notable progress in the field of digital banking and fintech. He expressed interest in learning from Vietnam’s experience to support Pakistan’s own digital transformation journey in the financial sector. The two sides agreed that the role of central banks is critical in creating a policy environment that supports innovation while safeguarding regulatory integrity.
The discussion also covered future possibilities for technical training programs, joint workshops, and knowledge-sharing initiatives between the SBP and the SBV. These initiatives are expected to create long-term institutional linkages and promote mutual understanding of regulatory approaches in each country.
To ensure continued engagement, it was agreed that the SBP’s International Relations Department will take the lead in facilitating follow-up coordination. This structured dialogue aims to build a resilient financial partnership between Pakistan and Vietnam, one that reflects modern banking needs and shared goals for sustainable development.
The meeting marks a renewed commitment to deepening financial ties between Vietnam and Pakistan, setting the stage for a new era of regional cooperation.