“Discussions on Cross-Border Payment Cooperation Between Vietnam and Japan: A Step Towards Enhanced Financial Ties”
As part of the governments’ efforts to comprehensively develop and strengthen the economic, political, and diplomatic relationship between Vietnam and Japan, a delegation from the State Bank of Vietnam, led by Deputy Governor Pham Tien Dung, conducted a fact-finding mission to Tokyo, Japan, to assess the market potential and opportunities for effective cross-border payment cooperation between the two countries.
Deputy Governor Pham Tien Dung and Mr. Ariizumi Shigeru, Vice Minister for International Affairs of JFSA, exchange souvenirs.
During the visit, which took place from August 28 to 30, 2024, the delegation held discussions with Japanese regulatory authorities, including the Japan Financial Services Agency (JFSA) and the Ministry of Economy, Trade, and Industry (METI).
At these meetings, senior officials acknowledged the achievements and cooperation opportunities in the banking sector between the two nations. They committed to extensive collaboration for the benefit of both countries’ development and the well-being of their citizens. Recognizing that cross-border payments are a global and regional trend, the regulatory authorities shared their experiences and practical insights on developing efficient and safe payment systems that meet the practical needs of trade and tourism between Vietnam and Japan.
To gain a deeper understanding of Japan’s payment system and cashless payment methods, the delegation also met with representatives from major commercial banks and payment service providers in Japan.
The parties shared and agreed on the need to strive for solutions to implement the governments’ cross-cutting orientations on cashless payments and the development of convenient payment instruments for the citizens of both countries. This includes QR code payment interoperability and the use of local currencies for settlements.
While acknowledging the opportunities, the parties also recognized the challenges in harmonizing technical processing and interconnecting the two payment systems. This will be a key area of cooperation in the coming period.
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