Inter-bank cash transport debuts between Vietnam and China

On Sept. 12, a vehicle carrying 5 billion Vietnamese dong (US$220,000) from Vietnam enters Dongxing, a border port in the south of the Guangxi Zhuang Autonomous Region - the first time banks from the two countries have transacted a cross-border point-to-point two-way cash transport.

The authorities of foreign exchanges and customs approved the Agricultural Bank of China's (ABC) branch in Dongxing to conduct the business with the Agricultural and Rural Development Bank of Vietnam.

Guangxi's trade with Vietnam accounts for 85 percent of its trade with the ASEAN countries, and 21.5 percent of China's trade with Vietnam.

Yang Zhengdong, deputy director of the ABC's Dongxing branch, said the increasing people-to-people exchanges in travelling, study, business and family visits between Guangxi and Vietnam has created an increasingly strong demand for Vietnamese dong in cash in Guangxi.

He said the cross-border two-way cash transport is another step to pushing forward the internationalization of renminbi.