US$72 million project on strengthening banking sector’s capacity reviewed

16:11 | 28/10/2018 Economy

The State Bank of Vietnam (SBV) held a conference in Hanoi, on October 25, to review the Financial Sector Modernisation and Information Management System (FSMIMS) project.

Deputy Governor of SBV Nguyen Kim Anh speaks at the conference - Photo: nhandan

The project has a total investment of US$71.83 million, including U$60 million in preferential loans from the International Development Association (IDA), US$0.83 million in non-refundable aid from the Government of Japan, and US$11 million from the Vietnamese state budget.

It aims to assist the State Bank of Vietnam (SBV), the Credit Information Centre (CIC), and the Deposit Insurance of Vietnam (DIV) to improve the delivery of their main functions in accordance with the relevant international standards for the banking sector.

According to Nguyen Kim Anh, Deputy Governor of SBV, this is the first project by the SBV to be implemented synchronously in key areas of backing sectors, such as monetary policy, foreign exchange management, and statistical forecasting, among others. The project is a close combination of strengthening institutional capacity and modernising information technology.

The project was carried out in two stages: the first stage from January 2011 – August 2013 focused on strengthening capacity, while the second stage from August 2013 to December 2017 focused on developing the information technology infrastructure.

Under the project, the SBV, CIC and DIV issued nearly 80 circulars, decisions and hundreds of documents providing guidance on the operation and management of IT systems. Seven core IT systems were also launched as part of the project.

Theo NDO