SBV Plans Int’l Competitive Bidding for FSMIMS Project

The State Bank of Vietnam (SBV) on November 19 announced that it will open an international competitive bidding (ICB) for good contracts to carry out its Financial Sector Modernization and Information Management System (FSMIMS) project.

 

A credit of US$60 million, provided by the International Development Association (IDA) for the project, will be used to pay for goods and consultancy services necessary for the implementation of the project.

 

The project consists of three primary components with the first part designed to modernize SBV. It will assist the central bank to develop its policies and an institutional framework, as well as increase capabilities for information management and informed decision-making.

 

In addition, it will provide key inputs for specifications of user needs and functional requirements of a new ICT platform for information management.

 

The input should also help design and build a centralized ICT platform that meets international IT standards to support SBV's evolving role as a central bank, taking into account all relevant international practices and critical Vietnamese realities.

 

The second part will focus on strengthening the Credit Information Center (CIC) by assisting the CIC in restructuring processes for its core business as Vietnam's public credit registration center, as well as building and installing a centralized data management system for the collection, storage, processing, analysis and sharing of credit information.

 

The last component aims to enhance the capacity for Deposit Insurance of Vietnam (DIV). It will help the state-owned deposit insurance agents improve its business processes and increase its technological capacity so that these agents can consolidate their roles in Vietnam's financial sector safety network.

 

The purchases for the project will be carried out in accordance with the World Bank (WB)'s regulations. Further information will be inserted in Vietnam Procurement Review, websites of SBV and the Ministry of Planning and Investment's Bidding Management Division. (Vietnam Economic Times, VNS)