Vietnam Starts World Bank-funded Banking Information Management System
The State Bank of Vietnam (SBV), the country’s central bank, and the World Bank have opened a seminar in Hanoi to kick off the Financial Sector Modernization and Information Management System (FSMIMS) project, the SBV announced on its website.
The project, which scheduled to run through 2014, will cost $71.83 million in total, the central bank said.
The figure includes a $60 million loan provided by WB and another loan of $830,000 given by the Japanese government through the Japan Policy and Human Resource Development (PHRD) Fund.
The project will help the SBV, the Credit Information Center and the Deposit Insurance of Vietnam to improve their functions and activities in line with international standards.
SBV’s Governor, Nguyen Van Giau, noted that the project is of great importance to revamping the banking system.
At the event, experts in finance and banking from Vietnam, WB, Thailand and Sri Lanka also discussed project risks, finance management mechanisms, bidding procedures, and the experiences of Thailand and Sri Lanka in carrying out similar projects.
In fiscal year 2009, the SBV and WB have signed deals to add soft loans $1.5 billion to 10 program and projects, the central bank added.
(SBV)
Vietnamese
