Nhan Dan Online – Governor of the State Bank of Vietnam Nguyen Van Giau committed to effectively using the official development assistance (ODA) granted by the World Bank to the Vietnamese sector, at the seminar themed ‘Launching banking modernisation and management information system project’ on September 22.

Addressing the seminar, he stressed that the project shows the WB’s timely and valuable support for Vietnam in general and the State Bank of Vietnam in particular in the context of the extremely complicated developments of the global economic crisis.

According to the State Bank of Vietnam, the project aims to assist the State Bank of Vietnam, the Credit Information Centre (CIC) and Deposit Insurance of Vietnam (DIV) in improving quality of their operations to meet international regulations in the banking field by increasing their institutional capacity and building a centralised information management system.

The project has a total investment capital of US$71.83 million including US$60 million and US$830,000 in loans from the World Bank and the Japanese Government respectively, and the remainder from the Vietnamese State as counterpart fund.

It is planned that the project will have been completed by the end of 2014.

Governor Giau said that the overall strategy of modernising the banking sector through 2010 with a view to 2020 set a target of renovating the operational organisation of the State Bank of Vietnam by 2015 to accomplish the apparatus, making it a professional one which has enough capacity to implement monetary policies in accordance with the market principle, at the same time meeting international standards, integrating into international organisations and effectively implementing the State management function in the field of currency and banking operations.

T.S