WB helps modernise Vietnam’s financial sector

A concessional credit of nearly US$60 million to modernise Vietnam’s financial sector was signed by the State Bank of Vietnam (SBV) and the World Bank (WB) in Hanoi on April 21.

The credit comes from the International Development Association (IDA) in the form of a soft loan provided by the WB for low-income countries and has a duration of 40 years with a 10-year grace period.

Speaking at the signing ceremony, Victoria Kwakwa, the WB Country Director in Vietnam, said: “The ongoing global economic crisis provides Vietnam with an opportunity to deepen and accelerate its reforms in critical areas such as the financial sector, in order to strengthen the competitiveness of the economy.”

The funds will assist the SBV, the Credit Information Centre (CIC) and the Deposit Insurance of Vietnam (DIV) to improve their operations up to international standards.

A major portion of the US$60 million will be used to build a modern centralised information and communications technology (ICT) platform to support the SBV’s evolving role as the country’s central bank.

In addition to providing financial assistance, the WB will invite a number of overseas IT experts to Vietnam to give consultancy and technical assistance to the project. (VNA)

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