Deputy Governor of the State Bank of Vietnam Nguyen Thi Hong speaks at the APEC seminar on May 16 (Photo: VNA)Ninh Binh (VNA) – The cross-border exchange of creditinformation is critical to promoting the quality and efficiency of investmentand business activities of all APEC member economies, an official of Vietnam’scentral bank said.
Deputy Governor of the State Bank of Vietnam(SBV) Nguyen Thi Hong made the remark at an APEC seminar in Ninh Binh provinceon May 16. The event was held on the fringe of the APEC Senior FinanceOfficials’ Meeting, part of the APEC Vietnam 2017.
Besides senior SBV officials, participants atthe seminar included Julius Caesar Parrenas – Coordinator of the Asia-PacificFinancial Forum at the APEC Business Advisory Council, Tony Lythgoe – Advisorat the International Finance Corporation, along with Vietnamese and foreignexperts in the field.
They discussed the necessity of cross-bordercredit information sharing, main factors to build a cross-border informationexchange mechanism, a draft cooperation agreement, and the creation of a datadictionary.
Delegates from credit information-relatedagencies in APEC member economies, ASEAN and ASEAN 3 expressed theirwillingness to help promote the development of credit reporting systems. Theyalso pointed out challenges to and prospects of cross-border credit informationexchange among the APEC members.
Issues discussed at the seminar are particularlyimportant to Vietnam, whose relevant legal frameworks and standards, includingcross-border credit information exchange, remain incomplete. The successfulformation of a cross-border credit information exchange model will help ensureequality and transparency in investment cooperation, minimising risks posed byunbalanced information.
Meanwhile, cross-border credit informationexchange is also believed to open up big opportunities for relevantorganisations to expand cooperation, learn from each other’s experience andgain more transparent and reliable information sources, thereby facilitatingbusiness activities and people’s credit access in each country.-VNA
VNA
