At the signing ceremony (Photo: VNA)Hanoi (VNA) – The World Bank(WB) and the State Bank of Vietnam (SBV) on October 1 inked a grant agreementworth 2.2 million USD to implement a project aimed at strengthening the soundnessand resilience of Vietnam’s banking sector.
The grant, sponsored by the SwissGovernment, is designed to improve SBV’s capacity in removing bottlenecks inthe banking system’s structure.
Under the agreement, the WB will providetechnical assistance to launch reforms set in the Restructuring Plan of theFinancial System 2016-2020 and the Development Strategy of Vietnam BankingSector to 2025.
At the ceremony, WB Country Director forVietnam Ousmane Dione said a sound banking system is of great significance tothe sustainable economic development of a country.
By sharing experience in the development ofthe system, the WB could help the SBV to successfully launch its structuralreforms, he added.
The WB will team up with the SBV to strengthenlegal framework for the banking system, especially the Law on CreditInstitutions and the National Assembly’s Resolution No. 42/2017/QH14 ontackling bad debts.
The project will also look to enhance SBV’sforecast and monitoring skills in line with global standards and practices, aswell as develop bond market and raise the capacity of the Vietnam AssetManagement Company.
The grant is part of the 8-million-USDproject titled “Strengthening banking sector’s soundness and development”managed by Switzerland’s State Secretariat for Economic Affairs and the WB./.
The grant, sponsored by the SwissGovernment, is designed to improve SBV’s capacity in removing bottlenecks inthe banking system’s structure.
Under the agreement, the WB will providetechnical assistance to launch reforms set in the Restructuring Plan of theFinancial System 2016-2020 and the Development Strategy of Vietnam BankingSector to 2025.
At the ceremony, WB Country Director forVietnam Ousmane Dione said a sound banking system is of great significance tothe sustainable economic development of a country.
By sharing experience in the development ofthe system, the WB could help the SBV to successfully launch its structuralreforms, he added.
The WB will team up with the SBV to strengthenlegal framework for the banking system, especially the Law on CreditInstitutions and the National Assembly’s Resolution No. 42/2017/QH14 ontackling bad debts.
The project will also look to enhance SBV’sforecast and monitoring skills in line with global standards and practices, aswell as develop bond market and raise the capacity of the Vietnam AssetManagement Company.
The grant is part of the 8-million-USDproject titled “Strengthening banking sector’s soundness and development”managed by Switzerland’s State Secretariat for Economic Affairs and the WB./.
VNA
