APEC seminar looks to boost cross-border credit information exchange
The cross-border exchange of credit information is critical to promoting the quality and efficiency of investment and business activities of all APEC member economies, an official of Vietnam’s central bank said.
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 credit information is critical to promoting the quality and efficiency of investment and business activities of all APEC member economies, an official of Vietnam’s central bank said.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong made the remark at an APEC seminar in Ninh Binh province on May 16. The event was held on the fringe of the APEC Senior Finance Officials’ Meeting, part of the APEC Vietnam 2017.
Besides senior SBV officials, participants at the seminar included Julius Caesar Parrenas – Coordinator of the Asia-Pacific Financial Forum at the APEC Business Advisory Council, Tony Lythgoe – Advisor at the International Finance Corporation, along with Vietnamese and foreign experts in the field.
They discussed the necessity of cross-border credit information sharing, main factors to build a cross-border information exchange mechanism, a draft cooperation agreement, and the creation of a data dictionary.
Delegates from credit information-related agencies in APEC member economies, ASEAN and ASEAN 3 expressed their willingness to help promote the development of credit reporting systems. They also pointed out challenges to and prospects of cross-border credit information exchange among the APEC members.
Issues discussed at the seminar are particularly important to Vietnam, whose relevant legal frameworks and standards, including cross-border credit information exchange, remain incomplete. The successful formation of a cross-border credit information exchange model will help ensure equality and transparency in investment cooperation, minimising risks posed by unbalanced information.
Meanwhile, cross-border credit information exchange is also believed to open up big opportunities for relevant organisations to expand cooperation, learn from each other’s experience and gain more transparent and reliable information sources, thereby facilitating business activities and people’s credit access in each country.-VNA
You should also see
Vietnam, China promote judicial cooperation
Minister of Justice Le Thanh Long held talks with his visiting Chinese counterpart He Rong in Hanoi on April 19 to discuss measures to promote judicial cooperation between the two countries.
See more
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Business
Hanoi to host Vietnam Medipharm Expo 2024
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hanoi from May 9 to 12, an official of the Ministry of Health (MoH) told a press conference on April 19.
