APEC seminar looks to boost cross-border credit information exchange hinh anh 1Deputy 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