Financial sector modernisation project reviewed hinh anh 1At the conference (Source: VNA)  
Hanoi (VNA) – The State Bank of Vietnam (SBV) held a conference in Hanoi on October 25 to review the financial sector modernisation and information management system project. 

Conducted in the SBV, the Credit Information Centre (CIC) and the Deposit Insurance of Vietnam (DIV), the project had a total investment of 71.83 million USD, of which 60 million USD was from the International Development Association (IDA), 0.83 million USD in non-refundable aid from the Japanese government and the remaining from Vietnam’s State budget. 

SVB Vice Governor Nguyen Kim Anh said it is the first project covering key areas of the banking sector, including monetary policy, foreign exchange management, forecast-statistics, banking inspection and supervision, human resources management, accounting-finance, document management, CIV and DIV capacity improvement. 

The first stage from January 2011 – August 2013 focused on capacity improvement while the second stage from August 2013 to December 2017 centred on information technology infrastructure upgrade. 

They issued nearly 80 circulars, decisions and hundreds of documents guiding the operation and management of IT systems, and launched seven key IT systems in line with the Decision No.2049/QD-NHNN dated October 9, 2012 of the SBV Governor. 

DIV General Director Dao Quoc Tinh said via the project, a system of standard hardware and software was installed at the headquarters and eight regional branches. A data centre was based in Hanoi while a back-up centre was launched in the central city of Da Nang. 

The DIV standardised 87 banking processes up to international practices. 

As of December 31, 2017, the project was completed and achieved targets set in the agreement signed between Vietnam and the IDA.-VNA