Project launched to help Vietnam better financial market supervision

At the launching ceremony of the project. (Photo: VNA) 

Quang Ninh (VNA) – A project to improve early warning and risk management capacity for Vietnam's financial sector was launched at a ceremony held by the National Financial Supervisory Commission (NFSC) and the Korea International Cooperation Agency (KOICA) in Vietnam on June 15 in the northern province of Quang Ninh. 

This is a non-refundable official development assistance project funded by the government of the Republic of Korea (RoK) through KOICA Vietnam. The direct beneficiaries are financial management and supervision agencies of Vietnam, the Ministry of Finance, the State Bank of Vietnam (SBV), and the Ministry of Planning and Investment.

The five-year project aims to early detect risks and have a plan to respond to uncertainties in the financial sector of Vietnam, thereby helping to ensure the stability of this area and support Vietnam's development goals to 2030.

In his opening speech,  NFSC Vice Chairman Vu Nhu Thang said the project will support the commission in developing a common early warning system for Vietnam's financial market.

The project is expected to help the agency’s staff detect risks in the Vietnamese financial system in general and financial institutions in particular, thus promptly proposing measures to manage, supervise, prevent and ensure system safety and improve the quality of human resources for the commission and co-beneficiaries.

The project will also bring benefits to foreign financial institutions and companies, including financial institutions and companies of the RoK operating in Vietnam, Thang said, adding that it will also contribute to strengthening cooperation and friendship between the Vietnam and RoK in general, and between NFSC and KOICA and the RoK's Financial Services Commission (FSC) in particular.

Country Director of KOICA in Vietnam Cho Han-deog said that the project's purpose is to improve the financial market supervision capacity of NFSC.

He suggested that the commission actively cooperate, support, and pay special attention to effectively implement the project.

Over the years, NFSC has continuously improved its professional capacity in financial market coordination and supervision, and focused on expanding relations with international cooperation and financial supervision agencies across the world, including the RoK, in order to learn from experience in this work./.