The State Bank of Vietnam (SBV) will be supported by NEC Asia Pacific and MITEC Vietnam JSC in boosting its infrastructure and storage capacity.

This follows a contract titled "Procurement of Servers, Middleware and Database for the State Bank of Vietnam " which was signed in Hanoi on February 27.

The project, beginning in March, is expected to be completed in the next nine months.

With a total investment of over 9 million USD, the project will equip and deploy the setup of a server system, middleware, network equipment, software and advanced databases in SBV's data and backup centre.

Speaking at the signing ceremony, SBV Deputy Governor Nguyen Toan Thang said, "I am very happy that SBV has chosen highly competent and experienced partners such as NEC Asia Pacific Pte Ltd Singapore, and Mitec Vietnam JSC. SBV hopes and believes NEC-MITEC will continue coordination to implement the project successfully as planned."

As part of the Financial Sector Modernisation and Information Management System (FSMIMS), a 71.83 million USD project financed by the World Bank, the project will provide the required infrastructure to upgrade current banking technologies, and to integrate with international banking systems.

It will strengthen the capacity to support the implementation of monetary and foreign exchange policies, as well as to enhance banking inspection processes of the bank.

The project will not only help support the operation of core banking systems but also involve training and knowledge transfer to local staff after the implementation.

Vivian Tay, Deputy Managing Director of Public Security of NEC Asia Pacific, said that the project is another milestone for them in Vietnam .

"The FSMIMS is a key project and of paramount importance to facilitate linkages between SBV and financial intermediaries, as well as enhance domestic and cross-border exchanges within the financial markets," she said.-VNA