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Int’l banking cooperation yields fruitful results   2008-12-29 - VNA

The banking sector has expanded international cooperation over the past year and reaped many benefits, particularly helping raise Vietnam ’s position in the international financial community, according to the State Bank of Vietnam (SBV).

As the state management agency of the country’s monetary system, the SBV has well performed its role as the Vietnamese Government’s representative at international financial and monetary organisations.

At the 2008 Annual Meeting of the World Bank (WB) Group and the International Monetary Fund (IMF), the SBV Governor was for the first time selected Chairman of the IMF/WB 2009’s Council of Governors Meeting. The SBV leader was also invited by the President of the Asian Development Bank (ADB) to co-chair the 2008 annual meeting of the bank.

Vietnam was among four countries selected to hold a national presentation session on banking issues.

In order to attract financial support and technical consultancy for the country’s socio-economic development, the SBV has worked to strengthen ties with international financial and monetary organisations as well as bilateral and multilateral partners.

The SBV, on behalf of the Vietnamese Government, has negotiated with international financial organisations on 16 programmes and projects with total loans of nearly 1.7 billion USD. The bank signed eight projects worth 992 million USD and 14 technical assistance agreements worth 150 million USD with the WB. It also inked four projects worth 533.2 million USD with the ADB.

The State bank cooperated with other ASEAN countries’ central banks to successfully organise the 4 th Meeting of ASEAN Central Bank Governors and the 16 th Meeting of ASEAN Central Bank Deputy Governors in central Da Nang city.

In line with the country’s international commitments regarding the banking sector, the SBV licensed the establishment of the first three wholly foreign invested banks, four foreign banks’ branches and three financial companies with 100 percent of foreign investment in Vietnam .

The bank said in 2009 it will continue strengthening cooperation with other countries’ central banks, international financial and monetary organisations and implement its roadmap of opening banking services under WTO commitments as well as other bilateral and multilateral engagements.

The SBV will get prepared to well perform its role as the Chairman of the IMF/WB 2009’s Council of Governors Meeting and the Meetings of ASEAN Central Bank Governors and Deputy Governors in 2010.

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