The project, scheduled to run from now until 2014, will cost US$71.8 million. The WB will loan US$60 million, the Japanese government will finance US$830,000 and the rest will come from Vietnam.

The project aims to bring the State Bank of Vietnam (SBV) and the Deposit Insurance of Vietnam into conformity with international rules by strengthening institutional capacity and building a modern professional competence management system.

Addressing the seminar, the SBV’s Governor, Nguyen Van Giau, said the project is of great importance to revamping the banking system.

At the event, experts in finance and banking from Vietnam, the WB, Thailand and Sri Lanka discussed project risks, finance management mechanisms, bidding procedures, and the experiences of Thailand and Sri Lanka in carrying out similar projects.

According to the SBV, in fiscal year 2009, the SBV and WB signed 10 programmes, projects and supplemental preferential loans totaling US$1.5 billion.

In early September, at the signing ceremony for a project to upgrade urban areas, the WB’s Country Director for Vietnam, Victoria Kwakwa, expressed her hope that the amount of money committed by the WB to Vietnam in fiscal year 2010 might reach US$2 billion.

Rol.vn - Source: VOV News