US$5 million to modernize State Bank

The State Bank of Vietnam (SBV) on January 14 signed a contract with the Earnst and Young Company to provide consultancy and technical assistance to modernize the SBV.

The US$5-million contract, which is part of a project sponsored by the World Bank (WB) and the Japanese Government, aims to develop the information technology capacity to serve as a foundation for improved management of the SBV. This will allow the SBV’s management to meet the international norms.

It will also improve the quality of information analysis for the SBV to formulate and implement monetary policies, as well as ensure the safety of the banking system.

The project is expected to create a mechanism for sharing information between the SBV and other macroeconomic management agencies and provide information on the currency, credit and banking services.

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