VIETNAM SBV establishes FSAP Board

[1alaskan]

SBV establishes FSAP Board


The State Bank of Vietnam (SBV) organized a ceremony to announce the establishment and decisions to appoint the leadership of the Coordinating and Implementing Board of the Financial Sector Assessment Program (FSAP Board) in Hanoi on July 20.

Accordingly, the SBV Governor issued Decision No.778/QD-NHNN dated April 20, 2012 on the establishment of the FSAP Board; Decision No. 955/QD-NHNN dated May 15, 2012 to appoint Mr. Do Viet Hung, Deputy Director of the International Cooperation Department as the Chief of the FSAP Board; Decision No. 956/QD-NHNN dated May 15, 2012 to appoint Mr. Pham Tien Phong, Head of the World Bank Division of the International Cooperation Department as the Deputy Chief of the FSAP Board; and Decision No.950/QD-NHNN dated May 15, 2012 to appoint Mr. Tran Luu Trung, Deputy Director of PTSC Mechanical and Construction Joint-Stock Company (a subsidiary of PetroVietnam Technical Services Corporation Group) as Deputy Chief of the FSAP Board.

Earlier, the Prime Minister approved the proposal for the FSAP on July 6, 2012 in order to comprehensively assess the banking and financial sector. It is the first time Vietnam has implemented the FSAP with the main objectives of strengthening the financial system in Vietnam and transferring the best expertise and practices for relevant ministries and agencies in the financial sector, thereby promoting the reform of this sector. In order to ensure coordination and successful implementation of the FSAP, the Government will establish a FSAP National Steering Committee and the FSAP Sub Steering Committees of ministries and agencies. The FSAP Board as the standing entity of the FSAP National Steering Committee is located at the SBV headquarter.
FSAP which has been jointly introduced by the WB and the IMF since 1999 supports member countries to enhance stability and develop financial sector. It is a comprehensive and in-depth analysis of a country’s financial sector, including two main components of the stability assessment (conducted by the IMF) and the development assessment and development needs of the financial sector (conducted by the World Bank) applied to the developing and emerging countries.
DH



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