KOICA assists VN to improve financial sector early warning capacity
VGP - A ceremony to launch a project on strengthening financial sector early warning and contingency management capacity in Viet Nam was held in Ha Long City in the northern province of Quang Ninh on June 15.
The event was jointly organized by the National Financial Supervisory Commission (NFSC) and the Korea International Cooperation Agency (KOICA) in Viet Nam.
The five-year project was funded by the Republic of Korea's official development assistance (ODA) through the KOICA in Viet Nam.
Direct beneficiaries are financial regulatory and supervisory authorities of Viet Nam, including the Ministry of Finance, the State Bank of Viet Nam, the Ministry of Planning and Investment.
Addressing the event, Vice Chairman of the NFSC Vu Nhu Thang said that, the project will support the Commission in building an early warning system for Viet Nam's financial market.
In addition, it will assist the officials of the NFSC to detect risks in Viet Nam's financial system in general and other financial institutions in particular.
The successful implementation of the project will bring benefits for financial institutions and foreign companies, including Korean ones operating in Viet Nam as the number of foreign financial institutions taking part in Viet Nam's financial market has increased, Vu added.
The overall goal of the project is to early detect risks and make plans for coping with instability of Viet Nam's financial sector (banking, securities and insurance), thus contributing to ensuring the stability of the sector and supporting Viet Nam to reach development goals till 2030.
The project is expected to strengthen the cooperative relations between Viet Nam and the RoK in general and between the two agencies in particular.