Canada to help Vietnam reform banking system
Canada will help Vietnam modernize and strengthen its banking system and financial regulations, said Canadian Foreign Minister John Baird on his visit to the country on March 12.
Baird said Canada wants to intensify the two countries’ relations, boost employment growth, bilateral investment and trade cooperation.
Canada ’s assistance to Vietnam is through the Banking Regulation and Supervision Support (BRASS) project, an initiative worth US$14 million.
It will help the State Bank of Vietnam (SBV) improve and modernize the country’s banking system and financial regulations in accordance with international standards. SBV’s banking management and supervision capacity will also be enhanced, contributing to the safe and effective operations of individual credit institutions as well as Vietnam’s financial and banking system as a whole, he added.
A Canadian consulting group, including Cowater International Inc. and CRC Sogema Inc., will soon work with the SBV’s Banking Supervisory Agency and other relevant departments to implement the BRASS project.