Sat. May 18th, 2024

Canada will help Vietnam modernise 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
14 million USD.

It will help the State Bank of
Vietnam (SBV) improve and modernise 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.-VNA

By vivian