Vivian Tay, Deputy Managing Director of Public Security of NEC Asia Pacific, and Le Manh Hung, general director information technology department of the State Bank of Vietnam, at the signing ceremony in Ha Noi. Photo courtesy of NEC

HA NOI (Biz Hub) — The State Bank of Vietnam (SBV) will be supported by NEC Asia Pacific and MITEC Vietnam JSC in boosting its infrastructure and storage capacity to expand its technology needs.

This follows a contract titled "Procurement of Servers, Middleware and Database for the State Bank of Vietnam" which was signed on February 27 in Ha Noi.

The project, beginning in March, is expected to be completed in the next nine months.

With a total investment of over US$9 million, the project will equip and deploy the setup of a server system, middleware, network equipment, software and advanced databases in SBV's data and backup centre.

Speaking at the signing ceremony, SBV deputy governor Nguyen Toan Thang said, "I am very happy that SBV has chosen highly competent and experienced partners such as NEC Asia Pacific Pte., Ltd, Singapore, and Mitec Vietnam JSC. SBV hopes and believes NEC-MITEC will continue to coordinate to implement the project successfully as planned."

As part of the Financial Sector Modernisation and Information Management System (FSMIMS), a $71.83 million project financed by the World Bank, the project will provide the required infrastructure to upgrade current banking technologies, and to integrate with international banking systems.

It will strengthen the capacity to support the implementation of monetary and foreign exchange policies, as well as to enhance banking inspection processes of the bank. The project will not only help support the operation of core banking systems but also involve training and knowledge transfer to local staff after the implementation.

Vivian Tay, Deputy Managing Director of Public Security of NEC Asia Pacific, said that the project was another milestone for them in Viet Nam. "The FSMIMS is a key project and of paramount importance to facilitate linkages between SBV and financial intermediaries, as well as enhance domestic and cross-border exchanges within the financial markets," she said. — VNS