Prime Minister Nguyen Xuan Phuc has approved a US$1 million project aimed at enhancing financial stability in preparation of the implementation of an Asia Development Bank (ADB) project.

The technical support project is aimed at helping the State Bank of Viet Nam promote the financial stability and the development of non-banking finance through improving the legal framework and the management capacity.

The project will be implemented by 2019 to make room for the implementation of ADB’s project titled the Financial Sector Deepening and Intermediation Project (FSDIP), sub-programme 1.

The prime minister asked the central bank to complete the proposal of implementing FSDIP in line with its commitments to the ADB.

The Ministry of Planning and Investment would work with the Ministry of Finance and the central bank to develop a plan for using ADB’s loans to ensure efficiency. — VNS