The State Bank of Viet Nam (SBV) on Thursday held a conference to close the Financial Sector Modernisation and Information Management System Project (FSMIMS).

The FSMIMS project was implemented at the SBV, the National Credit Information Centre of Viet Nam (CIC) and Deposit Insurance of Viet Nam (DIV) with total investment capital of US$71.83 million.

The project aimed to develop the banking industry and establish modern banking infrastructure in line with other countries in the region based on the effective application of IT and international practices suitable for Viet Nam. It combines institutional capacity reform and information technology modernisation.

SBV Deputy Governor Nguyen Kim Anh said that the project had been successful and achieved its objectives. This is the first project implemented synchronously in key areas such as monetary policy, foreign exchange management, forecasting - statistics, banking operations, inspection - supervision, management of human resources, accounting - finance, document management and administration, as well as strengthening the capacity of the CIC and DIV.

So far, the products of the FSMIMS project have been applied in daily operations and have contributed positively to the reform of management and administration methods of the SBV, CIC and DIV on the basis of modern technology and international practices, she added.

Speaking at the conference, a World Bank representative said the FSMIMS project has helped the SBV, CIC and DIV to upgrade a number of core activities in line with international practices with an integrated information technology base and a modern data record.

The FSMIMS project was scheduled to take nine years from July 2009 to December 2017 and has now completed all activities within its two phases. — VNS