Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a working session with World Bank (WB) delegation on September 27, 2017 at the SBV headquarters.
The delegation led by Madam Jennifer Isern, Practice Manager of Finance and Markets for Asia Region of WB Group to review the progress and results of implementation of Financial Inclusion Support Framework (FISF) program to prepare for the mid-term assessment to be held in the last months of 2017.
Attending the working session were Mr. Ajai Nair, Manager of FISF and experts from WB office in Vietnam; representatives from SBV entities including Banking Strategy Institute, Monetary Forecasting and Statistics Department, Legal Department, Finance and Accounting Department, Payment Department, Credit Department, Personnel Department, Communication Department and Banking Supervision Agency.
Madam Jennifer Isern, Practice Manager of Finance and Markets for Asia Region of WB Group highly appreciated the initial results of implementation of FISF Program in Vietnam. The WB Delegation updated the information on the results of working with ministries, industries and relevant agencies on financial inclusion and hoped that in the coming years, the progress of implementation of the program would be accelerated with higher effectiveness. Madam Jennifer Isern said that the WB will continue to provide technical support to the SBV.
Madam Jennifer Isern, Practice Manager of Finance and Markets for Asia Region of WB Group at the working session.
The National Support Framework of FISF has been implemented from June 2016 up to June 2019 with four main pillars as follows: Formulating the National Financial Inclusion Strategy; Strengthening the legal framework for retail payment and digital finance; Accelerating the opportunities for vulnerable populations and groups to access financial services and policy environment reform; Enhancing consumer protection and financial capability/literacy and increasing supervision capacity in protecting consumers.
In the first year implementing the National Support Framework of FISF, the WB has been supporting the SBV in various aspects to obtain international experience on financial inclusion; provided materials to support for formulating CSP and the coordination scheme of national coordination on financial inclusion; Initially researching and consulting on financial communication/education; Establishing diagnostic reports on agricultural finance, legal framework for payment system, government payment; carrying out supports relating to the field of payment.
Accordingly, the SBV has implemented and obtained a number of key results including: Completing the draft National Strategic Framework for Financial Inclusion and database for the Strategic Framework; Plan for collecting information for the formulation of the Coordination Strategy and Mechanism on Financial Inclusion coordination; Issuing the Scheme of Non-cash Payment period of 2016 – 2020, drafting several Circulars on trusted payment, payment agent, licensing, organization and operation of microfinance institutions; Organizing workshops, seminars relating to the themes of financial inclusion in order to share experience and enhancing awareness as well as calling on the collaboration among parties to promote financial inclusion; etc.
It is really essential to review and access the comprehensive program in order to ensure the effectiveness of the upcoming activities, appropriately utilize the resources thereby effectively meeting SBV’s demands and goals as well as WB’s desire to promote financial inclusion in Vietnam in the coming time.
Nguyen Giang