On the sidelines of the APEC Senior Finance Officials Meeting in the framework of APEC 2017 in Vietnam, the State Bank of Vietnam (SBV) and the APEC Business Advisory Council (ABAC) and the International Finance Corporation (IFC) co-organized the seminar themed “Cross Border Credit Information Exchange” on May 16, 2017 in Ninh Binh.
Attending the seminar were the SBV Deputy Governor Nguyen Thi Hong, Heads of SBV entities, senior managers and experts of credit information centers and private credit information companies, domestic and international speakers.
Delivering the keynote opening speech, the SBV Deputy Governor Nguyen Thi Hong emphasized: “In the context of extensive globalization, the connection of information networks among credit information systems of APEC member economies has become demanding in order to ensure fairness and transparency of investment cooperation, and minimize the risks caused by asymmetric information. Exchanging the cross-border credit information will open up great opportunities for credit information organizations to accelerate their collaboration, experience sharing, and obtain the reliable information sources, thereby promoting the effective investment, business and expanding the opportunities for people to access bank loans in every country”.
Actually, at the latest forums and conferences on credit reporting, specialists and international credit information organizations have actively discussed several issues relating to the exchange of cross-border credit information such as legal framework, data security, data standardization, consumer protection, etc. Apart from that trend, in recent years, Vietnam has also paid certain intention to cross-border information sharing. “Actively participating in regional and international conferences, Vietnam has expressed its desire to enhance the cooperation and exchange of information of credit information field. This fact reflects the determination of Vietnam to implement the commitments of deepening integration in to the regional and the world economy", the SBV Deputy Governor Nguyen Thi Hong stated.
SBV Deputy Governor Nguyen Thi Hong made the opening speech
The seminar “Cross border credit information exchange” co-organized by the SBV on the basis of inheriting the results of the sideline events of the APEC Finance Ministers’ Meeting 2015 at the APEC Finance Ministers' Meeting 2015 in the Philippines and APEC 2016 in Peru. The theme and content of the seminar is also consistent with the fifth principle of the World Bank Group's Fundamental Principles for Credit Report.
The main substances discussed at this seminar are specially important and necessary information for Vietnam, including: (1) The need to exchange cross-border credit information ; (2) Key elements for building a successful mechanism of cross-border information exchange included legal and data bases; (3) Discussion to draft the minute of cooperation agreement and data dictionary.
The workshop also focused on Vietnam's challenges in the process of formulating the legal frameworks and standardization of credit information activities in general, as well as the limitation of sharing cross-border credit information in particular. In addition, the related legal frameworks such as regulation on consumer protection and personal data privacy are still not synchronous. Apart from the above limitations, Vietnam has potentials to promote and implement the cross-border credit information exchange, which is concerned and actively supported by the Government and the SBV; The development of information technology infrastructure and the new financial services on the basis of application of the information technology along with the active participation of international credit centers and organizations are the key factors for creating a better cross-border credit information exchange in Vietnam.
SBV Deputy Governor Nguyen Thi Hong and Delegates at the seminar
The seminar received positive comments and discussion from delegates and participants who are working in the credit information sector in APEC, ASEAN and ASEAN 3 in general, as well as credit information agency in Vietnam in particular, thereby, contributing to improve the legal framework and data standardization of cross-border credit information exchange, promoting the development of credit reporting system of Asia- Pacific region for benefits of 21 member economies in the future.
Thoa Le