The Governor of the State Bank of Vietnam (SBV) issued Decision No. 1050/QĐ-NHNN on May 30 to appoint Vietnam Bank for Agricultural and Rural Development (VBARD) to be the service bank for the “Local Bridge Construction and Road Asset Management Program” in line with Credit Agreement No. Cr.5810-VN, signed between the Socialist Republic of Vietnam and the World Bank (WB) on July 4, 2016.
Under this decision, the General Director of the VBARD is responsible for providing banking services to the project in line with Decree No. 16/2016/NĐ-CP dated March 16 on ODA management and utilization, and preferential loans from foreign donors, and following the guidelines of the SBV, the Ministry of Finance and the WB.
The Decision took effect from the date of signing.