On October 25, 2018 in Hanoi, the State Bank of Vietnam (SBV) held a closing conference of the Financial Sector Modernization and Information Management System Project (FSMIMS). The Conference was under the chairmanship of SBV Deputy Governor Nguyen Kim Anh.
Also attending the meeting were Mr. Nguyen Toan Thang, General Secretary of Vietnam Banks’ Association, Former Deputy Governor of the SBV; Mr. Alwaleed Alatabani, Lead Financial Sector Specialist of the World Bank in Vietnam; Leaders of the FSMIMS Project Management Unit (PMU), the SBV Departments, the Banking Supervision Agency, the SBV municipal branch in Hanoi; the National Credit Information Center of Vietnam (CIC), Deposit Insurance of Vietnam (DIV); the IT development teams of the FSMIMS project, the contractors and the consultants involved in the implementation of the Project; representatives of several credit institutions and foreign bank branches in Vietnam.
Deputy Governor Nguyen Kim Anh chairs the meeting
In his opening speech, Deputy Governor Nguyen Kim Anh said: “the FSMIMS project was the first project to be implemented comprehensively in all key areas of the SBV and the banking sector, such as monetary policy, foreign exchange management, statistics and forecasting, central banking operations, banking supervision, human resources management, accounting and finance, document management and administration, enhancement of the capacity of the CIC and the DIV. The FSMIMS project is a coherent and integrated combination of the institutional capacity reform and the information technology modernization. "
On behalf of the SBV Board of Management, Deputy Governor Nguyen Kim Anh highly praised the efforts of the FSMIMS PMU, the Information Technology Department and the other SBV Departments involved, the SBV branches in 63 cities and provinces, the CIC, the DIV and the contractors, the consultants in the process of implementing the project for having overcome the challenges in terms of time and technology to have successfully implemented the project, helping the SBV to renovate the processes, supporting the monetary policy management as well as the inspection and supervision of the banking system; assisting the CIC and the DIV in strengthening the internal governance, and to perform their functions; contributing to ensuring the safety of the banking sector.
Mr. Alwaleed Alatabani, Lead Financial Sector Specialist of the World Bank in Vietnam speaks at the Conference
The FSMIMS was implemented at the State Bank, the CIC and DIV with the total investment capital of USD 71.83 million, of which the IDA loan was USD 60 million, the grant fund of the Government of Japan was USD 0.83 million, and Vietnam's counterpart fund was USD 11 million. The project was implemented for nearly nine years since the effective date of the loan agreement (July 2009 to December 2017). The project was composed of the two main periods:
(i) The Capacity Building Period (January 2011 to August 2013): The highlighted achievements of this period were the renovation of the professional operations of the SBV, the CIC and the DIV in accordance with the international practices, and the administrative reform in line with the Government’s directions. Within the scope of the FSMIMS project, the SBV, the CIC and the DIV have studied and issued nearly 80 circulars, decisions, and hundreds of documents guiding the new processes and operations, as well as the management and operations of the IT systems within the scope of the project.
(ii) The period of constructing and developing IT infrastructure (August 2013 to December 2017): The SBV, the CIC and the DIV implemented seven core IT systems within the scope of the FMSIMS. These IT systems were developed and implemented in accordance with the overall IT architecture of the SBV as approved by Decision No.2049/QD-NHNN of the SBV Governor dated October 9, 2012
The IT systems under the FMSIMS Project have been operating stably, contributing to the improvement of the management and administration modes of the SBV, the CIC and the DIV on the basis of modern technologies and in accordance with the international practices. The FSMIMS project deserves to be the pride of all those involved in its management and implementation.
With the strong commitments of all parties involved in the project implementation, by December 31, 2017, the FSMIMS Project had completed all of the activities and achieved the objectives as set out in the Loan Agreement signed between Vietnam and the International Development Association.
The FSMIMS project has received high evaluation by the donors, the independent consultants and all project stakeholders for its implementation results, and has been considered one of the most successful IT projects of the WB in Vietnam.
Following are some photos of Deputy Governor Nguyen Kim Anh awarding Certificates of Merit to the agencies and individuals who have made outstanding contributions to the successes of the project.
Le Hang