On August 23, 2019, as witnessed by Prime Minister Nguyen Xuan Phuc of Vietnam and Prime Minister Scott Morrison of Australia, Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV), on behalf of the SBV Governor, signed a Memorandum of Understanding (MoU) on the Development of the Financial Sector and Financial Inclusion with the representatives from the Australian Department of Foreign Affairs and Trade (DFAT), and the Asian Development Bank (ADB).
The signing ceremony was held in the Government’s Office on the occasion of the official visit of the Prime Minister of Australia and spouse to Vietnam on August 22-24, 2019.
The signed MoU on the Development of the Financial Sector and Financial Inclusion is expected to create a framework for enhancing the cooperation in Vietnam’s finance and banking sector and enhancing the technical assistance in developing the financial sector and financial inclusion among the SBV, DFAT, and the ADB. The cooperative activities would be conducted through a DFAT’s additional grant worth USD 1.2 million in the framework of the Technical Assistance Project for the preparation of a loan for the Financial Sector Development and Inclusion Program (TA project) managed by the ADB. In the coming time, the TA project would help the micro finance institutions to get access to loans for wholesale operations; to review the legal framework on microfinance; to continue with the ADB’s support for Fintech, including the pilot and the official legal frameworks for Fintech, such as Open API, P2P,...; to design a website for financial inclusion; to promote the development of the corporate bond market through the establishment of a domestic credit rating agency.
Deputy Governor Dao Minh Tu (on the right) signing the MoU
This MoU is of great importance for enhancing the cooperative relations among the SBV, the Government of Australia, and the ADB, forming a foundation for the implementation of the practical technical support for the banking industry and the creation of necessary conditions for enhancing the cooperation among the parties in the coming time.
Le Hang