Saturday, November 10, 2007

Vietnam benefits from ASEAN Bankers Association membership

Vietnam ’s accession to the ASEAN Bankers Association (ABA) has given domestic credit institutions experiences and cooperative opportunities with regional banks.

Governor of the State Bank of Vietnam Nguyen Van Giau made the remark at the 37th ABA Council Meeting in Ha Noi earlier this month. The development of professional personnel is the most important benefit that Vietnam ’s ABA member banks have gained over the past since joining the grouping, he added.

More than 800 bankers have been sent out to take part in training courses and fact-finding trips at banks in regional countries with help from the ABA , said Giau.

The association is planning to assist the State Bank of Vietnam (SBV) in upgrading its training centre into an institute, the governor added.

The SBV is coordinating with central banks of the Association of Southeast Asian Nations (ASEAN) to implement the Chiang Mai Initiative - a financial cooperation project between the ASEAN and its three partners, Japan , the Republic of Korea and China , which is aimed at working out a multilateral aid agreement with total funding of 80 billion USD.

The project is expected to help improve the capacity of each nation as well as the whole bloc to cope with possible financial-monetary crises.

Vietnam ’s central bank joined the ASEAN Swap Agreement that was designed to assist its members in dealing with payment balance difficulties, and contributed to the building of an accord on temporary exchange rates among ASEAN countries to promote trade and investment within the grouping.

In addition, the SBV has also played an active part at forums such as the ASEAN Central Bank Governors’ Meeting, the ASEAN Finance Deputy Ministers and Central Bank Deputy Governors’ Meeting, and the ASEAN Finance Ministers’ Meeting.