HANOI, VIETNAM--(Marketwire - March 12, 2013) - Foreign Affairs Minister John Baird, on behalf of the Minister of International Cooperation, the Honourable Julian Fantino, today announced that Canada's assistance and expertise is helping Vietnam modernize and strengthen its banking system and financial regulations.
Minister Baird made the announcement while in Vietnam for an official visit aimed at deepening relations, while creating jobs, growth and opportunity in both countries.
"The support Canada is giving Vietnam will help facilitate private-sector-led growth in this rapidly expanding economy," said Baird. "As Canada's experience has shown in recent years, a sound banking system is important for macroeconomic stability and continued sustainable economic growth."
Canadian assistance is being offered under the Banking Regulation and Supervision Support (BRASS) Project-a $14-million joint Canada-Vietnam initiative that will help the State Bank of Vietnam improve the country's regulatory and supervisory banking framework, tools, and methods, in accordance with international standards. Better banking regulation and supervision is a key element of the Government of Vietnam's banking restructuring strategy.
"With technical support of experienced Canadian experts and Candian knowledge, I trust SBV's banking management and supervision will be enhanced to contribute to the safe and sound operations of individual credit institutions and of Vietnam's financial and banking system as a whole," said Nguyen Van Bình, Governor of the State Bank of Vietnam.
"Our government is focused on creating jobs, growth and economic prosperity in Canada and abroad," said Minister Baird. "Canadian leadership and expertise play a significant role in assisting other countries meet international standards and improve their businesses' opportunities as we continue to promote global economic prosperity."
A consortium consisting of Ottawa-based Cowater International Inc. and CRC Sogema Inc. of Longeuil, Quebec, will soon begin work with the State Bank of Vietnam's Banking Supervisory Agency and other relevant departments to implement the BRASS Project.