At the launching ceremony of the project. (Photo: VNA) 

Quang Ninh (VNA) – A project to improve early warning and risk management capacityfor Vietnam's financial sector was launched at a ceremony held by the National Financial Supervisory Commission (NFSC)and the Korea International Cooperation Agency (KOICA) in Vietnam on June 15 in the northern province of Quang Ninh. 

Thisis a non-refundable official development assistance project funded by the governmentof the Republic of Korea (RoK) through KOICA Vietnam. The direct beneficiaries arefinancial management and supervision agencies of Vietnam, the Ministry ofFinance, the State Bank of Vietnam (SBV), and the Ministry of Planning andInvestment.

The five-yearproject aims to early detect risks and have a plan to respond to uncertaintiesin the financial sector of Vietnam, thereby helping to ensure thestability of this area and support Vietnam's development goals to 2030.

In his opening speech,  NFSC Vice Chairman Vu Nhu Thang said the project willsupport the commission in developing a common early warning system forVietnam's financial market.

Theproject is expected to help the agency’s staff detect risks in the Vietnamesefinancial system in general and financial institutions in particular, thus promptlyproposing measures to manage, supervise, prevent and ensure system safety andimprove the quality of human resources for the commission and co-beneficiaries.

The project will also bring benefits to foreign financial institutions and companies,including financial institutions and companies of the RoK operating in Vietnam,Thang said, adding that it will also contribute to strengthening cooperation andfriendship between the Vietnam and RoK in general, and between NFSC andKOICA and the RoK's Financial Services Commission (FSC) in particular.

CountryDirector of KOICA in Vietnam Cho Han-deog said that the project's purpose is toimprove the financial market supervision capacity of NFSC.

He suggestedthat the commission actively cooperate, support, and pay special attention toeffectively implement the project.

Overthe years, NFSC has continuously imp🅺roved its professional capacity in financialmarket coordination and supervision, and focused on expanding relations withinternational cooperation and financial supervision agencies across the world, includingthe RoK, in order to learn from experience in this 🎃work./.