Central bank retains top spot on administration reforms

Dao Minh Tu, Deputy Governor of the State Bank of Vietnam.

This outcome was highlighted at a recent conference to announce the Public Administration Reform Index 2018 (PAR INDEX).

SBV Deputy Governor Dao Minh Tu has said that in order to achieve the result, the central bank focused on stepping up its reforms on par with the country’s overall administration reform scheme and making amendments to the internal administration work. Of note, much attention was paid to simplifying transaction procedures of credit institutions as well as improving inpiduals and organizations’ access to loans.

Tu added that the central bank has reaped positive results in all six fields under a comprehensive program on state administrative reforms over the past few years.

The SBV has streamlined 31 percent of business conditions and 20 percent of periodic reports while carrying out its administration reforms in accordance with ISO 9001:2008 standards, for the shake of openness and transparency.

Last year, credit institutions boldly slashed lending rates to help firms access loans. They provided them with nearly 100 preferential credit products, including 15 dedicated to small and medium-sized enterprises and startups.

In the time to come, the SBV will continue to enhance its administrative reforms, with a focus on bettering business environment in monetary and banking fields and increasing corporate support.