SBV Offers Update on NPL Resolution, Participates in First BIS Meeting
The updates published by SBV highlight that the Deputy Governor Nguyen Thi Hong emphasized that the non-performing loans (NPLs) in the country have been resolved quite successfully, after three years of the implementation of Resolution No.42. Mr. Hong noted that the obstacles and challenges in the process of resolving NPLs have been addressed, though challenges are likely given the uncertainty posed by COVID-19 pandemic. The amount of bad debts sold to Vietnam Asset Management Company (VAMC) under the form of special bonds reached VND 69.5 trillion. The Deputy Governor also attended a BIS meeting on big data in central banks in November 2020. This was the first official activity of BIS that SBV had attended as a BIS member. The meeting was attended by Governors from 63 BIS member central banks or monetary management authorities.
At the BIS meeting, views were shared on the experience and challenges facing the process of applying big data in central banking operations. It was highlighted that the application of big data requires the establishment of fundamental IT infrastructure and human capacity training on the organization, management, and analysis of specific non-structural data arising from the socio-economic activities. The participants agreed to enhance the cooperation and coordination among the central banks or monetary management authorities in the application of big data, especially in the development of the databases and the establishment of the foundations and standards for data governance and management. The SBV Deputy Governor stated that the theme of the meeting on big data and its application in the central banking operations was helpful for central banks or monetary management authorities in the context of the wide expansion of big data and artificial intelligence in all areas, including in finance and banking. The meeting was chaired by Jens Weidmann, the President of Deutsche Bundesbank and Chairman of the Board of BIS.
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Keywords: Asia Pacific, Vietnam, Banking, Big Data, Artificial Intelligence, Fintech, NPL, Credit Risk, Suptech, BIS, SBV
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