Exchange of credit information within APEC is becoming increasingly urgent

That is confirmation of Ms. Nguyen Thi Hong - Deputy Governor of the State Bank of Vietnam (SBV) at the conference "Cross-border credit information exchange" jointly organized by the State Bank of Vietnam (SBV) The APEC Business Advisory Council (ABAC) and the International Finance Corporation (IFC) held on 16 May 2017 at Emeralda Ninh Binh Senior Tourism Resort. This is the conference on the sidelines of the APEC Senior Financial Officers Meeting (SFOM) under APEC 2017 in Vietnam.

Nguyen Thi Hong, deputy governor of the State Bank of Vietnam, chaired the workshop attended by representatives of senior management units under the SBV and the Ministry of Finance. In particular, the workshop also brought together high-level representatives from APEC organizations and agencies working in the field of credit information and some guest countries in the region; experts, speakers from international organizations.

The workshop took place in the context of the cross-border credit information exchange which is receiving special attention from economies in the world in general and in the APEC region in particular and in line with Vietnam's goal when in the current period of global integration deep.

In recent years, at forums, credit reporting conferences, experts and international credit information organizations have been actively discussing issues related to the exchange of credit information crossing border such as legal framework, data security, data normalization, consumer protection ... Not out of that trend, Vietnam has also had a certain interest in the issue of sharing cross-border credit information. Accordingly, Vietnam has actively participated actively in many regional and international conferences, expressing the desire to enhance cooperation and exchange of information in the field of credit information. This is a sign of Vietnam's determination to fulfill its commitments to openness and deepening its integration with other economies in the region and in the world.

Opening remarks at the workshop, deputy governor of the SBV, Nguyen Thi Hong affirmed that, in the context of extensive globalization, in order to ensure fairness and transparency in investment cooperation, Information asymmetry brought about, the connection of information networks between credit information systems of APEC member economies has become increasingly urgent. Therefore, member economies should focus on finding solutions to promote credit information exchange activities within APEC as well as with other countries in the world.

The cross-border exchange of credit information will open up great opportunities for credit information organizations to expand cooperation, learn from experience, and have more informed, transparent information. Accurately promote business investment and expand access to credit for people in each country, "deputy governor of the SBV Nguyen Thi Hong emphasized.

The SBV, the lead agency of the workshop, selected the topic "Cross-border credit information exchange" with content consistent with the fifth principle of the Credit Report Fundamentals Code. The World Bank Group (published in 2011) and based on the succession of events on the sidelines of the APEC Finance Ministers Meeting 2015 in the Philippines with the APEC Financial Infrastructure Development Network (FIDN) , One of the pillars of regional financial integration under the Cebu Action Program (CAP), and APEC 2016 in Peru. The expansion of the APEC Personal Data Protection Rules (CBPRs) was adopted in 2011 with four pioneering countries including the United States, Japan, Mexico and Canada.

The main topics discussed at the workshop were: The need to exchange cross-border credit information; Key elements for the successful establishment of a successful cross-border information exchange mechanism include legal and data bases; Discussion and discussion on the draft of the Memorandum of Understanding and data dictionary.

Participants expressed their interest in facilitating the development of the credit reporting system through issues of legal basis and data normalization in the past to exchange cross-border credit information and the challenges and prospects of cross-border credit information sharing in the future, affirming the position of the Asia-Pacific and benefit-based on the common benefit of 21 regional economies.