A. General information of FSMIMS project
The Socialist Republic of Vietnam received a credit from the World Bank (WB) to finance the Financial Sector Modernization and Information Management System Project (FSMIMS Project) in April, 2009; DIV is one of the main beneficiaries of the project.
The Project is designed for three (03) main beneficiaries including:
• The State Bank of Vietnam (SBV)
• The Credit Information Centre (CIC)
• The Deposit Insurance of Vietnam (DIV).
The Project supports three main beneficiaries to improve the delivery of the core functions in accordance with the relevant standards, through: i) Developing a centralized and integrated system of advanced business processes and a modern information technology infrastructure; and ii) Strengthening the institutional capacity. The Project closing date is December 31st, 2016.
B. FSMIMS Project, DIV component
As for DIV Component, FSMIMS Project aims to enhance DIV’s capacity to perform its key functions of protecting depositors. The FSMIMS Project will:
i. Improve the information sharing and the effectiveness of information usage within DIV organization, between DIV and other related Government Agencies to ensure an effective role in promoting a safe and sound banking system;
ii. To support DIV to re-engineer its business processes in compliance with the 18 core principles of an effective deposit insurer recommended by IADI, the Basel Committee and the Law on Deposit Insurance set out by National Assemble of the Socialist Republic of Vietnam in January, 2013;
iii. To support DIV to design, procure and develop a modern IT infrastructure to fully respond to the business requirements;
iv. To strengthen DIV’s corporate governance in response to the development of the local banking practices and to comply with international standards.
1. DT#1 Package:
In January 2011, DIV has selected the Nomura Research Institute (NRI) to provide consulting services for Technical Assistance and Implementation
Support (DT#1 Package) with the objectives of: (i) Strengthening the functions of DIV through business process re-engineering and (ii) Designing, procurement and implementation of new ICT platform. The business process re-engineering focuses on improving business processes in the following fields: (1) Risk Monitoring, (2) Information Management, (3) Finance; (4) Back Office, and (5) Resolution.
As per project implementation schedule, up to June 2013, NRI has completed (i) Report on re-engineer new business process, (ii) User requirement document, (iii) Report on design new ICT system.
Besides developing project’s documents, NRI has conducted 52 training courses and workshops to introduce the new business process and new ICT system.
2. DG#1 Package:
In November, 2014, FPT Information System Company (FIS) was selected as the most suitable and capable bidder to implement the DG#1 package with 22 months implementation term, which shall be completed by 2016.
The new system is expected to be a centralized system with an open architecture, meeting all requirements of security, integration, scalability and reliability and fully respond to the new business process. The main expected results include: (i) New business application software, (ii) A centralized data warehouse to capture all data needed by DIV, consisting of: Risk Monitoring, Finance, Resolution, Information Management and Back Office, (iii) Access to SBV’s data warehouse and share information on the SBV’s credit institutions reporting regime and financial markets captured at SBV’s data warehouse, (iv) A modern database with modern data interrogation tools, (v) An ERP system to support DIV’s internal management activities such as: Accounting, budgeting, human resource, document management and internal audit, (vi) A Disaster Recovery Center
3. DG#2 Package:
The DG#2 package aims to procure office equipments for the Project Implementation Unit. In October, 2013, Dong A limited company was selected as equipment supplier. Procurement of equipment has completed in 2013. Currently, the PIU has been using these equipments to run implementation activities of the project.
4. DT#2 Package :
DIV has selected Consultant to implement DT#2 package to support DIV’s management in designing and implementing the appropriate change management strategy in order to facilitate a smooth transition to the new business processes and ICT system and support DIV how to address the risks and maximize the benefits of transition to a new system.
December, 2013, DIV awarded contract of DT#2 package to the International Development Advisors (IDAS) to implement consulting service on Change management.
In 2014, IDAS has finalized and delivered to DIV such deliverables as: (i) Inception report, (ii) Report of review current situation, (iii) Blue-print on Development Strategy for DIV; (iv) Change Management Strategy; (v) Change Management Plan; (vi) Change Management Methodology; (vii) Manual for Change Management, (viii) conducted 14 training courses and workshop to DIV on change management.
5. DT#3 Package:
In 2015, DIV has selected consultant for “the Independent Third Party Verification for the Information and Communication System. Objective of the Independent third party verification assignment is to certify the quality of the whole system design and the outputs delivered by FIS within the scope of the work of the DG#1 package and in compliance with the contract signed between DIV and FIS. This third party verification is expected to provide robust evidence for DIV management’s decision on acceptance of DG#1 deliverables and to maximize the benefit of this important project for DIV. The project is expect to carry out from December 2015 to December 2016.
6. DT#4 Package:
In 2016, Div has selected Consultant for “Consultancy on development of DIV’s capacity building strategy and plan” package. The Consultant will support DIV's management board in designing and implementing the appropriate Capacity building strategy and plan in order to facilitate a smooth transition to the new process, ICT system and improve employees' abilities to better fulfill their roles efficiently and sustainably. The assignment is expected to be carried out from July, 2016 to December, 2016