AsemconnectVietnam - On December 22, 2022, Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank) announced the completion of Risk Management Standard Basel III and International Accounting Standard IFRS 9, becoming one of the few credit institutions in Vietnam applying two rigorous standards of risk management and financial reporting in the banking sector around the world.

With the orientation to become a leading retail bank and strong network across the country, prioritizing investment in risk management in accordance with international standards helps LienVietPostBank to develop sustainably, safely and effectively. Therefore, after completing ahead of time all 3 pillars of Basel II in 2020, LienVietPostBank has immediately embarked on the implementation and application of Basel III and IFRS 9 standards.
Basel III is the risk management standard that many Vietnamese banks are aiming for, helping banks improve their capital capacity, test their resilience in the worst situations, and manage liquidity risks. Meanwhile, IFRS 9 is an important international financial reporting standard for banks. IFRS 9 brings great benefits to financial institutions such as enhancing transparency, increasing comparability, increasing the quality of disclosed information, thereby opening the door to integration into the international capital market.
According to the leader of LienVietPostBank: “The implementation and application of Basel III will create a solid risk management framework and affirm transparency in operations as well as add a sustainable foundation to help business activities in the upcoming strategic period, especially in 2023, a very special year for LienVietPostBank as the Bank celebrates 15 years of establishment and development.”
Currently, the economy of Vietnam as well as the whole world is affected by liquidity problems, LienVietPostBank simultaneously completes and fully meets the strict requirements of 2 international standards, Basel III and IFRS 9 demonstrated determination in implementing and applying standards towards transparency, especially in enhancing the strength and resilience to macro shocks of the economy. This also helps the Bank improve its credit rating, enhancing its position in the domestic and international markets.
N.Nga
Source: VITIC/Tinnhanhchungkhoan