Hanoi, 12 Jan 2015. The Vietnam Institute for Advanced Study in Mathematics (VIASM), in collaboration with the Bank for Investment and Development of Vietnam (BIDV), has announced the establishment of the Lab for the Research and Application of Mathematics in Economics, Finance and Banking (FMathLab) and also signed a memorandum of understanding. Attending the ceremony were Deputy Minister of Education and Training Bui Van Ga, leaders from the State Bank of Vietnam, Professor Ngo Bao Chau - Scientific Director of VIASM, Mr. Tran Bac Ha - Chairman of the Board of Directors of BIDV, and representatives of agencies under VIASM.

FMathLab focuses on scientific research, technological research and development, and scientific and technological services for the application of mathematics in economics, banking and finance to local and foreign individuals and organizations. The center is a legal entity, operating under the Law on Science and Technology, and has its own seal and account.

​'FMathLab will be a leading research center of Vietnam, operating locally and internationally in applying mathematics in banking and finance, macroeconomics, geometrics, and mathematical economics for the sustainable development of the economy and will be the focal point in organizing research programs on applying mathematics in economics, finance and banking, insurance, and investment, etc.” said Professor Chau. ”FMathLab wishes to involve leading local and foreign mathematical economists and financial researchers, coordinate with research groups and apply mathematics in economics, finance and banking. The center is also a house for researchers to study and develop mathematical models as an effective tool for macroeconomic management by State regulators and decision making by financial institutions and investors, promoting approaches to mathematics in relation to economics, finance and banking interests, and meeting the demand of local and foreign individuals and organizations.”

The center will also help VIASM study the application of mathematics in socioeconomic areas, thus promoting the application of research to meet the goals of the national program for mathematics development to 2020 and subsequent phases in line with the strategy for science and technology development and the socioeconomic development strategy to 2020, etc.

The center will receive strong support and cooperation for research and training from large research and academic institutions locally and overseas, including the National University of Economics, the Banking Academy, John von Neumann Institute (Vietnam National University, Ho Chi Minh City (VNU-HCM)), the National University of Singapore (NUS), the National Institute for Mathematical Science (NIMS) - Korea, and the National Center for Scientific Research (CNRS) - France, etc. It is expected that the center will establish branches in Ho Chi Minh City and Quy Nhon City (Binh Dinh Province).

VIASM and BIDV also signed a memorandum of understanding at the ceremony on the development of a program for the research and application of mathematics in economics, finance and banking. The two parties will cooperate on themes, research projects, training programs, and conferences and workshops that produce practical value to serve the finance and banking sector, State regulators, and society. In the interim, the two sides will leverage their advantages and potential to promote the research and application of mathematics in economics, finance and banking towards creating research projects with applicable commercial products for international integration.

The memorandum of understanding includes the following main points: (i) Developing training programs on econometrics, research methods and other relevant contents; (ii) Organizing research projects on applying mathematics in economics, finance and banking; (iii) Promoting open activities in two directions: organizing workshops and seminars in economics, finance and banking, and related areas, and social activities (providing training to specialists, organizing workshops to share experience, and awarding students that win local and international mathematic examinations, etc.)

According to the memorandum of understanding, BIDV will provide financial support, facilities, and human resources for the operation of the center. It will fund the center with a lump sum of VND22 billion (around US$1 million). The bank will provide facilities in Ho Chi Minh City and Quy Nhon City so that VIASM can establish branches. Regarding human resources, the bank will appoint experts with in-depth understanding of finance and banking, invite representatives from State regulators to join research programs to understand the needs of the industry, and give directions to the research and application strategy.

Addressing the ceremony, BIDV Chairman Mr. Ha said: ”Over the past ten years, BIDV has been interested in financing and granting non-refundable credit to educational, scientific research and technological development activities in association with the country’s socioeconomic development. Advocating the Government’s national program for mathematics development and understanding the demands of society and businesses for applying mathematics in modern business management and operations, BIDV is a pioneer in executing this policy and innovating sponsorship activities. The grant to FMathlab expresses BIDV’s commitments in this period.”

Over recent years BIDV has extended its comprehensive partnerships with key universities nationwide. It has already partnered with 163 universities and colleges and academic institutions nationwide in financing the construction of infrastructure and facilities and funding scholarships, etc. In particular, BIDV is interested in providing modern banking and finance services for the regular activities of the universities and extending cooperation in practical research and talent training, linking knowledge to the dynamic developments of the economy.