State Bank of Vietnam

State Bank of Vietnam
*Ngân hàng Nhà nước Việt Nam*
State Bank of Vietnam building in Hanoi
Headquarters	Hanoi, Vietnam
Established	6 May 1951 (1951-05-06)
Governor	Lê Minh Hưng
Central bank of	Vietnam
Currency	Vietnamese đồng VND (ISO 4217)
Website	www.sbv.gov.vn

The State Bank of Vietnam (Vietnamese: Ngân hàng Nhà nước Việt Nam) is the central bank of Vietnam. It currently holds an about 65% stake of VietinBank - the country's largest listed bank by capital.

History

State Bank of Vietnam building in Ho Chi Minh City.

When Indochina was under French rule, the colonial government governed the Indochinese monetary system through Indochinese Bank, which also acted as a commercial bank in French Indochina. After the August Revolution in 1945, the government of the Democratic Republic of Vietnam gradually attempted to exercise a monetary system independent from France. On 6 May 1951, president Hồ Chí Minh signed decree 15/SL on establishment of National Bank of Vietnam (Ngân hàng Quốc gia Việt Nam). On 21 January 1960, the governor of the bank signed an ordinance on behalf of the prime minister to rename the bank State Bank of Vietnam (Ngân hàng Nhà nước Việt Nam).

After the fall of Saigon, the two Vietnams were united but not until July 1976 did the two countries’ administrations and institutions unite. In July 1976, the National Bank of Vietnam (the central bank of Republic of Vietnam) was merged into the State Bank of Vietnam.

In the Doi moi liberalisation era, the banking system of Vietnam was reformed. New banks were created, starting with the Industrial and Commercial Bank of Vietnam (VietinBank - now the largest listed bank) and the Vietnam Bank for Agriculture in 1988, and the role of the State Bank was gradually narrowed to that of a central bank.^[1] In 1990, an ordinance reorganised the state bank and redefined its function as: "on behalf of the State, of managing money, credit, and banking operations throughout the country in order to stabilize a value of money, and is the only agency with power to circulate the currency of the Socialist Republic of Vietnam"^[2] While the State Bank continued to lend to state-owned enterprises in the following years, it has now been largely superseded in the respect by other state-owned banks and by private banks.

Controversies

The former prime minister, Nguyễn Tấn Dũng, was a governor while he held the post of senior deputy prime minister, but later bestowed the governor’s post upon Le Duc Thuy. There has been criticism of the printing quality of the new polymer đồng banknotes. Controversy also surrounded the purchase of the state house by governor Le Duc Thuy when he bought a house belonging to the bank one tenth of the market value. However, the government stopped the deal when the media reported the purchase.^[3]

Functions and roles

The State Bank of Vietnam is a ministry-level body under the administration of the government; the bank governor is a member of the cabinet (equivalent to a minister in the cabinet). The governor is nominated by the prime minister subject to the approval of the National Assembly (Parliament). Vice governors are appointed by the prime minister on the recommendation of the governor. Both governor and vice governors serve a 5-year term. The State Bank of Vietnam defines its principal roles as :

Promote monetary stability and formulate monetary policies.
Promote institutions’ stability and supervise financial institutions.
Provide banking facilities and recommend economic policies to the government.
Provide banking facilities for the financial institutions.
Manage the country’s international reserves.
Print and issue banknotes.
Supervise all commercial banks’ activities in Vietnam. Lend the state money to the commercial banks.
Issue government bonds, organise bond auctions.
Be in charge of other roles in monetary management and foreign exchange rates

Governor of the State Bank of Vietnam^[4]

Governor	from	until
Nguyễn Lương Bằng	1951	1952
Lê Viết Lượng	1952	1964
Tạ Hoàng Cơ	1964	1974
Đặng Việt Châu	1974	1976
Hoàng Anh	1976	1977
Trần Dương	1977	1981
Nguyễn Duy Gia	1981	1986
Lữ Minh Châu	1986	1989
Cao Sỹ Kiêm	1989	1997
Nguyễn Tấn Dũng	1998	1999
Lê Đức Thúy	1999	2007
Nguyễn Văn Giàu	2007	2011
Nguyễn Văn Bình	2011	2016
Lê Minh Hưng	2016	Present

References

↑ World Bank (1 March 1995). Viet Nam Financial Sector Review. (PDF). pp. III–V.
↑ ordinance on the State Bank of Vietnam, 23 May 1990 (translation on the website of the Embassy of Vietnam in the United States)
↑ "Spotlight: Nguyen Van Giau, Vietnam's central bank governor". International Herald Tribune. 11 December 2007.
↑ http://www.sbv.gov.vn/portal/faces/vi/pages/trangchu/gioithieunhnn/bldnhhqctk?_afrLoop=21688503274171835&_afrWindowMode=0&_afrWindowId=7g5zse5ds_1#%40%3F_afrWindowId%3D7g5zse5ds_1%26_afrLoop%3D21688503274171835%26_afrWindowMode%3D0%26_adf.ctrl-state%3D7g5zse5ds_125

External links

(Vietnamese) (English) State Bank of Vietnam official website

Government of Vietnam

Ministries	Agriculture and Rural Development Construction Culture, Sports and Tourism Defence Education and Training Finance Foreign Affairs Health Home Affairs Industry and Trade Information and Communications Justice Labour, Invalids and Social Affairs Natural Resources and Environment Planning and Investment Public Security Science and Technology Transport

Ministry-level agencies	Committee on Ethnic Minority Affairs Government Inspectorate Government Office State Bank

Government agencies	Ho Chi Minh Mausoleum Management Ho Chi Minh National Academy of Politics Vietnam Academy of Science and Technology Vietnam Academy of Social Sciences Vietnam Social Security Vietnam News Agency Vietnam Television Voice of Vietnam

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Authority Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Coordinates: 21°01′39″N 105°51′23″E / 21.0274°N 105.8563°E / 21.0274; 105.8563

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