State Bank of Vietnam


State Bank of Vietnam

The State Bank of Vietnam ( _vi. Ngân hàng Nhà nước Việt Nam) is the central bank of Vietnam.

History

When French 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 May 6, 1951, president Hồ Chí Minh signed decree 15/SL on establishment of National Bank of Vietnam ("Ngân hàng Quốc gia Việt Nam"). On 21st January 1960, the governnor 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. The incumbent prime minister, Nguyễn Tấn Dũng, was a governor when he held the post of senior deputy prime minister but he handed the governor’s post to Le Duc Thuy later. There have been some public criticisms on the bad printing quality of the new polymer đồng banknotes. There has been also a scandal in the deal of purchase of the state house by the governor Le Duc Thuy (in which he bought a house belonging to the bank for a price just 10 times less than the market value. However, the government annulled the deal when the press posted the news on the purchase). Nguyen Van Giau was named governor in August 2007 cite web |title=Spotlight: Nguyen Van Giau, Vietnam's central bank governor |url=http://www.iht.com/articles/2007/12/04/yourmoney/wbspot08.php |publisher="International Herald Tribune" |date=2007-12-11 ] .

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 [http://www.sbv.gov.vn/eng_index.asp] :
# 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, organize bond autions.
#Be in charge of other roles in monetary management and foreign exchange rates

ee also

*Economy of Vietnam
*Vietnamese đồng

References

External links

*vi icon en icon [http://www.sbv.gov.vn/ Official site: State Bank of Vietnam]


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