 | |
 State Bank Vietnam headquarters | |
| Headquarters | 49 Lý Thái Tổ Street, Tràng Tiền,Hoàn Kiếm,Hanoi |
|---|---|
| Established | 6 May 1951; 74 years ago (1951-05-06) |
| Ownership | Government of Vietnam 100%state ownership[1] |
| Governor | Nguyễn Thị Hồng |
| Key people | Nguyễn Toàn Thắng, Đào Minh Tú, Nguyễn Kim Anh |
| Central bank of |  Socialist Republic of Vietnam (since 1976) Democratic Republic of Vietnam (1951-1975) |
| Currency | Vietnamese đồng VND (ISO 4217) |
| Reserves | 100+ billion USD[2] |
| Bank rate | 4.5%[3] |
| Preceded by |  National Bank of Vietnam |
| Website | www |
TheState Bank of Vietnam (SBV;Vietnamese:Ngân hàng Nhà nước Việt Nam) is thecentral bank ofVietnam.Organized as aministry-level body under theGovernment of Vietnam, it is the sole issuer of the national currency, theVietnamese đồng.[4] As of 2024 it holds over USD 100 billion in foreign exchange reserves.[2]
When Indochina was underFrench rule, the colonial government governed the Indochinese monetary system throughBanque de l'Indochine, which also acted as a commercial bank in French Indochina.
After theAugust Revolution in 1945, the government of theDemocratic Republic of Vietnam gradually attempted to exercise a monetary system independent fromFrance. On 6 May 1951, presidentHồ Chí Minh signed decree 15/SL on establishment of Vietnam National Bank (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).[citation needed]
After thefall 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 ofRepublic of Vietnam) was merged into the State Bank of Vietnam.
In theĐổi Mới liberalisation era, the banking system of Vietnam was reformed. New banks were created, starting with theIndustrial and Commercial Bank of Vietnam (VietinBank - now the largest listed bank) and theVietnam Bank for Agriculture in 1988, and the role of the State Bank was gradually narrowed to that of a central bank.[5] 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"[6] 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.
Several of the State Bank of Vietnam’s buildings are inherited from theBanque de l'Indochine. These include the State Bank’s headquarters inHanoi, former Hanoi office completed in 1930; theHo Chi Minh City branch, former central office in Indochina, also completed in 1930; and the branches inHaiphong (completed in 1925) andNam Định (completed in 1929) among others.
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[1]:
| Governor | Took office | Left office | Notes |
|---|---|---|---|
| Nguyễn Lương Bằng | 1951 | 1952 | [7] |
| Lê Viết Lượng | 1952 | 1964 | [7] |
| Tạ Hoàng Cơ | 1964 | 1974 | [7] |
| Đặng Việt Châu | 1974 | 1976 | [7] |
| Hoàng Anh | 1976 | 1977 | [7] |
| Trần Dương | 1978 | 1981 | [7] |
| Nguyễn Duy Gia | 1981 | 1986 | [7] |
| Lữ Minh Châu | 1986 | 1989 | [7] |
| Cao Sỹ Kiêm | 1989 | 1997 | [7] |
| Nguyễn Tấn Dũng | 1998 | 1999 | [7] |
| Lê Đức Thúy | 1999 | 2007 | [7] |
| Nguyễn Văn Giàu | 2007 | 2011 | [7] |
| Nguyễn Văn Bình | 2011 | 2016 | [7] |
| Lê Minh Hưng | 2016 | 2020 | |
| Nguyễn Thị Hồng | 2020 |
The former prime minister,Nguyễn Tấn Dũng, was a governor of the bank while he held the post of senior deputy prime minister, but later bestowed the governor's post upon Le Duc Thuy. In 2007, controversy surrounded the purchase of the state house by governor Le Duc Thuy when he bought a house belonging to the bank at one tenth of the market value and, the government stopped the deal when the media reported the purchase. There has been criticism of the printing quality of the then newpolymerđồng banknotes.[8]
In 2024, a former State Bank of Vietnam official accused of accepting $5.2 million in bribes faced trial in conjunction with the 2022 arrest ofTrương Mỹ Lan and the near failure ofSai Gon Joint Stock Commercial Bank.[9]
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21°01′39″N105°51′23″E / 21.0274°N 105.8563°E /21.0274; 105.8563
