No. | Classification of missions/solutions | Name of specific missions/solutions | Presiding body | Cooperating body | Output | Completion deadline |
1. Establishing the complete legal framework on currencies and banking operations on the basis of strict compliance with the rules of market-oriented economy, conformance to international conventions and conformity with integration requirements |
1.1 | | Reviewing and completing the Law on State Bank of Vietnam and other related regulations pertaining to duties and powers of SBV to assure both enhancement of independence and proactivity in administration of monetary policies, and the role of SBV as an Governmental body. Reinforcing and improving the competitiveness of the banking sector, ensuring that the banking market basically operates according to market principles after 2020; determining the presiding role of SBV in promoting the financial stability; legislating on the SBV’s financial stabilization role | Department of Legislation | SBV-controlled Departments and Administrations | Review reports and summaries of implementation of the Law on State Bank and recommendations about drafting of the Law on Amendments and Supplements to the Law on State Bank (where necessary) | 2021-2025 |
1.2 | | - Making reviews and assessments of impacts and effectiveness, based on which regulations regarding currency stabilization are amended, supplemented or promulgated with a view to ensuring implementation of monetary policies according to objectives of inflation control and effective coordination between monetary policies, fiscal policies and others. | Monetary policy Department | Department of Legislation, Foreign Exchange Administration, Statistical Forecast Department, Payment – Finance Stabilization Department, Department of Credit for Economic Sectors | - Review and assessment results - Relevant mechanisms and policies | 2018-2020 2021-2025 |
| | - Administering interest rates to ensure they are corresponding to variations in macroeconomics, inflation and currency market. Administering foreign exchange rates in a flexible manner to ensure that they align with market fluctuations, macroeconomic, currency and monetary policy goal balances. | Monetary Policy Department | Department of Legislation, Foreign Exchange Administration, Statistical Forecast Department, Currency – Finance Stabilization Department, Department of Credit for Economic Sectors | Regular missions | Yearly |
1.3 | | Constructing standardized indices measuring the stability and safety of currency market. | Currency – Finance Stabilization Department | Monetary Policy Department, Transaction Center, Statistical Forecast Department, Foreign Exchange Administration, Payment Department and Information Technology Department | Measurement indices | 2018-2020 |
1.4 | | Making final reviews and assessments of implementation of the 2005 Ordinance on Foreign Exchange and the 2013 Ordinance on Amendments to Ordinance on Foreign Exchange; completing the legal framework for management of foreign exchange in capital transactions, nonresident transactions and other economic relationships related to foreign exchange. | Foreign Exchange Administration | Department of Legislation, Monetary Policy Department and Statistical Forecast Department | Final reports on implementation of the 2005 Ordinance on Foreign Exchange and the 2013 amended Ordinance on Foreign Exchange | 2018-2019 |
1.5 | | Completing the legal framework on determination of responsibilities of the State Bank for the inspection and oversight of financial incorporations operating in the form of parent – subsidiary company; presiding over and cooperating with related entities in counseling the Government to build the regulatory framework on financial incorporations. | Department of Legislation | - Banking Inspection and Supervision Agency shall be responsible for constituent parts regarding financial incorporations. - Other cooperating entities: Currency – Finance Stabilization Department and other related entities | Law on Amendments and Supplements to the Law on Credit Institutions (constituent parts regarding financial incorporations) | 2018-2020 |
1.6 | | Gradually completing the legislative framework on oversight of macro safety for financial systems. | Currency – Finance Stabilization Department | Banking Inspection and Supervision Agency, Department of Legislation, Monetary Policy Department and Statistical Forecast Department | Relevant mechanisms and policies | 2021-2025 |
1.7 | | Studying and proposing models for oversight of consolidation of financial systems in conformity with international conventions and current context of Vietnam, and reporting on them to the Prime Minister. | Banking Inspection and Supervision Agency | Banking Strategy Institute, Currency – Finance Stabilization Department, Department of Legislation, Deposit Insurance of Vietnam | Study reports represented to the Prime Minister | 2021-2025 |
1.8 | | Reviewing, supplementing and completing regulations on assurance of safety for banking operations, licensing, inspection, oversight and handling after inspection and oversight with a view to ensuring conformance to international conventions and current context of Vietnam; promoting responsibilities, increasing the public disclosure and transparency in the management and operations of credit institutions and conforming to requirements for restructuring of credit institutions over periods of time. | Banking Inspection and Supervision Agency | Currency – Finance Stabilization Department, Department of Legislation, Deposit Insurance of Vietnam, VAMC | Relevant mechanisms and policies | 2018-2019 |
1.9 | | Issuing the schedule of provision of instructions on and implementation of Basel II. | Banking Inspection and Supervision Agency | Currency – Finance Stabilization Department, Department of Legislation, Information Technology Department, Credit Information Center and International Cooperation Department | Circulars prescribing the capital adequacy ratios according to advanced methods of Basel II and formulation of plans for concentration of databases intended for implementation of Basel II | 2018-2020 |
1.10 | | Creating criteria, classifying and ranking credit institutions; reviewing and completing appropriate mechanisms for management and oversight of specific credit institutions. | Banking Inspection and Supervision Agency | Currency – Finance Stabilization Department, Department of Legislation, Deposit Insurance of Vietnam, VAMC | Relevant mechanisms and policies | 2018-2019 |
1.11 | | Establishing mechanisms for supporting credit institutions designated to receive and manage poorly rated credit institutions and those credit institutions participating in restructuring. | Banking Inspection and Supervision Agency | Currency – Finance Stabilization Department, Department of Legislation, Deposit Insurance of Vietnam | Relevant mechanisms and policies | 2018-2019 |
1.12 | | Building systems for early warning of risks, mechanisms for response to system-related crises and response to credit institutions potentially posing high risks, assuring intervention rights of the SBV with the aim of protecting system-related safety and safety for deposits of people. | Banking Inspection and Supervision Agency | Department of Legislation, Currency – Finance Stabilization Department Deposit Insurance of Vietnam, VAMC and Payment Department | Relevant mechanisms and policies | 2018-2019 |
1.13 | | Amending and supplementing regulations on handling of cross ownership and prevention of abuses of management, administration rights or major shareholder’s rights that aim at manipulating credit institutions’ operations. | Banking Inspection and Supervision Agency | Department of Legislation, Currency – Finance Stabilization Department Deposit Insurance of Vietnam, VAMC and Department of Organization and Personnel | Relevant mechanisms and policies | 2018-2025 |
1.14 | | Completing the legal framework on merger, amalgamation and bankruptcy of credit institutions. | Banking Inspection and Supervision Agency | Department of Legislation, Deposit Insurance of Vietnam and VAMC | Relevant mechanisms and policies | 2018-2019 |
1.15 | | Researching and amending regulations on foreign investor’s purchase of shares of Vietnamese credit institutions with a view to increasing the ratio of foreign investor’s ownership of specific credit institutions in conformance to international commitments that have already been signed in order to promote the mobilization of capital, technological and management resources of foreign investors; simultaneously, stimulating foreign investors to participate in handling of poorly rated credit institutions. | Banking Inspection and Supervision Agency | Department of Legislation, Foreign Exchange Administration and Department of Organization and Personnel | Government’s Decrees | 2018-2019 |
1.16 | | Drafting and promulgating the Law on Amendments and Supplements to the Law on Deposit Insurance. | Department of Legislation | Banking Inspection and Supervision Agency, Deposit Insurance of Vietnam and other entities concerned | Law on Amendments and Supplements to the Law on Deposit Insurance | 2021-2025 |
1.17 | | Studying, amending and supplementing a number of articles in the Law on Anti-money Laundering. | Department of Legislation | Banking Inspection and Supervision Agency and other entities concerned | Law on Amendments and Supplements to the Law on Anti-money Laundering. | 2018-2019 |
1.18 | | Studying the drafting and promulgation of the Law on Payment Systems with the intention of strengthening the management and oversight of payment systems in the economy to ensure safety and relevance to the context of Vietnam based on international standards and conventions, and bolstering the roles of state management of payment services of the SBV. | Payment Department | Department of Legislation and other entities concerned | Draft Law on Payment Systems | 2021-2025 |
1.19 | | Completing institutions and policies to provide advantages for credit institutions producing the sufficient and diverse supply of financial services, especially non-credit banking service products and other modern service products powered by digital technology and meet increased needs in the economy. | Departments/Administrations formulating mechanisms and policies related to supply of service products, e.g. Monetary Policy Department, Foreign Exchange Administration, Banking Inspection and Supervision Agency, Department of Credit for Economic Sectors, Department of Issue and Vault and Payment Department | Department of Legislation and other entities concerned | - Reviewing institutions and policies regarding financial service products | 2018-2019 |
- Completing institutions and policies regarding financial service products | 2020-2022 |
1.20 | | Reviewing, amending, supplementing and promulgating new legislative documents on electronic currency. | Payment Department | Department of Legislation, Monetary Policy Department, Information Technology Department, NAPAS, Deposit Insurance of Vietnam | Relevant mechanisms and policies | 2018-2019 |
2. Enhancing institutional capabilities, improving the status, autonomy and accountability of the SBV |
2a | Restructuring the SBV with the objectives of creating the streamlined, highly specialized, efficient and effective management and administration structure |
2a.1 | | Continuing to review, arrange, fortify and restructure Departments and Administrations under the control of Main Office of the SBV in order to focus on management and administration in the model of functional blocks that ensure conformity with requirements for smooth and effective operations; gradual adaptation to international conventions and standards. | Department of Organization and Personnel | Entities concerned | Regular missions | 2021 |
2a.2 | | Gradually developing the logical and effective organizational structure for supply of cash; inventorying, sorting, storing and transporting cash within the banking sector, and orienting the network of cash service providers towards licensing credit institutions or banking-sector enterprises to provide this service; elevating responsibilities of credit institutions for cash management and vault safety | Issue and Vault Department | Transaction Center and State Bank branches in cities and provinces, Department of Legislation, Banking Inspection and Supervision Agency, Credit Institutions and foreign bank branches | Related mechanisms and policies and implementation thereof | 2018-2025 |
2a.3 | Reinforcing the roles of Credit Information Center (CIC), improving the quality of personal and corporate information, supporting credit institutions to have access to such information in full to supply effective and safe services. | CIC | Information Technology Department, credit institutions | Related mechanisms and policies and implementation thereof | 2018-2020 |
2a.4 | Keeping to the schedule of implementation of the CIC development proposal by 2015 with vision to 2020 which has been approved under the Decision No. 1033/QD-NHNN dated May 26, 2014 of the SBV’s Governor. | CIC | Entities concerned | Conclusion on results of implementation of missions in the proposal | 2018-2020 |
2a.5 | Increasing investment in construction and up gradation of information infrastructure so that CIC becomes reliable credit information channels and serves the task of policy planning of the SBV and supports credit institutions in risk prevention and restriction. | CIC | Entities concerned | Regular missions | 2018-2025 |
2a.6 | Reviewing and assessing the performance of the system of State Bank branches in cities and provinces. | Department of Organization and Personnel | State Bank branches in provinces/cities, Departments and Administrations concerned | Reports on assessment of the performance of the system of State Bank branches in cities and provinces | 2020 |
2a.7 | Continuing to arrange the system of State Bank branches in cities and provinces with a view to creating the streamlined, efficient and effective structure meeting requirements for administrative reform and financial service supply; after 2025, incorporating regional State Bank-controlled entities. | Department of Organization and Personnel | State Bank branches in provinces/cities, Departments and Administrations concerned | Proposal/project/program/plan… and implementation thereof | 2021-2025 |
2b | Promoting the SBV’s roles in currency and financial stabilization, autonomy and accountability. Continuing to promote the SBV’s management capabilities according to international standards and conventions |
2b.1 | | Elevating the SBV’s roles in currency stabilization. | Monetary Policy Department | Statistical Forecast Department, Foreign Exchange Administration, Transaction Center, Department of Legislation, Currency – Finance Stabilization Department, Department of Credit for Economic Sectors | Related mechanisms and policies and implementation thereof | 2018-2025 |
2b.2 | Raising the SBV’s roles in financial stabilization. | Currency – Finance Stabilization Department | Banking Inspection and Supervision Agency, Department of Legislation and Currency – Finance Stabilization Department | Related mechanisms and policies and implementation thereof | 2021-2025 |
2b.3 | Boosting the SBV’s management capabilities according to international standards and conventions | Office | Department of Organization and Personnel, Department of Legislation, other Departments and Administrations concerned | Related mechanisms and policies and implementation thereof | 2018-2020 |
2c | Designing and issuing the mechanism for clear distinction between functions, duties and powers of SBV playing its roles as the state regulatory authority over the banking sector and the representative of the owner of state capital participations in credit institutions, and those of state-invested enterprises of which the owners are represented by the SBV; promoting the tasks of management and oversight of state capital participation portions in credit institutions and state-invested enterprises of which the owners are represented by the SBV; improving and completing the mechanism for representatives of state capital participation portions in state-invested commercial banks, increasing responsibilities and performance of representatives, maintaining and assuring the mechanism for information exchange, making reports and granting authorization in accordance with laws and in response to operational conditions of credit institutions. |
2c.1 | | - Designing and introducing the mechanism for clear distinction between functions, duties and powers of the SBV playing its role as a state regulatory authority in the banking industry and a representative of the owner of state capital participation portions in credit institutions, and those of state-invested enterprises of which the owners are represented by the SBV. - Improving and completing the mechanism for representatives of state capital participation portions in state-invested commercial banks, enhancing responsibilities and performance of representatives, maintaining and assuring the mechanism for information exchange, making reports and granting authorization according to laws and operational conditions of credit institutions | Finance – Accounting Department | Banking Inspection and Supervision Agency, Department of Legislation and Department of Organization and Personnel | Regulations on management of representatives at credit institutions that meet requirements defined in the Strategy | 2018-2020 |
2c.2 | | Strengthening the task of management and oversight of state capital participation portions in credit institutions and state-invested enterprises of which the owners are represented by the SBV | Banking Inspection and Supervision Agency | Finance – Accounting Department, Department of Organization and Personnel and Information Technology Department | Regular missions | Yearly |
2d | Making a breakthrough in administrative reform; putting more emphasis on increased application of information technology and modernization of public service to consume less time and costs of completion of administrative procedures for the convenience of organizations and individuals. | | State Bank’s Office | Information Technology Department, Communications Department and other relevant Departments and Administrations | Related mechanisms and policies and implementation thereof | 2018-2020 |
3. Innovating the monetary policy framework, foreign exchange and gold management framework |
3a | Innovating the monetary policy framework |
3a.1 | | The monetary policy framework aims to reach the highest priority goal of controlling inflation, stabilizing currency value, contributing to maintaining macroeconomic stability, facilitating improvement of the effectiveness in mobilization and distribution of capital in the economy and promoting sustainable economic growth. Fostering independence of the SBV in administration of monetary policies. | Monetary Policy Department | Statistical Forecast Department, Foreign Exchange Administration, Transaction Center, Department of Legislation, Currency – Finance Stabilization Department, Department of Credit for Economic Sectors | Regular missions | Yearly |
3a.2 | Gradually shifting the administration of monetary policies based on the money supply to that mainly based on the price; utilizing indirect tools and working towards step-by-step lifting administrative measures regarding interest rates when conditions permit. Keeping on administration of the open market operation with a view to making it become the main tool useful to regulate liquid assets of credit institutions to reach monetary policy goals over periods of time. | Monetary Policy Department | Statistical Forecast Department, Foreign Exchange Administration and Transaction Center | Regular missions | Yearly |
3b | Innovating the foreign exchange management framework |
3b.1 | | Keeping on carrying out the managed float regime, regulating exchange rates in a more flexible manner, sticking close to domestic and international financial market fluctuations, and ensuring that exchange rates are in line with macroeconomic and monetary balances and targets of monetary policies over periods of time. | Monetary Policy Department | Foreign Exchange Administration, Statistical Forecast Department and Transaction Center | Regular missions | Yearly |
3b.2 | Continuing to implement measures to increase the healthiness and performance of foreign currency markets, and promoting the use of derivatives for hedging foreign exchange risk. | Monetary Policy Department | Foreign Exchange Administration, Statistical Forecast Department and Transaction Center | Regular missions | Yearly |
3b.3 | - Reforming the management of state foreign exchange reserves according to international conventions and the size of foreign exchange reserve over periods of time to ensure balancing of safety, liquidity and profitability goals. | Foreign Exchange Administration | Monetary Policy Department, Statistical Forecast Department and Transaction Center | Related mechanisms and policies and implementation thereof | 2018-2025 |
| - Increasing the task of analysis and forecast to serve the needs of design of the structure, standards and limits on investment in the State s foreign exchange reserves in line with the international and domestic context over periods of time; | Foreign Exchange Administration | Monetary Policy Department, Statistical Forecast Department and Transaction Center | Regular missions | Yearly |
| - Establishing independent entities under the control of SBV to manage investments in foreign exchange reserves when the size of foreign exchange reserves reaches defined levels. | Foreign Exchange Administration | Monetary Policy Department, Statistical Forecast Department and Transaction Center | Proposals/projects/programs/plans, etc. | 2018-2025 |
3b.4 | Synchronizing monetary policy measures in order to stabilize the foreign exchange market, strive to gradually increase the size of state foreign exchange reserves to meet actual conditions. | Monetary Policy Department | Foreign Exchange Administration, Statistical Forecast Department and Transaction Center | Regular missions | Yearly |
3b.5 | Implementing measures consistently with a view to radically eliminating the dollarization of the economy by 2030. | Foreign Exchange Administration | Monetary Policy Department, Statistical Forecast Department and Transaction Center | Proposals for limitation of dollarization in the economy by 2020 with vision towards 2030 | 2018-2019 |
3b.6 | Restricting lending by using foreign currency, gradually shifting capital mobilization and foreign currency lending relationships between credit institutions to foreign currency sale and purchase relationships in order to assure foreign currency liquidity and increase foreign exchange reserves. | Monetary Policy Department | Foreign Exchange Administration, Statistical Forecast Department, credit institutions and foreign bank branches | Regular missions | Yearly |
3b.7 | Implementing the proposal for liberalization of capital transactions according to the Vietnam’s schedule of implementation of international commitments already approved under the Prime Minister’s Decision No. 1590/QD-TTg dated August 11, 2016. | Foreign Exchange Administration | Monetary Policy Department, Statistical Forecast Department, Department of Legislation, Banking Inspection and Supervision Agency, credit institutions and foreign bank branches | Conclusion on results of implementation of missions in the proposal | Yearly |
3c | Innovating the gold market management framework in order to work towards the goals of developing the sustainable gold market, restricting the goldenization, supporting administration of monetary policies and stabilizing macroeconomics | | Foreign Exchange Administration | Monetary Policy Department and Statistical Forecast Department | Proposal for measures to restrict goldenization in the economy with the aim of converting gold resources into money to serve socio-economic development purposes by 2025. | 2018-2019 |
3d | Innovating and improving the quality and efficiency of statistics, forecasting analysis and enhancing application of information technology; completing software programs designed for statistical reporting, analysis and processing of statistical data to ensure statistical data and products are timely, accurate, conform to international conventions and effectively meet administration and direction demands; completing the mechanism for collection and sharing of information within the banking industry and with other entities outside of the banking industry, ensuring policy coordination between SBV and the Ministry of Finance, the Ministry of Planning and Investment or the Ministry of Industry and Trade in order to guarantee consistency and uniformity between monetary policies and fiscal or other macro policies |
3d.1 | | Reviewing and perfecting regulations on statistical reporting to meet needs for information used for formulating and implementing direction and administration measures, missions defined in strategies of Departments, Administrations and affiliates of the SBV | Statistical Forecast Department | Monetary Policy Department, Department of Credit for Economic Sectors, Payment Department, Foreign Exchange Administration, International Cooperation Department, Banking Inspection and Supervision Agency, Transaction Center, Issue and Vault Department, Information Technology Department and other related entities | Revision and promulgation of the new Circular on the statistical reporting regime | 2021-2025 |
3d.2 | | Building the complete software programs for statistical reporting to ensure increased effectiveness, timely and accurate statistical data useful for direction and administration activities of SBV | Information Technology Department | Statistical Forecast Department, Monetary Policy Department, Department of Credit for Economic Sectors, Payment Department, Foreign Exchange Administration, International Cooperation Department, Banking Inspection and Supervision Agency, Transaction Center, Issue and Vault Department and other related entities | Statistical reporting software | 2018-2020 |
3d.3 | | Innovating and improving the quality and efficiency of analysis and forecast; on a regular basis, applying and developing quantitative models, updating and operating software products used in the process of analysis and forecast conforming to or close to international conventions | Statistical Forecast Department | State Bank’s related entities | Regular missions; periodic analytical and forecasting reports | 2021-2025 |
3d.4 | | Granting authorization for access to information to Departments, Administrations and SBV-controlled affiliates to serve the specialized and administrative tasks of SBV; handling difficulties and issues that may arise in the process of grant of authorization (if any) | Statistical Forecast Department | Information Technology Department, Monetary Policy Department, Department of Credit for Economic Sectors, Banking Inspection and Supervision Agency, Transaction Center, Issue and Vault Department, Foreign Exchange Administration, Payment Department and other related entities | Regular missions | 2021-2025 |
3d.5 | | Supporting the collection of information for completion of economic and macro finance databases to meet counseling and administration demands of SBV-controlled affiliates | Statistical Forecast Department | State Bank’s related entities | Regular missions | 2021-2025 |
3d.6 | | Cooperating with Ministries, sectoral administrations and entities concerned in gradually improving the quality of balance of payments statistics | Statistical Forecast Department | Foreign Exchange Administration, Information Technology Department, ministries and sectoral administrations concerned | Regular missions | 2021-2025 |
3d.7 | | Guaranteeing policy coordination between SBV and the Ministry of Finance, the Ministry of Planning and Investment or the Ministry of Industry and Trade in order to ensure consistency and uniformity between monetary policies and fiscal or other macro policies | Monetary Policy Department | Statistical Forecast Department, Foreign Exchange Administration, Banking Strategy Institute and other related affiliates of SBV | Regular missions; reports of the Coordination Group 9078 of SBV | 2021-2025 |
3dd | Developing the stable and transparent currency market aligned with orientations and schedules of restructuring of financial markets to ensure the market structure matches and agrees with the capital market and insurance market. |
3dd.1 | | Clarifying information publicly available on the currency market to improve the trust of investors and depositors; building systems for management of interbank currency market operations to support SBV’s administration and meet credit institution’s demands | Transaction Center | Statistical Forecast Department, Monetary Policy Department, Foreign Exchange Administration, Information Technology Department, Communications Department, Banking Inspection and Supervision Agency, credit institutions and foreign bank branches | - Mechanisms and policies for clarification of information publicly available on the currency market for improvement of trust of investors and depositors (on the basis of reviewing existing regulations to provide any necessary supplement, amendment or draft new ones). | 2019-2021 |
| | | | - Implementing the information disclosure regime according to mechanisms and policies already in effect | - On a regular basis or in accordance with regulations laid down in defined mechanisms and policies. |
| | | | - System of management information about interbank currency market operations intended for supporting SBV’s administration and meeting credit institution’s demands | 2019-2021 |
3dd.2 | Improving the quality of financial reports and annual reports of credit institutions to ensure sufficiency and accuracy of information including non-financial information such as the ownership structure, administration and management activities. | Credit institutions | Monetary Policy Department, Transaction Center, Payment Department, Banking Inspection and Supervision Agency and other related entities | Regular missions | Yearly |
4. Developing, managing and overseeing important payment systems in the economy |
4a | Restructuring the electronic interbank payment system according to centralization, modernity principles to make it become the national key payment system playing its role as the payment center of SBV, supporting the high-value payment system or the interbank multi-currency payment system, etc. and linked to other payment systems in the economy | | Information Technology Department | Payment Department, NAPAS and Transaction Center | Related mechanisms and policies and implementation thereof | 2018-2025 |
4b | Building and developing the electronic and automatic clearing and settlement system for retail payment transactions and card transactions to provide electronic transfer switch and settlement service via payment instruments, different payment services and channels, make block and real-time payments, provide 24/7 services and serve different customers | | Payment Department | Information Technology Department, NAPAS, Transaction Center and related entities | Electronic automatic clearing and settlement system | 2018-2019 |
4c | Completing internal payment systems of banks to ensure smooth and automated connections when needing to connect to the electronic automatic clearing and settlement system for retail payment transactions and the electronic interbank payment system of SBV with the aim of meeting the payment needs of different customers such as credit institutions, enterprises, individuals and Governmental bodies | | Commercial banks | Payment Department, Information Technology Department, Banking Inspection and Supervision Agency, State Bank s branches in cities and provinces | Internal payment system meeting requirements defined in the Strategy | 2018-2019 |
4d | Completing the SBV’s function of oversight of important payment systems in the economy to guarantee conformity with supervisory standards according to principles designed by Bank for International Settlements (BIS) and International Organization of Securities Commissions (IOSCO), and ensure that national payment systems operate in a safe, effective and smooth manner; overseeing the efficiency of cross-border and international payment services; overseeing the supply of new payment means and services; studying and designing the Strategy for developing payment and settlement systems by 2025 with vision to 2030 |
4d.1 | | Completing the SBV’s function of oversight of important payment systems in the economy to guarantee conformity with supervisory standards according to principles designed by Bank for International Settlements (BIS) and International Organization of Securities Commissions (IOSCO), and ensure that national payment systems operate in a safe, effective and smooth manner | Payment Department | Information Technology Department, NAPAS, Transaction Center, Currency – Finance Stabilization Department and related entities | Relevant mechanisms and policies | Yearly |
4d.2 | | Overseeing the performance of cross-border and international payment services | Foreign Exchange Administration | Payment Department, Banking Inspection and Supervision Agency, Transaction Center and other related entities | Regular missions | Yearly |
| | Overseeing the supply of new payment means and services | Payment Department | Information Technology Department, NAPAS, Banking Inspection and Supervision Agency and other related entities | Regular missions | Yearly |
4d.3 | | Studying and designing the Strategy for developing payment and settlement system by 2025 with vision towards 2030 | Payment Department | Banking Strategy Institute, Information Technology Department, NAPAS, Transaction Center and related entities | Strategy for developing payment and settlement system by 2025 with vision towards 2030 | 2019-2025 |
4dd | Designing and adopting the Strategy for developing National Settlement Joint-stock Company of Vietnam by 2025 with vision towards 2030 | | NAPAS | Payment Department, Department of Legislation, Information Technology Department, Banking Strategy Institute and other related entities | Strategy for developing National Settlement Joint-stock Company of Vietnam by 2025 with vision towards 2030 | 2018-2020 |
5. Promoting the efficiency and effectiveness of banking inspection and supervision systems to ensure conformity with international conventions and standards |
5a | Completing the model of organization of Banking Inspection and Supervision Agency in conformity with the schedule of reform of organizational model and operational mechanism of SBV |
5a.1 | | Completing and reforming the model of organization of banking inspection and supervision which is oriented towards: Guarantee of consistent directions over inspection and supervision activities of Banking Inspection and Supervision Agency which are provided to local banking inspection and supervision entities, and avoidance of overlapping or omission of missions. | Department of Organization and Personnel | Banking Inspection and Supervision Agency, Department of Legislation, State Bank’s branches in cities and provinces | Decree on amendments and supplements to the Decree No. 26/2014/ND-CP and replacement of the Decision No. 35/2014/QD-TTg and other related documents | 2018-2019 |
5a.2 | Formulating the mechanism for decentralization, power delegation and assignment of responsibilities in an explicit and transparent manner, the mechanism for cooperation and sharing of information and the internal reporting and administration process at Banking Inspection and Supervision Agency or between Banking Inspection and Supervision Agency and affiliates under the control of SBV. | Banking Inspection and Supervision Agency | Department of Organization and Personnel, Department of Legislation, State Bank s branches in cities and provinces, other related Departments or Administrations under the control of SBV | Related mechanisms and policies and implementation thereof | 2018-2020 |
5a.3 | Forming affiliates of Banking Inspection and Supervision Agency in charge of managing, inspecting and overseeing operations of credit institutions playing important roles in the banking system and entities specialized in giving SBV’s Governor counsels on state management of operations of the system of credit institutions that exist in the cooperative form. | Department of Organization and Personnel | Banking Inspection and Supervision Agency and Department of Legislation | Decree on amendments and supplements to the Decree No. 26/2014/ND-CP and replacement of the Decision No. 35/2014/QD-TTg and other related documents | 2018-2020 |
5a.4 | Strengthening cooperation in performing assigned tasks and sharing information between Banking Inspection and Supervision Agency, law enforcement authorities and functional entities in the process of inspection and supervision of financial systems. | Banking Inspection and Supervision Agency | Currency – Finance Stabilization Department and Department of Legislation | Related mechanisms and policies and implementation thereof | 2018-2025 |
5b | Innovating inspection and supervision methods |
5b.1 | | Continuing to innovate inspection tasks with a view to quickly and robustly shifting from the inspection of compliance to the inspection based on risks, closely connecting the inspection to the supervision based on risks, gradually applying the inspection and supervision methods to the entire system of credit institutions and foreign bank branches in a consistent manner; increasing the comprehensive inspection and inspection of legal personality of credit institutions. | Banking Inspection and Supervision Agency | State Bank branches in cities and provinces, credit institutions and foreign bank branches | Proposal/project/program/plan... and implementation thereof | Yearly |
5b.2 | Continuing to innovate supervision with the aim of enhancing the performance of micro safety supervision and macro safety supervision on the basis of implementation of new tools and methods of risk oversight associated with boosting application of information technology | Banking Inspection and Supervision Agency | Currency – Finance Stabilization Department, Information Technology Department and foreign bank branches | Setting criteria and benchmarks for supervision of credit institutions of specific kinds, building concentrated databases, tools, software and programs for analysis of data that support the banking supervision | Yearly |
5b.3 | Improving the SBV’s capabilities of early warning of systematic inherent risks and prevention of risks in violating laws in the banking sector of credit institutions and foreign bank branches. | Banking Inspection and Supervision Agency | Currency – Finance Stabilization Department, credit institutions and foreign bank branches | Developing early warning methods and thresholds for inherent risks arising from activities of credit institutions and foreign bank branches | Yearly |
5b.4 | Closely combining supervision, inspection, licensing and promulgation of regimes and policies. | Banking Inspection and Supervision Agency | Department of Legislation | Regular missions | Yearly |
5c | Increasing technological investments to support banking inspection and supervision | | Banking Inspection and Supervision Agency | Information Technology Department | Proposal/project/program/plan... and implementation thereof | Yearly |
5d | Designing the mechanism for controlling staff and the mechanism for protection of staff which are relevant, limit legal risks to staff involved in inspection and supervision activities in the banking industry. | | Department of Organization and Personnel | Department of Legislation, Banking Inspection and Supervision Agency | Relevant mechanisms and policies | 2019-2020 |
5dd | Increasing the quality of inspection and supervision of financial incorporations existing in parent-subsidiary company form with the parent company which is a credit institution; controlling the interconnectivity between credit institutions and finance institutions under the inspection and supervision jurisdiction of SBV | | Banking Inspection and Supervision Agency | Department of Legislation and Currency – Finance Stabilization Department | Proposal/project/program/plan... and implementation thereof | Yearly |
6. Developing modern banking products and services, and forming a basis to increase capabilities of accessing banking services |
6a | Diversifying banking service supply channels |
6a.1 | | Boosting the development of modern banking transaction channels, new and modern payment methods | Credit institutions | Payment Department, Departments and Administrations concerned | Regular missions | Yearly |
6a.2 | Keeping on developing and logically arranging the nationwide ATM and POS networks to ensure effectiveness and better satisfaction of market demands; encouraging banks and other organizations to invest in and expand ATM networks to reach rural areas and areas facing difficulty in having access to transaction points of banks; studying the use of several ATMs having modern functions. | Credit institutions | Payment Department, Information Technology Department, NAPAS, Banking Inspection and Supervision Agency, Banking Strategy Institute, credit institutions and foreign bank branches | Conclusion on results of implementation of the Plan No. 10/KH-NHNN dated September 25, 2017 on the Plan for development of banking card payments via payment terminals during the 2017-2020 period | 2018-2020 |
6a.3 | Stimulating cooperation in the healthily competitive relationship between banks and financial technology (Fintech) entities, non-banking entities, microfinance entities or the system of People’s Credit Funds to develop the network of agencies for banks at low costs; providing legal environment appropriate for the development of safe and effective fintech entities | Payment Department | Information Technology Department, Banking Inspection and Supervision Agency, Banking Strategy Institute, credit institutions and foreign bank branches | Related mechanisms and policies and implementation thereof | 2018-2019 |
6a.4 | Adopting standards for connection between credit institutions and between credit institutions and fintech entities | Information Technology Department | Payment Department, NAPAS and other related entities | Regulations on standards for connection between credit institutions and between credit institutions and fintech entities | 2018-2020 |
6b | Improving the quality and diversifying banking products and services |
6b.1 | | Raising the product and service quality with a view to improving service attitudes; reforming procedures, processes and enhancing application of information technology, reducing time, costs, better meeting customer’s demands on the basis of compliance with laws, and contributing to promoting the production and business growth. | Credit institutions and foreign bank branches | Information Technology Department, Banking Inspection and Supervision Agency, Banking Strategy Institute and Payment Department | Regular missions | Yearly |
6b.2 | Focusing on developing banking products and services on modern information technology platforms and those having capability of meeting demands of target customers that have not yet or less been served by banks. | Credit institutions and foreign bank branches | Payment Department, Information Technology Department, Banking Inspection and Supervision Agency, Banking Strategy Institute, credit institutions and foreign bank branches | Regular missions | Yearly |
6b.3 | Developing flexible microfinance products with simple and understandable structures tailored to demands of most people, especially those living in rural, isolated and remote areas or areas facing socio-economic disadvantages. | Microfinance institutions | Banking Inspection and Supervision Agency, Banking Strategy Institute, Monetary Policy Department and Department of Credit for Economic Sectors | Regular missions | Yearly |
6b.4 | Developing commercial credit products and services and credit lines for enterprises participating in value chains. | Department of Credit for Economic Sectors | Credit institutions and foreign bank branches, Monetary Policy Department, Banking Strategy Institute and Banking Inspection and Supervision Agency | Regular missions | Yearly |
6b.5 | Multiplying value-added services on channels providing banking services by using bank cards; designing domestic chip bank card standards and implementing the plan for conversion from magnetic cards to chip cards in Vietnam according to the proper schedule in order to ensure security and safety for card payments and facilitate connection to other payment systems. | Payment Department | Credit institutions and foreign bank branches, Banking Inspection and Supervision Agency, Banking Strategy Institute, NAPAS. | Regular missions | Yearly |
6b.6 | Continuing to put investments in infrastructure, robustly develop electronic payment methods such as online banking, internet banking, mobile banking, contactless payment and contactless payment acceptance, mobile contactless payment, QR code payment and tokenization payment, etc.; apply new and advanced security measures and standards to adapt to global payment trends, and ensure quick, safe, secure, convenient and cost-efficient payments. | Credit institutions and foreign bank branches | NAPAS, Payment Department, Banking Inspection and Supervision Agency and Banking Strategy Institute | Regular missions | Yearly |
6c | Developing electronic payment services supporting electronic commerce with a view to completing and increasing connection between electronic payment infrastructure of the banking system and payment infrastructure of payment intermediaries in order to better meet electronic payment requirements in the e-commerce sector at retail points of sale and points of online invoice payment. | | Payment Department | Information Technology Department, NAPAS, credit institutions and foreign bank branches | Regular missions | Yearly |
6d | Designing and implementing the national Strategy for financial inclusion | | Banking Strategy Institute | International Cooperation Department, Payment Department and other related entities | Prime Minister’s Decision to issue the national Strategy for financial inclusion | 2020 |
6dd | Operating green banks by raising banking-sector environmental and social awareness and responsibility in business activities; increasing capabilities of credit institutions to develop banking products intended for mobilization and lending of credit funds for investment in renewable energy, green energy, less-carbon manufacturing and consumption industries to contribute to protecting environment and improving the utilization of resources and energy |
6dd.1 | | Operating green banks through enhancement of banking-sector environmental and social awareness and responsibility in business activities. | Department of Credit for Economic Sectors | Banking Strategy Institute, Communications Department and other related entities | Regular missions | Yearly |
6dd.2 | Increasing capabilities of credit institutions to develop banking products intended for mobilization and lending of credit funds for investment in renewable energy, green energy, less-carbon manufacturing and consumption industries to contribute to protecting environment and improving the utilization of resources and energy. | Credit institutions and foreign bank branches | Department of Credit for Economic Sectors, Banking Strategy Institute and Banking Inspection and Supervision Agency | Regular missions | Yearly |
6dd.3 | Implementing the proposal for green banks of Vietnam issued under the Decision No. 1604/QD-NHNN dated August 7, 2018 of the SBV’s Governor. | Banking Strategy Institute | Department of Credit for Economic Sectors, Information Technology Department, Banking Inspection and Supervision Agency, credit institutions and foreign bank branches | Regular missions | 2018-2025 |
7. Developing the system of credit institutions having competitiveness in the domestic market and gradually improving their international competitiveness |
7a | Commercial banks, non-banking credit institutions (e.g. financial companies, consumer finance companies and finance leasing companies) |
7a.1 | | Revitalizing and improving financial capabilities. Increasing capital and improving the quality of equity of commercial banks and non-banking credit institutions, ensuring that chartered capital level is not lower than legal capital level and fully meets the minimum capital adequacy ratio in accordance with laws and international standards; actively and proactively implementing measures to control credit quality and reduce bad debts and increase asset quality in a consistent and decisive manner. | Commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency and State Bank’s branches in cities and provinces | Development strategy/action program... of each credit institution and implementation thereof | 2018-2020 |
7a.2 | Transforming the business model of commercial banks from “credit monoculture” to diversification of non-credit banking products and services; improving the specialization and professionalism in provision of electronic banking products and services; boosting financial service export. | Commercial banks | Banking Inspection and Supervision Agency and State Bank’s branches in cities and provinces | Development strategy/action program... of each credit institution and implementation thereof | 2018-2020 |
7a.3 | Keeping on reviewing and reinforcing financial business activities; making withdrawal of capital invested in the industries other than the banking industry, the non-finance industry and those industries that involve a lot of risks; orienting the credit structure towards concentrating on preferred sectors in order to contribute to restructuring the economy. | Commercial banks | Banking Inspection and Supervision Agency and State Bank’s branches in cities and provinces | Development strategy/action program... of each credit institution and implementation thereof | 2018-2020 |
7a.4 | Improving the capability of management, administration and transparency of credit institution’s operations, including such tasks as perfecting and applying risk management systems aligned with principles and standards of the Basel committee and the schedule of application of Basel II in Vietnam; completing and applying regulations on management of banks in conformance to international conventions; increasing the number of managers and sales executives that are well qualified, aware of compliance with laws, have good morals and career responsibilities; diversifying the structure of shareholders; requiring credit institutions to ensure public disclosure, transparency and accuracy of information about business strategies, ownership, financial status, risk management and organizational management structure in accordance with laws and international conventions. | Commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency and State Bank’s branches in cities and provinces | Development strategy/action program... of each credit institution and implementation thereof | 2018-2020 |
7a.5 | Modernizing information technology and intracompany payment systems of commercial banks; upgrading the system of core banks commensurate with the size and complexity level of banking activities, corresponding to management and administration requirements of credit institutions; increasing application of information technology to the management, administration, analysis and prevention of risks; making investments in information technology and having proper solutions to assuring information technology security. | Commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency, Information Technology Department, Payment Department, State Bank s branches in cities and provinces | Development strategy/action program... of each credit institution and implementation thereof | 2018-2020 |
7a.6 | State-owned commercial banks will play the role as the main and key force in terms of operational size, market share and market regulation capability; pioneering the application of modern banking technologies, advanced management competencies and taking initiative in international cooperation; proactively taking part in the restructuring of poorly rated credit institutions under the direction of the State Bank. | State-owned commercial banks | Banking Inspection and Supervision Agency | Development strategy/action program... of each credit institution and implementation thereof | 2018-2020 |
7a.7 | Increasing the chartered capital to meet the capital adequacy ratios of Basel II, ensure the State control of state-owned commercial banks with at least 65% of total voting shares held by the state; selecting strategic shareholders having good reputation in the market, having financial capabilities and management experience; making prerequisite preparations for listing on foreign stock exchanges | State-owned commercial banks (except Vietnam Bank for Agriculture and Rural Development) | Banking Inspection and Supervision Agency | - Plan for increases in chartered capital represented to competent authorities to seek approval - Development strategy/action program... of each credit institution and implementation thereof | 2018-2020 |
7a.8 | Playing the key role in the agricultural and rural credit sector; restructuring their operations to adopt the model of a multifunctional commercial bank; carrying out the privatization process at the right time and ensuring that the state holds at least 65% of chartered capital. | Vietnam Bank for Agriculture and Rural Development | Banking Inspection and Supervision Agency | - Plan for increases in chartered capital represented to competent authorities to seek approval - Development strategy/action plan… of Vietnam Bank for Agriculture and Rural Development, and implementation thereof | 2018-2020 |
7a.9 | Continuing to reinforce, correct and restructure joint-stock commercial banks and non-banking credit institutions to revitalize and improve financial capabilities in terms of operational size, quality and effectiveness, and ensure systematic safety; adjusting business activities to conform to the market mechanism, guarantee public disclosure and transparency and strict conformance to banking management and safety standards that are prescribed in laws and get close to international conventions. | Joint-stock commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency | Regular missions | 2018-2020 |
7a.10 | Stimulating and providing advantages for healthy credit institutions or potential investors abroad to participate in the restructuring of joint-stock commercial banks and non-banking credit institutions obtaining poor ratings; promoting the acquisition and merger of credit institution’s own accord in order to form institutions having large scale and good management practices. | Banking Inspection and Supervision Agency | | Related mechanisms and policies and implementation thereof | 2018-2020 |
7a.11 | Continuing to provide foreign credit institutions with advantages in doing business and equally competing with Vietnamese credit institutions; encouraging foreign credit institutions to get involved in supporting and handling difficulties and weaknesses of domestic credit institutions; encouraging foreign credit institutions to play the leading role in developing and applying modern technologies and launching new products and services in the Vietnamese market; supporting domestic credit institutions in access to new procedures, products and technologies to meet more and more diverse demands of customers for products and services. | Banking Inspection and Supervision Agency | Foreign credit institutions, related Departments and Administrations controlled by the State Bank | Related mechanisms and policies and implementation thereof | 2018-2020 |
7a.12 | Complying with international standards and conventions in the management and operation of credit institutions at the higher level; continuing to complete and implement healthy internal policies and procedures; reviewing, assessing, supplementing and revising advanced management and administration approaches based on international standards and conventions and in conformity with laws of Vietnam. | Commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency | Regular missions | 2021-2025 |
7a.13 | Making the final review of implementation of Basel II according to the standardized method; applying Basel II according to the advanced method. | Commercial banks | Banking Inspection and Supervision Agency | - General report. - Schedule of application of Basel II according to the advanced method. | 2021-2025 |
7a.14 | Continuing to modernize technological systems, increase the application of information technology to the management and administration, analysis and prevention of risks; continuing to investment in information technology and have relevant measures to assure information technology security. | Commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency and Information Technology Department | Regular missions | 2021-2025 |
7a.15 | Continuing to apply measures to diversify the structure of shareholders, facilitate the forming of large banks playing important roles in the system and region. | Joint-stock commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency | Regular missions | 2021-2025 |
7a.16 | Credit institutions must, of their own accord, design and adjust their business strategy to adapt to the new situations; in particular, carry out the clear strategy planning for development of services with an emphasis on the development of modern service supply channels and application of digital technology; diversify banking products and services, robustly develop non-credit service channels in order to increase the ratio of income generated from non-credit services and make commitments to actively and effectively participating in the implementation of financial inclusion. | Commercial banks and non-banking credit institutions | Banking Inspection and Supervision Agency, related Departments and Administrations | Business strategies and implementation thereof | 2021-2025 |
7a.17 | State-owned commercial banks must continue to play the role as the main and key force in terms of business scale, market share and market regulation capability; take initiative in the implementation and application of Basel II according to the advanced method, and international cooperation; ensure at least 51% of the State ownership; carry out the listing on foreign stock exchanges (in particular, Vietnam Bank for Agriculture and Rural Development must list their shares on domestic stock exchanges). | State-owned commercial banks | Banking Inspection and Supervision Agency | Development strategy/action program... of each state-owned commercial banks and implementation thereof | 2021-2025 |
7a.18 | Joint-stock commercial banks must meet capital, database and personnel requirements to be able to applying Basel II in full according to the standardized method. | Joint-stock commercial banks | Banking Inspection and Supervision Agency | Development strategy/action program... of each joint-stock commercial bank and implementation thereof | 2021-2025 |
7a.19 | Designating joint-stock commercial banks that have already finished applying Basel II according to the standardized method and have the good management quality to experiment on application of Basel II according to the advanced method. | Banking Inspection and Supervision Agency | Relevant joint-stock commercial banks | Trial application proposal/project/program/plan… | 2021-2025 |
7a.20 | Encouraging accredited joint-stock commercial banks to list their shares on foreign stock exchanges. | Banking Inspection and Supervision Agency | Joint-stock commercial banks | Related mechanisms and policies and implementation thereof | 2021-2025 |
7a.21 | Diversifying the types of non-banking credit institutions according to international conventions and the context of Vietnam. | Banking Inspection and Supervision Agency | Relevant Departments and Administrations | Related mechanisms and policies and implementation thereof | 2021-2025 |
7a.22 | Foreign credit institutions may take initiative in developing banking services, creating the competitive environment and contributing to developing domestic credit institutions. | Foreign credit institutions | Banking Inspection and Supervision Agency, related Departments and Administrations | Regular missions | 2021-2025 |
7b | Credit institutions that exist as cooperatives and microfinance institutions |
7b.1 | | Elevating roles and responsibilities of Cooperative Bank for regulating capital, inspecting and overseeing the use of borrowed funds and customer’s capability of repayment of loan debts; providing professional instructions and training in the banking and information technology industry, giving support for banking activities to member people’s credit funds; getting involved in dealing with people’s credit funds facing difficulties or showing the sign of unsafe credit operations. | Cooperative Bank | Banking Inspection and Supervision Agency, Deposit Insurance of Vietnam and other entities concerned | Regular missions | 2018-2020 |
7b.2 | Continuing to correct and improve all aspects of finance, management and operation of existing people’s credit funds as well as sustainable expansion of new people s credit funds at rural areas; make sure that the main business lines comprise mobilization of capital and lending of funds to local members, especially those living or located at rural areas, in order to make most use of local resources contributing to developing the local economy, eradicating hunger, reducing poverty and repelling usury; ensure that people’s credit funds will operate according to the principles of voluntariness and responsible autonomy for outcomes and with the main aim of mutual support amongst members; people’s credit funds must operate in compliance with Law on Credit Institutions and Law on Cooperatives. | Banking Inspection and Supervision Agency | Deposit Insurance of Vietnam, State Bank’s branches in cities/provinces, people’s credit funds | Regular missions | 2018-2020 |
7b.3 | Drawing up and implementing the proposal to reinforce and develop the system of people’s credit funds by 2020 with vision towards 2030. | Banking Inspection and Supervision Agency | Cooperative Bank, Association of People’s Credit Funds, Deposit Insurance of Vietnam | Decision on issuing the proposal to reinforce and develop the system of people’s credit funds by 2020 with vision towards 2030. | 2018-2019 |
7b.4 | Strengthening organization and operation of the Association of People’s Credit Funds to meet requirements for becoming the entity presiding over connecting people s credit funds in the system, representing rights and making general development orientations for people s credit funds; cooperating with Cooperative Bank in training staff of people s credit funds and establishing an organization specialized in independent audit of people’s credit funds in accordance with law soft. | Association of People’s Credit Funds | Cooperative Bank, Banking Inspection and Supervision Agency, Deposit Insurance of Vietnam and other entities concerned | Proposal/project/program/plan... and implementation thereof | 2018-2020 |
7b.5 | Cooperating with Cooperative Bank in training staff of people’s credit funds and establishing an organization specialized in independent audit of people’s credit funds in accordance with laws. | Association of People’s Credit Funds | Cooperative Bank, Deposit Insurance of Vietnam and other entities concerned | Proposal/project/program/plan... and implementation thereof | 2018-2020 |
7b.6 | Finishing making the Cooperative Bank become the bank for all credit institutions that strives for the main goals of interconnection and assurance of the systematic safety by providing financial support and oversight of operations of people’s credit funds, perform the main activities such as regulating capital, carrying out banking operations and managing the operation of the fund for assurance of safety of the system of member people’s credit funds. | Cooperative Bank | Banking Inspection and Supervision Agency, Deposit Insurance of Vietnam and other entities concerned | Development strategy/proposal/project/program/plan... and implementation thereof | 2021-2025 |
7b.7 | Researching and constructing the independent credit underwriting center in order to assist in improving the credit quality of member people s credit funds. | Cooperative Bank | Banking Inspection and Supervision Agency, Deposit Insurance of Vietnam and other entities concerned | Independent credit underwriting center | 2021-2025 |
7b.8 | Continuing to apply measures to ensure that people’s credit funds are operated according to guidelines, objectives and principles of credit institutions existing in the form of cooperative for better support for members; focus on objectives of support for development of service business and improvement of living standards for members and support for communities where they are operated; continuing to complete management and administration structure, machinery, invest in infrastructure, complete information technology system, diversify and modernize products and services according to international conventions and particular requirements of credit institutions existing in the form of cooperative for better support for members. | People’s credit funds | State Bank’s branches in cities/provinces, Banking Inspection and Supervision Agency, Deposit Insurance of Vietnam | Proposal to reinforce and develop the system of people’s credit funds by 2020 with vision towards 2030, and implementation thereof | 2021-2025 |
7b.9 | Researching into linking sector-specific people’s credit institutions with other people’s credit funds and with Cooperative Bank. | Banking Inspection and Supervision Agency | Cooperative Bank, Deposit Insurance of Vietnam and other entities concerned | Mechanism for forming connections | 2021-2025 |
7b.10 | Completing the model for organization and operation of Association of People’s Credit Funds to cooperate with Cooperative Bank in excelling at performing the function of an entity presiding over connecting member people s credit funds in the system of credit institutions which are cooperatives; supporting and ensuring stable operations, safe and sustainable development of the system of people’s credit funds. | Association of People’s Credit Funds | Cooperative Bank, Deposit Insurance of Vietnam, Banking Inspection and Supervision Agency and other entities concerned | Proposal/project/program/plan... and implementation thereof | Yearly |
7b.11 | Building and developing the safe and strong market-oriented microfinance system; ensuring extra-small enterprises, poor families and low income earners may have access to financial services of acceptable quality; increasing economic development opportunities for people; implementing policies of the Party and State on assurance of social security and sustainable poverty reduction. | Banking Inspection and Supervision Agency | Department of Legislation, Deposit Insurance of Vietnam and its related entities, microfinance institutions | Proposal/project/program/plan... and implementation thereof | 2018-2025 |
7b.12 | Consistently implementing the proposal for “building and developing microfinance system in Vietnam by end of 2020” approved by the Prime Minister under the Decision No. 2195/QD-TTg dated December 6, 2011. | Banking Inspection and Supervision Agency | Deposit Insurance of Vietnam and other entities concerned | Results of implementation of missions in the proposal | 2018-2020 |
7b.13 | Providing advantageous conditions for establishment and operation of microfinance institutions, microfinance programs and projects, and the management and supervision mechanism corresponding to the particular characteristics of microfinance services; formulating particular policies to provide advantages in connecting operations of credit institutions existing in different forms and those of microfinance institutions. | Banking Inspection and Supervision Agency | Department of Legislation, Deposit Insurance of Vietnam and its related entities | Related mechanisms and policies and implementation thereof | 2018-2020 |
7b.14 | Boosting the number of microfinance institutions to increase the accessibility to customer services and assist in implementation of the national financial inclusion strategy. | Banking Inspection and Supervision Agency | Banking Strategy Institute, Deposit Insurance of Vietnam and other entities concerned | Related mechanisms and policies and implementation thereof | 2021-2025 |
8. Completing the model of organization and operation of other financial organizations operating in the banking industry |
8a | Vietnam Bank for Social Policies |
8a.1 | | Focusing on ensuring consistency in policy-based credit functions of commercial banks and Vietnam Bank for Social Policies; making Vietnam Bank for Social Policies become an organization granted autonomy and developed in a stable and sustainable manner, maintain its role as a public financial institution carrying out social policies of the Government; focusing on requirements which financial organizations operating according to market principles are incapable of meeting or capable of meeting in part. | Vietnam Bank for Social Policies | Banking Inspection and Supervision Agency, related Departments and Administrations | Strategy for developing Vietnam Bank for Social Policies and implementation thereof | 2018-2020, 2021-2030 periods |
8a.2 | Effectively carrying out objectives, missions and solutions to implement the Strategy for developing Vietnam Bank for Social Policies in the 2011-2020 period which has already been approved by the Prime Minister under the Decision No. 852/QD-TTg dated July 10, 2012. | Vietnam Bank for Social Policies | Entities concerned | Conclusion on results of implementation of objectives, missions and solutions defined in the Strategy | 2018-2020 |
8a.3 | Based on the final review and assessment report on results of implementation of the Strategy for developing Vietnam Bank for Social Policies in the 2011-2020 period, researching and designing the development Strategy for the 2021-2030 period for representation to the Prime Minister to seek his approval. | Vietnam Bank for Social Policies | Banking Inspection and Supervision Agency, Banking Strategy Department and other entities concerned | Strategy for developing Vietnam Bank for Social Policies in the 2021-2030 period | 2021 |
8b | VAMC |
8b.1 | | Making VAMC officially developed into the center for treatment of bad debts, restructuring the system of credit institutions, promoting the development of the debt trading market, ensuring the safe and sustainable development of credit institutions, ensuring sufficient capabilities and resources for performing the functions and tasks of purchasing, selling and disposing of bad debts, valuation and auctioning of assets. | VAMC | Banking Inspection and Supervision Agency, Department of Organization and Personnel, other related Departments, Administrations and credit institutions | Regular missions | Yearly |
8b.2 | Designing the Strategy for developing VAMC by 2025 with vision towards 2030. | VAMC | Banking Inspection and Supervision Agency and other entities concerned | Strategy for developing VAMC by 2025 with vision towards 2030. | 2018-2019 |
8c | Deposit Insurance of Vietnam |
8c.1 | | Developing Deposit Insurance of Vietnam to operate in the form of a single-member limited liability company of which chartered capital is wholly owned by the State and of which the owner is represented by the SBV; aim at protecting legitimate rights and interests of depositors, contribute to maintaining the stability of the system of credit institutions, ensuring the safety and healthiness of banking operations. Designing the Strategy for developing deposit insurance by 2025 with vision towards 2030. | Deposit Insurance of Vietnam | Banking Inspection and Supervision Agency, Department of Organization and Personnel, Department of Legislation, Banking Strategy Department, Finance – Accounting Department | Strategy for developing deposit insurance and implementation thereof | 2018-2025 |
8c.2 | Increasing financial capabilities, operational competencies and perfecting the organizational model, boosting professional level of staff, applying modern technologies to effectively perform tasks of oversight, inspection, getting involved in special control, detection, early warning of inherent risks to organizations participating in deposit insurance | Deposit Insurance of Vietnam | Banking Inspection and Supervision Agency | Regular missions | Yearly |
8c.3 | Taking part in the effective restructuring of poorly rated credit institutions. | Deposit insurance | Banking Inspection and Supervision Agency | Regular missions | Yearly |
8c.4 | Calculating and collecting deposit insurance premiums, managing investment capital, propagating deposit insurance policies, paying insurance claims in conformity with international conventions and other provisions of Vietnamese legislation. | Deposit insurance | Finance – Accounting Department | Regular missions | Yearly |
9. Boosting application and development of science and technology and development of workforce in the banking industry |
9a | Approaching applications of the fourth industrial revolution in the orientation towards innovation of banking operations |
9a.1 | | Upholding innovation and application of modern technologies through the increased integration of information technology into the SBV’s state management. | Information Technology Department | State Bank’s related entities, credit institutions | Plan for application of information technology in the banking industry for the 2021-2025 period | 2019 |
9a.2 | Upholding innovation and application of modern technologies through the increased integration of information technology into the management of credit institution’s business. | Credit institutions | Information Technology Department, Banking Inspection and Supervision Agency, related Departments and Administrations | Regular missions | Yearly |
9a.3 | Increasing safety measures for the system of credit institutions, especially continuing to speed up the construction of the Data Disaster Recovery Center | Credit institutions | Information Technology Department directs other credit institutions to perform these tasks | Regular missions | Yearly |
9a.4 | Increasing security and safety measures for the electronic interbank payment system. | Information Technology Department | NAPAS, Payment Department | Regular missions | Yearly |
9a.5 | Adding more regulations and measures to ensure security, safety and confidentiality for card, ATM, POS and other hi-tech payments. | Payment Department | Information Technology Department and NAPAS | Regular missions | Yearly |
9a.6 | Formulating the clear mechanism and legislative framework to grant permission to establish organizations specialized in centralized clearing and settlement of payment transactions according to the principles of competitiveness and forming bases for developing in-width payments and improving the quality of payment services. | Payment Department | Department of Legislation, Information Technology Department, and Banking Inspection and Supervision Agency | Related mechanisms and policies and implementation thereof | 2018-2020 |
9a.7 | Designing the strategy for development of information technology system, network safety and cyber security of the banking system by 2025 with visions towards 2030. | Information Technology Department | Banking Strategy Department, Payment Department, Banking Inspection and Supervision Agency, SBV’s Office, related departments and administrations | Strategy for development of information technology system, network safety and cyber security of the banking system by 2025 with visions towards 2030 | 2019 |
9 | Focusing on development of science and technology |
9b.1 | | Increasing autonomy of science and technology organizations, research and training organizations in the banking industry. | Department of Organization and Personnel | Banking Strategy Department, Banking Academy, Banking University of HCMC and Staff Training and Development School | Proposal for autonomy and implementation thereof | 2020-2025 |
9b.2 | Promoting investments in science and technology in the banking industry. | Finance – Accounting Department | Banking Strategy Department, Banking Academy, Banking University of HCMC, Staff Training and Development School, and other related Departments and Administrations | Regular missions | Yearly |
9b.3 | Focusing on the quality of scientific research and management and increasing applied scientific researches. | Banking Strategy Institute | Banking Academy, Banking University of HCMC, Staff Training and Development School, and other related entities | Regular missions | Yearly |
9b.4 | Encouraging initiatives and improvements; expanding cooperation activities, setting up sponsorship funds of credit institutions for scientific research activities in the banking industry. | Banking Strategy Institute | Department of Organization and Personnel, International Cooperation Department, related Departments, Administrations, credit institutions and foreign bank branches | Regular missions | Yearly |
9b.5 | Tying scientific research activities to practical conditions, providing scientific arguments to help design strategies, planning schemes and business plans in the banking sector. | Banking Strategy Institute | Banking Academy, Banking University of HCMC, Staff Training and Development School, and other related entities | Regular missions | Yearly |
9c | Focusing on developing the banking workforce |
9c.1 | | Setting professional standards, allowing the use of practicing certificates of several key position holders in the banking industry. | Department of Organization and Personnel | Staff Training and Development School, Banking Academy, Banking University of HCMC, and other related entities | Set of professional standards and the permitted use of practicing certificates of several key position holders in the banking industry | 2018-2020 |
9c.2 | Increasing cooperation between training establishments and employers in the banking industry. | Department of Organization and Personnel | Staff Training and Development School, Banking Academy, Banking University of HCMC, and other related entities | Regular missions | Yearly |
9c.3 | Focusing on training of high-quality human resources to meet requirements for development of the banking system of Vietnam and integration into the international economy, especially leadership and top experts in the banking sector, in order to reach the regional and international level. Training and educating experts or specialists in the banking disciplines such as: Monetary policy, foreign exchange reserve management, settlement, banking inspection and supervision, analysis, forecast and management of risks, etc. | Department of Organization and Personnel | Staff Training and Development School, Banking Academy, Banking University of HCMC | Regular missions | Yearly |
9c.4 | Training staff in order for them to be capable of grasping scientific and technological advances and putting them to use in the banking industry, providing and training in new skills for the existing staff to ensure that the operations staff of SBV has the ability to apply advanced information technology and working methods, propose and advise on formulation of policies, exercise the state management of monetary, credit and banking activities to meet the requirements of the economy in the context of thorough international economic integration and strong development of science and technology; enhance their independence and personal responsibility. | Department of Organization and Personnel | Staff Training and Development School, Banking Academy, Banking University of HCMC, Computer Technology Department | Regular missions | Yearly |
9c.5 | Building a contingent of information technology workers at credit institutions who have good professional qualifications, meet the demands for management, operation and mastering of modern technological systems. | Credit institutions | | Regular missions | Yearly |
9c.6 | Strengthening cooperation, making best use of support, making technology transfers, providing intensive professional training from international organizations such as the World Bank, International Monetary Fund, Japan International Cooperation Agency, Asian Development Bank and central banks of developed countries, etc. to improve professional qualifications, experience and skills for officers, civil servants, public employees, management and staff members in the banking industry. | Department of Organization and Personnel | International Cooperation Department and Banking Strategy Institute | Regular missions | Yearly |
9d | Designing the Strategy for developing the banking workforce by 2025 with vision towards 2030. | Department of Organization and Personnel | Staff Training and Development School, Banking Academy, Banking University of HCMC, and other related entities | Decision to issue the Strategy for developing the banking workforce by 2025 with vision towards 2030 | 2020 |
10. Increasing international cooperation and boosting the international integration progress in the banking industry |
10a | Continuing to implement the action program of the Government and the State Bank for implementation of the Party s and State s resolutions on international economic integration; collaborating with relevant ministries and agencies in effectively implementing the Resolution No. 06-NQ / TW on effectiveness in implementation of the international economic integration process and maintaining the socio-political stability in the context of our country’s accession to new-generation free trade agreements. | | International Cooperation Department | Entities, departments and administrations concerned | Regular missions | Yearly |
10b | Keeping on implementing commitments in the finance – banking sector within the framework of signed free trade agreements | | International Cooperation Department | Entities, departments and administrations concerned | Regular missions | Yearly |
10c | Boosting the expansion of multilateral international cooperation, increasing the scale and depth of activities within the framework of ASEAN, ASEAN + 3, SEACEN, ASEM, APEC, finance and banking forums and financial inclusion...; Maintaining, developing and strengthening bilateral cooperation with central banks, monetary management agencies/banks in countries in the region and the globe; Participating actively in the bilateral cooperation forums of the Government (Joint Commission/ Intergovernmental Committee) to promote cooperation in the banking sector, thereby facilitating trade and investment between Vietnam and its partners; promoting efficiency and developing in-depth relationships with traditional partners and extending relationships with new partners to increase the effectiveness in external relations in the banking sector. | | International Cooperation Department | Entities, departments and administrations concerned | Regular missions | Yearly |
10d | Increasing relationships, improving the status and voice of Vietnam and SBV at finance – currency institutions of international banks, regional/global forums and other international partners. | | International Cooperation Department | Entities, departments and administrations concerned | Regular missions | Yearly |
10dd | Exploiting and making effective use of financial and technical resources from international partners for the socio-economic growth in Vietnam in general and banks in particular; taking initiative in finding new partners, getting involved in regional and global finance - currency institutions, forums in order to increase financial and technical resources supporting accomplishment of national developmental objectives. | | International Cooperation Department | Monetary Policy Department, Foreign Exchange Administration, Banking Inspection and Supervision Agency, State Bank’s Office and Communications Department | Regular missions | Yearly |
10e | Actively grasping and sharing information between international finance – currency institutions and central banks in countries in order to take prompt action against financial difficulties and risks in the globe | | International Cooperation Department | Monetary Policy Department, Foreign Exchange Administration, Banking Inspection and Supervision Agency, State Bank’s Office, Communications Department and Banking Strategy Institute | Regular missions | Yearly |
10g | Raising international integration capabilities, making human, technical and management resources available to meet international standards in order to have the good supply of nominees and candidates introduced and recommended to work for international organizations. | Framework proposal for preparation of resources, nomination and recommendation of representative involved in training classes, work and researches, secondment and exchange of officers at finance institutions of international banks by 2030. | International Cooperation Department | Department of Organization and Personnel, Banking Strategy Department and other entities concerned | Prime Minister’s Decision on approval of proposal | 2019 |
11. Promoting the efficiency of SBV’s communications campaigns |
| Devising the communications plan for SBV over periods of time | | Communications Department | Monetary Policy Department, Foreign Exchange Administration, Banking Inspection and Supervision Agency, SBV’s Office, Communications Department, Banking Strategy Institute, Department of Credit for Economic Sectors, Payment Department, VAMC, Department of Legislation, communications units of SBV s branches in cities/provinces, Banking Times and Banking Magazine | Communications plan | 2018-2025 |
Vietnamese
Decision 34/QĐ-NHNN DOC (Word)
Decision 34/QĐ-NHNN PDF (Original)
