Decree 26/2025/ND-CP the functions, tasks, powers of the State Bank of Vietnam

DECREE

Defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam^[1]

Pursuant to the February 18, 2025 Law on Organization of the Government;

Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;

At the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates the Decree defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam.

Article 1. Position and functions

The State Bank of Vietnam (below referred to as the State Bank) is a ministerial-level agency of the Government, the Central Bank of the Socialist Republic of Vietnam, which shall perform the state management of monetary, banking and foreign exchange activities (below referred to as monetary and banking activities) and public services under its management; perform the functions of the Central Bank regarding money issuance and a bank of credit institutions and provide monetary services to the Government.

Article 2. Tasks and powers

The State Bank shall perform the tasks and exercise the powers defined in the Law on the State Bank of Vietnam, the Law on Organization of the Government and the Government’s regulations on the functions, tasks, powers and organizational structures of ministries and ministerial-level agencies, and has the following specific tasks and powers:

1. To submit to the Government draft laws and draft resolutions of the National Assembly, draft ordinances and draft resolutions of the National Assembly Standing Committee; draft decrees and draft resolutions of the Government under its approved annual lawmaking programs and plans, and resolutions, projects and schemes as assigned by the Government or the Prime Minister; strategies, master plans and annual and long-term development plans; national target programs, action programs and national important projects and works in the fields under its management.

2. To submit to the Prime Minister drafts of decisions, directives and other documents in the fields under its management or as assigned.

3. To promulgate circulars and other documents in the fields under its state management; to direct, guide, inspect and organize the implementation of legal documents and promulgated or approved development programs, projects and plans in the fields under its management.

4. To establish annual inflation indicators for submission to the Government; to use instruments for the implementation of national monetary policies, including refinancing, interest rate, foreign exchange rate, required reserves, open market operations, issuance of its treasury bills, and other instruments and measures.

5. To organize statistics and statistical surveys, and collect and store domestic and foreign economic, financial, monetary and banking information within its competence; to carry out analysis and forecasting of monetary and banking activities; to publicize monetary and banking information in accordance with law.

6. To grant, modify, supplement and revoke establishment and operation licenses of credit institutions, establishment licenses of foreign bank branches and licenses for establishment of representative offices of foreign credit institutions and other foreign organizations engaged in banking activities; to grant, modify, supplement and revoke intermediary payment service provision licenses for non-bank organizations; to grant, re-grant, change contents of, and revoke, credit information service provision licenses (certificates of eligibility for credit information service provision) for organizations; to grant and revoke registration certificates for microfinance programs and projects; to approve the acquisition, sale, division, splitting-up, consolidation, merger and dissolution of credit institutions in accordance with law.

7. To decide on the application of special measures to handle credit institutions that seriously violate monetary and banking regulations, face financial difficulties and are likely to make the banking system unsafe, such as purchasing shares of credit institutions; terminating or suspending the work of, or relieving from duty, managers and executive officers of credit institutions; deciding on the merger, consolidation or dissolution of credit institutions; placing credit institutions under special control; and performing its tasks and exercising its powers toward credit institutions in accordance with the bankruptcy law.

8. To approve the tentative lists of persons to be elected or appointed as members of the Boards of Directors or Members’ Councils, members of the Supervisory Boards and Chief Executive Officers of credit institutions; to approve other changes in accordance with the Law on Credit Institutions.

9. To perform the state management of money laundering prevention and combat in accordance with the anti-money laundering law.

10. To carry out banking examination, inspection and supervision; to examine and inspect foreign exchange, gold trading and anti-money laundering activities; to carry out credit control; to have the right to request those subject to banking inspection or those subject to banking supervision to hire independent audit organizations to conduct independent audits in accordance with law; to handle violations in monetary, banking, foreign exchange and anti-money laundering activities in accordance with law.

11. To perform the state management of deposit insurance in accordance with the law on deposit insurance.

12. To assume the prime responsibility for preparing, monitoring, forecasting and analyzing results of implementation of the international payment balance; to report on the implementation of Vietnam’s international payment balance in accordance with law; to act as the focal point in providing data on Vietnam’s international payment balance to domestic and foreign organizations in accordance with law.

13. To organize, manage, operate and supervise the national payment system to ensure its safety and effectiveness and provide payment services to banks; to supervise the provision of intermediary payment services; to participate in organizing and supervising the operation of payment systems in the economy; to manage payment instruments in the economy.

14. To perform the state management of foreign exchange, foreign exchange activities and gold trading activities:

a/ To manage foreign exchange activities in current transactions, capital transactions and foreign exchange use in Vietnam’s territory; foreign exchange service trading and provision activities and other foreign exchange-related transactions; and foreign exchange activities in border areas in accordance with law;

b/ To manage state foreign exchange reserves in accordance with law; to purchase and sell foreign exchange in the domestic market for the objectives of national monetary policies; to purchase and sell foreign exchange with the state budget, international organizations and other sources; to purchase and sell foreign exchange in the international market and conduct other foreign exchange transactions in accordance with law;

c/ To publicize foreign exchange rates; to decide on the exchange rate regime and exchange rate mechanism;

d/ To grant and withdraw written approvals of the trading and provision of foreign exchange services for credit institutions, foreign bank branches and other organizations in accordance with law;

dd/ To manage foreign exchange with regard to foreign investment in Vietnam and Vietnam’s offshore investment in accordance with law;

e/ To manage gold trading activities in accordance with law;

g/ To manage foreign loan borrowing and repayment activities of residents entitled to borrow and repay foreign loans on the self-borrowing and self-payment principle in accordance with law. 

To guide procedures for and organize the confirmation of registration of or registration of changes in government-guaranteed foreign loans in accordance with law;

h/ To manage the provision of foreign loans, recovery of foreign debts and grant of guarantee for non-residents by credit institutions and economic organizations in accordance with law.

15. To represent the Socialist Republic of Vietnam and the Vietnamese Government at the International Monetary Fund (IMF), the World Bank (WB) Group, the Asian Development Bank (ADB), the International Investment Bank (IIB), the International Bank for Economic Cooperation (IBEC), the Asian Infrastructure Investment Bank (AIIB) and other international monetary institutions and banks.

To exercise the rights and perform the obligations of Vietnam at international monetary organizations and banks at which the State Bank acts the country’s representative; to propose to the Government or the Prime Minister policies and measures to develop and expand cooperation with these organizations and banks.

16. To propose to the Government the conclusion of specific treaties on non-refundable ODA loans not linked with loans of international financial-monetary organizations or banks at which it acts as the country’s representative in accordance with law.

17. To carry out international cooperation in monetary, banking and foreign exchange activities in accordance with law; to join international anti-money laundering organizations and perform the obligations of Vietnam as their member.

18. To stabilize the monetary-financial system:

a/ To synthesize, analyze and forecast the monetary-financial situation; to propose measures to prevent systematic risks in the monetary-financial sector;

b/ To formulate policies and measures to respond to crises, ensuring the stability of the monetary, banking and financial system.

19. To perform the operations of the Central Bank:

a/ To organize the designing of specimen banknotes and coins, and the printing, minting, preservation and transportation of banknotes and coins; to issue, withdraw, substitute and destroy banknotes and coins;

b/ To grant refinancing for providing short-term capital and payment instruments for credit institutions; to grant refinancing to credit institutions for providing support to targeted subjects as directed by the Government or the Prime Minister;

c/ To organize, administer and develop the monetary market; to manage and operate the domestic currency market and inter-bank foreign currency market.

20. To provide special loans to credit institutions in accordance with law.

21. To organize the credit information system and provide credit information services; to perform the state management of credit information organizations; to conduct credit rating analysis for legal persons and natural persons in Vietnam’s territory.

22. To act as an agent and provide banking services for the State Treasury.

23. To join the Ministry of Finance in the issuance of government bonds and government-guaranteed bonds.

24. To make investment policy approval decisions or investment decisions for programs and projects under its management; to carry out the monitoring, evaluation, supervision, examination and inspection of the implementation of plans, programs and projects under its management in accordance with law.

25. To organize and direct scientific research, application of scientific and technological advances and environmental protection in the banking sector in accordance with law.

26. To organize training and further training in monetary and banking operations in accordance with law.

27. To decide on guidelines and specific measures and direct the implementation of operation mechanisms of public service units in monetary, banking and foreign exchange activities; to manage non-business units falling within its competence in accordance with law.

28. To act as the representative of the owner of state capital amounts at credit institutions, financial institutions and enterprises with state capital in accordance with law.

To use legal capital as capital contributed for the establishment of specialized enterprises in order to perform its functions and tasks under the Prime Minister’s decisions.

29. To perform the tasks and exercise the powers toward associations and non-governmental organizations under its management in accordance with law.

30. To carry out inspection and examination, and settle complaints and denunciations; to prevent and combat corruption; to receive citizens; to practice thrift and combat waste in accordance with law.

31. To decide on and direct the implementation of its administrative reform program based on the objectives and contents of the Government’s administrative reform program and the Prime Minister’s directions; to decide on and direct the change of working style, modernization of working offices, building of public service culture and application of information technology and digital transformation to serve the State Bank’s operation.

32. To manage and organize communications activities in the banking sector which are related to its functions and tasks. 

33. To manage the organizational apparatus, payroll of civil servants, number of employees, job positions, rank-based structure of civil servants, professional title-based structure of public employees, and number of persons working in public non-business units; to decide on the rotation, transfer, appointment, reappointment, relief from duty, resignation from office, dismissal, retirement, employment termination, commendation and disciplining of personnel; and regimes and policies on preferential treatment, training and further training of cadres, civil servants, public employees and workers under its management in accordance with law.

34. To submit to the Prime Minister a mechanism on recruitment and preferential treatment of cadres and civil servants as suitable to its specific operations.

35. To manage the allocated finances and assets in accordance with law.

36. To perform other tasks assigned and exercise other powers vested by the Government or the Prime Minister and specified by law.

Article 3. Organizational structure

1. The Monetary Policy Department.

2. The Payment Department.

3. The Department of Credit for Economic Sectors.

4. The Forecasting and Statistics-Monetary and Financial Stabilization Department.

5. The International Cooperation Department.

6. The Department of Legal Affairs.

7. The Finance and Accounting Department.

8. The Organization and Personnel Department.

9. The Office.

10. The Inspectorate.

11. The Central Banking Department.

12. The Information Technology Department.

13. The Issue and Vault Department.

14. The Foreign Exchange Management Department.

15. The Anti-Money Laundering Department.

16. The Credit Institution Supervision Department.

17. The Department of Banking System Safety.

18. The Regional Branches.

19. The National Credit Information Center of Vietnam.

20. The Banking Times.

The units specified in Clauses 1 thru 18 of this Article are administrative organizations assisting the State Bank Governor in performing the state management function and the functions of the Central Bank; and the units specified in Clauses 19 and 20 of this Article are non-business units serving the state management function of the State Bank.

The Monetary Policy Department and the Forecasting and Statistics-Monetary and Financial Stabilization Department has 6 divisions. The Department of Credit for Economic Sectors, the International Cooperation Department, the Finance and Accounting Department and the Organization and Personnel Department has 5 divisions; the Payment Department has 4 divisions; and the Department of Legal Affairs has 3 divisions.

The State Bank Governor shall submit to the Prime Minister for promulgation a list of other public non-business units under the State Bank.

The State Bank Governor shall promulgate decisions defining the functions, tasks, powers and organizational structures of the organizations and units under the State Bank in accordance with law.

Article 4. Effect

1. This Decree takes effect on March 1, 2025.

2. This Decree annuls:

a/ The Government’s Decree No. 102/2022/ND-CP of December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

b/ The Government’s Decree No. 26/2014/ND-CP of April 7, 2014, on the organization and operation of banking supervision agencies;

c/ The Government’s Decree No. 43/2019/ND-CP of May 17, 2019, amending and supplementing a number of articles of the Government’s Decree No. 26/2014/ND-CP of April 7, 2014;

d/ The Government’s Decree No. 146/2024/ND-CP of November 6, 2024, amending, supplementing or annulling a number of articles of the Government’s Decree No. 102/2022/ND-CP of December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam, and the Government’s Decree No. 26/2014/ND-CP of April 7, 2014, on the organization and operation of banking supervision agencies, which is amended and supplemented under the Government’s Decree No. 43/2019/ND-CP of May 17, 2019;

e/ The Prime Minister’s Decision No. 18/2024/QD-TTg of November 6, 2024, defining the functions, tasks, powers and organizational structure of the Banking Supervision Agency under the State Bank of Vietnam.

Article 5. Implementation responsibility

The State Bank Governor, ministers, heads of ministerial-level agencies, heads of government-attached agencies, and chairpersons of provincial-level People’s Committees shall implement this Decree.-

On behalf of the Government
For the Prime Minister
Deputy Prime Minister
HO DUC PHOC