State Bank of Vietnam
State Bank of Vietnam building in Hanoi
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| Headquarters | Hanoi, Vietnam |
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| Established | 6 May 1951 |
| Governor | Lê Minh Hưng |
| Central bank of | Vietnam |
| Currency |
Vietnamese đồng VND (ISO 4217) |
| Website | www |
The State Bank of Vietnam (Vietnamese: Ngân hàng Nhà nước Việt Nam) is the central bank of Vietnam. It currently holds an about 65% stake of VietinBank - the country's largest listed bank by capital.
When Indochina was under French rule, the colonial government governed the Indochinese monetary system through Indochinese Bank, which also acted as a commercial bank in French Indochina. After the August Revolution in 1945, the government of the Democratic Republic of Vietnam gradually attempted to exercise a monetary system independent from France. On 6 May 1951, president Hồ Chí Minh signed decree 15/SL on establishment of National Bank of Vietnam (Ngân hàng Quốc gia Việt Nam). On 21 January 1960, the governor of the bank signed an ordinance on behalf of the prime minister to rename the bank State Bank of Vietnam (Ngân hàng Nhà nước Việt Nam).
After the fall of Saigon, the two Vietnams were united but not until July 1976 did the two countries’ administrations and institutions unite. In July 1976, the National Bank of Vietnam (the central bank of Republic of Vietnam) was merged into the State Bank of Vietnam.
In the Doi moi liberalisation era, the banking system of Vietnam was reformed. New banks were created, starting with the Industrial and Commercial Bank of Vietnam (VietinBank - now the largest listed bank) and the Vietnam Bank for Agriculture in 1988, and the role of the State Bank was gradually narrowed to that of a central bank. In 1990, an ordinance reorganised the state bank and redefined its function as: "on behalf of the State, of managing money, credit, and banking operations throughout the country in order to stabilize a value of money, and is the only agency with power to circulate the currency of the Socialist Republic of Vietnam" While the State Bank continued to lend to state-owned enterprises in the following years, it has now been largely superseded in the respect by other state-owned banks and by private banks.
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Wikipedia