The history of the State Bank dates back to the time when Indochina was under French rule. During that period, the colonial government managed the monetary system through Banque de l'Indochine. After the August Revolution in 1945, the Democratic Republic of Vietnam aimed to establish an independent monetary system.
On May 6, 1951, president Hồ Chí Minh signed a decree to establish the National Bank of Vietnam. Subsequently, on January 21, 1960, the bank was renamed the State Bank of Vietnam. Following the reunification of Vietnam, the National Bank of Vietnam, which was the central bank of the Republic of Vietnam, merged with the State Bank of Vietnam in July 1976.
In the reform era known as Doi moi, the banking system of Vietnam underwent significant changes. New banks, such as VietinBank and the Vietnam Bank for Agriculture, were created in 1988. The State Bank's role gradually shifted towards being a central bank.
Since then, the State Bank of Vietnam has undergone further reforms. It acts on behalf of the state in managing money, credit, and banking operations throughout the country to stabilize the value of money. However, its lending role to state-owned enterprises has decreased over time due to the emergence of other state-owned and private banks.
Several of the State Bank's buildings are inherited from the Banque de l'Indochine, including its headquarters in Hanoi and the Ho Chi Minh City branch. The former prime minister, Nguyễn Tấn Dũng, once served as the governor of the bank.
The State Bank of Vietnam is a ministry-level body under the administration of the government, and its governor is a member of the cabinet. Both the governor and vice governors serve a 5-year term. The bank's principal roles include promoting monetary stability, supervising financial institutions, providing banking facilities, and managing the country's international reserves.
Thank you for visiting the State Bank of Vietnam.
