Bank Basic
InformationName and BackgroundThe
State Bank of Vietnam (Ngân hàng Nhà nước Việt Nam, SBV) is the central bank of Vietnam, established on May 6, 1951, and headquartered at No. 49, Hoan Kiem District, Hanoi City. SBV is a government ministry that is wholly owned by the Vietnamese government and is currently headed by Nguyễn Thị Hồng.
Scope of ServicesThe
main responsibilities of SBV include: formulating and implementing monetary policy, supervising and supervising financial institutions, managing the country's foreign exchange reserves, issuing and managing currency, supervising the activities of commercial banks, organizing the issuance of government bonds, etc. In addition, SBV is responsible for managing the country's international reserves and providing banking services to financial institutions.
Regulation & ComplianceAs
the central bank, SBV itself is not regulated by other agencies, but its responsibilities include supervising all commercial banks and financial institutions in Vietnam to ensure that they comply with relevant regulations and policies. SBV is also responsible for formulating and enforcing laws and policies related to monetary, credit and banking operations in order to maintain the stability of the country's financial system.
Financial healthAs
a central bank, SBV's financial health is mainly reflected in the stability and health of the financial system it manages and supervises. As of the end of 2022, Vietnam's credit institution system consisted of 4 state-owned commercial banks, 28 joint-stock commercial banks, 9 wholly foreign-owned banks, 50 branches of foreign banks, 26 financial and leasing companies, 1 cooperative bank, 1,181 people's credit funds, and 4 microfinance institutions. By supervising these institutions, SBV ensures that their key indicators such as capital adequacy ratio, non-performing loan ratio and liquidity coverage ratio are in compliance with regulations to maintain the health of the entire financial system.
Digital Service Experience
: SBV actively promotes the digital transformation of Vietnam's banking industry. From July 1, 2024, SBV will require biometric authentication for a single online transaction exceeding VND 10 million (about USD 392) or a cumulative daily transaction of more than VND 20 million to enhance the security of the transaction. In addition, SBV also encourages banks to adopt technologies such as facial recognition, real-time transfers, bill management, and integration of investment tools to improve user experience and service efficiency.
Security MeasuresIn
terms of fund security, SBV protects customer funds by strengthening supervision and introducing advanced anti-fraud technologies such as real-time transaction monitoring and biometric authentication. In terms of data security, SBV promotes the adoption of international standards, such as ISO 27001 certification, in the banking industry to ensure the security and privacy of customer data.
Featured Services and Differentiation
SBV encourages the banking industry to provide a variety of financial products and services to meet the needs of different customer segments. For example, exclusive accounts and wealth management products for students, seniors and high-net-worth customers, as well as green financial products that support sustainable development (ESG investment). In addition, SBV also promotes the development of private banking in the banking industry, providing customized financial solutions to meet the individual needs of high-net-worth customers.
Market Position & HonorAs
the central bank of Vietnam, SBV occupies a central position in the country's financial system. Its policies and regulatory measures play a key role in the development and stability of Vietnam's banking sector. SBV's efforts have also been internationally recognized, such as being awarded the title of "Best Bank for Sustainable Development".
