State Bank of Vietnam (SBV)

Overview

Official Name: Ngân hàng Nhà nước Việt Nam (State Bank of Vietnam)

Type: Central Bank | Ministry-Level Government Body

Contact Address: 47-49 Ly Thai To Street, Trang Tien Ward, Hoan Kiem District, Hanoi, Vietnam

Website: sbv.gov.vn | English Portal

Leadership: Governor Nguyen Thi Hong (appointed 2020, rated A+ by Global Finance 2025)

The State Bank of Vietnam (SBV) is the sole central bank of Vietnam and functions as a ministry-level body under the Government of Vietnam. Established under the Law on the State Bank of Vietnam (December 12, 1997), the SBV serves as the exclusive issuer of the Vietnamese đồng (VND) currency and exercises comprehensive regulatory authority over Vietnam's banking system, payment services, monetary policy, and foreign exchange management.

Key Roles:

• Sole issuer of national currency (Vietnamese đồng)
• Primary monetary policy authority
• Banking system supervisor and regulator
• Payment systems regulator
• Foreign exchange management authority
• Requires verification from official sources Central bank digital currency (CBDC) developer

The SBV operates as a binding regulatory authority at Layer 1 (national level), with enforcement powers extending to all financial institutions operating within Vietnam's jurisdiction. The central bank is directly accountable to the Government of Vietnam and maintains close coordination with international financial bodies, including the Bank for International Settlements (BIS).

Basic Identity

Document ID: A140-VN-NAT-state-bank-of-vietnam

Entity ID: reg-vn-nat-sbv

Created: April 5, 2026

Regulatory Category: Central Bank | Payment Systems Regulator | Banking Supervisor | Digital Asset Authority

Currency: Vietnamese Đồng (VND)

Related Entities: Requires verification from official sources Ministry of Finance, State Securities Commission, Ministry of Public Security, Bank for International Settlements

Note: This document provides a comprehensive overview of the State Bank of Vietnam's regulatory authority and functions as of April 2026. Regulatory frameworks are subject to change. Users should consult official SBV publications and Vietnamese government sources for the most current regulatory requirements and implementation details. This document is intended for informational purposes and should not be construed as legal advice.

Classification

Inclusion Justification

What This Entity Oversees

Prudential Regulation and Oversight

The SBV exercises comprehensive supervision over Vietnam's credit institutions through:

1. Licensing and authorization - Credit institution charter approvals and branch permits
2. Capital adequacy standards - Minimum capital requirements aligned with international Basel standards
3. Asset quality monitoring - Loan classification and provisioning requirements
4. Liquidity standards - Liquid asset ratio requirements
5. Risk management supervision - Credit, market, and operational risk oversight
6. Compliance audits and examinations - On-site and off-site supervisory activities
7. Enforcement actions - Warnings, restrictions, and license revocation

State-Owned Commercial Banks

The SBV supervises and monitors the performance of state-owned commercial banks (SOCBs), which constitute a significant portion of Vietnam's banking system. Current major SOCBs include Requires verification from official sources:

• Vietcombank (Vietnam Joint Stock Commercial Bank for Foreign Trade)
• Agribank (Vietnam Bank for Agriculture and Rural Development)
• BIDV (Bank for Investment and Development of Vietnam)
• VietinBank (Vietnam Bank for Industry and Trade)

Credit Institution Licensing

The SBV establishes and enforces minimum standards for credit institutions including:

• Capital requirements: Specified minimum charter capital based on institution type
• Ownership restrictions: Requires verification from official sources Foreign ownership limits and regulatory approval
• Governance standards: Board composition and management structure requirements
• Business scope: Permissible financial activities based on license type

Regulatory Protections

The State Bank of Vietnam incorporates consumer protection measures across banking and payment regulation:

1. Deposit insurance - Protection for deposits held at licensed credit institutions [UNVERIFIED - coverage limits and administration]
2. Fair lending practices - Requirements for transparent interest rates and terms
3. Transparency requirements - Mandatory disclosure of fees, rates, and terms to consumers
4. Payment security standards - Protection against fraudulent payment transactions
5. Complaint mechanisms - Consumer complaint handling procedures at SBV [UNVERIFIED - specific procedures]
6. Dispute resolution - Requires verification from official sources Ombudsman or alternate dispute resolution authority

Anti-Money Laundering and Know Your Customer (KYC)

The SBV enforces comprehensive AML/CFT and KYC requirements:

• Customer identification: Full identification data collection for all account holders
• Beneficial ownership identification: Ultimate beneficial owner (UBO) identification for legal entities
• Transaction monitoring: Suspicious activity detection and reporting
• Enhanced due diligence (EDD): Heightened scrutiny for high-risk customers and jurisdictions
• Reporting obligations: Requires verification from official sources Requirements to report suspicious transactions to government authorities

Regulatory Powers

Administrative Actions

The State Bank of Vietnam holds binding enforcement authority to impose the following actions on regulated entities:

1. Written warnings - For minor regulatory breaches
2. Fines and penalties - Monetary sanctions for violations
3. Remedial directives - Required corrective action orders
4. Restrictions on activities - Limitations on specific business operations
5. License suspension - Temporary cessation of operations [UNVERIFIED - procedural requirements]
6. License revocation - Permanent closure and deauthorization
7. Management interventions - Replacement of officers and board members [UNVERIFIED - conditions]

Reporting and Investigation Powers

The SBV maintains statutory authority to:

• Conduct examinations - On-site and off-site supervisory reviews
• Demand reporting - Information requests to regulated entities with compliance deadlines
• Financial statement audits - Required audits by SBV-approved auditors
• Regulatory inquiries - Investigation of suspected violations
• Confidential source information - Acceptance and investigation of violation reports Requires verification from official sources

Regulatory Authority Scope

SBV enforcement powers extend to violations of:

• The Law on the State Bank of Vietnam (1997)
• The Law on Credit Institutions (2024)
• Banking regulations, circulars, and decisions
• Monetary policy directives
• AML/CFT requirements
• Payment system standards

Confidence Level: 90+ (based on official regulatory framework documentation; specific enforcement statistics Requires verification from official sources)

Regulatory Role and Function

Current Leadership

Governor: Nguyen Thi Hong

• Appointment Date: 2020
• Distinction: First female Governor of the State Bank of Vietnam
• Recent Recognition: Rated A+ by Global Finance in 2025 Central Banker Report Cards (highest grade)
• International Role: Chair, BIS Asian Consultative Council (2024-2026)

Deputy Governors: [UNVERIFIED - complete list and specific portfolios]

The SBV leadership team includes the following Deputy Governors:

1. Dao Minh Tu
2. Doan Thai Son
3. Pham Tien Dung
4. Pham Thanh Ha
5. Pham Quang Dung
6. Nguyen Ngoc Canh

Governance Structure

• Board: Governor and Deputy Governors (board composition [UNVERIFIED - formal governance charter])
• Reporting Authority: Government of Vietnam
• Accountability: Governor serves as member of Government of Vietnam
• Policy Bodies: Requires verification from official sources Monetary Policy Committee and specialized regulatory divisions

Legal Foundation

Primary Legislation

Law on the State Bank of Vietnam (1997)

The foundational legal framework governing the SBV is the Law on the State Bank of Vietnam, December 12, 1997, which:

• Establishes SBV as a ministry-level government body with binding authority
• Grants SBV sole authority to formulate and implement national monetary policy
• Authorizes comprehensive state management over currency and banking activities
• Defines SBV's role in protecting state interests and legitimate rights of organizations and individuals
• Specifies the Governor as a member of the Government of Vietnam

Supporting Regulatory Framework

Secondary Laws and Regulations:

1. Law on Credit Institutions (2024) - Recently amended to reflect contemporary banking standards; SBV is actively drafting implementing decrees and circulars to ensure synchronized implementation
2. Ordinance on Foreign Exchange Management - Governs forex transactions and currency trading oversight
3. Law on Securities - Oversees capital markets (joint authority with State Securities Commission)
4. Law on Insurance Business - Insurance sector regulation
5. Circular No. 27/2025/TT-NHNN - Recent AML/CFT updates requiring reporting of domestic VND transfers ≥500 million

Monetary Policy Authority

The Law on the State Bank of Vietnam grants the SBV Governor authority to implement monetary policy through multiple tools:

• Refinancing operations - Credit facility management
• Interest rate policy - Policy rate setting and corridor management
• Exchange rate management - FX market intervention
• Reserve requirements - Compulsory reserve ratio adjustments for credit institutions
• Open market operations - Securities and currency market transactions
• Additional tools - As determined by the Governor

The SBV maintains documented monetary policy frameworks and publishes regular policy statements through official channels.

Licensing and Authorization Relevance

Central Bank Digital Currency (CBDC) Development

The State Bank of Vietnam is actively researching and developing a central bank digital currency (CBDC) project:

Authorization: Prime Minister directive (June 2021) instructing SBV to research, develop, and pilot CBDC based on blockchain technology

Technical Approach: Blockchain-based architecture [UNVERIFIED - specific blockchain platform details]

Policy Objectives: [UNVERIFIED - intended use cases and rollout timeline]

Fintech Regulation Framework

The SBV operates as the primary regulator of fintech activities under a developing regulatory framework:

Regulatory Authority:

• Lead authority for fintech licensing and oversight under the Fintech Draft Decree
• Power to grant special pilot approvals ("Trial Approvals") for innovative fintech products and services
• Coordination authority with Ministry of Finance and other agencies

Fintech Pilot Program:

The SBV has established a structured pilot approval process enabling:

• Testing of innovative payment services in controlled environments
• Temporary exemptions from certain regulatory requirements for approved pilots [UNVERIFIED - scope of exemptions]
• Performance monitoring and evaluation before full-market authorization
• Approval authority: SBV Governor and Board

Regulatory Approach: Risk-based oversight with emphasis on innovation while maintaining financial stability and consumer protection

Payments and Money Movement Relevance

Regulatory Scope and Authority

The State Bank of Vietnam holds primary regulatory responsibility over Vietnam's payment systems and has established itself as the binding authority for:

1. Payment system safety, reliability, and efficiency - Ensuring compliance with international standards
2. Payment service provider licensing - Issuance and revocation of payment institution permits
3. Non-bank payment service regulation - Oversight of intermediary payment services (IPS) and e-payment providers
4. Cross-border payment oversight - International transfer monitoring and AML/CFT compliance
5. Payment infrastructure standards - Technical requirements for payment gateways and settlement systems

Payment Service Provider Categories

Licensed Payment Service Providers:

• Commercial banks and credit institutions
• Non-bank intermediary payment service (IPS) providers
• Electronic payment infrastructure operators
• Payment gateway providers
• Card processors and payment processors

Intermediary Payment Services (IPS) Requirements

Non-credit institutions providing IPS must meet SBV minimum standards:

• Minimum charter capital: 50 billion Vietnamese dong (approximately $2 million USD)
• Technical requirements: Compliance with SBV-specified security and operational standards
• Legal requirements: Formal licensing application and ongoing regulatory compliance
• Personnel requirements: Qualified management and compliance staff Requires verification from official sources
• Licensing process: Application to SBV with review and approval requirement

Recent Payment Regulation Updates

Circular No. 27/2025/TT-NHNN (Anti-Money Laundering):

The SBV issued Circular 27 in 2025 implementing enhanced AML/CFT measures:

• Mandatory reporting threshold: Domestic VND transfers ≥500 million (approximately $19,000 USD)
• Reporting entity: SBV Anti-Money Laundering Department
• Applicable to: All banks and payment service providers
• Compliance deadline: [UNVERIFIED - specific implementation date]

Payment Account Regulations (Draft Circular):

The SBV is actively amending regulations governing payment accounts with updates to:

• Account eligibility and holder requirements
• Transaction limits and monitoring
• Account closure procedures
• Consumer protection provisions

Recent Legal Developments (2025)

Law on Digital Technology Industry (June 2025):

Vietnam's National Assembly passed landmark legislation taking effect January 1, 2026, that for the first time clearly defines digital assets in Vietnamese law:

• Digital assets: Broadly defined assets represented in digital form
• Cryptoassets: Specifically defined as assets secured through encryption and blockchain technology
• Virtual assets: Digital representations of value excluding securities, fiat currency, and other regulated instruments
• Property rights: Digital assets now recognized as ownable, transferable, inheritable, and legally protected property

SBV Role in Digital Asset Regulation:

The State Bank of Vietnam operates as one of four coordinating authorities (with Ministry of Finance, State Securities Commission, and Ministry of Public Security) responsible for:

• Reviewing digital asset licensing applications
• Enforcing capital and ownership requirements
• Ensuring compliance with financial stability standards
• Requires verification from official sources Monitoring systemic risk implications

Cryptocurrency Exchange Licensing

Vietnam has implemented a pilot licensing regime for cryptocurrency exchanges with SBV participation:

Licensed Activities:

• Digital asset exchange platforms (trading)
• Stablecoin payment services (in pilot locations)
• Requires verification from official sources Custody and wallet services

Pilot Locations:

• Five cryptocurrency exchanges licensed for digital-asset trading (as of 2025)
• Da Nang: Pilot location for foreigner stablecoin payment acceptance [UNVERIFIED - ongoing status]

Licensing Requirements:

• Application to coordinating authorities (SBV + other agencies)
• Capital and ownership verification
• Compliance framework and risk management review
• Requires verification from official sources Security standards and audit requirements

Regulatory Restrictions:

Excluded from the digital asset framework:

• Securities (regulated separately by State Securities Commission)
• Fiat currency in digital form (e-VND or CBDC when issued)
• Financial instruments already regulated under existing frameworks

Payment Systems Governed or Overseen

The State Bank of Vietnam operates and/or oversees the national payment and settlement infrastructure of Vietnam. As of 2026, the key payment systems include:

Core Infrastructure Systems

System Performance and Growth (2026)

NAPAS 24/7 Performance:

• Participating Banks: 40+ institutions
• Daily VietQR Transactions: 15 million transfers daily
• Annual Transaction Value: VND40 trillion (approximately USD 1.54 billion)
• Settlement Time: Seconds (real-time processing)
• Operating Hours: 24/7 continuous operation

VietQR Growth Trajectory:

• Standardization: Launched 2021 as unified national QR standard
• Bank Coverage: 50+ banks participating
• Daily Volume: 15 million transactions
• Use Cases: P2P transfers, retail merchant payments, cross-border settlements
• Merchant Adoption: Growing rapidly with street vendors and small businesses transitioning to digital

QR Payment Market Growth:

• Street vendor cashless payment adoption surging
• QR payment growth: 85%+ year-over-year increases reported
• Accelerating digitalization of informal sector

Cross-Border Payment Integration (2026 Expansion)

Retail Digital Payment Ecosystem

Mobile Wallets and Payment Providers:

• MoMo: Leading mobile wallet; integration with NAPAS for instant transfers
• ZaloPay: Fintech payment solution; integration with Zalo messaging ecosystem
• Bank-operated mobile wallets with NAPAS connectivity

Payment Service Providers:

• Payment aggregators supporting VietQR
• Digital wallet operators integrated with NAPAS
• QR payment processors handling merchant transactions

Settlement and Clearing Infrastructure

NAPAS Framework:

• Operator: National Payment Corporation of Vietnam (NAPAS)
• Regulatory Authority: State Bank of Vietnam (SBV)
• Settlement Currency: Vietnamese Dong (VND)
• Participants: Licensed banks and designated payment service providers

Real-Time Settlement Characteristics:

• Instant processing (under 10 seconds)
• 24/7 continuous operation
• Final settlement for retail payments
• Integration with interbank clearing

Market Transformation

Informal Sector Digitalization:

• Street vendors transitioning to QR-based payments
• Significant growth in digital payment adoption
• QR codes becoming standard merchant payment method
• Reduced cash dependency in urban and semi-urban areas

Financial Inclusion Impact:

• Expanded payment access through mobile wallet ecosystem
• QR code standardization reducing barriers to payment acceptance
• NAPAS infrastructure enabling unbanked/underbanked participation

Regulatory Framework

Legislation:

• State Bank of Vietnam Law: Primary authority for payment system regulation
• Decree on Payment System Activities: Specific regulatory framework
• Central Bank Digital Currency guidance: Evolving CBDC policy

Settlement Finality:

State Bank of Vietnam establishes binding rules for NAPAS payment finality and settlement to ensure legal certainty and minimize systemic risk.

Digital Currency and Innovation

CBDC Development:

• SBV research on digital dong (e-VND)
• Integration potential with existing NAPAS infrastructure
• Cross-border CBDC cooperation initiatives

Fintech Integration:

• Open banking standards development
• API standardization for payment service providers
• Mobile wallet ecosystem regulation

Future Regulatory Enhancements (2026+)

Scheduled Initiatives:

• VietQR Global expansion to Japan, South Korea, Malaysia, Singapore (2026+)
• Enhanced cross-border payment capacity
• Potential retail CBDC deployment
• Open banking framework implementation
• Merchant QR payment standardization

Infrastructure Modernization:

• NAPAS capacity expansion
• Cross-border settlement mechanism upgrades
• Real-time payment system resilience enhancements
• Regional payment system interoperability

Sources:

• Instant Payments Vietnam (2026)
• Vietnam NAPAS and VietQR Overview - Transfi
• Vietnam Payment Rails Overview - Transfi
• Vietnam Street Vendors QR Payments Growth
• Cross-Border Vietnam-China QR Payments (April 2026)
• VietQR Payment Acceptance Guide - Transfi

Relationship to Other Regulators

Bank for International Settlements (BIS) Participation

BIS Asian Consultative Council Chairmanship:

In September 2024, Governor Nguyen Thi Hong was appointed by the Board of Directors of the Bank for International Settlements to serve as Chair of the BIS Asian Consultative Council (ACC) for a two-year term beginning September 27, 2024.

Significance: This appointment reflects Vietnam's growing prominence in regional financial governance and the SBV's integration into global central banking networks.

Monetary Policy and Economic Coordination

2024 Performance Summary (SBV Governor Statement):

At the SBV's December 14, 2024 annual conference reviewing banking sector performance:

• Inflation managed at 3.69% over first 11 months of 2024
• Lending rates decreased to support economic development
• Exchange rates remained stable amid international volatility
• Overall assessment: SBV "effectively navigated economic headwinds of 2024"

International Standards Compliance

The SBV maintains alignment with international financial standards through:

• Basel Accords: Capital adequacy framework adoption [UNVERIFIED - Basel III/IV implementation status]
• FATF Standards: Anti-money laundering and combating the financing of terrorism (AML/CFT) compliance
• Payment Systems Standards: Compliance with international payment system safety principles
• BIS Cooperation: Participation in central bank working groups and policy forums

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Official Websites

• Main Portal: sbv.gov.vn
• English Version: sbv.gov.vn/webcenter/portal/en
• Social Media: LinkedIn - The State Bank of Vietnam

Contact Information

Physical Address:

State Bank of Vietnam

47-49 Ly Thai To Street

Trang Tien Ward

Hoan Kiem District

Hanoi, Vietnam

Phone: [UNVERIFIED - main switchboard number]

Email: [UNVERIFIED - general inquiry email]

Licensing and Regulation Inquiries: [UNVERIFIED - department contact information]

Regulatory Databases and Publications

• Banking Statistics: Published on SBV website
• State-Owned Commercial Banks Registry: SBV Banking List
• Regulatory Circulars and Decisions: Published in official SBV circulars and decrees
• Monetary Policy Statements: Regular publication of policy decisions and meeting minutes

Notes on Naming and Language