Law on the State Bank of Vietnam No. 01/1997/QH10

LAW

State Bank of Vietnam

Pursuant to the Constitution of the Socialist Republic of Vietnam in 1992;

This Law stipulates on the State Bank of Vietnam,

PART I
GENERAL PROVISIONS

Article 1. The position and functions of the State Bank of Vietnam

1. The State Bank of Vietnam (hereinafter referred to as the State Bank) is an agency of the Government and is the central bank of the Socialist Republic of Vietnam.

2. The State Bank performs the function of state management over currency and banking activities; it is the issuing bank, the bank for credit organizations, and the bank providing financial services to the Government.

3. The operations of the State Bank aim at stabilizing the value of the currency, contributing to ensuring the safety of banking activities and the system of credit organizations, promoting economic and social development according to a socialist orientation.

4. The State Bank is a legal entity, having statutory capital owned by the State; its main office is located in Hanoi, the capital city.

Article 2. National Monetary Policy

National monetary policy is a component of the State's economic and financial policy aimed at stabilizing the value of the currency, curbing inflation, contributing to promoting economic and social development, ensuring national defense, security, and improving people's living standards.

The State uniformly manages all banking activities; it has policies to mobilize domestic resources as the main source, maximize external resources, leverage the combined strength of various economic sectors; ensure the leading role of state credit organizations in the field of currency and banking activities; maintain the socialist orientation, national sovereignty; expand international cooperation and integration; meet the requirements of economic and social development, contributing to industrialization and modernization of the country.

Article 3. Decision-making and organization of implementation of national monetary policy

1. The National Assembly decides and supervises the implementation of national monetary policy, the expected annual inflation rate in relation to the state budget balance and the rate of economic growth.

2. The President fulfills the tasks and powers prescribed by the Constitution and laws in negotiating, signing, participating, and approving international treaties and agreements on financial, monetary, and banking matters on behalf of the Socialist Republic of Vietnam.

3. The Government formulates the national monetary policy project, the expected annual inflation rate to be submitted to the National Assembly for decision; organizes the implementation of national monetary policy; decides the amount of additional money supply for circulation annually, the purpose of using this money, and periodically reports to the Standing Committee of the National Assembly; decides other specific policies and measures.

Article 4. Advisory Council for National Monetary Policy

1. The Government establishes an Advisory Council for National Monetary Policy to advise the Government on decisions concerning the tasks and powers of the Government regarding monetary policy.

2. The Advisory Council for National Monetary Policy consists of: The Chairman being a Deputy Prime Minister, the Permanent Member being the Governor of the State Bank, other members being representatives of the Ministry of Finance, the Ministry of Planning and Investment, relevant ministries and agencies, and experts in the banking sector.

3. The tasks and powers of the Advisory Council for National Monetary Policy are defined by the Government.

Article 5. Tasks and Powers of the State Bank

The State Bank has the following tasks and powers:

1. In performing the function of state management:

a) Participate in building the strategy and plan for national economic and social development;

b) Formulate the national monetary policy project for the Government to consider and submit to the National Assembly for decision and implementation; formulate the strategy for developing the banking system and credit organizations in Vietnam;

c) Formulate draft laws, ordinances, and other projects related to currency and banking activities; issue regulatory legal documents on currency and banking activities within its authority;

d) Issue, revoke licenses for the establishment and operation of credit organizations, except where decided by the Prime Minister; issue, revoke licenses for banking activities of other organizations; decide on the dissolution, approval of division, separation, merger, and consolidation of credit organizations in accordance with the law;

đ) Inspect and audit banking activities; control credit; handle violations of the law in the field of currency and banking activities within its authority;

e) Manage foreign borrowing and repayment of debts by enterprises in accordance with the Government's regulations;

g) Take the lead in establishing and monitoring the results of implementing the balance of payments;

h) Manage foreign exchange activities and gold trading activities;

i) Sign and participate in international treaties on currency and banking activities in accordance with the law;

k) Represent the Socialist Republic of Vietnam in international monetary and banking organizations when authorized by the President and the Government;

l) Organize training and professional development in banking; research and apply banking science and technology.

2. In performing the function of a central bank:

a) Organize printing, minting, storing, and transporting money; implement issuance, recovery, replacement, and destruction of money operations;

b) Implement refinancing to provide short-term credit and payment means for the economy;

c) Manage the money market; implement open market operations;

d) Control International Reserves; manage State Foreign Exchange Reserves;

đ) Organize the banking payment system, provide payment services, and manage the supply of payment means;

e) Act as an agent and provide banking services for the State Treasury;

g) Organize the information system and provide banking information services.

3. Perform other tasks and powers as prescribed by law.

Article 6. Responsibilities of Ministries, Agencies Equivalent to Ministries, and Other Central Government Agencies towards Banking Activities

1. Ministries, agencies equivalent to ministries, agencies under the Government, and other central government agencies within their respective tasks and powers cooperate with the State Bank in managing state affairs over currency and banking activities.

2. The Ministry of Finance shall cooperate with the State Bank of Vietnam in formulating national financial and monetary policies, estimating the total provisional advance for the state budget in the following year, and implementing other provisions of this Law regarding the relationship between the Ministry of Finance and the State Bank of Vietnam.

Article 7. Responsibilities of People's Councils and People's Committees at all levels in enforcing laws on currency and banking activities

Within their respective tasks and powers, People's Councils and People's Committees at all levels shall supervise and inspect the enforcement of laws on currency and banking activities in their localities.

Article 8. The role of the Vietnam Fatherland Front and its member organizations in banking activities

The Vietnam Fatherland Front and its member organizations shall participate with state agencies in supervising the enforcement of laws on currency and banking activities; promoting and mobilizing organizations and individuals to comply with legal provisions on currency and banking activities.

Article 9. Definitions

In this Law, the following terms shall be understood as follows:

1. Currency is a means of payment, including banknotes, coins, and negotiable instruments such as money.

2. The money market is a short-term capital market where short-term negotiable instruments are bought and sold, including Treasury bills, State Bank bills, deposit certificates, and other short-term negotiable instruments.

3. Banking activities are currency trading and banking service operations with the regular content of receiving deposits and using these funds to provide credit and supply payment services.

4. Open market operations refer to the buying and selling of short-term negotiable instruments conducted by the State Bank of Vietnam on the money market to implement national monetary policy.

5. Required reserve is the amount of money that credit organizations must deposit at the State Bank to implement national monetary policy.

6. Foreign exchange includes foreign currency, international standard gold, negotiable instruments, and foreign currency payment instruments.

7. Foreign exchange activities include investment, borrowing, lending, guarantee, buying, selling, and other transactions involving foreign exchange.

8. Exchange rate is the ratio between the value of the Vietnamese dong and the value of foreign currency.

9. International reserves are state foreign exchange reserves managed by the State Bank and foreign exchange reserves of credit organizations permitted to engage in foreign exchange activities.

10. Refinancing is a form of secured credit provided by the State Bank to supply short-term funds and payment means to banks.

11. Re-lending according to credit files is a form of refinancing by the State Bank for banks that have lent to customers.

12. Base interest rate is the interest rate announced by the State Bank as the basis for credit organizations to determine business interest rates.

13. Refinancing interest rate is the interest rate applied by the State Bank when providing refinancing.

14. Discount rate refers to the form of refinancing interest rate applied when the State Bank rediscounts commercial bills and other short-term negotiable instruments for credit institutions.

15. Short-term negotiable instrument is a negotiable instrument with a term of less than one year.

PART II
ORGANIZATION OF THE STATE BANK OF VIETNAM

Article 10. Organizational Structure

1. The State Bank of Vietnam shall be organized as a centralized and unified system comprising the management and operational units at headquarters, branches in provinces and centrally-administered cities, representative offices within and outside the country, and subordinate units.

2. The organization, tasks, and powers of the management system of the State Bank of Vietnam shall be prescribed by the Government.

Article 11. Leadership and Management of the State Bank of Vietnam

1. The Governor of the State Bank of Vietnam (hereinafter referred to as the Governor) is a member of the Government and is responsible for leading and managing the State Bank of Vietnam.

2. The Governor shall have the following tasks and powers:

a) Directing and organizing the implementation of the tasks and powers of the State Bank of Vietnam as stipulated in Article 5 of this Law and the Law on the Organization of the Government;

b) Being accountable to the Prime Minister and the National Assembly for the areas under his/her responsibility;

c) Representing the legal entity of the State Bank of Vietnam.

Article 12. Branches and Representative Offices

1. A branch is a dependent unit of the State Bank of Vietnam, subject to centralized and unified leadership and management by the Governor.

The Branch may perform the following tasks and powers according to the Governor's authorization:

a) Inspecting and auditing banking activities in the assigned area;

b) Issuing, revoking licenses for the establishment and operation of banks by credit institutions and licenses for the operation of banks by other organizations; deciding on the dissolution, division, merger, and consolidation of credit institutions in the area;

c) Implementing refinancing and payment lending operations;

d) Providing payment services, cash reserves, and other banking services to credit institutions and the State Treasury;

đ) Implementing other delegations as prescribed by law.

2. A representative office is a dependent unit of the State Bank of Vietnam, tasked with representing according to the delegation of the Governor. A representative office shall not conduct banking business operations.

3. The Governor shall prescribe the specific organization, tasks, and powers of branches and representative offices of the State Bank of Vietnam.

Article 13. Subordinate Units

1. The State Bank of Vietnam has public service units to carry out training, scientific research, information technology, information, and specialized banking press services.

2. The Prime Minister decides on the establishment of enterprises directly under the State Bank of Vietnam to provide specialized products serving banking activities.

Article 14. Responsibilities of State Bank of Vietnam officials and civil servants

State Bank of Vietnam officials and civil servants must comply with the following regulations:

1. Keeping confidential the operational activities of the State Bank of Vietnam, credit institutions, and customer deposits in accordance with the law;

2. Not engaging in advisory, representation, or collaboration roles for monetary, credit, trade, financial, or other business organizations, except as otherwise provided by law;

3. Not exploiting their positions or powers for personal gain through bribery, harassment, or other means;

4. Fulfilling other duties of state officials as prescribed by law.

CHAPTER III
ACTIVITIES OF THE STATE BANK OF VIETNAM

PART 1
IMPLEMENTATION OF NATIONAL MONETARY POLICY

Article 15. Responsibilities of the State Bank of Vietnam in implementing national monetary policy

In implementing national monetary policy, the State Bank of Vietnam shall have the following responsibilities:

1. Taking the lead in formulating the project for national monetary policy, annual plans for additional money supply to circulation, and submitting them to the Government;

2. Managing the tools for implementing national monetary policy; conducting money issuance and withdrawal from circulation according to market signals within the approved money supply range by the Government;

3. Reporting to the Government and the National Assembly on the results of implementing national monetary policy.

Article 16. Tools for Implementing National Monetary Policy

To implement national monetary policy, the State Bank of Vietnam uses refinancing, interest rates, exchange rates, reserve requirements, open market operations, and other tools as decided by the Governor.

Article 17. Forms of Refinancing

The State Bank of Vietnam implements refinancing for banks in the following forms:

1. Re-lending according to credit files;

2. Discounting and rediscounting commercial bills and other short-term negotiable instruments;

3. Lending secured by pledging commercial bills and other short-term negotiable instruments.

Article 18. Interest rate

The State Bank of Vietnam determines and publishes the basic interest rate and the refinancing interest rate.

Article 19. Exchange Rates

1. The exchange rate of the Vietnamese dong is formed based on the supply and demand for foreign currencies in the market, regulated by the State.

2. The State Bank of Vietnam determines and publishes the exchange rate of the Vietnamese dong.

Article 20. Reserve Requirements

1. The State Bank shall stipulate the reserve requirement ratio for each type of credit institution and each type of deposit at a rate from 0% to 20% of the total deposit balance at each credit institution during each period.

2. The interest payment on required reserves for each type of credit institution and each type of deposit during each period shall be prescribed by the Government.

Article 21. Open Market Operations

The State Bank shall conduct open market operations through the purchase and sale of Treasury bills, deposit certificates, State Bank bills, and other short-term negotiable instruments on the money market to implement national monetary policy.

PART 2
ISSUE OF PAPER MONEY AND COINAGE

Article 22. Currency Unit

The unit of currency of the Socialist Republic of Vietnam is "dong," with the national symbol being "đ" and the international symbol being "VND"; one dong equals ten hào, and one hào equals ten xu.

Article 23. Issuance of Money

1. The State Bank is the sole authority responsible for issuing money in the Socialist Republic of Vietnam, including paper money and coinage.

2. Paper money and coinage issued by the State Bank shall be used as unlimited means of payment within the territory of the Socialist Republic of Vietnam.

3. The State Bank manages the issuance reserve money in accordance with the regulations of the Government.

4. The State Bank ensures sufficient quantity and structure of paper money and coinage for the economy.

5. Money issued into circulation is a liability for the economy and is balanced by assets of the State Bank.

Article 24. Printing, minting, storing, transporting, issuing, and destroying money

1. The State Bank designs the denomination, size, weight, images, patterns, and other characteristics of paper money and coinage, which it submits to the Prime Minister for approval.

2. The State Bank organizes the implementation of printing, minting, storing, transporting, issuing, and destroying money.

Article 25. Handling torn and damaged money

The State Bank stipulates standards for classifying torn and damaged money; exchanges and withdraws various types of torn and damaged money due to circulation; does not exchange torn and damaged money caused by destructive acts.

Article 26. Withdrawal and replacement of money

The State Bank withdraws and removes from circulation various types of money that are no longer suitable and issues other types of money to replace them. The withdrawn money can be exchanged for other types of money with equivalent value within the time limit prescribed by the State Bank. After the withdrawal period, the withdrawn money will no longer have circulation value.

Article 27. Sample money and commemorative money

The State Bank organizes the implementation of printing, minting, selling domestically and internationally various types of sample money and commemorative money designed for collection purposes or other purposes as prescribed by the Government.

Article 28. Issuing and supervising the implementation of operational rules for money issuance

1. The Government shall issue operational rules for money issuance, including provisions on printing, minting, storing, transporting, issuing, withdrawing, replacing, destroying money, and costs for money issuance operations.

2. The Ministry of Finance shall inspect the implementation of operational rules for money issuance; the Ministry of Finance and the Ministry of Home Affairs shall supervise the printing, minting, and destruction of money.

Article 29. Prohibited acts

Strictly prohibit the following acts:

1. Counterfeiting money; transporting, storing, circulating counterfeit money;

2. Destroying currency;

3. Refusing to accept or circulate currency issued by the State Bank.

PART 3
CREDIT ACTIVITIES

Article 30. Lending

1. The State Bank lends short-term funds to credit institutions in the form of refinancing according to Article 17 of this Law.

2. In special cases, upon approval by the Prime Minister, the State Bank may lend to credit institutions temporarily unable to pay and posing a risk of instability to the credit institution system.

3. The State Bank shall not lend to individuals and organizations that are not credit institutions as specified in Clauses 1 and 2 of this Article.

Article 31. Guarantee

The State Bank shall not guarantee loans for organizations and individuals, except in cases where the Prime Minister designates the guarantee for credit institutions borrowing abroad.

Article 32. Advance to the state budget

The State Bank shall provide advances to the central government budget to address temporary budget fund shortages as decided by the Prime Minister. This advance must be repaid within the fiscal year, except in special cases decided by the Prime Minister.

Article 33. Contribution of capital, purchase of shares

The State Bank shall not invest capital or purchase shares of credit institutions and other enterprises.

PART 4
OPENING ACCOUNTS, PAYMENT ACTIVITIES, AND RESERVES

Article 34. Opening Accounts

1. The State Bank may open accounts at foreign banks, financial institutions, and international banks.

2. The State Bank opens accounts and conducts transactions for domestic credit institutions, foreign banks, and financial institutions, and international banks.

3. The State Bank opens accounts and conducts transactions for the State Treasury at the provincial level, and the State Treasury opens accounts at a state commercial bank in districts and towns that are not provincial capitals.

Article 35. Payment activities and reserves

1. The State Bank shall organize the inter-bank payment system and provide payment services.

2. The State Bank provides cash management services through the receipt and issuance of cash to customers.

3. The State Bank must promptly and fully execute all cash and non-cash transactions as requested by account holders.

4. The State Bank shall enter into and implement agreements on payments with foreign banks and financial institutions, and international banks in accordance with the law.

Article 36. Acting as an agent for the State Treasury

The State Bank acts as an agent for the State Treasury in organizing auctions, issuing, and settling Treasury bills and bonds.

PART 5
FOREIGN EXCHANGE MANAGEMENT AND FOREIGN EXCHANGE ACTIVITIES

Article 37. Tasks and powers of the State Bank in foreign exchange management

In foreign exchange management, the State Bank has the following tasks and powers:

1. Drafting laws, ordinances, and other projects on foreign exchange management; promulgating regulatory legal documents on foreign exchange management within its authority;

2. Issuing and revoking licenses for foreign exchange operations;

3. Organizing and managing the inter-bank foreign exchange market and the domestic foreign exchange market;

4. Inspect and audit compliance with laws on foreign exchange management; control foreign exchange outflows and inflows;

5. Control foreign exchange activities of credit institutions;

6. Perform other tasks and authorities regarding foreign exchange management as prescribed by law.

Article 38. State Foreign Exchange Reserves Management

1. State foreign exchange reserves include:

a) Cash foreign currency, balances of foreign currency in overseas deposit accounts;

b) Foreign bills and debt instruments denominated in foreign currency;

c) Debt securities issued or guaranteed by foreign governments, foreign banks, monetary organizations, or international banks;

d) Gold;

e) Other types of foreign exchange of the State.

2. The State Bank manages the State's foreign exchange reserves of the Socialist Republic of Vietnam according to the Government's regulations for implementing national monetary policy, ensuring international payment capability, and preserving the State's foreign exchange reserves.

3. The use of State foreign exchange reserves for urgent and critical needs of the State shall be decided by the Prime Minister.

4. The State Bank reports to the Government and the Standing Committee of the National Assembly on the situation of fluctuations in State foreign exchange reserves.

5. The Ministry of Finance audits the State Bank's management of State foreign exchange reserves according to the Government's regulations.

Article 39. State Bank's Foreign Exchange Activities

The State Bank conducts foreign exchange buying and selling transactions in the domestic market for the purpose of national monetary policy; buys and sells foreign exchange in the international market and performs other foreign exchange transactions as prescribed by the Government.

Section 6
INFORMATION ACTIVITIES

Article 40. Information Collection and Provision

1. The State Bank organizes the collection, analysis, and forecasting of domestic and international information on the economy, finance, currency, and banking activities to serve the formulation and implementation of national monetary policy. Relevant agencies have the responsibility to provide necessary information to the State Bank as prescribed by the Government.

2. The State Bank exchanges and provides information services on currency and banking activities to credit institutions, other organizations, and individuals.

Article 41. Information Disclosure

The State Bank discloses information on currency and banking activities. The Governor stipulates the scope, form, and timing of such disclosures.

Article 42. Protection of Confidential Information

The State Bank is responsible for developing and submitting to the Government for decision the list of classified documents concerning currency and banking activities; protecting state secrets, the State Bank's secrets, and customer secrets according to the law.

PART IV

FINANCIAL ACCOUNTING AND REPORTS OF THE STATE BANK

Article 43. Statutory Capital

The State Bank's statutory capital is provided from the State budget. The level of statutory capital of the State Bank is determined by the Prime Minister.

Article 44. Financial Receipts and Expenditures

The financial receipts and expenditures of the State Bank, in principle, follow the provisions of the State Budget Law. The Government specifies special contents of financial receipts and expenditures suitable for the operational activities of the State Bank.

Article 45. Annual Surplus or Deficit of the State Bank

The annual surplus or deficit of the State Bank is determined from income from banking operations and other sources, after deducting operating costs and risk reserves.

Article 46. Establishment of Funds

The State Bank allocates from the surplus or deficit to establish funds for implementing national monetary policy as prescribed by the Government; the remainder must be submitted to the State budget.

Article 47. Accounting of the State Bank

The State Bank implements accounting according to the accounting account system and document regime as prescribed by the law on accounting and statistics.

Article 48. Audit

The annual financial report of the State Bank must be audited and confirmed by the State Audit Agency.

Article 49. Fiscal Year, Financial Reports

1. The fiscal year of the State Bank begins on January 1 and ends on December 31 of the Gregorian calendar year.

2. The State Bank implements the financial reporting system as prescribed by law.

CHAPTER V
INSPECTION OF BANKS AND OVERALL AUDIT BY THE STATE BANK

Article 50. Banking Inspection

1. Banking inspection is specialized inspection related to banking, belonging to the organizational structure of the State Bank.

2. The relationship between the Banking Inspection and the State Inspection is regulated by the law on inspection.

3. The specific organization, tasks, and powers of the Banking Inspection are prescribed by the Government.

Article 51. Objectives and Purposes of Banking Inspection

1. The objects of Banking Inspection are the organizations and activities of credit institutions and banking activities of other organizations.

2. The purposes of Banking Inspection are to contribute to ensuring the safety of the credit institution system, protect the rights and legitimate interests of depositors, and serve the implementation of national monetary policy.

Article 52. Contents of Banking Inspection Activities

The contents of Banking Inspection activities include:

1. Inspecting compliance with laws on currency and banking activities, and the implementation of regulations in banking operation licenses;

2. Identifying, preventing, and handling violations according to authority; recommending competent authorities to handle violations of laws on currency and banking activities;

3. Recommending measures to ensure compliance with laws on currency and banking activities.

Article 53. Powers of Banking Inspection

When conducting inspections, the Banking Inspection has the following powers:

1. Request inspected entities and related parties to provide documents, evidence, and answer questions related to the inspection content;

2. Draft inspection records and recommend solutions;

3. AApply preventive measures and handle violations according to the law.

Article 54. Responsibilities of Banking Inspection

When conducting inspections, the Banking Inspection has the responsibilities:

1. Present the inspection decision and the Inspector's card;

2. To implement inspections strictly according to procedures and not cause undue harassment or disruption to normal banking activities, thereby causing damage to the legitimate interests of credit institutions and other organizations engaged in banking activities;

3. Report to the Governor on the results of inspections and recommend solutions;

4. Adhere to the law, be accountable to the Governor and the law for inspection conclusions and all actions and decisions made.

Article 55. Rights of Credit Institutions and Other Organizations Engaged in Banking Activities During Banking Inspection

When the Banking Inspection conducts inspections, credit institutions and other organizations engaged in banking activities have the following rights:

1. Request the Inspector to present the inspection decision, the Inspector's card, and comply with the law on inspection.

2. Lodge complaints, file accusations, or initiate lawsuits with competent state agencies regarding the Inspector's actions and the inspection conclusions and decisions of the banking inspector that they consider incorrect.

3. Claim compensation for damages caused by the improper actions and unlawful handling decisions of the banking inspector.

Article 56. Obligations of credit institutions and other organizations engaged in banking activities when the banking inspector conducts inspections.

When the banking inspector conducts inspections, credit institutions and other organizations engaged in banking activities shall have the following obligations:

1. Fulfill the requests of the banking inspector concerning the content of the inspection.

2. Comply with the handling decisions of the banking inspector.

Article 57. General Audit Office

1. The General Audit Office is a unit within the State Bank of Vietnam's organizational structure and has the following tasks:

a) Supervise the operations of units under the State Bank of Vietnam system;

b) Conduct internal audits of units performing central bank business operations.

2. The organization, tasks, and specific powers of the General Audit Office shall be stipulated by the Governor.

Chapter VI
REWARD AND VIOLATION HANDLING

Article 58. Awards

Organizations and individuals who achieve outstanding results in banking activities, contributing to promoting economic and social development, ensuring the safety of operations of the credit institution system, shall be rewarded according to the provisions of the law.

Article 59. Object and acts of violation

1. Organizations and individuals who violate the provisions of Article 29 of this Law; engage in banking activities without a license or beyond the scope specified in the license; obstruct or create difficulties for the State Bank of Vietnam's inspection and examination activities; violate other provisions of this Law and other laws on currency and banking activities, shall be subject to disciplinary, administrative, or criminal liability depending on the nature and severity of the violation, as provided by law.

2. State Bank of Vietnam officials and employees who violate the provisions of Article 14 of this Law; fail to fulfill their duties responsibly; cover up for organizations and individuals violating the provisions of this Law and other laws on currency and banking activities, shall be subject to disciplinary action or criminal liability depending on the nature and severity of the violation, as provided by law.

3. In cases where organizations and individuals commit violations as stipulated in Clauses 1 and 2 of this Article, causing damage to the interests of the State or organizations and individuals, they must compensate according to the provisions of the law.

Article 60. The State Bank of Vietnam's authority to handle administrative violations

Article 61. The State Bank of Vietnam has the authority to handle administrative violations of organizations and individuals in the field of currency and banking activities in accordance with the provisions of the law.

1. Organizations and individuals subject to administrative violations in the field of currency and banking activities have the right to lodge complaints about the administrative violation handling decision with competent state agencies or initiate lawsuits at the court. Complaints and lawsuits shall be conducted in accordance with the provisions of the law.

2. During the complaint period or lawsuit, organizations and individuals subject to administrative violations must still implement the administrative violation handling decision. Upon receipt of the decision resolving the complaint from the competent state agency or the judgment, decision of the court having legal effect, implementation shall be carried out according to the decision resolving the complaint of the competent state agency or according to the judgment, decision of the court.

Chapter VII
IMPLEMENTING PROVISIONS

Article 62. Effectiveness

1. This Law takes effect from October 1, 1998.

2. The National Bank of Vietnam Ordinance dated May 23, 1990 ceases to be effective from the date this Law takes effect.

3. The Government, Supreme People's Court, Supreme People's Procuracy within their respective functions and powers shall organize the review of legal provisions on currency and banking activities to revoke, amend, supplement, promulgate anew, or propose the Standing Committee of the National Assembly, the National Assembly to revoke, amend, supplement, promulgate anew in accordance with the provisions of this Law.

Article 63. Responsibilities of the Ministry of Science and Technology Implementation guidance

The Government shall provide detailed regulations and guidance for the implementation of this Law./.

This Law was passed by the tenth session of the National Assembly of the Socialist Republic of Vietnam on December 12, 1997.