Decree No. 102/2022/ND-CP stipulates the functions, tasks, powers, and organizational structure of the State Bank of Vietnam.

DECREE

PROVISIONS ON THE FUNCTIONS, TASKS, POWERS AND ORGANIZATIONAL STRUCTURE OF THE STATE BANK OF VIETNAM

Pursuant to the Law on Organization of the Government dated June 19, 2015; the Law Amending and Supplementing Certain Provisions of the Law on Organization of the Government and the Law on Organization of Local Administration dated November 22, 2019;

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to Decree No. 123/2016/ND-CP dated September 1, 2016 of the Government stipulating the functions, tasks, powers and organizational structure of ministries and ministerial-level agencies; Decree No. 101/2020/ND-CP dated August 28, 2020 of the Government amending and supplementing certain articles of Decree No. 123/2016/ND-CP dated September 1, 2016 of the Government stipulating the functions, tasks, powers and organizational structure of ministries and ministerial-level agencies;

At the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates this Decree to regulate the functions, tasks, powers, and organizational structure of the State Bank of Vietnam.

Article 1. Position and Functions

The State Bank of Vietnam (hereinafter referred to as the State Bank) is a ministerial-level agency under the Government, the Central Bank of the Socialist Republic of Vietnam; it performs the function of state management over currency, banking activities and foreign exchange (hereinafter referred to as currency and banking); it performs the functions of the Central Bank regarding issuance of currency, banking for credit organizations and providing monetary services to the Government; it manages state services within its scope of management.

b) Draft five-year and annual socio-economic development plans for the province; major economic and social balances for the province; draft five-year and annual plans, programs, projects, measures to organize and implement tasks related to socio-economic development, finance-budget, planning-investment, and other tasks within the scope of state management of the Department of Finance as prescribed by law;

The State Bank shall perform the tasks and powers prescribed in the Law on the State Bank of Vietnam, Decree No. 123/2016/ND-CP dated September 1, 2016 of the Government stipulating the functions, tasks, powers and organizational structure of ministries and ministerial-level agencies, Decree No. 101/2020/ND-CP dated August 28, 2020 of the Government amending and supplementing certain articles of Decree No. 123/2016/ND-CP, and the following specific tasks and powers:

1. Submit draft laws, draft resolutions of the National Assembly, draft ordinances, draft resolutions of the Standing Committee of the National Assembly; draft decrees of the Government according to the annual legislative program of the State Bank approved and other resolutions, projects, programs assigned by the Government, Prime Minister; strategies, plans for annual and long-term development; national target programs, action programs and important national projects and works within the scope of management of the State Bank.

2. Submit draft decisions, directives, and other documents within the scope of management of the State Bank or as assigned by the Prime Minister.

3. Issue circulars and other documents within the scope of state management of the State Bank. Direct, guide, inspect and be responsible for organizing the implementation of normative legal documents; programs, projects, development plans that have been issued or approved within the scope of management of the State Bank.

4. Develop annual inflation targets to submit to the Government; use tools to implement national monetary policy, including: refinancing, interest rates, exchange rates, reserve requirements, open market operations, issuance of State Bank bills and other tools and measures to implement national monetary policy.

5. Organize statistics, statistical surveys, collect and store information on economics, finance, currency and banking both domestically and internationally within the authority of the State Bank; carry out analysis and forecasting on currency and banking; disclose information on currency and banking in accordance with the law.

6. Grant, amend, supplement, revoke licenses for the establishment and operation of credit institutions, licenses for the establishment of branches of foreign banks, licenses for the establishment of representative offices of foreign credit institutions, other foreign organizations engaged in banking activities; grant, amend, supplement and revoke licenses for non-bank organizations to provide payment intermediary services; grant, reissue, change contents and revoke licenses for organizations to provide credit information services (certificates of eligibility to provide credit information services); grant and revoke certificates of registration for financial micro projects and programs; approve mergers, acquisitions, consolidations, dissolutions of credit institutions in accordance with the law.

7. Decide to apply special measures against credit institutions seriously violating laws on currency and banking, facing financial difficulties, posing risks to the safety of the banking system, including: purchasing shares of credit institutions; suspending, temporarily suspending, removing from office managers and executives of credit institutions; deciding to merge, consolidate, dissolve credit institutions; placing credit institutions in special control status; performing duties and powers in accordance with the law on bankruptcy for credit institutions.

8. Approve lists of candidates to be elected or appointed as members of the Board of Directors, Board of Members, members of the Supervisory Board, General Director (Director) of credit institutions; approve other changes in accordance with the Law on Credit Institutions.

9. Implement state management over anti-money laundering in accordance with the law on anti-money laundering.

10. Inspect, audit, supervise banking; inspect and audit foreign exchange activities, gold trading activities, anti-money laundering activities; monitor credit; handle violations of laws in the fields of currency, banking activities, foreign exchange and anti-money laundering in accordance with the law.

11. Implement state management over deposit insurance in accordance with the law on deposit insurance.

12. Take the lead in establishing, monitoring, forecasting and analyzing the results of implementing the balance of payments; report on the implementation of the balance of payments of Vietnam in accordance with the law; act as the focal point for providing balance of payments data of Vietnam to domestic and foreign organizations in accordance with the law.

13. Organize, manage, operate and supervise to ensure the safety and effectiveness of the national payment system, provide payment services to banks; supervise the provision of payment intermediary services; participate in organizing and supervising the operation of payment systems in the economy; manage payment instruments in the economy.

14. Manage state affairs concerning foreign exchange, foreign exchange activities, and gold trading business:

a) Manage foreign exchange activities in current transactions, capital transactions, use of foreign exchange on Vietnamese territory; foreign exchange business and service activities and other transactions related to foreign exchange; border area foreign exchange activities in accordance with the law;

b) Manage the state foreign exchange reserves in accordance with the provisions of the law; buy and sell foreign exchange on the domestic market for the purpose of national monetary policy objectives; buy and sell foreign exchange with the state budget, international organizations, and other sources; buy and sell foreign exchange on the international market and carry out other foreign exchange transactions in accordance with the provisions of the law;

c) Announce exchange rates; decide on exchange rate regimes and mechanisms for managing exchange rates.

d) Issue and revoke approval documents for foreign exchange business operations and services to credit institutions, foreign bank branches, and other organizations in accordance with the provisions of the law.

đ) Manage foreign exchange activities related to foreign direct investment in Vietnam and Vietnamese investment abroad in accordance with the provisions of the law.

e) Manage gold trading activities in accordance with the provisions of the law.

g) Manage borrowing and repayment of foreign debt by resident entities that are eligible to borrow and repay foreign debt independently in accordance with the provisions of the law.

Guide procedures and organize the confirmation of registration or changes to foreign loans guaranteed by the government in accordance with the provisions of the law.

Manage lending, debt recovery, and guarantees for non-residents by credit institutions and economic organizations in accordance with the provisions of the law.

15. Represent the Socialist Republic of Vietnam and the Government of Vietnam at the International Monetary Fund (IMF), the World Bank Group (WB), the Asian Development Bank (ADB), the International Investment Bank (IIB), the International Economic Cooperation Bank (IBEC), the Asian Infrastructure Investment Bank (AIIB), and other international monetary and banking organizations.

Perform the rights and obligations of Vietnam at international monetary and banking organizations where the State Bank of Vietnam is the representative; propose to the Government and the Prime Minister policies and measures to develop and expand cooperation relations with these organizations.

16. Propose to the Government for the signing of specific international treaties regarding non-repayable ODA funds not linked to loans from international financial and monetary institutions represented by the State Bank of Vietnam in accordance with the provisions of the law.

17. Implement international cooperation in the fields of money, banking, and foreign exchange in accordance with the provisions of the law; participate and implement Vietnam's obligations as a member of international organizations for preventing and combating money laundering.

18. Stabilize the monetary and financial system:

a) Aggregate, analyze, and forecast monetary and financial conditions; propose measures to prevent systemic risks in the monetary and financial sectors.

b) Develop policies and measures to respond to crises, ensuring stability in the monetary, banking, and financial systems.

19. Perform central bank operations:

a) Organize the design of currency models, printing, minting, storing, and transporting paper and metal currencies; perform issuance, recall, replacement, and destruction of paper and metal currencies.

b) Provide rediscounting aimed at providing short-term capital and means of payment for credit organizations; provide rediscounting to credit organizations to support specific targets as directed by the Government and the Prime Minister;

c) Organize, manage, and develop the money market; manage and operate the domestic currency market and the interbank foreign exchange market.

20. Provide special loans to credit institutions in accordance with the provisions of the law.

21. Organize the credit information system and provide credit information services; perform the state management function over credit information organizations; analyze and rank corporate and individual credit ratings within the territory of Vietnam.

22. Act as an agent and provide banking services for the National Treasury.

23. Participate with the Ministry of Finance in the issuance of government bonds and government-guaranteed bonds.

24. Approve investment policies, make investment decisions for programs and projects under the State Bank of Vietnam’s management scope; organize the implementation of monitoring, evaluation, supervision, inspection, and auditing of the implementation of plans, programs, and projects under the State Bank of Vietnam’s management scope in accordance with the provisions of the law.

25. Organize and direct scientific research, application of technological progress, and environmental protection in the banking sector in accordance with the provisions of the law.

26. Organize training and professional development in money and banking in accordance with the provisions of the law.

27. Decide on specific policies and measures and direct the implementation of operational mechanisms of public service units in the field of money, banking activities, and foreign exchange; manage public service units under its authority in accordance with the provisions of the law.

28. Perform the role of the owner of the state's share capital in credit institutions, financial organizations, and state-owned enterprises in accordance with the provisions of the law.

Use statutory capital to contribute to the establishment of special-purpose enterprises to fulfill the functions and responsibilities of the State Bank of Vietnam as decided by the Prime Minister.

29. Fulfill duties and powers over associations and non-governmental organizations under the State Bank of Vietnam's jurisdiction in accordance with the provisions of the law.

30. Conduct inspections, audits, resolve complaints and reports; prevent and combat corruption, receive citizens, practice thrift, and combat waste in accordance with the provisions of the law.

31. Decide and direct the implementation of the State Bank of Vietnam’s administrative reform program in accordance with the goals and content of the Government’s administrative reform program and the directives of the Prime Minister; decide and direct the modernization of office methods, civil service culture, and the application of information technology to serve the operations of the State Bank of Vietnam.

32. Manage and organize the implementation of banking industry communication activities related to the State Bank of Vietnam's state management functions.

33. Manage organizational structure, civil servant staffing, number of employees, job positions, civil servant structure by grade, public service staff structure by profession, and the number of people working in public service units; decide on rotation, transfer, appointment, reappointment, dismissal, resignation, retirement, termination, commendation, and disciplinary actions; systems, incentives, training, and development policies for cadres, civil servants, public service staff, and workers under its authority in accordance with the provisions of the law.

34. Submitting to the Prime Minister for the establishment of mechanisms for recruitment and incentive systems for cadres and civil servants that are appropriate to the special operational activities of the State Bank of Vietnam.

35. Managing financial resources and assets as prescribed by law.

36. Performing other tasks and exercising other powers assigned by the Government and the Prime Minister, as prescribed by law.

Article 3. Organizational Structure

1. Department of Monetary Policy.

2. Department of Foreign Exchange Management.

3. Department of Payment.

4. Department of Credit for Economic Sectors.

5. Department of Forecasting and Statistics.

6. Department of International Cooperation.

7. Department of Monetary and Financial Stability.

8. Department of Internal Audit.

9. Legal Affairs Department.

10. Department of Finance and Accounting.

11. Department of Organization and Cadre Management.

12. Department of Communication.

13. Office.

14. Information Technology Bureau.

15. Issuance and Treasury Bureau.

16. National Foreign Exchange Reserve Management Bureau.

17. Administrative Services Agency.

18. Trading Department.

19. Banking Inspection and Supervision Authority.

20. Branches in provinces and centrally governed cities.

21. Institute of Banking Strategy.

22. National Credit Information Center of Vietnam.

23. Banking Times.

24. Banking Magazine.

25. Banking Academy.

Units specified from Clause 1 to Clause 20 of this Article assist the Governor of the State Bank of Vietnam in performing state management functions and central bank functions; units specified from Clause 21 to Clause 25 of this Article are public service units serving the state management functions of the State Bank of Vietnam.

The Department of Monetary Policy has 6 divisions. The Department of Credit for Industries, the Department of Organization and Cadre Management, the Department of Finance and Accounting, and the Department of International Cooperation have 5 divisions. The Department of Foreign Exchange Management, the Department of Payment, the Department of Internal Audit, and the Department of Forecasting and Statistics have 4 divisions. The Legal Affairs Department has 3 divisions.

The Governor of the State Bank of Vietnam shall submit to the Prime Minister for issuance of a Decision stipulating the functions, tasks, powers, and organizational structure of the Banking Inspection and Supervision Authority and the list of other public service units under the State Bank of Vietnam.

The Governor of the State Bank of Vietnam shall issue decisions stipulating the functions, tasks, powers, and organizational structure of units under the State Bank of Vietnam in accordance with the provisions of the law, except for the Banking Inspection and Supervision Authority.

Article 4. Transitional Provisions

1. The Department of Foreign Exchange Management and the Trading Department shall continue to perform their functions and tasks according to current regulations until the Governor of the State Bank of Vietnam issues a decision stipulating the functions, tasks, powers, and organizational structure of the National Foreign Exchange Reserve Management Bureau, the Department of Foreign Exchange Management, and the Trading Department.

2. The Banking Cadre Training Institute shall complete ongoing tasks until the Governor of the State Bank of Vietnam completes the restructuring of the organization, personnel, finance, and assets of the Banking Cadre Training Institute.

Article 5. Effective Date

1. This Decree shall take effect from January 1, 2023.

2. This Decree replaces Decree No. 16/2017/NĐ-CP dated February 17, 2017 of the Government on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam.

Article 6. Responsibility for Implementation

The Governor of the State Bank of Vietnam, Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of provincial and municipal People's Committees directly under the Central Government are responsible for implementing this Decree.