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Law No. 46/2010/QH12 dated June 29, 2010 of the National Assembly on the State Bank of Vietnam
18/05/2011
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THE PRESIDENT

------------

No. 08/2010/L-CTN

SOCIALIST REPUBLIC OF VIETNAM

Independence – Freedom – Happiness

-----------------------------

Hanoi, June 29, 2010

 

Order

on the promulgation of law

 

THE PRESIDENT OF THE SOCIALIST REPUBLIC OF VIETNAM

 

Pursuant to Articles 103 and 106 of the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No.51/2001/QH10 of December 25, 2001, of the Xth National Assembly, the 10th session;

 

Pursuant to Article 91 of the Law on Organization of the National Assembly; Pursuant to Article 57 of the Law on Promulgation of Legal Documents,

 

PROMULGATES:

 

the Law on the State Bank of Vietnam

 

which was passed on June 16, 2010, by the XIIth National Assembly of the Socialist Republic of Vietnam at its 7th session. President of the Socialist Republic of Vietnam NGUYEN MINH TRIET

 

Law

On The State Bank Of Vietnam

 

(46/2010/QH12)

 

Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam which was amended and supplemented under Resolution No. 51/2001/QH10; The National Assembly promulgates the Law on the State Bank of Vietnam.

 

Chapter I

 

GENERAL PROVISIONS

Article 1. Scope of regulation

 

This Law provides for the organization and operation of the Stale Bank of Vietnam.

 

Article 2. Position and functions of the State Bank of Vietnam

 

1. The State Bank of Vietnam (below referred to as the State Bank) is a ministerial-level agency of the Government and the central bank of the Socialist Republic of Vietnam.

 

2. The State Bank is a legal entity with its legal capital being under the state ownership and its head office located in Hanoi.

 

3. The State Bank performs the state management of monetary, banking and foreign exchange (below referred to as monetary and banking) operations and performs the function of a central bank in issuing money, a bank of credit institutions and a provider of monetary services for the Government.

 

Article 3. National monetary policy and competence to decide on the national monetary policy

 

1. The national monetary policy consists of national-level decisions on monetary affairs made by competent state agencies, including decisions on the objective of currency value stability which is denoted by the inflation rate and decisions on the use of tools and measures to obtain the set objective.

 

2. The National Assembly shall decide on annual inflation rate targets by making decisions on consumer price indexes and overseeing the implementation of the national monetary policy.

 

3. The President shall perform his/her tasks and powers provided by the Constitution and laws in negotiating, concluding and acceding to, in the name of the State of the Socialist Republic of Vietnam, treaties on monetary and banking matters.

 

4. The Government shall propose the National Assembly to decide on annual inflation rate targets. The Prime Minister or the Governor of the State Bank shall decide on the use of administrative tools and measures to obtain objectives of the national monetary policy according to the Government's regulations.

 

Article 4. Tasks and powers of the State Bank

 

1. To conduct operations for the purpose of currency value stability; to assure the safety for banking operations and the system of credit institutions; to assure the safety and effectiveness of the national payment system; and to contribute to accelerating socio-economic development along the socialist orientation.

 

2. To participate in the elaboration of national socio-economic development strategies and plans.

 

3. To elaborate banking development strategies for submission to competent state agencies for approval, and organize the implementation of these strategies.

 

4. To promulgate or propose competent state agencies to promulgate legal documents on monetary and banking matters; to propagate, disseminate and examine legal documents on monetary and banking matters according to its competence.

 

5. To determine annual inflation rate targets for submission by the Government to the National Assembly for decision, and organize the realization thereof.

 

6. To organize, regulate and develop the monetary market.

 

7. To organize a monetary and banking statistics and forecast system; to publicize monetary and banking information according to law.

 

8. To organize the printing, minting, preservation and transportation of banknotes and coins: and to conduct operations of issuing, withdrawing, replacing and destroying banknotes and coins.

 

9. To grant, modify, supplement or revoke establishment and operation licenses of credit institutions, licenses for establishing branches of foreign banks, licenses for establishing representative offices of foreign credit institutions and other foreign organizations with banking operations; lo grant or revoke licenses for provision of intermediary payment services for nonbank institutions; to grant or revoke licenses for provision of credit information services to organizations: to approve the acquisition, sale, division, splitting, consolidation, merger and dissolution of credit institutions according to law.

 

10. To act as the representative of the state capital portions in enterprises performing its functions and tasks and in credit institutions with state capital according to law; to use its legal capital to contribute capital for establishing special enterprises to perform its functions and tasks under the Prime Minister's decision.

 

11. To examine, inspect and supervise banks: to handle violations of the monetary and banking laws.

 

12. To decide on the application of special handling measures to credit institutions which commit severe violations of the monetary and banking law-s or meet with financial difficulties, posing a threat to the safety of the banking system. These measures include purchasing shares from credit institutions; suspending or removing from post managers or executive officers of credit institutions; deciding on the merger, consolidation or dissolution of credit institutions; placing credit institutions under special control; and performing its tasks and powers as prescribed by the law on bankruptcy of credit institutions.

 

13. To assume the prime responsibility for. and coordinate with concerned agencies in. formulating and implementing anti-money laundering policies and

plans.

 

14. To perform the state management of deposit insurance according to the law on deposit insurance.

 

15. To assume the prime responsibility for making, monitoring, forecasting and analyzing the international payment balance.

           

16. To organize, manage and supervise the national payment system and provide payment services for banks; to participate in organizing and supervising the operation of payment systems in the economy.

 

17. To perform the state management of foreign exchange, foreign exchange and gold trading activities.

 

18. To manage state foreign exchange reserves.

 

19. To manage the borrowing and repayment of foreign loans and the provision of loans to foreign parties and recovery of foreign debts according to law.

 

20. To assume the prime responsibility for. and coordinate with concerned agencies in, preparing for and conducting the negotiation for and conclusion of treaties with international financial or monetary institutions to which the Stale Bank acts as a representative and to act as the official representative of the borrower defined in treaties under the assignment or authorization of the President or the Government.

 

21. To undertake international cooperation in the monetary and banking sector.

 

22. To represent the State of the Socialist Republic of Vietnam at international monetary and banking institutions.

 

23. To organize a credit information system and provide credit information services: to perform the state management of credit information providers.

 

24. To act as an agent and provide banking services for the State Treasury.

 

25. To join the Ministry of Finance in issuing government bonds and government-guaranteed bonds.

 

26. To provide professional training in monetary and banking operations; to research and apply banking sciences and technologies.

 

27. To perform other tasks and exercise other powers provided by law.

 

Article 5. Responsibilities of ministries, ministerial-level agencies and People's Committees at all levels

 

Ministries, ministerial-level agencies and People's Committees at all levels shall, within the ambit of their tasks and powers, coordinate with the State Bank in performing the slate management of monetary and banking operations.

 

Article 6. Interpretation of terms

 

In this Law. the terms below are construed as follows:

 

1. Banking operation means dealing in and providing on a regular basis one or several of the following operations:

 

a/ Receiving deposits;

 

b/ Extending credits;

 

c/ Providing via-account payment services.

 

2. Foreign exchange includes:

 

a/ Currencies of other countries or the common European currency and other common currencies used in international and regional payment (below referred to as foreign currencies):

 

b/ Payment instruments in foreign currencies, including checks, credit cards, bills of exchange, debentures and other payment instruments:

 

c/ Valuable papers in foreign currencies, including government bonds, corporate bonds, promissory notes, stocks and other valuable papers;

 

d/ Gold belonging to state foreign exchange reserves, gold on residents' offshore accounts; and gold bullions, bars, granules or ingots which are brought into or out of Vietnam's territory.

 

e/ Currency of the Socialist Republic of Vietnam which is brought into or out of Vietnam's territory or used for international payment.

 

3. Foreign exchange operation means residents' and non-residents' operations in current transactions or capital transactions involving the use of foreign exchange in Vietnam's territory, operations of providing foreign exchange services and other transactions related to foreign exchange.

 

4. State foreign exchange reserves means assets in foreign exchange which are indicated in the State Bank's balance sheet.

 

5. Foreign exchange rate of Vietnam dong means the price of a unit of a foreign currency in Vietnam's currency.

 

6. Monetary market means a place for short-term capital transactions.

 

7. Short-term transaction means an under-12 month transaction of valuable papers.

 

8. Valuable paper means a proof evidencing the debt-payment obligation of the issuer towards the owner in a certain duration under the interest payment condition and other conditions.

 

9. National payment system means an inter-bank payment system organized, managed and operated by the State Bank.

 

10. Intermediary payment service means an intermediary activity for connecting, transmitting and processing e-data on payment transactions

between payment service providers and users.

 

11. Banking inspection means activities carried out by the State Bank to inspect the observance of the monetary and banking laws by inspected subjects.

 

12. Banking supervision means activities carried out by the State Bank to collect, synthesize and analyze information on supervised subjects through a information and reporting system so as to promptly prevent, detect and handle risks to the safety of banking operations, violations of regulations on safety of banking operations and other relevant laws.

 

Chapter II

 

ORGANIZATION OF THE STATE BANK

 

Article 7. Organization of the State Bank

 

1. The State Bank shall be organized into a centralized and unified system, comprising an executive apparatus and professional units at its head office,

branches, representative offices and other attached units.

 

2. The organizational structure of the State Bank shall be defined by the Government.

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