DIRECTIVE

ON ORGANIZING THE IMPLEMENTATION OF MONETARY POLICIES AND ENSURING THE BANKING ACTIVITY TO BE SAFE AND EFFICIENT IN 2012

In response to the Resolution No. 11/2011/QH3 dated 9 November 2011 of the National Assembly on socio-economic development plan of the year 2012, the Resolution No.21/2011/QH13 dated 26 November 2011 of the National Assembly on questioning and answering questions at Second Session of 8th National Assembly and the Resolution No.01/NQ-CP dated 3 January 2012 of the Government on key solutions for guiding and managing the implementation of socio-economic development plan and state budget estimation of the year 2012, the Governor of State Bank of Vietnam hereby requires units of the State bank and credit institutions, foreign bank's branches (herein after called credit institutions) to well perform targets, tasks of monetary policies and measures for ensuring the safety and efficiency in banking activity in 2012 as follows:

1. Targets and duties:

1.1. To organize the implementation of monetary policies on a tight, careful and flexible manner, harmoniously coordinating with fiscal policies to stabilize the monetary market, ensuring the liquidity of credit institutions; to control growth rate of total means of payment at about 14-16% and of credit at about 15-17%; to lower the interest rate surface at a limit that is corresponding to movements of the macro-economy, flexibly managing the exchange rates according to movements of the market and foreign currency demand- supply; to ensure that the operation of credit institutions to be safe and in compliance with regulation of laws on monetary and banking activities.

1.2. To carry out key duties as provided for in the Official Dispatch No.9899/NHNN-VP dated 28 December 2011 of the State Bank of Vietnam on thoroughly grasping and organizing the implementation of directions of the Prime Minister and directive solutions of the State Bank of Vietnam at the Conference on implementing Banking tasks in 2012.

1.3. To organize and implement the Action Plan on implementing solutions on currency, credit and banking activity as stipulated in the Resolution No.01/NQ-CP dated 3 January 2012 of the Government on key solutions for guiding and managing the implementation of socio-economic development plan and state budget estimation of the year 2012 (to be attached to this Directive).

2. Units at the Head Quarter of the State Bank of Vietnam, within the scope of their functions and duties, to provide advise to the Governor of State Bank on implementing targets, tasks of the year 2012, with more attention to be paid to the following measures:

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2.2. To manage the monetary policies on a tight, careful and flexible manner in order to stabilize the monetary market, ensuring the liquidity of credit institutions, controlling the growth rate of the total means of payment and of credit as per the provided targets, lowering the interest rate surface at a limit that is corresponding to the movements of the macro-economy and monetary market.

2.3. Based on the performance and credit growth ability of credit institutions, to assign the targets of credit growth rate, balance of corporate bonds purchase (except for bonds issued by credit institutions) and outstanding loans from the entrusted fund (including the factor of exchange rate change), to 4 groups of credit institutions: max growth rate for group 1 is 17%, group 2 is 15%, group 3 is 8%, no growth for group 4. After 6 months of implementing, the State Bank of Vietnam shall consider to adjust the target of credit growth for credit institutions in accordance with the movements of the monetary, credit, banking activities, ensuring to meet the targets of monetary policies.

2.4. To implement solutions for facilitating the shift of credit structure towards giving priority to lending to agricultural, rural area, export production, support industries, small and medium enterprises employing more labours, effective projects, plans; to control the proportion of outstanding loans to discouraged sectors at 16% at the maximum as against the total outstanding loans; to implement solutions of controlling credit growth in foreign currency according to the targets of monetary policies and guideline on restraining the dollarization in the economy; to review, amend, supplement mechanisms, policies on credit in accordance with the Law on Credit institutions and the real condition for closely controlling and ensuring the safe credit activities of credit institutions, minimizing potential risks.

2.5. To control the foreign exchange market and manage exchange rate flexibly according to the market signals, in line with the foreign currency demand-supply relation, interest rates, inflation, international payment balance, facilitating to increase the state foreign exchange reserves; to review and complete the system of legal documents on foreign exchange management to attract overseas national currency exchange, foreign investment capital, controlling the use of international payment cards in foreign countries and creating legal bases for individuals, organizations to implement, contributing to stabilization of the domestic foreign exchange market; to co-ordinate with the Ministry of Finance and related agencies to intensify inspecting, supervising tightly in and out capital flows, especially the foreign indirect investment capital, servicing the management of the foreign exchange market. To co-ordinate with Ministries, industries, Provincial People’s Committees under the central Government's management to intensify controlling, inspecting, supervising the foreign exchange market, gold market and strictly handle any act of violation, to resolutely make good the dolarization step by step.

2.6. To draw up and implement a Plan of gold market stabilization through the utilization of domestic resources; to organize the implementation of the Decree for replacing the Decree No.174/1999/ND-CP dated 9 December 1999 of Government on controlling the gold trading activity after being issued by the Government in order to rearrange the gold market, raising the regulation capability of the State Bank of Vietnam and making contribution to the market stability.

2.7. To improve the quality of monetary forecast and statistic works and to strengthen the application of information technology in monetary forecast and statistic works. To focus on constructing a statistic system for the operation of the inter-bank market. To synchronously implement solutions of reinforcing the forecast capacity of the State Bank of Vietnam pursuant to the Plan on “Strengthening and improving quality of macro forecast work” as approved by the Prime Minister at the Decision No. 674/QD-TTg dated 10 May 2011. To strengthen the coordination with Ministries, industries to increase quality of drawing up, analyzing and forecasting the international payment balance. To promote and raise the efficiency of the analysis, forecast of capital inflow and outflow and propose suitable measures.

2.8. To intensify inspecting, supervising the operation of credit institutions to ensure their operation to be safe and in compliance with regulations of laws on monetary and banking activities, strictly dealing with violations; To closely monitor the liquidity changes of the entire system and specific credit institutions, timely detecting any credit institution facing with liquidity difficulty so as to take timely action for settlement. To strengthen supervising the implementation of prudential ratios in operation, giving early warning of any potential system risk; to closely supervise the implementation of credit growth targets and proportion of outstanding loans to discouraged areas by each credit institution; To focus on renewing, increasing quality of banking inspection and supervision towards establishment of mechanism on supervision, checking, inspection, being active in ensuring that all credit institutions operate within the legal framework; combining the inspection, supervision over the implementation of policies, laws on monetary and banking with risk inspection and supervision, strictly handling any act of violation; To gradually implement process of banking system restructure towards being suitable in scale, assets structure and capital resources, reducing the weak banks and credit institutions in a cautious manner, ensuring the stability of the entire system and interests of the legal depositors.

2.9. To draw up and complete a strategy on the development of banking sector to 2020 and a plan on implementation of the strategy on the development of the banking sector to 2020; To well play the role of a representative for the state owner at commercial banks with state-owned capital to orient the strategies and plans for business development, ensuring to improve the efficiency and competitiveness, making contribution to the implementation of the socio-economic development plan.

2.10. To effectively implement the Plan on non-cash payment in Vietnam in the 2011-2015 period as approved at the Decision No.2453/QD-TTg dated 27 December 2011 by Prime Minister; To deploy the expansion of the POS inter-system connection and effectively and firmly develop the card payment via POS; To continue to implement and finish the Plan on establishment of a unified card switching center; To focus on completing the legal documents system on payment activities, setting up mechanisms and policies on supervision of the State Bank with respect to the payment system; To co- ordinate with the Ministry of Public Security in crime prevention, ensuring the safety in payment activities.

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2.12. Flexibly reconcile the cash amount in circulation to meet the demand of the economy in terms of structure, value and ensuring the issue reserves; To intensify measures for preventing counterfeit money, ensuring the vault safety.

2.13. To arrange sufficient resources to actively and effectively participate in the implementation of the Project of Management Information System and modernization of banks, using loan fund from the World Bank to speed up the Project progress, ensuring progress as committed to the sponsor.

2.14. To enhance the information, propagation about guidelines and solutions for management of monetary policies to orient the public opinion, creating the consensus, support from the public opinion to the operation of the entire banking sector; to promote the administration reform, especially controlling the administrative procedure in drawing up, issuing legal documents on monetary and banking activities.

3. State Bank's Branches in provinces, cities under the central Government's management, within the scope of their functions, shall perform targets and duties of 2012 and following measures:

3.1. To timely implement mechanisms, policies on monetary, credit and banking activities in 2012; to catch up with the local socio-economic situation and banking activities to report and propose to the executive committees, local authorities and the Governor of the State Bank on measures for managing the operation and network of credit institutions, to amend mechanisms and policies in conformity with the real situation; To promote the co-ordination and exchange of information between branches and units at the Head quarter of the State Bank of Vietnam.

3.2. To closely supervise the implementation of norms for credit growth norms by credit institutions and branches in the local area so as to ensure not to exceed the target assigned by the State Bank for the whole year of 2012, strengthening the inspection against the implementation of regulations on monetary and banking activities by credit institutions in the local area, and strictly dealing with any act of violation.

3.3. To take appropriate measures for the credit institutions to concentrate their capital for the development of the local economy, especially meeting the demand of capital for agricultural, rural development, power production, exports and for small and medium enterprises.

4. Credit institutions are required to closely follow targets and duties in 2012 and to take following measures:

4.1. To draw up and implement a business plan for 2012 in conformity with solutions for monetary policy, banking activity management of the Government and the State Bank.

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4.2. To seriously control the credit growth rate in the whole year of 2012 in line with the maximum credit growth rate provided for by the State Bank of Vietnam; to give priority in capital to agricultural, rural development, export production, support industries, small and medium enterprises employing more labours, effective projects and plans; controlling the proportion of outstanding loans to discouraged areas to be at 16% at the maximum as against the total outstanding loans in the whole year of 2012; to control credit growth rate in foreign currency in correspondence with the ability of capital mobilization and the guideline on dollarization restriction in the economy.

4.3. In the event where the credit institution gains its credit growth rate and/or proportion of outstanding loan to discouraged areas exceed the provided level, the State Bank of Vietnam shall apply a required reserve ratio that is twice (02) as the required reserve ratio applicable to VND deposits and other measures for restricting the business scope.

4.4. To implement solutions for currency, credit, interest rate and other macro-economic policies under the direction of the Government and the State Bank of Vietnam; to comply with provisions of laws on currency, credit and banking activities, to post in public interest rates of mobilization and loans in accordance with provisions of applicable laws.

4.5. To restructure their liabilities and assets, to raise their financial and management capacity; to complete their organizational model, improving the quality of the internal inspection and audit, completing regulatory documents on operation so as to ensure the prudential, efficient operation and sustainable development.

4.6. To supply, on a full, timely and accurate basis, information on business activity in accordance with provisions of applicable laws and upon request by the State Bank of Vietnam; to timely reflect any difficulty, query to the State Bank and State Bank’s branch in province, city under the central Government’s management.

5. Implementation:

5.1. This Directive shall come into effect from its signing date.

5.2. Director of Administrative Department, Director of the Monetary Policy Department and Head of units of the State Bank, General Manager of State Bank’s branches in provinces, cities under the central Government’s management, Chairman of Board of Directors, Chairman of Board of Members and General Director (Director) of credit institutions, foreign bank’s branches shall be responsible for the implementation of this Directive.

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GOVERNOR OF THE STATE BANK




Nguyen Van Binh

APPENDIX

ACTION PLAN OF THE STATE BANK OF VIETNAM
On implementing the Resolution No. 01/NQ-CP of the Government dated 03/01/2012 on key solutions in guiding the implementation of the social development plan and estimation of state budget in 2012
(Issued in conjunction with the Ordinance No. 01/CT-NHNN dated 13/02/2012)

Tasks

Unit in charge

Form of the documents to be completed

Completion time

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To complete the Draft Law on Deposit insurance

Legislation department

Law

2012

To complete the Draft Law on anti-money laundering

Legislation Department

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2012

To build up a Draft Ordinance on the amendment, supplement of several articles of the Ordinance on foreign exchanges

Legislation Department

Ordinance

2012

Decrees of the Government

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Foreign Exchange Control Department

Decree of the Government

First quarter of 2012

To complete a Decree for replacing the Decree No. 86/1999/ND-CP on foreign exchange reserves management

Foreign Exchange Control Department

Decree of the Government

June 2012

A Decree on management of foreign loans, debts repayment that are not guaranteed by the Government

Foreign Exchange Control Department

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Quarter II/2012

To issue a Decree on management of foreign loans, debts repayment under the method of self-borrowing, self-repayment

Foreign Exchange Control Department

Decree of the Government

Quarter II/2012

To build up a Decree for replacing the Decree No. 164/1999/ND-CP on management of Vietnam’s balance of international payment

Monetary Forecast and Statistics Department

Decree of the Government

Quarter IV/2012

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Banking Inspection and Supervision

Decree of the Government

Already submitted to

on foreign investors buying shares at a Vietnamese commercial bank

Department

the Government for sign off in the Statement No. 280/TTr- NHNN dated 28/12/2011

A Decree providing for the operation of finance companies and finance-leasing companies

Banking Inspection and Supervision Department

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March 2012

A Decree providing for unhealthy competition activities in banking activities

Banking Inspection and Supervision Department

Decree of the Government

March 2012

A Decree providing for administrative punishment in monetary and banking sector (replacing the Decree No. 202/2004/ND-CP dated 10/12/2004 on administrative punishment in monetary and banking sector)

Banking Inspection and Supervision Department

Decree of the Government

Quarter III/2012

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91/1999/ND-CP dated 04/09/1999 on the organization and operation of Banking Inspectorate)

Banking Inspection and Supervision Department

Decree of the Government

Quarter III/2012

A Decree on the amendment, supplement of the Decree No.161/2006/ND-CP dated 28/12/2006 of the Government providing for Payment in cash

Payment Department

Decree

December 2012

Decisions of the Prime Minister

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To build up a Strategy for the development banking section to 2020

Banking strategy institute

Decision of the Prime Minister

2012

To build up a Decision of the Prime Minister providing for the functions, duties, authorities and organizational structure of the Banking Inspection and Supervision Department under the management of the State Bank of Vietnam (replacing the Decision No. 83/2009/QD-TTg dated 27/05/2009 of the Prime Minister providing for the functions, duties, authorities and organizational structure of Banking Inspection and Supervision Department under the management of the State Bank of Vietnam)

Banking Inspection and Supervision Department

Decision of the Prime Minister

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Circulars of the State Bank

A Circular providing for the receipt of entrust and entrust operations of credit institutions

Monetary Policy Department

Circular of SBV

March 2012

A Circular on issuing the regulation for issuance of domestic valuable papers by credit institutions

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Circular of SBV

March 2012

A Circular providing for the refinancing by SBV to credit institutions in the form of re- lending in accordance with the credit file basing on credit file sheet

Monetary Policy Department

Circular of SBV

March 2012

A Circular providing for disbursement of loan fund by credit institutions to customers

Monetary Policy Department

Circular of SBV

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A Circular providing in details for derivative transactions on interest rates and commodity prices

Monetary Policy Department

Circular of SBV

April 2012

A Circular providing in details for lending activities to customers by credit institutions

Monetary Policy Department

Circular of SBV

June 2012

A Circular providing in details for implementation of interest rate support to organizations, individuals with medium term and long term loans at local development investment funds

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Circular of SBV

June 2012

A Circular on issuing the Regulation on discount and rediscount of valuable papers by credit institutions to customers

Monetary Policy Department

Circular of SBV

December 2012

A Circular on guiding procedure for the mortgage of house formed in the future

Monetary Policy Department

Circular of SBV

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To issue a Circular on the amendment, supplement of several articles of the Decision No. 04/2007/QD-NHNN dated 22/1/2007 on overdraft and overnight loan applicable in inter-bank electronic payment

Monetary Policy Department

Circular of SBV

December 2012

A Circular on lending, borrowing and term purchase, sale of valuable papers

Credit Department

Circular of SBV

February 2012

A Circular on the purchase and sale of debts among credit institutions

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Circular of SBV

March 2012

A Circular on bank guarantee

Credit Department

Circular of SBV

February 2012

A Circular guiding the guarantee for small- size and medium-size enterprises

Credit Department

Circular of SBV

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A Circular on open market operations

Credit Department

Circular of SBV

June 2012

A Circular on monetary brokerage

Credit Department

Circular of SBV

September 2012

A Circular guiding the foreign exchange transactions between the State Bank and credit institutions, foreign bank’s branches

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Circular of SBV

Quarter I/2012

A Circular providing for the forward rate in forward transactions in foreign exchange, forward and swap transactions

Foreign Exchange Control Department

Circular of SBV

February 2012

A Circular guiding the implementation of Article 29 on restraining the use of foreign currency within the territory of Vietnam in Decree No. 160/2006/ND-CP

Foreign Exchange Control Department

Circular of SBV

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A Circular for replacing the Decision No.1081/20020QD-NHNN providing for foreign currency status of credit institutions, foreign bank’s branches

Foreign Exchange Control Department

Circular of SBV

March 2012

A Circular providing for the foreign exchange operation scope, conditions, order, procedure for issuance of foreign exchange operation license to credit institutions

Foreign Exchange Control Department

Circular of SBV

September 2012

A Circular guiding the foreign exchange transactions in foreign exchange market of Vietnam

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Circular of SBV

March 2012

A Circular providing for debt classification and off balance sheet commitments, making and use of provision for dealing with credit risks in banking activity of credit institutions, foreign bank’s branches

Banking Inspection and Supervision Department

Circular of SBV

January 2012

A Circular on special control over credit institutions

Banking Inspection and Supervision Department

Circular of SBV

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A Circular on the purchase of shares at Vietnamese credit institutions by foreign investors

Banking Inspection and Supervision Department

Circular of SBV

June 2012 (depending on the content, promulgation period of the Decree replacing Decree No.69/ND-CP dated 20/04/2007)

A Circular guiding the procedure of the State Bank on approving the post of stocks in securities market by joint stock credit institutions

Banking Inspection and Supervision Department

Circular of SBV

April 2012 (depending on whether the Prime Minister authorizes

SBV to promulgate an independent Circular or not)

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Banking Inspection and Supervision Department

Circular of SBV

March 2012

A Circular on issuance of a license, organization and operation to a Cooperative bank

Banking Inspection and Supervision Department

Circular of SBV

March 2012

A Circular on issuance of a license, organization and operation of a People’s credit fund

Banking Inspection and Supervision Department

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March 2012

A Circular on issuance of a license, organization and operation of a micro financial institution

Banking Inspection and Supervision Department

Circular of SBV

March 2012

A Circular guiding the establishment, payment and use of the fund for safety guarantee of the People’s credit fund’s system

Banking Inspection and Supervision Department

Circular of SBV

March 2012

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Banking Inspection and Supervision Department

Circular of SBV

March 2012

A Circular guiding the process, procedure, application file for approval to the expected list of personnel of credit institutions, foreign bank’s branches

Banking Inspection and Supervision Department

Circular of SBV

March 2012

A Circular providing for the conditions, application file, procedure for establishment,

Banking Inspection and Supervision

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March 2012

change of name, location and termination of operation of a branch, representative office, non-productive unit of a credit institution which is a cooperative

Department

A Circular guiding the conditions, application file, process, procedure for capital contribution, share purchase of credit institutions

Banking Inspection and Supervision Department

Circular of SBV

May 2012

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Banking Inspection and Supervision Department

Circular of SBV

June 2012

A Circular on the Process of rating, ranking of credit institutions

Banking Inspection and Supervision Department

Circular of SBV

June 2012

A Circular providing for the process, procedure of banking inspection

Banking Inspection and Supervision Department

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June 2012

A Circular providing for the process, procedure of banking supervision

Banking Inspection and Supervision Department

Circular of SBV

June 2012

A Circular on issuance of a license, organization and operation of a non-banking credit institution

Banking Inspection and Supervision Department

Circular of SBV

June 2012

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Banking Inspection and Supervision Department

Circular of SBV

June 2012

A Circular providing for application file, process, procedure for approval to changes of a credit institution, foreign bank’s branch, representative office of credit institutions, foreign bank’s branches, representative offices of foreign credit institutions, other foreign organizations having in banking activity

Banking Inspection and Supervision Department

Circular of SBV

June 2012

A Circular on the monitoring, measurement and early warning of credit risks for credit institutions

Banking Inspection and Supervision Department

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June 2012

Inter-ministerial Circular providing for the cooperation in inspection and supervision activity between the State Bank and the Ministry of Finance

Banking Inspection and Supervision Department

Circular of SBV

June 2012

A Circular on prudential ratios in activities of commercial banks and non-banking credit institutions

Banking Inspection and Supervision Department

Circular of SBV

June 2012

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Banking Inspection and Supervision Department

Circular of SBV

June 2012

A Circular providing for safety guarantee ratios in the operation of cooperative banks and people’s credit funds

Banking Inspection and Supervision Department

Circular of SBV

September 2012

To research and complete a Circular providing for the opening and use of payment accounts at the State Bank and commercial banks

Payment department

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March 2012

A Circular providing for collection of fee and payment of fee for domestic cards

Payment department

Circular of SBV

September 2012

A Circular guiding the issuance, revocation of license for supply of payment intermediary services for non-banking activities

Payment department

Circular of SBV

June 2012

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Payment department

Circular of SBV

September 2012

A Circular on issuing the regulation on payment activity through payment service suppliers

Payment department

Circular of SBV

September 2012

A Circular providing for the supervision over the destruction of money that is not eligible for circulation, money that is suspended from circulation and the destruction of falsely printed money, papers of falsely printed money, and metal of falsely coined money

Internal Audit Department

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March 2012

A Circular for replacing the Decision No.58/2006/QD-NHNN on the deposit level of valuable papers at the State Bank

Finance and Accounting Department

Circular of SBV

June 2012

A Circular on the amendment, supplement of the Regime on accounting documents applicable to the State Bank

Finance and Accounting Department

December 2012

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A Scheme on the public and transparent operation of the commercial banks system

Banking Inspection and Supervision Department

Scheme

Quarter I

A Strategic scheme on anti-money laundering activity in the 2011-2015 period

Banking Inspection and Supervision Department

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The State Bank has submitted to the Government in 01/2011

A Scheme on “Improving the efficiency of management of foreign direct investment cash flows into Vietnam”

Foreign Exchange Control Department

Scheme

Quarter II/2012

A Scheme on the development and enhancement of operation management effectiveness of non-banking credit institutions

Banking Inspection and Supervision Department

Scheme

June 2012

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Foreign Exchange Control Department

Scheme submitted to the Ministry of Politics

Quarter III/2012

To set up a scheme on the stabilization of gold market by making use of local resources

Foreign Exchange Control Department

Scheme

2012

A Scheme on settlement of mass money withdrawal incident

Banking Inspection and Supervision Department

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2012

A Scheme on the establishment of an audit firm for People’s credit funds

Banking Inspection and Supervision Department

Scheme

Waiting for approval

A Scheme on the arrangement, reinforcement of the commercial banks system

Banking Inspection and Supervision Department

Scheme

Requesting for revocation but waiting to be approved

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A Plan on implementation of the Scheme on promoting non-cash payment activity in the 2011-2015 period

Payment Department

Decision of the Governor of the State Bank

February 2012

An action plan in response to the Strategy on bank development up to 2020

Banking Strategy Institute

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2012

Other official dispatches, reports

A Plan for managing the quarterly monetary policy in conformity with the micro economic situation and monetary, foreign exchange market

Monetary Policy Department

Report

Quarterly

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Foreign Exchange Control Department

Report to the Prime minister

January 2012

To develop the card payment via card acceptance points; to  connect the card payment system via POS in the country

Payment department

Official dispatch

January 2012

A Report to the Politics Bureau/Secretariat on the promotion of non-cash payment activity in the coming time

Payment department

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June 2012

To continue the implementation of the scheme on monetary market development in accordance with Decision No. 1910/QD- NHNN dated 12/8/2010 of the Governor of SBV (To set up a software system for collecting information about inter bank activities)

Banking Operation Department

Software and guiding official dispatch of SBV

Quarter II/2012

Immediate supervision system applicable to foreign exchange transactions in the inter-bank foreign currency market among credit institutions, foreign bank’s branches

Banking Operation Department

Software system

Quarter IV/2012

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Informatics Technology Department

Report

2012

To review legal documents, setting up synchronized mechanisms and policies, creating an environment the application and development of information technology

Informatics Technology Department

Report

2012

To review, amend, supplement legal documents in the banking system in order to strengthen the anti-corruption activity in banking sector

Banking Inspection and Supervision Department

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2012