On May 13, 2022, at the headquarters of the State Bank of Vietnam (SBV), SBV Deputy Governor Pham Tien Dzung had a meeting with Mr. Shimizu Akira, Chief Representative of the Japan International Cooperation Agency (JICA) Vietnam Office to exchange the two sides’ experience in the research and development of a Central Bank Digital Currency (CBDC).
The meeting between the SBV and JICA Vietnam Office.
Over the past months, Vietnam has been implementing multiple projects and assignments within its efforts for an active participation in the Fourth Industrial Revolution (IR4.0), as well as for the realization of the National Digital Transformation policy, and the digitization in every sector and area. Regarding the topic of CBDC, in the Scheme for the Development of Non-cash Payments in Vietnam during the 2021 - 2025 period, the Prime Minister has assigned the SBV to study and propose a mechanism and relevant policies related to a CBDC. In the Banking Sector’s Plan for Digital Transformation by 2025, Vision to 2030, the SBV Governor has also assigned the Payment Department to take lead in researching and advising the SBV leadership on a CBDC.
SBV Governor Pham Tien Dzung discusses with JICA experts at the meeting.
In implementing the assigned task, the SBV has been collecting information about the state of CBDC researches around the world; learning about CBDC models that different countries have been considering and piloting; and attending various workshops and seminars organized by the international institutions with a view to getting updated information and learning relevant experience about CBDCs.
Mr. Shimizu Akira, Chief Representative of JICA Vietnam Office.
At the meeting, SBV Deputy Governor Pham Tien Dzung requested JICA to provide assistance through providing relevant information and supporting the SBV’s researches on several areas of the SBV’s interest, i.e.: (i) Assessment of the demand and need for a CBDC in association with the socio-economic and financial status, the required elements for the consideration and issuance of a CBDC; (ii) How to select an appropriate model, a technical design, and technological infrastructure for a CBDC; (iii) the possibilities of integrating a CBDC into the existing interbank payment system and the retail payment system, and the CBCD’s contributions to promoting innovation.
LK