On August 5, 2026, at the first extraordinary session of the 16th National Assembly (NA), on behalf of the Government and under the authorization of the Prime Minister, Governor Pham Duc An of the State Bank of Vietnam (SBV) presented the draft Law amending and supplementing a number of provisions of the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering, and the Law on Credit Institutions.
Regarding the necessity of promulgating the draft laws, Governor Pham Duc An stated that the amendments and supplements aim to address issues arising from the restructuring and reorganization of the institutional apparatus; close gaps in the legal framework on anti-money laundering in line with recommendations from international organizations; resolve difficulties and obstacles related to the SBV’s financial mechanism; and provide a legal basis for the SBV to fully fulfill its obligations as a member of the International Monetary Fund (IMF). The amendments are also intended to contribute to capital market development and reduce the economy’s reliance on bank credit.
Governor Pham Duc An presents the draft Laws amending and supplementing relevant laws to the National Assembly
The draft laws were formulated in accordance with the Law on Promulgation of Legal Documents. Taking into account and providing explanations for the conclusions of the NA Standing Committee and the preliminary appraisal opinions of the NA Committee for Economic and Financial Affairs, the Government submitted the dossiers on the draft laws to the National Assembly for consideration.
An Overview of the meeting
Amendments to the Law on the State Bank of Vietnam
Regarding the amendments to the Law on the State Bank of Vietnam, Governor Pham Duc An highlighted several key contents.
First, the draft Law amends regulations restricting the use of foreign exchange within the territory of Vietnam, except in cases permitted under regulations issued by the SBV Governor. These amendments codify the provisions of Article 22 of the Ordinance on Foreign Exchange, thereby ensuring the principle that human rights and citizens’ rights may only be restricted as prescribed by law.
Second, the draft Law amends regulations on the SBV’s financial mechanism in accordance with the provisions of the National Assembly’s Resolution No. 160/2024/QH1 on the allocation of the central budget for 2025. At the same time, it transfers the authority to prescribe the financial regime of the SBV from the Prime Minister to the Government.
Third, the draft Law supplements the SBV’s authority to apply prudential ratios different from those prescribed for credit institutions for the purpose of promoting socio-economic development.
Fourth, the draft Law amends provisions to ensure consistency with the SBV’s organizational structure and the operation of the two-tier local government system. It also removes the responsibility of the Ministry of Finance for inspecting the printing, minting, and destruction of banknotes and coins, as well as the management of the State’s foreign exchange reserves, in order to reduce overlapping responsibilities, without affecting the Ministry of Finance’s inspection powers within the scope of its state management functions.
Amendments to the Law on Anti-Money Laundering
Regarding the Law on Anti-Money Laundering, the proposed amendments aim to meet the requirements and recommendations of relevant international organizations and further strengthen Vietnam’s anti-money laundering framework.
The amendments include revising definitions to cover cases involving “beneficial owners”; supplementing reporting entities, suspicious indicators, and responsibilities for the inspection, examination, and supervision of anti-money laundering activities related to the crypto-asset sector; and improving provisions on customer identification, customer identification information, and the verification thereof.
The draft Law also amends provisions on the transparency of information concerning legal arrangements; specifies the responsibilities of reporting entities to report suspicious transactions to the SBV and to retain relevant information, records, and documents; and amends, supplements, or repeals certain provisions to address issues arising from the restructuring and reorganization of the institutional apparatus, including changes to the names and responsibilities of ministries and ministerial-level agencies.
Amendments to the Law on Credit Institutions
Regarding the Law on Credit Institutions, the draft Law supplements an additional banking operation, namely “acting as agents for the management of collateral securing corporate bonds.”.
According to Governor Pham Duc An, the proposed amendment aims to address existing difficulties and obstacles in the management of collateral securing corporate bonds, thereby contributing to the development of the capital market and reducing the economy’s reliance on bank financing.
The proposed amendments to the three laws are expected to further improve the legal framework for banking operations, strengthen the effectiveness of anti-money laundering measures, address institutional and operational issues arising from the restructuring of the state apparatus, and create a more favorable legal foundation for the development of Vietnam's banking and financial markets.
HY