On July 15, 2024, Governor Nguyen Thi Hong of the State Bank of Vietnam attended the 8th session of the Government’s Steering Committee for Administrative Reforms, which was held under the chairmanship of Prime Minister Pham Minh Chinh.
Governor Nguyen Thi Hong speaks at the session.
Reporting at the session, Governor Nguyen Thi Hong stated that, over the past years, the SBV has consistently considered administrative reforms to be one of its key tasks, focusing resources on their implementation. As a result, the SBV has ranked first among all central ministries and Government agencies in the PAR Index for several consecutive periods.
In particular, in the area of institutional reform, the SBV Board of Management has paid significant attention and developed an annual plan for the formulation of legal documents. It has also provided comments and feedback on key aspects and orientations in the drafting of laws, circulars… In 2023, the revised Law on Anti-Money Laundering was adopted by the National Assembly (NA), and in early 2024, the revised Law on Credit Institutions was officially passed, coming into effect on July 1, 2024.
Beyond the formulation and issuance of legal documents, the SBV has continued to accelerate the improvement of legal frameworks for banking operations. For instance, Decree No. 52/2024/ND-CP, dated May 15, 2024, regulating cashless payments, replaces Decree No. 101/2012/ND-CP. This is one of the key legal documents contributing to the goal of building a cashless society in Vietnam by 2030.
Governor Nguyen Thi Hong also shared that, in the future, the SBV will continue to consider institutional reform as one of the pillars of administrative reforms. The SBV plans to not only review all legal documents issued by the SBV but also direct credit institutions to review legal documents with potentially conflicting regulations, or unclear and inconsistent provisions, which may cause confusion in understanding and applying the laws, negatively affecting banking operations. Additionally, the SBV will focus more efforts on policy communication and education.
Le Hang