SBV Headquarters
On November 6, 2024, the Government issued Decree No. 146/2024/ND-CP amending, supplementing and abolishing a number of Articles of Decree No. 102/2022/ND-CP dated December 12, 2022 stipulating the functions, tasks, mandates and organizational structure of the State Bank of Vietnam (SBV), and Decree No. 26/2014/ND-CP dated April 7, 2014 issued by the Government on the organization and operations of the Banking Supervision Agency (BSA), which was amended and supplemented by Decree No. 43/2019/ND-CP dated May 17, 2019. Decree No. 146/2024/ND-CP takes effect from January 5, 2025.
New organizational structure of the SBV
Decree No. 146/2024/ND-CP amends and supplements Article 3 of Decree No. 102/2022/ND-CP stipulating the functions, tasks, mandates and organizational structure of the SBV. Accordingly, the Forecasting and Statistics Department and the Monetary and Financial Stabilization Department shall be merged into the new Forecasting, Statistics, Monetary and Financial Stabilization Department. Besides, a new Anti-Money Laundering Department shall be established.
On that basis, the new organizational structure of the SBV shall be comprised of:
1. The Monetary Policy Department
2. The Foreign Exchange Management Department
3. The Payment Department
4. The Department of Credit for Economic Sectors
5. The Forecasting, Statistics, Monetary and Financial Stabilization Department,
6. The International Cooperation Department
7. The Internal Audit Department
8. The Department of Legal Affairs
9. The Finance and Accounting Department
10. The Human Resources Department
11. The Communications Department
12. The SBV Office
13. The Information Technology Department
14. The Issue and Vault Department
15. The Reserve Management Department
16. The Anti-Money Laundering Department
17. The Administration Department
18. The Central Banking Department
19. The Banking Supervision Agency
20. The SBV Municipal and Provincial branches
21. The Banking Strategy Institute
22. The National Credit Information Center of Vietnam
23. The Banking Times
24. The Banking Review
25. The Banking Academy.
Organizational structure of the BSA
Decree No. 146/2024/ND-CP amends and supplements Article 6 of Decree No. 26/2014/ND-CP, which was amended and supplemented by Decree No. 43/2019/ND-CP dated May 17, 2019 on the organization and operations of the BSA.
Accordingly, the BSA is organized as a supervisory authority under the SBV. The BSA shall be organized to compose of:
1. The Banking Supervision Agency under the SBV.
2. The Banking Supervision Department under the BSA.
3. The Supervision and Inspection Units under the SBV municipal/provincial branches.
As compared with Decree No. 26/2014/ND-CP, the new Banking Supervision Department under the BSA has been supplemented to the organizational structure of the BSA.
The BSA shall no longer perform the tasks of anti-money laundering and combating terrorism financing.
Also according to Decree No. 146/2024/ND-CP, the organizational structure of the BSA shall comprise of the Departments, Authorities and the BSA Office.
The Director of the Banking Supervision Department shall have the authority to make decisions on inspecting the subjects to the banking supervision as assigned (except for the cases in which the inspection decisions are made by the BSA Chief Inspectorate in line with Paragraph 3 of Article 8 of this Decree); performs the tasks and mandates of the inspection deciding person, and take enforcement actions against any detected administrative violations in accordance with the applicable laws.
Authority to decide on inspection and re-inspection
Decree No. 146/2024/ND-CP stipulates that the Chief Inspectorate of the BSA, the Director of the Banking Supervision Department, and the Heads of the Supervision and Inspection Units under the SBV municipal/provincial branches, shall have the authority to issue inspection decisions.
The BSA Chief Inspectorate shall make decisions on the re-inspection of the cases that have been concluded by the Director of the Banking Supervision Department or the Head of the Supervision and Inspection Unit under a SBV municipal/provincial branch, in such cases when there are signs of law violations in the inspection process, or after having received and reviewed any related complaints, denunciations, recommendations or feedbacks.
Le Hang