The headquarters of the State Bank of Việt Nam in Hà Nội. — Photo plo.vn

HÀ NỘI — The Government has issued a new decree on the functions, duties, powers and organisational structure of the State Bank of Việt Nam (SBV).

The decree, signed by Deputy Prime Minister Hồ Đức Phớc on Monday, stipulates that SBV is a governmental agency at the ministry level, serving as the central bank of the Socialist Republic of Việt Nam.

It is responsible for managing the national monetary policy, banking activities, foreign exchange, and public services within its scope.

It also performs central banking functions, including issuing money, acting as the bank for credit institutions, and providing monetary services to the Government.

In terms of organisational structure, SBV now has 20 administrative units under its jurisdiction, which are five units fewer compared to the structure stipulated in Decree 102 from 2022.

This reduction was due to the merger between the Forecasting and Statistics Department and the Monetary and Financial Stabilisation Department, and between the Foreign Exchange Management Department and the Reserve Management Department.

It was also due to the termination of the Internal Audit Department, the Communications Department, the Administration Department.

In addition, the Banking Strategy Institute, the Banking Review magazine, and the Banking Academy will also no longer be under the sphere of the SBV. — VNS