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Banking in Vietnam started in 1976 with the State Bank Vietnam, which became the central bank of the country. Vietnam's banks suffer from low public confidence, regulatory and managerial weakness, high levels of non-performing loans (NPL), non-compliance with the Basel capital standards, and the absence of international auditing.
The State Bank of Vietnam (SBV; Vietnamese: Ngân hàng Nhà nước Việt Nam) is the central bank of Vietnam. Organized as a ministry-level body under the Government of Vietnam, it is the sole issuer of the national currency, the Vietnamese đồng. [3] As of 2024 it holds over USD 100 million in foreign exchange reserves. [2]
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The đồng circulated in those parts of Vietnam not under the control of the Communist forces, which by 1954 coincided with South Vietnam. Coins denominated in su were also introduced in 1953. In 1955, an independent issue of đồng banknotes was produced by the National Bank of Vietnam. A South Vietnamese 1 đồng Coin from 1964
Vietcombank's headquarters are located in Hanoi, Vietnam. As of 31 December 2020 [1] the bank had 116 branches and 474 transaction offices in Vietnam, 3 local subsidiaries, 3 overseas subsidiaries, 3 joint ventures, and an overseas representative office in Singapore.
In 2003 Vietnam began replacing its cotton banknotes with plastic polymer banknotes, claiming that this would reduce the cost of printing. [33] Many newspapers in the country criticized these changes, citing mistakes in printing and alleging that the son of the governor of the State Bank of the Vietnam benefited from printing contracts. [33]
In 1958, the National Bank introduced notes for 1 xu, 1, 2 and 5 hào, 1, 2, 5 and 10 đồng, with the 1 xu notes an overprint on an earlier, unissued type of 10 đồng note. In 1964, the State Bank of Vietnam (Ngân hàng Nhà nước Việt Nam) introduced 2 xu notes, followed by 5 xu, 1 and 2 hào in 1975.
Hồng started working at the State Bank of Vietnam (SBV) in 1991, where she held several management positions. [1] [2] In January 2012, she was appointed as the Director of the Monetary Policy Department. [3] On August 16, 2014, she was appointed as the Deputy Governor of the State Bank of Vietnam. [4] [5]