About State Bank of Vietnam
Before the August Revolution in 1945, Vietnam was a semi-feudal colony under French colonial rule. The monetary and bank credit system was established and operated mainly to serve the French colonial policy in Vietnam. During the colonial period, the formation and development of the monetary and credit system were arranged and protected by the French Government through the Indochina Bank. In essence, Bank of Indochina operates as a Central Issuing Bank and at the same time a multi-purpose business bank including commercial banking and investment operations.
After the August Revolution, one of the central tasks of the revolutionary government was to gradually build an independent and autonomous currency, an important tool of the government to build and protect the country. This task gradually became a reality when entering 1950, the Vietnamese people’s resistance war against the French made strong progress with resounding victories throughout the battlefields, and the liberated area was constantly expanding. . The transformation of the revolutionary situation requires economic and financial work to be consolidated and developed according to new requirements. On the basis of the new policy on finance and economy proposed by the Second National Party Congress (February 1951), on May 6, 1951, President Ho Chi Minh signed Decree No. /SL established the National Bank of Vietnam with the main tasks as: Managing the issuance of banknotes and organizing money circulation, managing the State Treasury, implementing credit policies to develop production, coordinating with trade to manage the currency and fighting against enemy. The birth of the National Bank of Vietnam is a historical turning point, a continuation result of the struggle to build an independent and self-reliant monetary and credit system, marking a new development step, replacing qualitative changes in the monetary and credit sectors in our country… Continue reading about State Bank of Vietnam here.