According to the Law on the State Bank of Vietnam 2010, Decree No.70/2014/ND-CP of the Government dated July 17, 2014 on the implementation of several articles of the Ordinance on Foreign Exchange and revised Ordinance on Foreign Exchange, the State Bank of Vietnam (SBV) is a ministerial agency of the Government, which performs the state management of foreign exchange; foreign currencies and gold trading, specifically:
- To manage foreign exchange and foreign exchange operations for current transactions, and the use of foreign exchange in the territory of Vietnam; to provide foreign exchange service and other transactions related to foreign exchange; foreign exchange operations in the border areas in accordance with the law.
- To manage the international reserves in accordance with laws; purchase and sell foreign currencies in the domestic market for the purpose of national monetary policy management; purchase and sell foreign currencies from and to the state budget, international credit institutions and other institutions; purchase and sell foreign currencies in the international market and perform other forex transactions in accordance with laws.
- To announce exchange rates, to decide on exchange rate regime and the mechanism of regulating exchange rates.
- To grant and revoke licenses for credit institutions and foreign bank branches to provide forex services in accordance with laws.
- To manage foreign exchange for investments into and out of Vietnam in accordance with laws.
- To manage foreign borrowings of residents who are allowed to borrow and repay foreign debts in accordance with laws; to guide the procedures of registration, registration of changes, revocation or invalidation of documents on confirming the registration, the registration of changes of foreign debts which are not guaranteed by the Government; to manage lending, foreign debt collection, underwriting activities of credit institutions and economic organizations for non-residents.
- To manage the purchase and sale, import and export of gold and foreign exchange and SBV’s plan on gold bullion production for each period and other activities related to gold as assigned by the Government; to coordinate with relevant agencies in purchasing and selling gold bullion in the domestic market, to mobilize gold from organizations and individuals in accordance with laws.