Monetary policy management will gradually shift from quantity-based management toward primarily price-based management, using indirect instruments (Photo: Duc Khanh).
On September 18, Deputy Prime Minister Nguyen Van Thang signed Decision No. 1809/QD-TTg approving the Scheme on “Continuing to Modernize the Banking System, Restructuring Weak Credit Institutions, and Enhancing Access to Capital for Enterprises, Particularly Small and Medium-Sized Enterprises.”
One of the notable contents of the Scheme is the reform of the monetary policy management framework. Accordingly, the Government requires greater independence for the SBV in monetary policy management; monetary policy management will gradually shift from quantity-based management toward primarily price-based management, with the use of indirect instruments.
The SBV will continue to closely monitor domestic and international economic developments and financial and monetary markets to conduct monetary policy proactively and flexibly, while coordinating closely with fiscal policy and other macroeconomic policies. The aim is to control inflation, stabilize the value of the currency, maintain macroeconomic stability and support economic growth.
Regarding foreign exchange management, the Scheme calls for the continued implementation of a managed floating exchange rate regime, with flexible exchange rate management to absorb external shocks, contribute to macroeconomic stability and control inflation. At the same time, measures will continue to be implemented to enhance the soundness and efficiency of the foreign exchange market.
The State’s foreign exchange reserves will be managed based on the objectives of safety, liquidity and profitability. Management of the State’s foreign exchange reserves will be gradually reformed in line with the size of reserves in each period, international practices and Vietnam’s practical conditions.
State Bank to Make Timely, Data-Driven Decisions
The reform of monetary policy management is accompanied by requirements to modernize the banking sector’s data infrastructure.
During 2026–2030, the SBV will build a centralized and modern banking-sector database capable of connecting and sharing data with national databases. The data must be “accurate, complete, clean, live, consistent and shared.”
The SBV’s centralized database will be upgraded based on a big data model, while data collection and cleansing from various focal points and other data sources will be strengthened. The SBV is also tasked with developing a centralized data analysis and processing platform for the banking sector, generating analytical and forecasting reports to support direction and management, and moving toward establishing a shared data warehouse for the sector.
By 2030, the goal is to transform the SBV into a modern central bank operating on the basis of advanced governance and digital data, with the capacity for analysis, forecasting, early warning and timely data-driven decision-making.
Banking inspection and supervision will also be reformed, with a strong shift from compliance-based inspections toward risk-based supervision. Remote supervision will be strengthened, while centralized data and artificial intelligence will be applied in analysis to support supervision and early warnings for credit institutions.
During 2026–2030, the Scheme requires the approval of restructuring plans for credit institutions placed under special control and the continued implementation of restructuring plans already approved by competent authorities. Where necessary, restructuring plans may be amended or supplemented based on proposals from the credit institutions undergoing restructuring.
The SBV is required to improve the effectiveness of inspection, examination and supervision of credit institutions and strengthen early warning mechanisms, with a focus on ownership, credit extension, loan capital management and compliance with operational safety regulations, in order to prevent issues from accumulating into major violations or creating spillover effects that could affect the safety of the banking system.
At Least 300,000 SMEs to Have Outstanding Bank Loans by 2030
Regarding enterprises’ access to capital, the Scheme sets a target of having at least 300,000 small and medium-sized enterprises (SMEs) with outstanding loans at credit institutions and branches of foreign banks by 2030.
Credit institutions are required to develop a diverse range of credit products suited to different types of enterprises and their production and business needs; develop lending methods, credit facilities and forms of collateral in accordance with the law; and strengthen the application of technology and digital transformation in credit activities.
The Government has assigned the Ministry of Finance to develop an SME database within the National Business Information System, to be completed in the fourth quarter of 2028. The database will provide information on business operations, including revenue, profit, actual cash flows, fulfillment of tax and social insurance obligations, employee wages and payment for service invoices, thereby providing credit institutions with additional information to support their lending activities.