The conference was held in person at the main venue, with online participation from the SBV’s regional branches. Attendees included leaders and relevant officials from the SBV’s departments, agencies and other units.
SBV Governor Pham Duc An
Addressing the conference, Governor Pham Duc An emphasised that the law plays a vital role in establishing the legal basis and framework within which organisations and individuals can proactively conduct their activities in accordance with the law. It is therefore necessary to clearly identify areas requiring licensing and strict control, as well as those in which regulatory requirements and conditions could be adjusted or simplified to facilitate the activities of organisations and individuals.
Although significant progress has been made in improving the legal framework in recent years, the Governor noted that continued reviews are needed to identify in a timely manner any conflicting, overlapping or inadequate provisions, as well as regulations that create obstacles to business operations and development.
The banking sector is particularly important, serving as the “lifeblood” of the economy. Consequently, safeguarding system safety and controlling risks must remain top priorities. At the same time, the legal framework must not become a barrier to capital flows or economic activity.
“How can the system of legal normative documents governing banking activities be made effective and efficient, genuinely facilitate the activities of those subject to these regulations, and reduce administrative procedures without compromising essential safeguards and risk controls?” Governor Pham Duc An stressed.
Results of the comprehensive review of legal normative documents
Reporting at the conference, Ta Quang Don, Director General of the SBV’s Legal Department, stated that the SBV had thoroughly communicated, directed and implemented the comprehensive review of its system of legal normative documents in a serious and timely manner, in accordance with instructions from the relevant Steering Committee, its Standing Committee and competent authorities. The review had been conducted within the prescribed timeframe and in compliance with established requirements.
The review found that the system of legal normative documents under the SBV’s state management remit was broadly established and relatively comprehensive, supporting the performance of the SBV’s state management functions in monetary affairs, banking and banking operations. Overall, the framework meets the requirements of state management and the implementation of the Party’s and the State’s policies and orientations.
The legal framework has been progressively updated, amended and supplemented to reflect practical requirements. It has also incorporated new policy directions concerning administrative reform, digital transformation, private-sector development, international integration, and the safety and stability of the banking system.
As of 30 September 2026, the SBV had identified 363 legal normative documents, either currently in force or not yet effective, that fell within the scope of the comprehensive review. These comprised five laws adopted by the National Assembly, one ordinance issued by the National Assembly Standing Committee, 37 Government decrees, one Government resolution and 20 decisions issued by the Prime Minister. The remainder consisted of documents issued by the SBV Governor and other forms of legal normative documents.
The review showed that most documents requiring further action contained provisions that needed to be amended, supplemented, replaced or repealed to ensure consistency with newly enacted legislation, changes in organisational structures and practical requirements. For the other review criteria, the number of issues identified and proposed for resolution was considered proportionate to the specific characteristics of the banking sector.
Based on the review results, the SBV had largely determined the proposed measures and timelines for dealing with documents requiring amendment, supplementation, replacement or repeal, with a view to ensuring consistency and coherence across the legal system and alignment with practical needs.
For the remaining legal normative documents, the SBV had also largely established appropriate measures and timelines based on the nature and severity of the issues concerned, ensuring consistency with the newly promulgated legal framework.
For 2027 alone, the SBV has identified a roadmap for addressing 12 legal normative documents, comprising four decrees, six circulars and two decisions issued by the SBV Governor. These primarily concern alignment with the new organisational structure and further development of legislation on the balance of payments, international investment, business conditions and administrative procedures.
To date, action has been completed on nine legal normative documents, including three laws and six circulars. For documents that remain outstanding, continued implementation according to the 2026 and 2027 roadmaps is considered feasible, as the issues requiring resolution have been identified and incorporated into the SBV’s legislative development programmes and plans.
At the conference, Nguyen Duc Long, Director General of the SBV’s Department of Credit Institution System Safety, presented a paper on relevant issues.
Participants also discussed difficulties and obstacles encountered in applying existing legal provisions and proposed solutions to address shortcomings. Their contributions are expected to help refine the results of the comprehensive review and improve the effectiveness of law enforcement in the banking sector.
Continuing to review and improve the system of legal normative documents
In his concluding remarks, Governor Pham Duc An acknowledged the contributions made by participants to the review of the SBV’s system of legal normative documents.
He emphasised that, in developing mechanisms and policies, both the SBV and credit institutions must recognise that no standard is immutable. Regulations should therefore be regularly examined and reviewed, and amended as necessary to reflect practical realities while balancing the requirements of social safety with the interests of relevant stakeholders.
The Governor noted that units responsible for specialised areas should strengthen coordination and communication with other relevant departments to obtain a comprehensive understanding of operational activities. This would enable them to take a more holistic approach when formulating and proposing policies.
The process of consolidating feedback should examine the substance of each issue, clearly identify practical difficulties arising during implementation, and explain their underlying causes and core nature, rather than merely describing surface-level problems.
According to Governor Pham Duc An, close coordination is essential between SBV units and credit institutions, which are directly responsible for implementing policies and regulations. Such coordination is necessary to ensure that both sides share a clear understanding of policy issues and can implement the intended objectives effectively.
Where provisions are inadequate and require improvement, amendment, supplementation or repeal, relevant units should proactively put forward proposals. The SBV will consider these recommendations and may provide further discussion and guidance to clarify existing requirements or examine and improve legal normative documents to ensure that they are appropriate to practical circumstances.
The Governor also instructed the SBV’s departments, agencies and functional units to fully consider the presentations and recommendations made at the conference, continue examining proposed measures within their respective mandates, and coordinate with the Legal Department and other relevant units to further improve the SBV’s system of legal normative documents.
by VNBA News
