báo cáo thường niên 2012 ngân hàng nhà nước việt nam

MC LC
V th, chc nng ca Ngn hng nh nc Vit Nam

Ban Lnh o Ngn hng Nh nc Vit Nam
iii
v
Li ta ca Thng c
vii
Cc V, Cc, n v s nghip ca Ngn hng Nh nc Vit Nam
ix
Phn I - Kinh t th gii v Vit Nam

1. Tng quan kinh t th gii
1.1. Tng trng kinh t th gii
1.2. iu hnh chnh sch tin t ca mt s quc gia
2. Kinh t Vit Nam
2.1. Tng trng kinh t
2.2. Lao ng, thu nhp
2.3. Din bin lm pht
2.4. Thu chi ngn sch Nh nc
2.5. Cn cn thanh ton
2.6. Din bin ti chnh tin t
2.7. Hot ng ca cc t chc tin dung
1
1
1
3
4
4
6
7
8
9
12
22
Phn II - iu hnh ca Ngn hng Nh nc Vit Nam

1. iu hnh chnh sch tin t
2. Qun l ngoi hi
3. n nh ti chnh
4. Cng tc php ch
5. Cng tc pht hnh kho qu
6. Cng ngh ngn hng v hot ng thanh ton
7. Hot ng thng tin tn dng
8. Cng tc truyn thng, minh bch ha thng tin
27
27
31
33
38
40
42
45
47
Phn III - Qun tr ni b 49

1. Hot ng kim ton ni b
49
2. T chc cn b v o to bi dng
50
3. Cng tc nghin cu khoa hc
53
4. Cng tc thng k
54
5. Cng ngh thng tin
55
Phn IV - Hp tc quc t 57
1. Hot ng hi nhp kinh t quc t
57
2. Quan h hp tc vi cc t chc ti chnh tin t quc t
59
3. Quan h hp tc song phng
61
Ph lc 64
V TH CHC NNG CA
NGN HNG NH NC VIT NAM
Tr s chnh, 49 L Thi T, H Ni, Vit Nam

Ngn hng Nh nc Vit Nam l c quan ngang b

ca Chnh ph, l Ngn hng trung ng ca nc Cng ho
x hi ch ngha Vit Nam; thc hin chc nng qun l nh
nc v tin t, hot ng ngn hng v ngoi hi; thc hin
chc nng ca ngn hng trung ng v pht hnh tin, ngn
hng ca cc t chc tn dng v cung ng dch v tin t cho
Chnh ph.
Tm lc iu 2, Lut Ngn hng Nh nc Vit Nam nm 2010

Chnh sch tin t quc gia l cc quyt nh v tin t

tm quc gia ca c quan nh nc c thm quyn, bao gm
quyt nh mc tiu n nh gi tr ng tin biu hin bng
ch tiu lm pht, quyt nh s dng cc cng c v bin php
thc hin mc tiu ra.
Khon 1, iu 3, Lut Ngn hng Nh nc Vit Nam nm 2010

Quc hi quyt nh ch tiu lm pht hng nm c

th hin thng qua vic quyt nh ch s gi tiu dng v gim
st vic thc hin chnh sch tin t quc gia.

Chnh ph trnh Quc hi quyt nh ch tiu lm pht

hng nm. Th tng Chnh ph, Thng c Ngn hng Nh
nc quyt nh vic s dng cc cng c v bin php iu
hnh thc hin mc tiu chnh sch tin t quc gia theo
quy nh ca Chnh ph.
BAN LNH O
ng Nguyn Vn Bnh
Thng c
ng Nguyn ng Tin
Ph Thng c
ng Trn Minh Tun

Ph Thng c
ng ng Thanh Bnh
Ph Thng c
ng Nguyn Ton Thng

Ph Thng c
ng L Minh Hng
Ph Thng c
ng o Minh T
Ph Thng c
Li ta ca Thng c
Nm 2012, kinh t th gii tip tc din bin phc tp
di tc ng ca khng hong n cng chu u. trong nc,
kinh t v m, tin t vo na cui nm 2011 phi i mt vi
nhiu kh khn, thch thc. Lm pht mc d tng chm li t
thng 8/2011 nhng c nm 2011 vn mc cao 18,13%. Mt
bng li sut cho vay cao khong t 20-25%/nm, t gi bin
ng v chu p lc gia tng. Nhiu t chc tn dng (TCTD)
gp kh khn thanh khon, tim n ri ro h thng. Trong bi
cnh , nhim v t ra cho Ngn hng Nh nc (NHNN) l
Thng c
v cng kh khn bi ng thi vi vic kim ch lm pht, n
Nguyn Vn Bnh
nh kinh t v m, NHNN phi iu hnh gim mt bng li
sut, tho g kh khn cho hot ng sn xut kinh doanh, qua
h tr tng trng kinh t mc hp l, m bo an ton h thng cc TCTD.
Xc nh nm 2012 l nm bn l quan trng thc hin ch trng ca ng v
Chnh ph v u tin kim ch lm pht, n nh kinh t v m, m bo an sinh x hi i
i vi i mi m hnh tng trng, c cu li nn kinh t giai on 2011-2015, trn c
s bm st din bin kinh t v m, tin t, v ch o ca Chnh ph, NHNN ch ng
xy dng cc ch tiu nh hng, ra cc bin php, trin khai quyt lit trong ton h
thng v t c nhng thnh qu ni bt sau y:
Mt l, vic iu hnh chnh sch tin t v hot ng ngn hng ng gp tch
cc trong vic a lm pht t mc cao trong nm 2011 xung cn 6,81% trong nm 2012.
Hai l, mt bng li sut cho vay gim mnh, gp phn tho g kh khn cho hot
ng sn xut kinh doanh, ng ch l thnh tu ny t c trong bi cnh NHNN
thc hin cc gii php kim ch lm pht. C c thnh cng ny l nh s nh
hng, dn dt th trng ca NHNN, kt hp hi ha gia iu hnh linh hot lng
tin cung ng qua cc knh vi vic iu hnh li sut, trn c s bm st din bin kinh
t v m, tin t, c bit l din bin ca lm pht, din bin thanh khon ca h thng
cc TCTD. Th trng tin t v c bn n nh, mt bng li sut huy ng gim nhng
h thng cc TCTD tip tc huy ng c vn trn th trng, hin tng cnh tranh
li sut gy xo trn th trng gim mnh, k lut th trng c thit lp v cng c.
Ba l, thanh khon ca h thng cc TCTD c ci thin, cc TCTD ch trng
qun tr ri ro, c bit l qun tr ri ro thanh khon, gp phn m bo an ton h thng.
Bn l, cc gii php v tin t, tn dng c ra, trin khai ng b theo hng
m bo tng trng tn dng i i vi an ton, hiu qu, tp trung vn cho cc lnh vc
sn xut kinh doanh, tch cc tho g kh khn, vng mc trong quan h vay vn ca
khch hng v TCTD thng qua cc bin php c cu li thi hn tr n, min, gim li
vn vay
Nm l, t gi n nh, lng tin vo ng Vit Nam c tng cao nh kt hp ng
b gia cc gii php v ngoi hi vi vic iu hnh cc cng c chnh sch tin t theo
hng khuyn khch nm gi VND, thu hp i tng c vay ngoi t, tng cng ch
ti v x pht nghim cc vi phm php lut v ngoi hi. Nm 2012, NHNN mua khi
lng ln ngoi t tng d tr ngoi hi Nh nc. Mc d a tin ra vi khi lng
ln mua ngoi t nhng NHNN ht tin v mt cch kp thi v linh hot qua cc
knh, m bo kim sot tin t hp l, khng gy p lc tng lm pht.
Su l, NHNN thc hin ng b cc gii php nhm i mi cn bn th trng
vng, tng bc xa b tnh trng vng ha trong nn kinh t. Trong nm 2012, gi vng
th gii bin ng mc cao nhng khng gy ra tc ng tiu cc ln t gi v th trng
ngoi hi trong nc.
By l, cng tc thanh tra, gim st hoat ng cua cac TCTD c chn chnh, cng c
nhm tng cng k cng, k lut ca th trng, m bo cc TCTD thc hin nghim quy
nh ca php lut v tin t, hot ng ngn hng v an ton h thng.
Tm l, NHNN ban hnh K hoch hnh ng thc hin n c cu li h thng
cc TCTD giai on 2011-2015 c Chnh ph ph duyt, tp trung trin khai ng
b, quyt lit cc gii php theo l trnh, nh gi ton din h thng TCTD xc nh
v tin hnh nhng gii php x l mt s ngn hng yu km. Vic c cu li cc ngn
hng thng mi c phn, k c cc trng hp sp nhp, hp nht cho n nay hon
ton da trn c s t nguyn gia cc ngn hng di s gim st cht ch ca NHNN.
Qu trnh c cu li h thng cc TCTD c tin hnh cng khai, minh bch, ng php
lut, ng n c ph duyt v c s tham gia ca cc B, ngnh v a phng c
lin quan. Cng vi vic trin khai n c cu li cc TCTD, NHNN cng ch o cc
TCTD ch ng thc hin cc gii php x l n xu v kim ch n xu gia tng, yu cu
cc TCTD s dng d phng x l n xu, tip tc y mnh trch lp d phng ri
ro, xy dng n thnh lp Cng ty Qun l ti sn ca cc TCTD Vit Nam (VAMC).
Chn l, NHNN tip tc ci tin, y mnh hiu qu cc hot ng khc nh y
mnh thanh ton khng dng tin mt trong nn kinh t trn c s pht trin cng ngh
ngn hng v hot ng thanh ton, hin i ha cng ngh ngn hng; thc hin pht
hnh tin mt m bo ng k hoch, y mnh cng tc an ton kho qu thng qua p
dng k thut cng ngh thng tin tin tin, tip tc phi hp tt vi cc c quan lin quan
trong cng tc u tranh phng, chng tin gi; cng tc thng k gn b cht ch hn
vi vic tng cng h tng cng ngh thng tin nhm p ng tt hn yu cu thng k,
trao i d liu; hot ng o to, nghin cu khoa hc c y mnh bm st yu cu
chuyn mn, nhim v v xy dng v thc thi chnh sch ca NHNN. Quan h hp tc
quc t song phng v a phng trong lnh vc ti chnh, tin t tip tc c cng c,
gp phn tch cc vo qu trnh hi nhp chung ca ton nn kinh t v nng cao v th
ca Vit Nam trn trng quc t.
Vi nhng thnh tu ni bt trn y, vic iu hnh chnh sch tin t v hot ng
ngn hng nm 2012 ng gp quan trng vo cng cuc n nh kinh t v m v pht
trin kinh t - x hi ca t nc. Cc gii php iu hnh v nhng thnh tu t c ca
NHNN trong nm 2012 c Chnh ph ghi nhn, nhiu t chc quc t, cc nh u t
trong v ngoi nc nh gi cao. Tuy nhin, vic iu hnh chnh sch tin t v hot ng
ngn hng vn phi i mt vi nhng kh khn, thch thc nh ri ro tng tr li ca lm
pht, sc cu ca nn kinh t cn yu trong khi kinh t th gii vn cn kh khn, qu trnh
x l n xu, ti c cu h thng cc TCTD l mt chng ng di pha trc, i hi s
ch o st sao ca ng, Chnh ph v s phi hp cht ch t pha nhiu b, ngnh cng
nh ca ton nn kinh t.
Trong nhng nm ti, NHNN tip tc ch ng, sng to, quyt lit trong iu hnh
chnh sch tin t, mt mt kin nh mc tiu kim ch lm pht, n nh kinh t v m, mt
khc tip tc trin khai ti cu trc h thng TCTD mt cch an ton, pht trin bn vng,
h tr c lc cho cng cuc pht trin kinh t - x hi ca t nc.
Thng c Ngn hng Nh nc Vit Nam
NGUYN VN BNH
CC V, CC, N V S NGHIP
CA NGN HNG NH NC VIT NAM
Tham mu, gip Thng c xy dng chnh sch tin t quc
gia v s dng cc cng c chnh sch tin t theo quy nh ca
php lut.
V Chnh sch tin t
Tham mu, gip Thng c thc hin chc nng qun l nh

nc v ngoi hi v hot ng ngoi hi theo quy nh ca
php lut.
V Qun l ngoi hi
Tham mu, gip Thng c thc hin qun l nh nc v

lnh vc thanh ton trong nn kinh t quc dn theo quy nh
ca php lut.
V Thanh ton
Tham mu, gip Thng c thc hin qun l nh nc v

lnh vc tn dng ngn hng v iu hnh th trng tin t
theo quy nh ca php lut.
V Tn dng
Tham mu, gip Thng c thc hin cng tc d bo, thng

k tin t theo quy nh ca php lut.
V D bo,
Thng k tin t

nc v hp tc v hi nhp quc t thuc phm vi qun l ca
Ngn hng Nh nc theo quy nh ca php lut.
V Hp tc quc t
Tham mu, gip Thng c thc hin kim ton ni b hot

ng ca cc n v thuc Ngn hng Nh nc.
V Kim ton ni b
Tham mu, gip Thng c thc hin qun l nh nc bng

php lut v tng cng php ch x hi ch ngha trong ngnh
Ngn hng.
V Php ch
Tham mu, gip Thng c thc hin cng tc ti chnh, k

ton, u t xy dng c bn ca Ngn hng Nh nc v qun
l nh nc v k ton, u t xy dng c bn ca ngnh
Ngn hng theo quy nh ca php lut.
V Ti chnh - K ton
Tham mu, giup Thng c, Ban cn s ng Ngn hng Nh

nc thc hin cng tc t chc, bin ch; qun l, s dng cn
b, cng chc, vin chc; ch tin lng v cc ch khc
thuc phm vi qun l ca Ngn hng Nh nc theo quy nh
ca php lut.
V T chc cn b
V Thi ua khen thng
Tham mu, gip Thng c qun l nh nc v cng tc thi

ua, khen thng trong ngnh Ngn hng theo quy nh ca
php lut.
C quan Thanh tra,

gim st ngn hng
Thc hin chc nng thanh tra hnh chnh, thanh tra chuyn
ngnh v gim st chuyn ngnh v ngn hng trong cc lnh
vc thuc phm vi qun l nh nc ca Ngn hng Nh nc;
tham mu, gip Thng c qun l nh nc i vi cc t
chc tn dng, t chc ti chnh quy m nh, hot ng ngn
hng ca cc t chc khc; thc hin phng, chng ra tin
theo quy nh ca php lut.
Vn phng
Tham mu, gip Thng c ch o v iu hnh hot ng

ngn hng; thc hin cng tc ci cch hnh chnh ca Ngn
hng Nh nc; qun l hot ng thng tin, tuyn truyn, bo
ch, vn th, lu tr ca ngnh ngn hng theo quy nh ca
php lut; thc hin cng tc hnh chnh, l tn, vn th, lu
tr ti Tr s chnh Ngn hng Nh nc.
Cc Cng ngh tin hc
Tham mu, gip Thng c thc hin qun l nh nc

chuyn ngnh v lnh vc cng ngh tin hc trong phm vi
ton ngnh Ngn hng.
Cc Pht hnh v
Kho qu

nc v chc nng Ngn hng Trung ng v lnh vc pht
hnh v kho qu theo quy nh ca php lut.
Cc Qun tr
Tham mu, gip Thng c qun l ti sn, ti chnh, c s vt

cht k thut, hu cn, bo v an ninh, trt t an ton c quan,
chm lo i sng, sc khe cho cn b, cng chc, vin chc
v ngi lao ng thuc Tr s chnh Ngn hng Nh nc.
S Giao dch
Tham mu, gip Thng c thc hin cc nghip v Ngn

hng Trung ng.
Cc chi nhnh ti tnh,

thnh ph trc thuc
Trung ng
Tham mu, gip Thng c qun l nh nc v tin t v

hot ng ngn hng trn a bn v thc hin mt s nghip
v Ngn hng Trung ng theo y quyn ca Thng c.
Vn phng i din ti
thnh ph H Ch Minh
Thc hin nhim v i din theo s y quyn ca Thng c.
CC N V S NGHIP V N V DO THNG C
QUYT NH THNH LP
Nghin cu v xy dng chin lc, quy hoch, k hoch pht

trin ngnh Ngn hng; t chc nghin cu khoa hc v pht
trin cng ngh ngn hng phc v cho yu cu qun l nh
nc ca Ngn hng Nh nc v tin t v hot ng ngn
hng theo quy nh ca php lut.
Vin Chin lc
ngn hng
Thu nhn, x l, lu tr, phn tch, d bo thng tin tn dng

phc v cho yu cu qun l nh nc ca Ngn hng Nh
nc; thc hin cc dch v thng tin ngn hng theo quy nh
ca Ngn hng Nh nc v ca php lut.
Trung tm Thng tin

tn dng
L c quan ngn lun, din n x hi v l cng c tuyn

truyn, ph bin ng li, ch trng ca ng, chnh sch,
php lut ca Nh nc v hot ng ca ngnh Ngn hng
theo quy nh ca Ngn hng Nh nc v ca php lut.
Thi bo Ngn hng
L c quan ngn lun, din n v l lun nghip v, khoa hc

v cng ngh ngn hng; c chc nng tuyn truyn, ph bin
ng li, ch trng ca ng, chnh sch v php lut ca
Nh nc, hot ng ngn hng v nhng thnh tu v khoa
hc, cng ngh ca ngnh Ngn hng v lnh vc lin quan
theo quy nh ca Ngn hng Nh nc v ca php lut.
Tp ch Ngn hng
C chc nng o to, bi dng, cp nht kin thc, k nng

qun l nh nc v chuyn mn nghip v thuc lnh vc
ngn hng phc v yu cu pht trin v nng cao cht lng
i ng cn b, cng chc, vin chc ca Ngn hng Nh nc
v ca ngnh Ngn hng theo quy hoch, k hoch c
Thng c ph duyt.
Trng Bi dng cn b
ngn hng
Gip Thng c qun l v thc hin D n Ti tr doanh Ban qun l Cc d n tn

nghip va v nh v D n Ti chnh nh .
dng quc t ODA
Gip Thng c qun l v thc hin D n H thng thng Ban qun l D n u t
tin qun l v hin i ha ngn hng.
h thng thng tin qun l
v hin i ha ngn hng
(FSMIMS)
KINH T TH GII V VIT NAM
Phn I - Kinh t th gii v Vit Nam

1. Tng quan kinh t th gii
1.1. Tng trng kinh t th gii
Tng trng kinh t th gii nm 2012 gim xung
3,1% so vi mc 3,9% ca nm 2011 (theo Bo co trin
vng kinh t th gii ca Qu Tin t quc t - IMF, Bn
cp nht thng 7/2013) di tc ng ca cuc khng
hong n cng chu u. phc hi vn yu ti cc
nc pht trin mc d kinh t M c mt s tn hiu tch
cc t th trng lao ng, th trng nh t v Nht
Bn thc hin ti thit sau thm ha nm 2011; trong
khi , tng trng cng bt u chm li ti cc nn
kinh t ang pht trin do cu nc ngoi tng thp. Lm
pht gim trn cc khu vc do sc cu tng thp v gi
hng ha th gii gim. Cc nn kinh t ng Nam tr
thnh im sng mi nm 2012.
Kinh t th gii nm
2012 tip tc kh
khn di tc ng
ca cuc khng
hong n cng chu
u. Lm pht gim
trn cc khu vc.
Kinh t M tng 2,2%, cao hn mc 1,7% ca nm

2011 sau nhiu n lc ca chnh ph v ngn hng trung
ng (NHTW) trong vic thc y tng trng kinh t.
Vi nhng tn hiu hi phc kh vng t th trng bt
ng sn, u t t nhn din bin tch cc ko theo
tn dng ngn hng tng cao hn so vi nm 2011 v l
ng lc ch yu ca tng trng kinh t nm nay. Trong
khi , t l tht nghip cao, thng 12/2012 mc 7,8%
khin tiu dng c nhn ch tng thp. Nm 2012, trong
iu kin kh nng vay n gim khi n cng gn t
mc trn quy nh, chi tiu chnh ph tip tc c ct
gim mc d tc gim chm hn nm 2011 nhm ci
thin v th ngn sch. Thm ht ngn sch nm ti kha
2012 gim nh so vi nm 2011 nhng vn bo ng,
c khong 8,5%GDP (theo IMF, 2013), gy lo ngi v
kh nng duy tr mc n cng hin vt 100%GDP.
Lm pht c xu hng gim mnh t mc 3% nm 2011
xung 1,7% nm 2012.
Kinh t khu vc ng Euro gim 0,6% sau khi tng
trng yu 1,5% nm 2011. Hu ht cc nn kinh t trong
khu vc u suy thoi, ng k nht l Italia gim 2,4%;
BO CO THNG NIN 2012
Ty Ban Nha gim 1,4%; Hy Lp gim 6,4% v Php tng

trng 0%. Nn kinh t u tu c mc d vn tng
trng dng nhng cng ch mc 0,9%, gim mnh so
vi mc 3,1% nm 2011 khi cu bn ngoi t M, chu
v cc nc chu u khc suy yu. Lng tin kinh doanh,
lng tin tiu dng gim trong iu kin t l tht nghip
tng cao (thng 12/2012 l 11,8%), cng vi vic h thng
ngn hng tht cht iu kin cho vay trong bi cnh cng
thng ti chnh v ri ro tng cao, dn n tiu dng v
u t gim mnh trn ton khu vc. Cc bin php ti
kha khc kh tip tc c thc thi ti cc nc khng
hong nn khng th h tr cc hot ng kinh t, tuy
nhin cng gp phn thu hp thm ht ngn sch, c
thm ht ca ton khu vc ng Euro nm 2012 mc
3,5%GDP so vi mc 4,2%GDP nm 2011. Lm pht khu
vc gim t 4,1% ca nm 2011 xung 2,2% nm 2012.
Kinh t Nht Bn tng trng 1,9% nm 2012 sau
khi gim 0,6% nm 2011. Tuy nhin, s hi phc ny
din ra khng bn vng, tp trung ch yu trong qu
u nm (qu I/2012 kinh t tng trng 1,4% so vi qu
trc, ly k nm t 4,7%) nh cc hot ng ti thit
sau thm ha thin nhin nm 2011. Qu II v III/2012,
tng trng kinh t lin tc suy gim khin Nht Bn li
ri vo suy thoi nh; v qu IV/2012, tng trng cng
ch mc 0% so vi qu trc cho thy nn kinh t ny
vn cha th thot khi tnh trng gim pht v tr tr
kinh t ko di hn hai thp k qua. T l tht nghip
gim so vi nm 2011 nhng vn mc cao, cui nm
2012 l 4,3%. Thm ht ngn sch mc bo ng, d
kin 10,2%GDP nm 2012, tip tc lm trm trng vn
n cng hin ln n 237,8%GDP. Tnh trng gim
pht tip tc dai dng, lm pht c nm mc -0,24%.
Cc nc mi ni va ang pht trin tng trng
chm li ch yu do xut khu tng thp trong iu kin
kinh t th gii kh khn, ng thi u t trong nc
cng b tc ng tr bi cc bin php tht cht v m
kim ch lm pht thc hin t nm 2011. Xu hng ny
din ra r nt nht ti hai u tu kinh t l Trung Quc
v n , tng trng nm 2012 u mc thp nht
2
trong nhiu nm tr li y, tng ng l 7,8% v 3,2%.

Nga v Brazil - hai thnh vin thuc khi BRIC - cng
u tng trng thp, tng ng mc 3,4% v 0,9%.
Tuy nhin, im sng kinh t nm 2012 li tp trung ti
khi ASEAN-4 gm Indonesia, Malaysia, Thi Lan v
Philippines. Tng trng kh quan ca c u t v tiu
dng b p c s suy yu ca cu t bn ngoi,
gip cc nn kinh t ny duy tr c mc tng kh tng
ng l 6,2%, 5,6%, 6,4% v 6,6%. Lm pht ca cc nc
nhn chung theo xu hng gim nh gi th gii gim
v mc sn lng thc t c iu chnh v kh st vi
mc tim nng, lm pht bnh qun khu vc ang pht
trin chu mc 4,5% so vi mc 6,4% nm 2011.
1.2. iu hnh chnh sch tin t ca mt s quc gia

Chnh sch tin t c thc hin theo hng ni
lng mnh m hu ht cc khu vc thng qua vic bm
tin v ct gim mnh li sut nhm i ph vi tng
trng kinh t suy gim v nh hng tiu cc t khng
khong n cng chu u.
i vi cc nc pht trin, cc NHTW nh Fed,
BOJ, BOE, ECB,... tng cng bm tin ra nn kinh t v
duy tr li sut iu hnh mc thp gn 0%, trong
c ECB h li sut xung mc thp k lc 0,75%/nm.
Fed v ECB cng a ra quyt nh cha tng c tin
l, Fed tuyn b bm tin khng hn ch thng qua gi
QE3 t ngay 14/9/2012 nhm thc y s phc hi kinh
t v ECB sn sng mi th c th cu ng Euro t
ngay 26/7/2012 trong bi cnh th trng ti chnh cng
thng khin lo ngi khng hong ti chnh v nguy c
sp ng Euro gia tng. Nhiu NHTW khc lin tc
iu chnh gim li sut iu hnh, in hnh c Thy
in, Na Uy, an Mch v Australia.
Chnh sch tin t

ni lng mnh m
trn ton cu, i
km vi cc gi kch
thch kinh t ti mt
s quc gia.
i vi cc nc mi ni v ang pht trin, chnh

sch tin t ni lng ch yu da trn vic tip tc ct
gim li sut. Hai nn kinh t ln, Trung Quc v Brazil,
c mc iu chnh gim mnh nht, trong Brazil bn
ln lin tc ct gim li sut, Trung Quc hai ln ct gim
li sut (ln u tin k t nm 2008) v hai ln iu
chnh gim t l d tr bt buc; p dng th nghim h
BO CO THNG NIN 2012
t l d tr bt buc i vi gn 1.000 chi nhnh ngn

hng nng nghip (nhm tng mc cung tin) v d kin
tng t l d n/huy ng vn cho mt s ngn hng ln;
ni lng kim sot i vi li sut cho vay ca ngn hng
thng mi (NHTM). Ti mt s nc nh Brazil, Trung
Quc, cc bin php ni lng tin t cn c thc hin
song song vi gi kch thch kinh t ca chnh ph.
2. Kinh t Vit Nam
Kinh t v m n
nh trn nhiu mt
nhng tng trng
kinh t chm li,
sc tiu th gim,
doanh nghip kh
khn.
Bc sang nm 2012, trong bi cnh kinh t ton

cu tng chm li, kinh t Vit Nam tip tc gi c s
n nh. Lm pht c kim ch, cn cn thanh ton
thng d mc cao, th trng ti chnh tin t n nh,
li sut gim lin tc ph hp vi din bin kinh t v m,
tin t, c bit l din bin lm pht. T gi n nh, d
tr ngoi hi Nh nc tng cao. Tuy nhin, tng trng
kinh t chm li, sn xut kinh doanh vn cn kh khn,
hng tn kho tng cao, sc mua ca th trng gim.
Thc hin Ngh quyt s 13/NQ-CP ngy 10/5/2012
(Ngh quyt 13) ca Chnh ph, cc B, ngnh trong
c Ngn hng Nh nc trin khai ng b cc gii
php nhm tp trung tho g kh khn, to iu kin cho
sn xut kinh doanh gn vi h tr pht trin th trng
nhng vn m bo kim sot lm pht, n nh kinh t
v m, m bo an sinh x hi nh ch o ti Ngh quyt
s 01/NQ-CP ngy 03/01/2012 (Ngh quyt 01).
2.1. Tng trng kinh t

Tng trng kinh t nm 2012 chm li mc 5,25%
(tnh theo gi so snh nm 2010) ph hp vi vic iu
hnh cht ch cc chnh sch kinh t v m kim ch
lm pht, n nh kinh t v m, bo m an sinh x hi.
Theo ngnh kinh t, tng trng GDP thp hn so vi
cc nm trc hu ht cc ngnh
Ngnh Nng-lm-thy sn c tc tng ch t
1,69%, thp hn mc 3,02% ca nm 2011 ch yu do
lnh vc nng nghip c tc tng chm li trong bi
cnh kinh t kh khn, din bin thi tit khc nghit v
ngun vn u t hn hp.
4
th 1: Tng trng GDP thc v ng gp ca cc ngnh sn xut,

2007-2012
%
8,00
6,00
4,00
2,00
0,00
-2,00
2007
2008
Nng-lm-thy sn
Dch v
2009
2010
Cng nghip
Tng trng GDP
2011
2012
Xy dng
Ngun: Tng cc Thng k, tnh ton ca NHNN
Ngnh Cng nghip c tc tng 5,75% nm 2012,

gim nh so vi mc tng ca nm 2011. Cng nghip
ch bin nm nay gp nhiu kh khn do cu trong nc
suy gim. Tc tng trng ch mc 5,8%, bng tc
11% ca nm 2011; ch s tn kho tng cao, thi im
01/01/2012 tng 20,14% so vi cng k nm 2011.
Ngnh Xy dng tng nh 3,3%, sau khi tng trng
m gn -0,6% nm 2011. Mc d th trng bt ng sn
vn trm lng, sc tiu th trn th trng gim ng k
nhng nh cc gii php chnh sch v m c trin
khai mnh m theo tinh thn Ngh quyt 13 nh a mt
s nhu cu vay vn trong lnh vc bt ng sn ra khi
danh mc tn dng khng khuyn khch, ch o y
mnh gii ngn vn u t t ngun tri phiu Chnh
ph nn cc hot ng xy dng chuyn t gim sang
tng nh trong 6 thng cui nm.
Khu vc Dch v cng tng chm li trong bi cnh
chung, tng 5,9% so vi mc 6,83% ca nm 2011 trong
nhng ngnh dch v chnh nh thng nghip, nh
hng khch sn, cc hot ng lin quan n kinh doanh
ti sn v dch v t vn u tng thp.
V bn cu, tiu dng, u t v xut khu u tng cao
hn nm 2011, tuy nhin ko theo nhp khu cng tng
nhanh hn nm 2011.
Tiu dng cui cng tng 5,1%, cao hn mc 4,4%
ca nm 2011. Tiu dng cui cng hi phc nh phn
nh tc ng tch cc ca vic kim ch lm pht, nng
cao sc mua thc t cho ngi tiu dng. Bn cnh ,
BO CO THNG NIN 2012
tin lng ti thiu c iu chnh tng t 48,1-68,7%

cho khi doanh nghip t 01/10/2011 v tng 26,5% cho
cng chc t 01/5/2012 cng gp phn tch cc ci thin
tiu dng trong iu kin th trng lao ng kh khn,
tnh trng doanh nghip gii th, ph sn gia tng.
Tng tch ly ti sn tng nh 2,4% sau khi gim
6,8% trong nm 2011, nh nhng n lc ca Chnh ph
trong vic thc y gii ngn vn u t cng nhng
thng cui nm 2012, ng trc 30.000 t ng vn ngn
sch trung ng k hoch 2013 v vn tri phiu Chnh
ph giai on 2013-2015 cho cc d n hon thnh nm
2012 v 6 thng u nm 2013. Tuy nhin, u t hi
phc nh cng mt phn do hng tn kho tng cao nn
tch ly ti sn lu ng tng cao 7,2% (nm 2011: 3,6%).
Xut khu tng 15,7%, cao hn mc 10,8% nm
2011, l din bin tch cc trong bi cnh kinh t th gii
gp nhiu kh khn. Nhm hng in t, my tnh v
linh kin; in thoi v cc loi linh kin; Dt may, Giy
dp... ng gp ch yu vo ng lc tng xut khu nm
2012, cho thy nng lc cnh tranh ca hng Vit Nam
c s ci thin tch cc, c cu xut khu a dng hn.
Tuy nhin, do y l cc mt hng gia cng nn cng ko
theo nhp khu nguyn vt liu tng cao.
Nhp khu tng 9,1%, cao hn so vi mc 4,1% ca
nm 2011. Tng ng vi xut khu hng in t, linh
kin, my tnh, in thoi, dt may... tng cao, nhp khu
cc nhm hng linh kin in t, in thoi, bng... cng
tng ng k.
2.2. Lao ng, thu nhp
Th trng lao ng
trm lng. GDP
bnh qun u
ngi nm 2012 t
1.749 USD.
Th trng lao ng nm 2012 din ra trm lng

trong bi cnh hot ng sn xut kinh doanh ca cc
doanh nghip gp kh khn. Lc lng lao ng l 52,58
triu ngi, tng 2,3% so vi nm 2011. T l tht nghip
c nc nm 2012 mc 1,96%, trong thnh th l
3,21%, khu vc nng thn l 1,19% thp hn cc mc
tng ng 2,22%, 3,6%, 1,6% ca nm 2011. T l thiu
vic lm c nc nm 2012 l 2,74%, trong thnh th
l 1,56%, nng thn l 3,27%, gim so vi cc mc tng
ng 2,96%, 1,58% v 3,56% ca nm 2011. Kinh t trong

nc gp nhiu kh khn nhng do h thng an sinh x
hi cha pht trin nn ngi lao ng vn chp nhn
lm nhng cng vic trong khu vc phi chnh thc vi
mc thu nhp thp v bp bnh dn n t l tht nghip
v thiu vic lm khng bin ng nhiu. S lng lao
ng xut khu ca Vit Nam nm 2012 khong 80 nghn
lao ng, t 90% k hoch v gim 9,4% so vi thc hin
nm 2011.
GDP bnh qun u ngi nm 2012 t 1.749 USD,
tng so vi mc 1.517 USD ca nm 2011. Tip tc thc
hin l trnh n ci cch tin lng, tin lng ti
thiu ca lao ng hng lng t ngn sch nh nc
v doanh nghip nh nc c iu chnh tng t mc
830 nghn ng/thng nm 2011 ln mc 1.050 nghn
ng/thng, tng ng vi mc tng 26,5%, cao hn
so vi mc 13,7% ca nm 2011.
2.3. Din bin lm pht

Lm pht tip tc xu hng gim t mc 18,13%
cui nm 2011 xung 6,81% cui nm 2012, lm pht
bnh qun l 9,21%, gim so vi mc 18,58% nm 2011.
Xu hng tng chm li ca lm pht din ra u n t
mc nh 23,02% vo thng 8/2011 xung ch cn 5,04%
vo thng 8/2012. T thng 9/2012, lm pht chung c
xu hng tng tr li do nhiu a phng thc hin iu
chnh tng mnh gi dch v y t theo Thng t lin tch
s 04/2012/TTLT-BYT-BTC ngy 29/02/2012 ca lin B
Y t - Ti chnh v Ban hnh mc ti a khung gi mt
s dch v khm bnh, cha bnh trong cc c s khm
bnh, cha bnh ca Nh nc; mt khc hc ph gio
dc cng c iu chnh tng mnh ti cc a phng
theo Ngh nh s 49/2010/N-CP ngy 14/5/2010 ca
Chnh ph. Tuy nhin, tc ng tng lm pht ca vic
tng gi cc dch v ny ch din ra tm thi, n cui
nm lm pht vn trong tm kim sot l 6,81%.
Tc tng ch s
gi tiu dng chm
li ng k so vi
nm 2011 do sc p
t c bn cung v
bn cu u gim.
Lm pht nm 2012 thp hn hn so vi nm trc

ch yu do gi hng n v dch v n ung (chim quyn
s 39,93% trong r hng ha dch v tnh CPI) tng thp,
BO CO THNG NIN 2012
cui nm 2012 tng 1,01% so vi cui nm 2011, trong

khi nm 2011 tng cao 24,8%. Ngoi nhm hng lng
thc thc phm, c n 09 nhm hng cn li (trong
tng s 11 nhm hng) ca r hng ha CPI u tng gi
chm hoc gim, gp phn lm lm pht nm 2012 tng
chm li. y l kt qu ca nhiu tc ng: (i) Gi th
gii c xu hng gim khin ch s gi nhp khu nm
2012 gim 0,33%, trong khi nm 2011 ch s ny tng
20,18%; (ii) Sc p bn cu gim mnh; (iii) K vng lm
pht gim ng k so vi nm 2011 nh p lc lm pht
gim kh bn vng t qu III/2011, gi nhiu mt hng
thit yu nh xng du v cc nguyn vt liu u vo ca
sn xut, lng thc thc phm,... tng thp hn nm
2011 theo xu hng gim chung ca gi th gii v trong
nc; (iv) T gi VND/USD c gi n nh gip n
nh chi ph nhp khu cho doanh nghip v kim sot
k vng lm pht.
th 2: Din bin lm pht CPI, 2007-2012
% tng, gim
30,00
% tng, gim
5,00
4,00
20,00
3,00
15,00
2,00
10,00
1,00
5,00
0,00
0,00
-1,00
01/07
04/07
07/07
10/07
01/08
04/08
07/08
10/08
01/09
04/09
07/09
10/09
01/10
04/10
07/10
10/10
01/11
04/11
07/11
10/11
01/12
04/12
07/12
10/12
25,00
So vi thng trc
So vi cng k
Ngun: Tng cc Thng k
2.4. Thu chi ngn sch Nh nc
Thu chi ngn sch

Nha nc u tng
thp hn nm 2011
trong iu kin kinh
t kh khn, Chnh
ph thc hin cc
chnh sch min,
gim, gin cc
loi thu h tr
doanh nghip. Bi
chi ngn sch mc
4,8%GDP.
8
Bi chi ngn sch Nh nc (NSNN) nm 2012

mc 4,8%GDP, bng k hoch v xp x mc 4,9%GDP
ca nm 2011, trong tng thu NSNN v vin tr tng
thp hn nm 2011 ko theo chi NSNN cng t thp.
Tng thu ngn sch nm 2012 tng 5,3% (t
khong 25,1%GDP) thp hn ng k so vi mc tng
19,7% nm 2011 (31%GDP); trong c thu ni a v
thu t du th tng thp hn nm 2011, thu t hot ng
xut nhp khu v thu vin tr gim. C th ni kinh t
kh khn nh hng ng k n thu NSNN, nht l
thu ni a v thu t hot ng xut nhp khu. Vic thc
hin chnh sch min, gim v gin cc loi thu nhm

tho g kh khn cho hot ng sn xut kinh doanh
ca cc doanh nghip; doanh s nhp khu ch tng thp,
c bit l nhng mt hng c thu sut cao; hot ng
u gi quyn s dng t v gi t gim mnh do th
trng bt ng sn trm lng tc ng tiu cc n
thu NSNN nm 2012. Bn cnh , gi du th gii tng
thp cng nh hng khng nh n ngun thu t xut
khu du th.
Tng chi NSNN (khng tnh chi chuyn ngun)
tng 12,5% (t 30,7%GDP), chm hn mc tng 23,8%
ca nm 2011 (35,3%GDP) vi cc khon chi chnh
u tng thp hoc gim so vi nm 2011, trong chi
u t pht trin gim 3,3% (6,4%GDP) trong khi nm
2011 tng 5,8% (8,5%GDP), chi thng xuyn tng
18,9% (22,0%GDP) trong khi nm 2011 tng 35,5%
(24,0%GDP). Ngun thu tng thp l mt trong nhng
nguyn nhn nh hng n hot ng chi NSNN nm
2012. Ngoi ra, vic chuyn hng chnh sch ti kha t
tht cht trong nm 2011 sang h tr tng trng kinh t
nm 2012 khng th thc hin ngay lp tc m i hi
phi c thi gian thc hin cc khu nh quyt nh
d n, tin hnh gii ngn,... Tt c nhng yu t ny
nh hng n hot ng chi NSNN nm nay.
2.5. Cn cn thanh ton

Cn cn thanh ton nm 2012 thng d k lc 11,87
t USD so vi mc 1,15 t USD nm 2011, trong ng
gp ln nht l t thng d cn cn vng lai, c bit l
cn cn thng mi, bn cnh mc thng d cao ca cn
th 3: Cn cn thanh ton, 2007-2012
%GDP
30,00
25,00
20,00
15,00
10,00
5,00
0,00
-5,00
-10,00
-15,00
-20,00
2007
2008
2009
Cn cn tng th
Cn cn thng mi
2010
2011
2012
Cn cn vng lai
Cn cn vn v ti chnh
Cn cn thanh
ton tng th t
mc thng d k
lc 11,87 t USD,
gp hn 10 ln mc
thng d ca nm
2011, ch yu do
cn cn vng lai
thng d k lc, cn
cn vn duy tr mc
thng d kh.
Ngun: Ngn hng Nh nc Vit Nam
BO CO THNG NIN 2012
cn vn v ti chnh. Ngoi ra, cn cn thanh ton thng

d cao cng c phn tch cc t kim ch lm pht, n
nh kinh t v m v hn ch tnh trng la ha, gip
tnh trng gm gi ngoi t gim mnh, h thng ngn
hng mua c lng ln ngoi t t nn kinh t, qua
tng d tr ngoi hi Nh nc.
Cn cn vng lai thng d k lc trong cn cn

thng mi ln u tin thng d cao
Cn cn vng lai chuyn sang thng d mnh
9,06 t USD, tng ng 6,6%GDP ch yu nh cn
cn thng mi thng d cao mc lch s, v cn cn
chuyn tin vn thng d kh. Cn cn thng mi nm
2012 thng d 9,9 t USD sau 10 nm lin tc thm ht.
Trong , xut khu tng cao v lng; nhp khu ch
tng nh do hot ng sn xut kinh doanh trong nc
gp nhiu kh khn, hng tn kho tng nn nhu cu nhp
khu nguyn liu cho sn xut gim. Cn cn dch v v
Cn cn thu nhp t u t tip tc thm ht theo xu
hng ca nhng nm trc, ln lt l -2,9 t USD v
-6,1 t USD. Thc trng kh khn chung ca kinh t th
gii, khch du lch n Vit Nam tng chm v gi cc
vn ti gim mnh tc ng khng thun li ln thu dch
v nm 2012. Trong khi , li sut th gii mc thp
khin thu t u t gim kh mnh, ng thi chi tr c
tc ca doanh nghip FDI tip tc tng cao do doanh thu
xut khu kh quan l nhng nguyn nhn lm tng mc
thm ht ca Cn cn thu nhp t u t trong nm 2012.
Cn cn chuyn tin thng d 8,2 t USD, gim 5,6% so
vi nm 2011 trong iu kin kinh t th gii kh khn,
tnh trng tht nghip mc cao ti nhiu nc pht trin
nh hng khng thun li n thu nhp ca ngi lao
ng ti nc ngoi; tuy vy, y vn l mc thng d kh
cao. Trong tng mc chuyn tin rng, chuyn tin rng
ca khu vc t nhn t 7,9 t USD, gim 5% so vi nm
2011, chuyn tin ca khu vc chnh ph t 300 triu
USD, gim 16,4% so vi nm 2011.
Cn cn vn ti chnh tip tc thng d kh, c cu

cn cn vn duy tr tch cc
Trong bi cnh kinh t m m ti cc nc pht
trin, cc lung vn c xu hng vo cc nc mi
10
ni v ang pht trin trong c Vit Nam, c bit l

sau khi chnh ph Vit Nam thnh cng trong vic n
nh kinh t v m v by t quyt tm ti cu trc nn
kinh t. Cn cn vn v ti chnh thng d 8,33 t USD,
tng 28,2% so vi nm trc trong thng d hu
ht cc hng mc. Vn u t trc tip nc ngoi rng
thng d 7,2 t USD, tng 9,1% so vi nm 2011, trong
, FDI ca nc ngoi vo Vit Nam t 8,37 t USD,
tng 11,3%, FDI ca Vit Nam ra nc ngoi t 1,2 t
USD, tng 26,3% so vi nm 2011. Vay nc ngoi trung
v di hn thng d mc cao l 3,9 t USD, tng 19% so
vi nm 2011 nh Vit Nam tip tc nhn c ngun
vn ODA v cc doanh nghip tng cng gii ngn cc
ngun vn di hn nc ngoi. Vay n nc ngoi ngn
hn rng thng d 1,3 t USD, gim 19,1% so vi nm
2011. Vn u t gin tip phc hi v thng d mc 2
t USD, tng 36,3% so vi nm 2011. u t di dng
tin v tin gi thm ht 6 t USD, gim 6,2% so vi nm
2011; trong u t di dng tin v tin gi ca h
thng ngn hng thng d 107 triu USD, gim 76% so
vi nm 2011, tin v tin gi ca khu vc khc thm ht
6,15 t USD, gim 10,7% so vi mc thm ht 6,88 t
USD ca nm 2011.
C cu cn cn vn tip tc c duy tr tch cc,
theo cc lung vn n nh di hn nh FDI, vay
trung di hn vn thng d cao v chim t trng ng
k, gp hn 3 ln tng cc lung vn ngn hn (gm
vay ngn hn, u t gin tip, tin v tin gi). Khng
nhng vy, dng vn FDI c s chuyn dch ng khch
l sang lnh vc cng nghip ch bin, ch to (chim
gn 70% tng vn ng k), vn u t vo lnh vc kinh
doanh bt ng sn gim dn (ch chim 14,2% tng vn
ng k). Din bin tch cc ca cn cn vn v ti chnh
nm 2012 cho thy cc gii php v m ca chnh ph
nhm kim ch lm pht, n nh kinh t v m thnh
cng trong vic thc y lng tin ca nh u t v trin
vng pht trin bn vng ca kinh t Vit Nam. iu ny
th hin khng ch qua vic cc nh u t nc ngoi
tch cc mua c phn, c phiu, tri phiu trn th trng
chng khon Vit Nam c trn th trng tp trung v th
BO CO THNG NIN 2012
11
trng phi tp trung vi tng gi tr mua rng l 1,35 t

USD m cn s thnh cng ca mt s doanh nghip
Vit Nam trong vic pht hnh tri phiu trn th trng
quc t (tp on Vingroup v Ngn hng Cng thng
pht hnh tri phiu quc t tr gi ln lt l 300 triu
USD v 250 triu USD).
2.6. Din bin ti chnh tin t

Din bin tin t
tng ca Tng phng tin thanh ton phc hi trong
bi cnh lng tin vo h thng ngn hng gia tng, tnh
trng la ha gim mnh, cc knh u t khc m m.
Tng phng tin

thanh ton v huy
ng vn tng tr
li trong khi u t
cho nn kinh t c
mc tng thp so vi
nhiu nm tr li
y.
Tng phng tin thanh ton nm 2012 tng

18,5% cao hn mc 12,1% ca nm 2011 nhng vn thp
hn ng k so vi nhiu nm trc. Tng phng tin
thanh ton tng tr li ch yu do NHNN mua ngoi t
tng d tr ngoi hi Nh nc trong bi cnh kinh
t v m n nh, cc gii php kim ch la ha pht
huy tc dng.
th 4: Tng trng cc ch tiu tin t, 2007-2012
%
60,00
50,00
40,00
30,00
20,00
10,00
0,00
2007
2008
2009
Tng phng tin thanh ton
2010
Huy ng vn
2011
2012
Tn dng
Huy ng vn ca h thng ngn hng tng cao, tnh

trng la ha gim mnh
Huy ng vn tng 17,9% trong nm 2012, cao hn
ng k so vi mc 12,4% nm 2011 cho thy knh u
t gi tin ti h thng ngn hng l kh hp dn trong
nm 2012. Mc d li sut danh ngha VND c iu
chnh gim nhng do lm pht cng gim mnh nn
vn bo m li sut thc dng cho ngi gi tin, c
12
th 5: Tng trng huy ng vn nm 2012
HV bng VND
HV bng ngoi t
T12/12
T11/12
T10/12
T9/12
T8/12
T7/12
T6/12
T5/12
T4/12
T3/12
T2/12
T1/12
% thay i so vi cng k
T12/11
%
35,00
30,00
25,00
20,00
15,00
10,00
5,00
0,00
-5,00
-10,00
-15,00
-20,00
Huy ng vn
bit trong iu kin cc knh u t khc nh bt ng

sn, chng khon, vng,... m m. Bn cnh , chnh
lch li sut VND v li sut ngoi t c duy tr hp
l kt hp vi cc bin php chng la ha khc nh
thu hp i tng c vay ngoi t, duy tr t l d tr
bt buc i vi tin gi ngoi t cao hn i vi tin
gi VND, n nh t gi... gip gim mnh tnh trng
la ha, th hin r rt qua c cu ng tin huy ng
nm 2012. n cui nm 2012, huy ng vn VND tng
25,1% so vi cui nm 2011, cao hn mc tng 14,6% ca
nm 2011 trong khi huy ng vn ngoi t gim 11,8%,
ko t trng vn huy ng ngoi t trong tng huy ng
vn gim t mc 19,5% cui nm 2011 xung 14,6% cui
nm 2012 v l mc thp nht t trc n nay.
Th phn huy ng vn din bin theo hng t
trng huy ng vn ca nhm NHTM nh nc gim nh,
th phn ca nhm t chc tn dng khc (gm NHTM
c phn, TCTD phi ngn hng, Qu Tn dng nhn dn,
th 6: T trng huy ng
vn theo khi ngn hng
nm 2012
44,9%
53,38%
1,72%
4 NHTMNN
NH Nh BSCL v NHCSXH
TCTD khc
th 7: T trng u t cho
nn kinh t theo khi ngn hng
nm 2012
49,09%
49,00%
1,91%
4 NHTMNN
NH Nh BSCL v NHCSXH
TCTD khc
BO CO THNG NIN 2012
13
NHTM 100% vn nc ngoi, NHTM lin doanh, chi

nhnh ngn hng nc ngoi) tng nh. C th: Huy
ng vn ca nhm NHTM Nh nc (khng bao gm
c Ngn hng Nh ng bng sng Cu Long v Ngn
hng Chnh sch x hi) chim t trng 44,9% tng mc
huy ng vn ton h thng; Ngn hng Nh ng bng
sng Cu Long v Ngn hng Chnh sch x hi chim
1,72%; nhm cc TCTD khc chim 53,38%.
u t cho nn kinh t tng thp nhng c b p
bng vic TCTD u t vo tri phiu Chnh ph
Sc cu ca nn kinh t chm li ng k, tnh trng
tn kho tng mnh gy ra nhiu kh khn cho hot
ng tn dng ngn hng nm 2012. Doanh nghip kh
khn trong vic tiu th sn phm v trin vng kinh
doanh km kh quan lm gim kh nng hp th vn
ca nn kinh t. ng thi, ri ro n xu gia tng do tnh
hnh ti chnh ca doanh nghip suy yu v gi tr ti
sn m bo c xu hng gim v s trm lng ca th
trng bt ng sn khin nhiu doanh nghip khng
p ng c cc iu kin vay vn ti ngn hng, cc
NHTM thn trng hn trong vic cho vay nhm hn ch
ri ro, m bo an ton vn. Nm 2012, u t cho nn
kinh t tng 8,8%, thp hn nhiu so vi mc tng 14,3%
nm 2011. Tuy l mc tng thp nht t trc n nay
nhng u t c tp trung vo cc lnh vc n nh,
ri ro thp nh nng nghip, nng thn v xut khu.
y l nhng lnh vc tng trng kh tt trong nm
2012 so vi ton nn kinh t. Ngc li, u t vo nhng
ngnh c ri ro cao tng chm li. C cu u t cho nn
kinh t theo ng tin n cui nm 2012 cng c
chuyn bin tch cc ph hp vi ch trng gim dn
tnh trng la ha, chuyn t quan h tin gi - cho vay
sang quan h mua - bn ngoi t. T trng d n u t
ngoi t trn tng d n cui nm 2012 gim xung mc
17,5% so vi mc 20,0% vo cui nm 2011 nh u t
bng ngoi t gim phn no chuyn dch sang u t
bng VND.
C cu u t cho nn kinh t c xu hng tng nh
i vi khi NHTM Nh nc v gim nh i vi khi
14
TCTD khc: D n u t ca nhm cc NHTM Nh

nc (khng bao gm Ngn hng Chnh sch x hi v
Ngn hng Nh ng bng Sng Cu Long) n cui
nm 2012 chim 49,0% tng d n u t ton nn kinh t
(nm 2011: 50,03%). D n u t ca Ngn hng Chnh
sch x hi v Ngn hng Nh ng bng Sng Cu Long
chim 1,91% (nm 2011: 1,59%). D n u t ca nhm
cc TCTD khc chim 49,09% (nm 2011: 50,6%).
Bng VND
Bng ngoi t
T12/12
T11/12
T10/12
T9/12
T8/12
T7/12
T6/12
T5/12
T4/12
T3/12
T2/12
T12/11
T1/12
th 8: Tng trng u t cho nn kinh t nm 2012

% cng k
20,00
15,00
10,00
5,00
0,00
-5,00
-10,00
-15,00
u t cho nn kinh t
Trong iu kin huy ng vn tng kh cao nhng

tn dng ch tng thp, cc TCTD c xu hng tng cng
u t vo nhng ti sn phi ri ro, trong c tri phiu
Chnh ph v tn phiu Kho bc. Cho vay Chnh ph
(rng) ca h thng ngn hng nm 2012 tng ng k
40,2% so vi mc 8,6% ca nm 2011. Tnh n cui nm
2012, t trng d n cho vay Chnh ph trong tng Ti
sn c ca h thng cc TCTD tng ln mc 6,9% t mc
5,1% cui nm 2011, ch yu di dng u t vo tri
phiu v giy t c gi (GTCG) ca Chnh ph.
Din bin li sut

Li sut ng Vit Nam
Li sut huy ng v cho vay VND gim mnh
trong nm 2012 ph hp vi xu hng iu hnh li sut
ca NHNN trong iu kin lm pht gim bn vng,
thanh khon ca h thng ngn hng di do, qua
gp phn tho g kh khn cho doanh nghip, h tr
th trng theo Ngh quyt s 01 v Ngh quyt s 13
ca Chnh ph. Trong nm 2012, li sut huy ng gim
Li sut VND gim

mnh v lin tc,
li sut USD tng
i n nh.
BO CO THNG NIN 2012
15
3-7%/nm, li sut cho vay gim khong 6-9%/nm v

gim v mc li sut ca nm 2007 l thi k trc khng
hong ti chnh ton cu. ng ch , t ngy 11/6/2012,
NHNN cho php cc TCTD t n nh li sut tin gi
c k hn t 12 thng tr ln trn c s cung-cu vn th
trng. n cui nm 2012, li sut huy ng ph bin
i vi tin gi khng k hn v k hn di 1 thng l
1-2%/nm; k hn t 1 thng n di 12 thng l 7,88%/nm, hu ht cc NHTM u thc hin nghim tc
trn li sut huy ng, thm ch nhiu NHTM cn nim
yt li sut thp hn mc trn quy nh ca NHNN do
thanh khon tng i di do; li sut huy ng k hn
t 12 thng tr ln khong 10-11,5%/nm. Li sut cho
vay sn xut kinh doanh thng thng mc 12-15%/
nm, trong li sut cho vay i vi khch hng tt ch
t 9-11%/nm.
th 9: Li sut tin gi v cho vay nm 2012
T1/11
T2/11
T3/11
T4/11
T5/11
T6/11
T7/11
T8/11
T9/11
T10/11
T11/11
T12/11
T1/12
T2/12
T3/12
T4/12
T5/12
T6/12
T7/12
T8/12
T9/12
T10/12
T11/12
T12/12
%/nm
20,00
18,00
16,00
14,00
12,00
10,00
8,00
6,00
4,00
2,00
0,00
Huy ng VND
Cho vay VND
Huy ng USD
Cho vay USD
Li sut la M
Li sut USD khng bin ng nhiu, trong li
sut huy ng USD tng i n nh, li sut cho vay
USD gim nh trong nhng thng cui nm. Li sut huy
ng USD ph hp vi mc trn quy nh ca NHNN,
n thi im cui nm 2012, ph bin mc 1,8-2%/
nm i vi tin gi ca dn c v 0,5%/nm i vi tin
gi ca t chc. Ph hp vi nh hng gim li sut
ca NHNN v li sut VND, li sut cho vay USD cng
c xu hng gim nh khong 0,5-1%/nm v ph bin
mc 5-7%/nm i vi ngn hn v 6-8,5%/nm i vi
trung v di hn.
16
Th trng tin t lin ngn hng

Quy m giao dch gim
Nm 2012, tng doanh s cho vay, gi tin gia
cc TCTD trn th trng lin ngn hng bng VND
t 5.899 nghn t ng, gim 997 nghn t ng (tng
ng 17%) so vi nm 2011, trong ch yu gim
mnh trong nhng thng cui nm sau khi NHNN quy
nh cht ch hn hot ng cho vay, gi tin trn th
trng lin ngn hng ti Thng t s 21/2012/TTNHNN khin TCTD thn trng hn trong giao dch lin
ngn hng. Bn cnh , tnh hnh vn kh dng bng
VND ca nhiu TCTD trong thi im cui qu II, u
qu IV/2012 tip tc d tha nn cng lm gim nhu cu
giao dch trn th trng lin ngn hng, ng thi gp
phn y li sut giao dch bnh qun ton th trng
gim lin tc. Trong khi quy m giao dch bng VND
gim th tng doanh s giao dch lin ngn hng bng
USD quy i VND t 4.128 nghn t ng, tng 561
nghn t ng, tng ng tng 13,5% so vi nm 2011.
Trn th trng tin

t lin ngn hng,
quy m giao dch v
li sut u gim.
Xt theo k hn, cc giao dch trn th trng lin

ngn hng nm 2012 pht sinh ch yu cc k hn
di 1 thng, c bit l k hn qua m. Doanh s giao
dch qua m bng VND c nm t 2.407 nghn t ng
v bng USD quy i VND t 1.895 nghn t ng, ln
lt bng 40% v 46% so vi tng doanh s giao dch c
nm 2011.
Li sut lin ngn hng gim mnh
Qu I/2012, li sut giao dch bnh qun VND trn
th trng lin ngn hng vn cn mc cao so vi giai
on cui nm 2011. Li sut bnh qun qua m dao
ng t 10,94% n 14,50%/nm, li sut bnh qun cc
k hn khc cng c s gia tng so vi thi im cui
nm 2011. Tuy nhin, t qu II, li sut lin ngn hng
gim mnh v xu hng gim tip din n thng 11. Mc
d trong thng 12 li sut bnh qun cc k hn chuyn
sang tng nh do tnh cht ma v trong thi im gip
Tt nhng mc li sut bnh qun thi im cui nm
2012 vn gim mnh so vi u nm, li sut k hn qua
BO CO THNG NIN 2012
17
m gim t 14,5%/nm (thng 1) xung cn 3,54%/nm

(thng 12). Xu hng gim li sut bnh qun lin ngn
hng cc k hn trong nm 2012 phn nh s di do vn
kh dng ca h thng ngn hng.
Li sut giao dch bnh qun lin ngn hng bng
USD cng c xu hng gim dn qua cc thng. Li
sut bnh qun qua m gim t 0,75%/nm vo thng 1
xung cn 0,25%/nm trong thng 12, k hn 1 thng
t 1,91%/nm xung cn 0,69%/nm. Li sut bnh qun
cc k hn khc cng gim ng k so vi u nm, ring
i vi k hn 12 thng, li sut giao dch bnh qun cc
thng kh n nh v khng c nhiu bin ng.
th 10: Li sut bnh qun lin ngn hng bng VND nm 2012
%/nm
Qua m
1 tun
T12/12
T11/12
T10/12
T9/12
T8/12
T7/12
T6/12
T5/12
T4/12
T3/12
T2/12
T1/12
14,00
12,00
10,00
8,00
6,00
4,00
2,00
2 tun
Hot ng mua, bn c k hn giy t c gi

Nm 2012, doanh s mua c k hn giy t c gi
gia cc TCTD, chi nhnh ngn hng nc ngoi trn
th trng lin ngn hng bng VND t 63.402 t ng,
bng USD quy i ra VND t 8.748 t ng. Mc d
doanh s mua c k hn GTCG gia cc TCTD, chi
nhnh ngn hng nc ngoi trn th trng lin ngn
hng ch chim mt t trng nh so vi hot ng cho
vay, gi tin (1,08% i vi VND v 0,2% i vi USD),
s lng thnh vin tham gia hot ng ny cng cha
nhiu nhng hot ng mua, bn c k hn ang ngy
cng tr nn ph bin, gp phn a dng ha hot ng
ca cc TCTD trn th trng tin t lin ngn hng,
nng cao hiu qu ca th trng. V li sut, trong nm
2012, nhn chung din bin li sut mua c k hn GTCG
trn th trng lin ngn hng cng cng xu hng vi
li sut cho vay, gi tin trn th trng.
18
Thay i trong qun l th trng lin ngn hng

nng cao tnh cng khai, minh bch v m
bo th trng tin t lin ngn hng hot ng hiu
qu, an ton v hng ti cc chun mc quc t, nm
2012, NHNN ban hnh Thng t s 21/2012/TTNHNN ngy 18/6/2012 (Thng t 21) quy nh hot
ng cho vay, i vay, mua, bn c k hn GTCG gia
cc TCTD, chi nhnh ngn hng nc ngoi thay th
Quy ch vay vn gia cc TCTD ban hnh km theo
Quyt nh s 1310/2001/Q-NHNN. S ra i ca
Thng t 21 vi cc quy nh cht ch hn v hot
ng ca cc TCTD, chi nhnh ngn hng nc ngoi
trn th trng lin ngn hng nh iu kin vay vn
trn th trng, nguyn tc cho vay, i vay, thi hn
giao dch, li sut giao dch, hnh thc thanh ton, d
phng ri ro... c nhng tc ng tch cc i vi th
trng lin ngn hng, gp phn lm gim mt bng
li sut trn th trng, gip th trng hot ng quy
c, an ton v lnh mnh hn, gim thiu tnh trng n
xu v trnh xy ra ri ro mang tnh cht dy chuyn
i vi ton h thng ngn hng, ng thi gip tng
cng s qun l, gim st ca NHNN i vi hot
ng th trng.
Bn cnh , trong nm 2012, NHNN cng
ci thin cng tc thu thp thng tin th trng, nng
cao cht lng, tnh cp nht ca thng tin th trng
lin ngn hng cng nh theo di st sao hot ng
trn th trng tin t lin ngn hng ca tng thnh
vin lm c s cho vic iu hnh th trng cng nh
ch ng can thip khi cn thit.
Din bin th trng ngoi hi

Th trng ngoi hi din bin n nh. Tnh chung
c nm, t gi bnh qun trn th trng lin ngn hng
c duy tr mc 20.828 VND/USD; t gi trung bnh
ca cc NHTM gim 0,92%; t gi th trng t do tng
1,61%. Cung cu ngoi t trn th trng din bin tch
cc, to iu kin thun li cho vic n nh t gi. Cc
TCTD c xu hng mua rng ngoi t t khch hng
Th trng ngoi
hi n nh, thanh
khon c ci
thin.
BO CO THNG NIN 2012
19
v nh u t gin tip. Nhu cu mua, bn ngoi t hp

php ca doanh nghip v ngi dn c p ng y
. NHNN mua c mt lng ln ngoi t t h thng
ngn hng b sung d tr ngoi hi Nh nc. T
na cui thng 2, t gi bn trn th trng t do bm
st gi bn ra ti cc ngn hng, cho thy tnh hnh giao
dch ngoi t ca cc t chc, c nhn v ang tp
trung vo h thng ngn hng, khng cn nhiu nhu cu
mua bn trn th trng t do, tm l gm gi ngoi t
gim ng k. Mc d t gi bin ng cht t ti mt
vi thi im nh khi NHNN quyt nh thu hp trng
thi ngoi hi t mc +/-30% xung +/-20% t thng
3/2012, hoc u thng 6/2012 khi nhu cu ngoi t ca
cc doanh nghip nhp khu, c bit l nhp khu xng
du tng t bin nhng bin ng ch mang tnh tm
thi, th trng li iu chnh v trng thi n nh ch
t ngy sau , l bng chng r rng v s n nh cung
cu v tm l th trng.
T gi bnh qun lin ngn hng
25/12/2012
04/12/2012
13/11/2012
23/10/2012
02/10/2012
11/09/2012
21/08/2012
31/07/2012
10/07/2012
19/06/2012
29/05/2012
08/05/2012
17/04/2012
27/03/2012
06/03/2012
14/02/2012
24/01/2012
th 11: Din bin t gi VND/USD nm 2012
03/01/2012
21.050
21.000
20.950
20.900
20.850
20.800
20.750
20.700
20.650
T gi mua trung bnh ca NHTM
Cc nhn t chnh mang li s kh quan cho th

trng ngoi hi trong nm qua th hin cc im
chnh nh sau: Trc ht, vic thc hin ng b cc gii
php ca Chnh ph cng nh ca NHNN t c
mc tiu kim ch lm pht, n nh kinh t v m, hn
ch tnh trng la ha, qua cng c nim tin vo
ng Vit Nam. C th k n cc gii php ca NHNN
nh cam kt ngay t u nm v vic n nh t gi nhm
n nh tm l th trng; h tr tn dng xut khu, hn
ch nhp siu nhm m bo cn i cung cu ngoi t;
20
iu hnh li sut ph hp vi din bin kinh t v m v

m bo chnh lch li tc hp l gia vic nm gi Vit
Nam ng v la M nn hn ch hin tng u c,
gm gi ngoi t ca cc t chc, c nhn; tng cng
qun l th trng vng nhm gim mnh cc hot ng
u c, nhp lu vng, qua gim c cc tc ng
bt li ln th trng ngoi hi; phi hp cht ch vi B
Cng an v cc c quan chc nng khc trong vic hn
ch, pht hin, v x l cc trng hp mua bn ngoi t
tri quy nh ca php lut. Bn cnh cc gii php ca
chnh ph, nm 2012 ngun cung ngoi t cng di do,
c bit cn cn thng mi ln u tin sau nhiu nm
thng d mc cao nh xut khu tng mnh, cn cn
chuyn tin, cc dng vn vo vn gi c mc thng
d kh quan so vi cc nm trc cng gip duy tr s
n nh trn th trng ngoi hi.
Din bin gi vng

Gi vng trong nc nhn chung bin ng theo
xu hng ca gi vng th gii. n thi im cui nm,
gi vng trong nc tng khong 6,4%, thp hn mc
tng 15,9% ca nm 2011. Xt xu hng trong nm, gi
vng gim trong 7 thng u nm v tng mnh tr li
k t thng 8, vi mc gi bn ra t mc nh 48,26
triu ng/lng. C th ni cng tc qun l th trng
vng nm 2012 t c mt s kt qu tch cc xt
trn gc qun l v m ca NHNN. Mc d gi vng
th gii v trong nc bin ng mnh theo xu hng
tng trong cc thng cui nm nhng do NHNN trin
khai thc hin cc bin php qun l th trng vng theo
Ngh nh s 24/2012/N-CP nn hn ch hin tng
thu gom ngoi t nhp lu vng, do khng gy bt
n ti t gi, th trng ngoi t v kinh t v m.
Mc d gi vng th
gii tng cao trong
nhng thng cui
nm nhng khng
tc ng tiu cc
ln t gi v n nh
kinh t v m nh
Chnh ph thc hin
cc bin php qun
l th trng vng
theo Ngh nh 24.
Th trng chng khon

Th trng chng khon nm 2012 tng trng tr
li v gi chng khon v gi tr giao dch khin quy m
th trng m rng. So vi cui nm 2011, ch s VNIndex tng 17,69% ln mc 414 im, HNX-Index gim
2,81% xung cn 57 im. Gi tr giao dch bnh qun
tng: trn sn HSX t khong 895,57 t ng/phin,
Th trng chng
khon tng tr li
do kinh t v m n
nh.
BO CO THNG NIN 2012
21
tng 38,21% so vi mc 648 t ng/phin ca nm 2011;

trn sn HNX t khong 434,13 t ng/phin, tng
13,65% so vi mc 382 t ng/phin ca nm 2011. Gi
tr c phiu nim yt tng khong 55,03%, mc vn ha
th trng mc tng ng 26%GDP trong khi nm
2011 cc mc tng ng l 13,03% v 20%GDP. Trn th
trng s cp, u thu tri phiu Chnh ph din ra kh
si ng, khi lng v gi tr giao dch tri phiu trng
thu t cao. Nh u t ch yu l cc NHTM. S tng
trng tr li ca th trng chng khon ch yu do
kinh t v m dn i vo n nh.
2.7. Hot ng ca cc t chc tin dung
Cc TCTD tp
trung ci thin nng
lc qun tr, nng
lc ti chnh so vi
nm 2011 trong qu
trnh trin khai
n C cu li h
thng cc TCTD v
i ph vi ri ro
gia tng. H s sinh
li trong hot ng
ngn hng gim
mnh.
22
Trin khai n C cu li h thng cc TCTD giai

on 2011-2015 c Th tng Chnh ph ph duyt
( n C cu li cc TCTD), s lng cc TCTD v chi
nhnh ngn hng nc ngoi trong nm 2012 gim so
vi nm 2011, cc ngn hng bt u ch trng hn n
vic nng cao nng lc qun tr iu hnh, tng cng
nng lc ti chnh v cc ch tiu v m bo an ton
hot ng ngn hng. Ri ro thanh khon h thng c
ci thin ng k so vi nm 2011. Tuy nhin, ri ro tn
dng c chiu hng gia tng trong iu kin kinh t kh
khn, h s sinh li ca h thng ngn hng gim mnh.
Tp trung kin ton hot ng qun tr iu hnh ca
cc TCTD theo n C cu li h thng cc TCTD
Nm 2012, s lng cc TCTD gim so vi nm
2011 do hot ng hp nht, sp nhp ngn hng c
thc hin trong qu trnh trin khai n C cu li cc
TCTD. Tnh n cui nm 2012, h thng ngn hng c
5 NHTM Nh nc (trong 4 ngn hng hon tt c
phn ha), 34 NHTM c phn; 2 ngn hng chnh sch;
49 chi nhnh ngn hng nc ngoi; 5 ngn hng 100%
vn nc ngoi; 4 ngn hng lin doanh; 50 vn phng
i din; 18 cng ty ti chnh; 12 cng ty cho thu ti
chnh; 1 qu tn dng nhn dn trung ng v hn 1.000
qu tn dng nhn dn c s. Mng li cc TCTD khng
nhng bao ph th trng ni a m cn c nhng bc
tin ln trong vic pht trin mng li sang mt s th
trng quc t.
Trong thi gian qua, mc d cc TCTD Vit Nam

ch trng n vic nng cao nng lc ti chnh cng
nh nng lc qun tr, iu hnh, tuy nhin cng tc
ny ti mt s TCTD bc l nhiu yu km, c bit
l nng lc qun tr ri ro. y cng l mt trong cc
nguyn nhn ngnh ngn hng phi i mt vi nhiu
kh khn v thch thc trong nm 2012. V vy, NHNN
khn trng ch o cc TCTD, chi nhnh ngn hng
nc ngoi thc hin r sot c cu t chc, nhn s
nhm m bo ng quy nh ca Lut Cc T chc tn
dng nm 2010; ng thi xc nh vic tip tc kin ton
b my nhn s, nng cao nng lc qun tr, iu hnh l
mt ni dung quan trng cn nghim tc thc hin trong
qu trnh trin khai n C cu li cc TCTD.
Biu 1: H thng cc TCTD ca Vit Nam
(n 31/12/2012)
STT
2011
2012
Ngn hng thng mi Nh nc
(NHTM Nh nc c phn)
Ngn hng Chnh sch x hi
Ngn hng pht trin
Ngn hng thng mi c phn
37
34
Ngn hng lin doanh
Chi nhnh ngn hng nc ngoi
53
49
Ngn hng 100% vn nc ngoi
TCTD phi ngn hng
30
30
Cng ty ti chnh
18
18
10
Cng ty cho thu ti chnh
12
12
11
Qu tn dng nhn dn Trung ng
12
Qu tn dng nhn dn c s
1.095
1.032
13
T chc ti chnh vi m
Loi hnh
trin khai n C cu li cc TCTD v i ph

vi yu t ri ro ngy cng tng trong mi trng kinh
doanh, cc TCTD v chi nhnh ngn hng nc ngoi
BO CO THNG NIN 2012
23
n lc tng cng nng lc ti chnh. Tng vn iu l

ton h thng l 392,15 nghn t ng, tng 11,29% so vi
cui nm 2011 d y l mc tng thp nht trong nhiu
nm gn y. Vn t c ton h thng tng nh, cui
nm 2012 l 425,9 nghn t ng, tng 8,9% so vi cui
nm 2011. Tng ti sn ton h thng l 5.085,7 nghn t
ng, tng 2,54% so vi cui nm 2011.
Biu 2: Ti sn v vn ca TCTD
Tng ti sn
T ng
Vn t c
Vn iu l
% T ng % T ng %
NHTM Nh nc
2.201.660 11,8 137.268 18,7 111.550 28,1
NHTM C phn
2.159.363 -4,5 183.139
NHLD, nc ngoi
555.414
Cng ty ti chnh,
cho thu ti chnh
154.857 -8,4
TCTD Hp tc
Ton h thng
1,6
14.485 18,7
5.085.780
92.554
6,3 177.624
8,1
6,8
2,8
10.767 -24,1
2.254
2,5 425.982
3,7
76.138
24.815 -1,1
2.025
0,0
8,9 392.152 11,2
Kinh doanh ngn hng kh khn, cc TCTD y

mnh trch lp d phng ri ro v s dng d phng ri
ro x l n xu dn n chnh lch thu chi, ko
theo l ROA v ROE ton h thng gim. Tnh trn
ton h thng, ROA gim t mc 1,00% cui nm 2011
xung 0,62%, ROE gim t 11,88% xung 6,31% vo cui
nm 2012. T l an ton vn (CAR) ton h thng dao
ng trong khong 13,5 - 14,5% qua cc thng trong nm
2012, thng 12/2012 l 13,75% so vi mc 12,92% vo
cui nm 2011. T l cp tn dng so vi ngun vn huy
ng (th trng 1) l 89,35%, trong khi NHTM Nh
nc l 96,77%, khi NHTM c phn l 70,01%, gim
ng k so vi cc nm trc. T l vn ngn hn cho vay
24
trung, di hn tnh chung ton h thng cui nm 2012

l 17,16%.
Biu 3: Mt s ch tiu hot ng ca TCTD
n v: %
ROA ROE
T l vn T l cp
T l
ngn hn tn dng so
an ton
cho vay vi ngun
vn ti
trung,
vn huy
thiu
di hn ng (TT1)
NHTM Nh nc
0,79 10,34
10,28
21,45
96,77
NHTM C phn
0,49
5,10
14,01
17,60
79,01
NH LD, nc ngoi
0,92
4,50
27,63
-2,03
90,07
Cng ty ti chnh, -0,76 -13,88

cho thu ti chnh
9,25
17,59
126,28
TCTD Hp tc
1,53
8,00
38,83
-1,01
94,58
Ton h thng
0,62
6,31
13,75
17,16
89,35
Ri ro thanh khon h thng gim mnh so vi nm

2011, nhng ri ro tn dng tng khi kinh t kh khn
Ri ro tn dng: N xu c xu hng tng so vi
nm trc trong iu kin kinh t kh khn, s lng
doanh nghip thua l, ph sn gia tng. Tuy nhin, cc
TCTD ch ng r sot, nh gi cht lng tn dng,
khch hng vay, phn loi n v trch lp d phng ri
ro theo ng quy nh; ng thi trin khai ngay cc gii
php t x l n xu nh x l ti sn m bo, s dng
d phng ri ro x l n xu, bn n,... V vy, n
xu c chiu hng tng chm li r rt trong nhng
thng cui nm 2012.
Ri ro thanh khon: Trong nm 2012, tnh hnh
thanh khon ca cc TCTD c ci thin r rt v
bo m kh nng chi tr y tin gi ca dn c,
khng xy ra tnh trng rt tin hng lot ti cc ngn
BO CO THNG NIN 2012
25
hng; an ninh chnh tr v trt t an ton x hi c gi

vng; cc ngn hng yu km c NHNN kim sot,
theo di cht ch. Ri ro h thng v nguy c v h
thng ngn hng tng bc c loi tr.
26
IU HNH CA NGN HNG NH NC VIT NAM
Phn II - iu hnh ca Ngn hng Nh nc

Vit Nam
Thc hin Ngh quyt 01 v Ngh quyt 13 ca
Chnh ph, NHNN trin khai cc gii php nhm
tho g kh khn, to iu kin cho sn xut kinh doanh
gn vi h tr pht trin th trng nhng vn m bo
kim sot lm pht, n nh kinh t v m, m bo an
sinh x hi.
1. iu hnh chnh sch tin t

Thc hin kin ch o ca Chnh ph, NHNN
ban hnh Ch th s 01/CT-NHNN ngy 13/02/2012 v t
chc thc hin chnh sch tin t v m bo hot ng
ngn hng an ton, hiu qu nm 2012. Theo , NHNN
t mc tiu, nhim v nm 2012 l iu hnh chnh
sch tin t cht ch, thn trng, linh hot, phi hp hi
ha vi chnh sch ti kha nhm n nh th trng tin
t, m bo kh nng thanh khon ca cc TCTD; kim
sot tc tng tng phng tin thanh ton v tn dng
mc ph hp; gim mt bng li sut mc hp l ph
hp vi din bin kinh t v m.
Chnh sch tin

t cht ch, thn
trng, linh hot
nhm kim sot tc
tng tn dng 1517% v tng phng
tin thanh ton 1416%.
iu chnh gim mnh cc mc li sut iu hnh

Trong nm 2012, NHNN iu hnh li sut ph
hp vi din bin kinh t v m v th trng tin t.
Ngay t u nm, trong iu kin d bo lm pht tip
tc xu hng gim, nh hng th trng, NHNN
a ra mc tiu gim li sut xung cn 9-10%/nm
vo cui nm 2012, ng thi a ra l trnh gim trung
bnh mi qu 1%/nm. Trn thc t, do lm pht gim
nhanh v kh bn vng, hot ng kinh t gp kh khn
nn NHNN iu chnh gim mnh cc mc li sut
iu hnh v trn li sut huy ng bng VND nhm gp
phn gim li sut cho vay ca TCTD, to iu kin m
rng tn dng v tho g kh khn cho doanh nghip.
C th: iu chnh gim 6 ln cc mc li sut iu hnh
BO CO THNG NIN 2012
27
(li sut ti cp vn gim t 15%/nm xung 9%/nm, li

sut ti chit khu t 13%/nm xung 7%/nm; li sut
cho vay qua m trong thanh ton in t lin ngn hng
(TTTLNH) t 16%/nm xung 10%/nm); iu chnh
gim 5 ln i vi trn li sut huy ng VND (trn li
sut tin gi khng k hn v c k hn di 1 thng
gim t 6%/nm xung 2%/nm; tin gi c k hn t
1 thng n di 12 thng t 14%/nm xung 8%/nm)
v cho php TCTD t n nh li sut tin gi c k hn
t 12 thng tr ln trn c s cung-cu vn th trng
t 11/6. Bn cnh , cc n lc nhm gim li sut cho
vay ca TCTD tip tc c y mnh trong qu II, theo
t thng 5, NHNN quy nh mc trn li sut cho
vay ngn hn ti a bng VND i vi cc lnh vc kinh
t trng yu l nng nghip nng thn, xut khu, cng
nghip h tr, doanh nghip nh v va v doanh nghip
ng dng cng ngh cao1. Mc trn li sut cng c
iu chnh gim t 15%/nm xung 12%/nm ph hp
vi xu hng gim trn li sut tin gi VND2. NHNN
cng ban hnh vn bn khuyn khch cc TCTD gim
li sut cc khon vay c xung 15%/nm, gp phn tho
g kh khn cho doanh nghip v to iu kin TCTD
m rng tn dng.
iu hnh linh hot nghip v th trng m ph

hp vi cung cu vn trn th trng
Nm 2012, nghip v th trng m c iu hnh
linh hot, thn trng h tr thanh khon v iu ha
vn kh dng bng VND cho cc TCTD, gp phn n
nh th trng tin t, v thc hin mc tiu iu hnh
chnh sch tin t theo ch o ca Chnh ph. Theo ,
nghip v th trng m thc hin c 2 chiu giao dch
mua GTCG v bn tn phiu NHNN; li sut iu chnh
gim ph hp vi mc tiu iu hnh chnh sch tin t.
Li sut cho vay ngn hn ti a bng VND i vi doanh nghip ng
dng cng ngh cao c p dng t 24/12/2012.
2
Qu Tn dng nhn dn v T chc ti chnh vi m c php n nh
mc li sut cho vay ngn hn ti a bng VND cao hn 1% so vi cc
TCTD khc.
1
28
Cho mua giy t c gi

Trong nm 2012, h tr thanh khon cho cc
TCTD, NHNN thc hin cho mua GTCG vi k hn 7,
14, 21 ngy, trong ph bin nht l k hn 7 ngy, li
sut cho mua GTCG c iu chnh gim t 14%/nm
xung 7%/nm; phng thc u thu khi lng v u
thu li sut. Trong iu kin h thng TCTD di do
vn kh dng, hot ng cho mua GTCG ca NHNN
nm 2012 gim ng k v s phin, s lt thnh vin
tham gia, doanh s t thu v trng thu. Mc doanh s
trng thu bnh qun khong 1.500 t ng/phin.
Bn tn phiu NHNN
iu tit vn kh dng ca cc TCTD, gp phn
kim sot lm pht v trung ha lng tin mua ngoi t
tng d tr ngoi hi Nh nc, trong nm 2012, NHNN
pht hnh tn phiu NHNN ti mt s thi im (t 15/3
- thng 6 v 3 thng cui nm) vi cc k hn l 28, 56, 91
v 182 ngy; li sut tn phiu gim dn ph hp vi xu
hng li sut th trng; doanh s trng thu bnh qun
t 2.203 t ng/phin.
Linh hot s dng cng c ti cp vn h tr

thanh khon cho cc TCTD
Nm 2012, cng c ti cp vn c phi hp vi
cc cng c CSTT khc theo hng linh hot, thn trng
nhm n nh th trng tin t, m bo kh nng thanh
khon ca cc TCTD. Theo , NHNN tp trung ti
cp vn h tr thanh khon cho cc TCTD vi thi hn
ngn vo thi im trc Tt Nguyn n Nhm Thn,
khi nhu cu vn thanh ton tng cao, gp phn n nh
th trng tin t.
Duy tr t l d tr bt buc bng VND v ngoi t

trong iu kin th trng tin t n nh
Trong iu kin th trng tin t n nh, lm
pht c kim sot, NHNN tip tc duy tr mc thp
cc t l d tr bt buc i vi tin gi bng VND v
BO CO THNG NIN 2012
29
gi nguyn t l d tr bt buc bng ngoi t. C th,

i vi tin gi bng VND, t l d tr bt buc l 3%
p dng vi tin gi khng k hn v c k hn di 12
thng v 1% p dng vi tin gi k hn t 12 thng tr
ln; i vi tin gi bng ngoi t, t l d tr bt buc l
8% p dng vi tin gi khng k hn v c k hn di
12 thng, 6% p dng vi tin gi k hn t 12 thng tr
ln; i vi tin gi ca cc TCTD nc ngoi l 1%.
Thc hin linh hot cc bin php kim sot tn

dng, trin khai ng b, quyt lit nhiu gii php
nhm tho g kh khn cho doanh nghip, h tr
th trng
Do lm pht c kim sot bn vng v sc mua
ca th trng gim, NHNN thc hin iu hnh tn
dng theo hng m rng tn dng i i vi an ton
hot ng ca TCTD. Ngay t u nm, NHNN giao
ch tiu tc tng trng tn dng ti a cho cc nhm
TCTD v trong qu trnh thc hin c xem xt iu
chnh trn c s nh gi cht lng hot ng v kh
nng m rng tn dng ca TCTD; tip tc quy nh t
trng d n cho vay i vi cc lnh vc khng khuyn
khch so vi tng d n cho vay khng qu 16%, nhng
linh hot loi tr mt s i tng vay vn thuc lnh
vc khng khuyn khch cho ph hp vi iu kin th
trng. ng thi, kim sot tn dng ngoi t mc
hp l, ph hp vi ch trng ca Chnh ph v hn
ch tnh trng la ha trong nn kinh t v gp phn n
nh th trng ngoi hi, NHNN tip tc thu hp hn
na nhu cu vn cho vay bng ngoi t thng qua ban
hnh Thng t s 03/2012/TT-NHNN ngy 08/3/2012
quy nh cho vay bng ngoi t ca TCTD, chi nhnh
ngn hng nc ngoi i vi khch hng vay l ngi
c tr c hiu lc t ngy 02/5/2012. Bn cnh , ton
h thng TCTD trin khai cc gii php nhm tho
g kh khn cho hot ng sn xut kinh doanh theo
ch trng ca NHNN nh: Gim li sut cho vay v tit
kim chi ph to iu kin m rng tn dng; r sot,
nh gi kh nng tr n ca khch hng tho g kh
khn cho khch hng trong vic tr n vn vay; c cu li
30
thi hn tr n i vi khch hng b tn tht v ti sn

dn n kh khn v ti chnh theo quy nh php lut;
t vn, to iu kin thun li cho cc doanh nghip c
trin vng pht trin, c sn phm p ng yu cu ca
th trng nhng ang gp kh khn v ti chnh vay
c vn ngn hng phc v sn xut kinh doanh.
2. Qun l ngoi hi
iu hnh t gi v th trng ngoi hi theo
hng n nh
Ngay t u nm, Thng c NHNN ch ng
cng b nh hng iu hnh t gi vi mc bin ng
khng qu 2 - 3% trong nm 2012 nhm kim sot k vng
v s mt gi ca ng Vit Nam. T gi bnh qun lin
ngn hng v t gi mua ngoi t ca NHNN c iu
hnh theo hng n nh, hot ng mua bn ngoi t ca
NHNN c thc hin linh hot gp phn nh hng
t gi giao dch ca cc TCTD, h tr thanh khon trn
th trng, tng d tr ngoi hi Nh nc. Bn cnh ,
NHNN trin khai cc gii php qun l cht ch hn th
trng ngoi hi nhm chuyn dn quan h huy ng - cho
vay ngoi t sang quan h mua - bn ngoi t, gim tnh
trng la ha v tng nim tin vo ng Vit Nam nh:
thu hp i tng c vay ngoi t trong nc; quy nh
cht ch hn gii hn trng thi ngoi t ca cc TCTD,
chi nhnh ngn hng nc ngoi... Ngoi ra, NHNN cng
phi hp vi cc c quan chc nng tng cng qun
l, kim tra, gim st th trng ngoi t, vng v x l
nghim cc hnh vi vi phm. NHNN cng trin khai
ng b cc gii php, tng bc t chc sp xp li th
trng vng v chng tnh trng vng ha nn kinh t,
do vy gp phn n nh t gi v th trng ngoi t.
iu hnh t gi
v th trng ngoi
hi ph hp vi
cung cu ngoi t,
tng thanh khon
th trng, ci thin
cn cn thanh ton
v d tr ngoi hi
Nh nc.
Qun l th trng vng t c thnh cng

bc u
Thc hin ch o ca B Chnh tr v Chnh ph
v qun l th trng vng, NHNN xy dng, trnh
Chnh ph ban hnh Ngh nh s 24/2012/N-CP ngy
BO CO THNG NIN 2012
31
03/4/2012 v quan ly hoat ng kinh doanh vang thay

th Ngh nh s 174/1999/N-CP v qun l th trng
vng v cc vn bn trin khai ngh nh; t chc trin
khai chm dt hot ng huy ng v cho vay vn bng
vng ca cc TCTD v p dng cc bin php ng b
qun l th trng vng.
NHNN trin khai thc hin c ch NHNN c
quyn t chc sn xut vng ming thng qua vic s
dng thng hiu vng ming SJC v yu cu Cng ty
SJC gia cng vng ming cho NHNN; cp Giy php kinh
doanh mua, bn vng ming cho cc doanh nghip p
ng iu kin quy nh, ng thi ch ng phi hp
vi y ban Nhn dn cc tnh, thnh ph, B Cng an,
B Cng thng trong cng tc qun l hot ng kinh
doanh mua, bn vng ming i vi cc TCTD, doanh
nghip c NHNN cp php... Cc bin php ny
gp phn tch cc kim sot th trng vng ming trong
nc, hn ch tnh trng nhp lu vng, qua gip n
nh t gi v th trng ngoi hi.
Qun l d tr ngoi hi Nh nc bo m an
ton, thanh khon v sinh li
Cng tc qun l d tr ngoi hi Nh nc nm
2012 tip tc m bo nguyn tc an ton, thanh khon
v sinh li. iu ny cng vi vic iu hnh th trng
ngoi hi v t gi ph hp vi tnh hnh cung cu ngoi
t trn th trng, tng cng qun l i vi th trng
vng, hn ch tnh trng la ha, kim ch nhp siu,
NHNN mua c mt lng ln ngoi t b sung cho
d tr ngoi hi Nh nc, nng cao nim tin ca th
trng i vi cc gii php iu hnh ca NHNN.
Qun l giao dch vng lai v s dng ngoi t

hp l
Nm 2012, cc chnh sch thu ht ngoi t tip
tc c duy tr theo hng thng thong v ph hp
vi xu th hi nhp, mng li nhn v chi tr ngoi t
pht trin rng khp trn phm vi ton quc. Do vy,
mc d kinh t th gii v trong nc cn nhiu kh
32
khn, nhng dng kiu hi v Vit Nam vn n nh v

l mt trong nhng ngun ngoi t quan trng b p
cho cn cn thng mi. ng thi, cng tc kim tra,
chn chnh hot ng ngoi hi tip tc c trin khai
thng xuyn kp thi pht hin cc vi phm. Mt
mt, NHNN phi hp vi cc B, ngnh hu quan
tin hnh thanh tra kim tra, x pht hnh vi vi phm
cc quy nh v qun l ngoi hi, khc phc dn tnh
trng la ha trong nn kinh t v gp phn n nh
th trng ngoi hi. Mt khc, NHNN ban hnh cc
vn bn quy phm php lut nhm hon thin khun
kh php l ngoi hi lin quan n mua bn ngoi t
tin mt, to iu kin cho ngi dn c nhu cu ngoi
t hp php khi i ra nc ngoi c th mua ngoi t ti
ngn hng.
Qun l cc giao dch vn m bo s lnh mnh

ca cn cn thanh ton
Trong nm 2012, NHNN tng bc thc thi
chnh sch qun l cc giao dch vn thn trng, trn c
s gim st cht ch lung vn vo, ra, phn tch c cu
lung vn, tc ng ca n n nn kinh t v h thng
ti chnh nghin cu, xy dng chnh sch qun l
ph hp, gp phn hn ch nhng tc ng bt li ca
dng vn u t, c bit l cc dng vn ngn hn nc
ngoi. n nay, bn cnh vic iu hnh t gi linh hot
v p dng cc bin php di hn nhm gim thm ht
thng mi, tng d tr ngoi t, vic gim st cht ch
cc dng lun chuyn vn ra vo lnh th Vit Nam gp
phn tch cc trong vic gii ta p lc ln th trng
ngoi hi, tng cng n nh kinh t v m.
3. n nh ti chnh
3.1. Hot ng thanh tra, gim st ngn hng
Trong nm 2012, NHNN thc hin cng tc
thanh tra, gim st; xy dng chnh sch; qun l cp
php; phng, chng ra tin v xt gii quyt khiu ni,
t co, ng thi phi thc hin nhim v quan trng
l trin khai ti c cu h thng TCTD theo Quyt nh
Hot ng thanh
tra thc hin nhim
v quan trng l
BO CO THNG NIN 2012
33
trin khai ti c cu
h thng TCTD,
bn cnh tip
tc thanh tra tp
trung vo cc hot
ng cp tn dng,
li sut, t gi, kinh
doanh vng, u t
ti chnh, qun tr
iu hnh, phng
chng ra tin.
s 254/Q-TTg ngay 01/3/2012 ca Th tng Chnh

ph ph duyt n C cu li h thng cc TCTD giai
on 2011-2015. Vi nhiu i mi, hot ng thanh
tra, gim st ngn hng ca NHNN ghi nhn nhng
kt qu tch cc trong vic tng cng hiu lc qun l
nh nc t Trung ng n a phng, thit lp li k
lut, k cng trong hot ng ngn hng, thc y qu
trnh lnh mnh ha hot ng ca h thng cc TCTD,
qua h tr hiu qu iu hnh chnh sch tin t.
Cng tc thanh tra, gim st

Thanh tra, gim st NHNN thc hin tng s
744 cuc thanh tra, trong c 22 cuc thanh tra php
nhn, c 6.763 kin ngh i vi cc TCTD, chi nhnh
ngn hng nc ngoi. Phng thc t chc thanh tra
c trin khai theo hng thanh tra ton din php
nhn TCTD, kt hp thanh tra chp hnh php lut vi
nh gi ri ro.
Qua thanh tra nh gi c thc trng ti chnh
ca tng TCTD, lm r nhng ri ro yu km trng yu,
ph bin ca cc TCTD kin ngh cc bin php x l
v xut gii php c cu li cc TCTD, c bit l cc
NHTM c phn yu km; pht hin v x l nghim cc
hnh vi vi phm php lut. gim st ri ro, cc hot
ng thanh tra, gim st ch yu tp trung vo theo di
gim st cht ch hot ng, kh nng thanh khon, tnh
hnh chp hnh cc t l m bo an ton, tnh hnh tng
trng tn dng theo hn mc quy nh; gim st theo
chuyn mt s mng hot ng c nhiu ri ro; xy
dng h thng thng tin gim st hot ng ca cc cng
ty con, chi nhnh nc ngoi ca cc TCTD Vit Nam;
cnh bo ri ro; gim st mt s NHTM c phn trong
din ti c cu. Nhng pht hin v kin ngh ca thanh
tra, gim st gp phn quan trng trong vic hon thin
cc quy nh, chnh sch qun l i vi lnh vc ngn
hng theo hng thc y an ton v h tr trc tip cho
qu trnh c cu li h thng cc TCTD.
34
to tin cho qu trnh i mi cn bn hot

ng thanh tra, gim st ngn hng, trong c vic
hng ti mc tiu cnh bo sm ri ro trong hot ng
ca TCTD, NHNN tip tc trin khai D n H thng
thng tin h tr hot ng gim st t xa, sa i, b
sung ch bo co thng k, nghin cu trin khai cc
b ch tiu gim st, phng php gim st tin tin theo
thng l, chun mc quc t. Cc mu biu bo co, cc
ch tiu phn tch tng bc hng ti mc tiu cnh
bo sm ri ro cho TCTD; tip tc trin khai Phng n
x l thng tin phc v cng tc Qun l h thng Qu
tn dng Nhn dn, d n Xy dng h thng thng tin
h tr hot ng gim st t xa, tin cho qu trnh i
mi cn bn hot ng gim st ngn hng.
Cng tc qun l cp php

NHNN tng cng cng tc qun l cp php
thnh lp TCTD, chi nhnh ngn hng nc ngoi, m
rng mng li kim sot cht ch quy m hot ng,
hn ch ri ro i vi TCTD, h tr tch cc cho qu
trnh c cu li h thng cc TCTD. Nm 2012, NHNN
khng thc hin cp php thnh lp mi TCTD, chi
nhnh ngn hng nc ngoi, ngoi tr vic cp php
thnh lp mi cho 01 t chc ti chnh vi m. Vic m
chi nhnh ca cc ngn hng ch yu phc v cho mc
ch pht trin nng nghip, nng thn v bo m an
ninh, quc phng.
Tnh hnh trin khai n C cu li h thng cc

TCTD giai on 2011-2015
NHNN trin khai ng tin n C cu li
h thng cc TCTD giai on 2011-2015 theo Quyt nh
s 254/Q-TTg ca Th tng Chnh ph. C th nh
sau: (i) nh gi, xc nh c 9 NHTM c phn cn
tp trung u tin c cu li cc ngn hng ny. Theo ,
n nay c 3 ngn hng c hp nht vi nhau, 1
ngn hng s c hp nht vi TCTD khc, 1 ngn hng
c sp nhp vi 1 ngn hng khc, 2 ngn hng
c chp thun phng n t cng c chn chnh. Hin
BO CO THNG NIN 2012
35
cn 1 ngn hng yu km, NHNN ang trin khai cc

gii php ph hp vi n v theo ng quy nh ca
php lut nhm c cu li ngn hng ny trn nguyn tc
thn trng, m bo kim sot ri ro pht sinh; (ii) H
tr thanh khon kp thi cho h thng cc TCTD trong
qu trnh thc hin ti c cu, kt hp vi theo di, kim
sot cht ch cc ngn hng yu km nhm m bo h
thng vn hnh an ton; (iii) NHNN cng tch cc ch
o cc TCTD trin khai cc gii php lnh mnh ha
tnh hnh ti chnh, trong khuyn khch tng vn iu
l v tp trung x l n xu thng qua vic yu cu cc
TCTD ch ng r sot, nh gi cht lng tn dng,
khch hng vay, phn loi n v trch lp d phng ri
ro theo ng quy nh; trin khai ngay cc gii php
t x l n xu (nh x l ti sn m bo, s dng d
phng ri ro x l n xu, bn n...); (iv) i vi h
thng Qu tn dng nhn dn, NHNN ch o NHNN
chi nhnh tnh, thnh ph tin hnh tng kt Ch th s
57/CT-TW ca B Chnh tr i vi Qu tn dng nhn
dn ti a phng lm c s trin khai cng tc ti c
cu i vi h thng ny.
Cng tc phng, chng ra tin

Nm 2012, NHNN tip tc thc hin nhim v
thu thp, x l v chuyn giao thng tin hoc h s v
vic v ra tin v ti tr khng b cho c quan iu tra
c thm quyn; h tr cng tc iu tra, truy t, xt x
ti phm c lin quan; thc hin nhim v ca C quan
thng trc gip vic Ban ch o phng, chng ra tin
v chng ti tr khng b giai on t thng 10/2012 n
thng 6/2013 v cam kt ca Chnh ph Vit Nam vi
Lc lng c nhim ti chnh (FATF). NHNN phi
hp vi cc n v c lin quan trnh Quc hi thng
qua Lut Phng, chng ra tin (Lut s 07/2012/QH13
ngy 18/6/2012), u mi xy dng Ngh nh quy nh
chi tit thi hnh mt s iu ca Lut Phng, chng ra
tin v Quyt nh ca Th tng Chnh ph quy nh
mc gi tr ca giao dch c gi tr ln; k Bn ghi nh
36
v trao i thng tin phng, chng ra tin gia NHNN

Vit Nam v Ngn hng Quc gia Campuchia. NHNN
cng phi hp t chc thnh cng Hi ngh m hnh
nhm chu - Thi Bnh Dng v chng ra tin nm
2012 ti H Ni.
3.2. Trin khai chng trnh nh gi khu vc

ti chnh
Thng 7/2012, Th tng Chnh ph ph duyt
n Chng trnh nh gi khu vc ti chnh (FSAP)
do Ngn hng Th gii (WB) v Qu Tin t quc t
(IMF) h tr thc hin; giao NHNN ch tr, phi hp
vi cc B, ngnh hu quan chun b v trin khai.
Chng trnh FSAP nhm nh gi ton din v chi tit
v khu vc ti chnh ca quc gia vi hai cu phn chnh
l nh gi s n nh do IMF tin hnh v nh gi
s pht trin, nhu cu pht trin ca khu vc ti chnh
do WB tin hnh. C th 3 mc tiu chnh ca chng
trnh nh sau: (i) Cng c h thng ti chnh ca Vit
Nam: xc nh cc im mnh, im yu v ri ro; nh
gi nhu cu pht trin v hp tc k thut; (ii) Chuyn
giao chuyn mn v thng l tt nht cho cc b, ngnh
trong lnh vc ti chnh; (iii) Thc y ci cch khu vc
ti chnh: thit k cc i sch gip h thng ti chnh n
nh hn; khuyn ngh chnh sch nhm tng cng s
ng gp ca khu vc ti chnh cho tng trng kinh t
v pht trin x hi.
Chng trnh FSAP c trin khai theo 4 giai
on chnh, gm: (i) Giai on chun b v t nh gi;
(ii) Giai on nh gi chnh thc; (iii) Giai on r sot
kt qu nh gi v thng qua bo co; (iv) Giai on tip
tc t nh gi, cp nht, trin khai thc hin khuyn
ngh. Trong nm 2012, NHNN phi hp vi WB/IMF
v cc B, ngnh hu quan hon thnh giai on 2, tp
trung vo ba lnh vc then cht l ngn hng, th trng
vn v bo him. Ngoi nhng ni dung thc hin nh
gi chnh thc nu trn, WB/IMF cng phi hp vi Vit
Nam thc hin nh gi i vi lnh vc c quan h cht
BO CO THNG NIN 2012
37
ch n s n nh ca h thng ti chnh l ti chnh

nh .
Trn c s cc ni dung nh gi chi tit trong giai
on 2 (vic tun th cc chun mc, thng l quc t v
h tng ti chnh, qun tr, gim st ngn hng, chng
khon, bo him; khun kh gim st an ton v m,
mng an ton ti chnh, x l khng hong...), chuyn gia
WB/IMF xut cc khuyn ngh c th cho tng lnh
vc cng vi l trnh ci cch tng th h thng ti chnh.
Cc khuyn ngh ny s c tho lun trong giai on
tip theo ca Chng trnh v WB/IMF s c nhng h
tr k thut gip Vit Nam thc hin cc khuyn ngh
trong thi gian ti.
4. Cng tc php ch
Cng tc xy dng php lut
Kt qu ni bt
trong nm 2012 l
NHNN trnh
v c Quc hi
ph duyt Lut Bo
him tin gi v
Lut Phng, chng
ra tin, c hiu lc
t ngy 01/01/2013;
trnh Chnh ph
ban hnh Ngh nh
s 24/2012/N-CP
ngy
03/4/2012
v qun l hot
ng kinh doanh
vng; Ngh nh s
101/2012/N-CP
ngy 22/11/2012 v
thanh ton khng
dng tin mt...
38
NHNN hon thin hai d n Lut Bo him tin

gi v Lut Phng, chng ra tin, trnh Quc hi kha
XIII, k hp th 3 thng qua ngy 18/6/2012. Hai Lut
ny c hiu lc t ngy 01/01/2013. Lut Bo him tin
gi ra i gp phn hon thin khung php l v bo
him tin gi, bo v quyn, li ch hp php ca ngi
gi tin, gp phn bo m s pht trin an ton, lnh
mnh ca h thng TCTD. Lut Phng, chng ra tin
c ban hnh to c s php l ng b cho hot ng
phng, chng ra tin, p ng c cc yu cu ca qu
trnh hi nhp quc t v thc hin y hn cc cam
kt ca Vit Nam v phng, chng ra tin. Bn cnh
, NHNN cng c Chnh ph giao ch tr son tho
Php lnh sa i, b sung mt s iu ca Php lnh
ngoi hi trnh Chnh ph v y ban Thng v Quc
hi, d kin Php lnh s c k ban hnh trong nm
2013. Cng trong nm 2012, NHNN trnh Chnh ph
ban hnh 03 Ngh nh l: Ngh nh s 24/2012/N-CP
ngy 03/4/2012 v qun l hot ng kinh doanh vng;
Ngh nh s 40/2012/N-CP ngy 02/5/2012 v nghip
v pht hnh tin, bo qun, vn chuyn ti sn qu v
GTCG trong h thng NHNN, TCTD v chi nhnh ngn

hng nc ngoi; v Ngh nh s 101/2012/N-CP ngy
22/11/2012 v thanh ton khng dng tin mt. Cng vi
cc B, ngnh, n v, c nhn trong c nc, NHNN
cng tham gia tch cc vo vic sa i Hin php
nm 2012 trn c s tng kt thi hnh Hin php 1992
trong ton ngnh Ngn hng v gp , xut, kin ngh
vi D tho sa i Hin php.
trin khai Ngh quyt s 01/NQ-CP ca Chnh
ph ngy 03/01/2012 v nhng gii php ch yu ch o
iu hnh thc hin K hoch pht trin kinh t - x hi
v d ton NSNN nm 2012, NHNN ban hnh 39
Thng t, tp trung vo cc vn c bn nh iu hnh
c ch li sut, t gi; iu chnh hot ng kinh doanh
vng; hng dn Lut Ngn hng Nh nc Vit Nam v
Lut Cc t chc tn dng nm 2010.
m bo tnh thng nht ca h thng php lut
v ngn hng, NHNN tch cc r sot, cng b danh
mc 100 vn bn quy phm php lut do Thng c
NHNN ban hnh t nm 1997 ht hiu lc thi hnh;
bi b 123 vn bn quy phm php lut khng cn ph
hp, khng cn c p dng trn thc t.
Tng cng thc thi php lut v ngn hng

Nhm tng cng cng tc thc thi php lut ngn
hng, nm 2012, NHNN trin khai cc nhim v
trng tm sau: (i) Trin khai tch cc cng tc kim tra
vn bn; (ii) Thc y cng tc theo di thi hnh php
lut bo co B T php tnh hnh thi hnh php lut
nm 2012, c bit l tnh hnh thi hnh Lut Cc cng
c chuyn nhng v Lut Ph sn ti cc TCTD; (iii)
Tch cc trin khai cng tc h tr php l cho TCTD
v doanh nghip khc thuc trch nhim qun l ca
NHNN theo quy nh php lut, gp phn lnh mnh
ha h thng cc TCTD; (iv) Thc hin ph bin, gio
dc php lut, tp trung ch yu vo nhim v ph bin
Lut Bo him tin gi v Lut Phng, chng ra tin.
BO CO THNG NIN 2012
39
Bn cnh , NHNN cng ng ti cng khai cng

gii thiu mt s Lut mi v cc Ngh nh ca Chnh
ph; tch cc tuyn truyn cc Thng t ca NHNN ban
hnh, phi hp cht ch vi cc c quan truyn thng t
chc a tin, tuyn truyn, ph bin rng ri, cng khai,
minh bch, r rng cc vn bn quy phm php lut, ch
trng, chnh sch ca ng, php lut ca Nh nc
c bit cc chnh sch v li sut, tn dng, t gi, ngoi
t v vng...
5. Cng tc pht hnh kho qu

V hot ng pht hnh v iu ha tin mt
NHNN ch ng
iu ha linh hot
lng tin mt lu
thng, p ng yu
cu ca nn kinh t
c v s lng v c
cu mnh gi.
Trn c s nghin cu d bo cc ch s kinh t v

m, tin t, NHNN xy dng k hoch in tin nm
2012. Vic lp k hoch, t chc iu ha c thc hin
ch ng, kp thi p ng nhu cu ca nn kinh t c v
gi tr v c cu mnh gi cng nh yu cu d tr ca
Nh nc. Cng tc iu ha tin mt m bo lu
thng tin t n nh, khng xy ra tnh trng tha,
thiu cc b, ph hp vi tnh hnh pht trin kinh t - x
hi ti cc khu vc, a phng Trng hp t xut
c bi chi ln tng ngn hng, tng a phng hoc
nhng thi im c p lc thu, chi tin mt tng cao,
NHNN phi hp vi cc n v c hot ng thu, chi tin
mt ln x l hoc h tr phng tin vn chuyn,
giao nhn kp thi cho mt s TCTD; ng thi c vn
bn ch o cc NHNN chi nhnh v vic p ng nhu
cu tin mt, u tin cho cc a bn trng im hoc ni
tp trung nhiu my rt tin t ng (ATM)
Nm 2012, NHNN cng trnh Th tng Chnh
ph cho php nh ch lu hnh tin cotton mnh gi
10.000 v 20.000 tng bc thng nht cht liu
ca b tin; lm tt cng tc kim m, tuyn chn, tiu
hy tin, thu hi cc loi tin khng tiu chun lu
thng v tip tc a cc loi tin mi vo lu thng.
Vic ci to, nng cp hoc xy dng mi kho tin tip
40
tc c quan tm, c bit l vic xy dng cc kho khu

vc nhm gim p lc trong bo qun v an ton trong
khu vn chuyn n cc NHNN chi nhnh.
Cng tc an ton kho qu

Cng tc an ton ti sn trong bo qun, giao nhn,
vn chuyn c tng cng vi s phi hp tt ca cc
n v bo v v trang b k thut cng ngh hin i trong
khu vn chuyn, thc y tin hc ha cng tc pht hnh
v kho qu. Phn ln cc xe vn chuyn tin v xe h
tng ca NHNN c trang b thit b gim st hnh
trnh bng h thng nh v ton cu (Global Positioning
System - GPS) kim sot cht ch l trnh vn chuyn
v ch ng phng nga, x l cc tnh hung xu xy ra.
Nm 2012, NHNN hon thnh d n h thng qun l
v pht hnh kho qu theo hng tp trung ti NHTW v
cc NHNN chi nhnh tnh, thnh ph th im, phc v
tt cho cng tc khai thc, ch o iu hnh ca NHNN.
Cc quy nh lin quan n cng tc tin t kho qu, c
ch qun l tin mt c ban hnh, thay th kp thi,
ph hp vi quy nh ca php lut v thc tin. Nhng
tn ti trong qu trnh thc hin quy trnh nghip v hoc
cc vn c lin quan n nguy c mt an ton kho qu
c cnh bo, ch o kp thi trong ton ngnh
rt kinh nghim; tip tc t chc cc lp tp hun nng
cao trnh nghip v cho i ng cn b lm cng tc
tin t kho qu trong ton ngnh.
Cng tc u tranh phng, chng tin gi

NHNN tip tc thc hin d n nng cao hiu qu
cc bin php phng nga tin gi lu hnh ca h thng
ngn hng, Kho bc Nh nc; tip tc phi hp tt vi
c quan lin quan trong cng tc u tranh phng, chng
tin gi, t chc tuyn truyn, hng dn nhn dn cch
kim tra, phn bit tin tht/gi trn cc phng tin
thng tin i chng v trn website NHNN V vy,
lng tin gi qua cc v n c ph v thu gi qua h
thng ngn hng cc nm qua gim r rt.
BO CO THNG NIN 2012
41
6. Cng ngh ngn hng v hot ng thanh ton

Hin i ha h thng thanh ton
H thng thanh
ton in t hot
ng n nh, an
ton, phc v tt
nhu cu thanh
ton trong nn kinh
t, gp phn y
nhanh tc thanh
ton v pht trin
thanh ton khng
dng tin mt.
H thng thanh ton in t lin ngn hng tnh

n cui nm 2012 c kt ni vi 66 n v thuc
NHNN, 478 n v thnh vin trc tip thuc 95 TCTD
thnh vin (gim 01 thnh vin so vi thi im cui
nm 2011 do c s hp nht ca 02 ngn hng); tng gi
tr giao dch qua h thng TTTLNH trong nm 2012
t trn 39.500 nghn t ng vi khong 28.000 nghn
giao dch (tng 22,9% v s lng giao dch v gim 0,8%
v gi tr giao dch so vi nm 2011).
th 12: Tnh hnh giao dch ca cc h thng thanh ton, 2007-2012
S giao dch
Nghn t ng
45.000
40.000
35.000
30.000
25.000
20.000
15.000
10.000
5.000
-
30.000
25.000
20.000
15.000
10.000
5.000
2007
2008
2009
TTBTT
S giao dch TTBTT
2010
2011
2012
TTTLNH
S giao dch TTTLNH
H thng thanh ton b tr in t (TTBTT)

c trin khai ti 58/63 tnh, thnh ph c tng s hn
1.000 thnh vin. Khi lng giao dch TTBTT t
1.573 nghn t ng vi xp x 5,46 triu giao dch; gim
tng ng 8,4% v 7,1% so vi nm 2011.
Trong nm 2012, NHNN tip tc ch o trin
khai n xy dng Trung tm chuyn mch th thng
nht theo l trnh c Th tng Chnh ph ph
duyt, vic chuyn kt ni h thng ATM/POS ca cc
ngn hng thnh vin Cng ty C phn th thng minh
Vi Na (VNBC) v Cng ty C phn chuyn mch ti
chnh Quc gia Vit Nam (Banknetvn) hon thnh;
NHNN ch o tp trung xy dng v trin khai Phng
n sp nhp Cng ty C phn dch v th Smartlink vo
Banknetvn. Thc hin ch trng kt ni lin thng
mng li cc im chp nhn th (POS) v pht trin
42
thanh ton th qua POS, n cui nm 2012 c trn

76.000 POS c kt ni lin thng. Nhn thc v thanh
ton th qua POS c s chuyn bin tch cc cc a
phng, vic s dng th thanh ton qua POS ang dn
tr nn ph bin cc thnh ph ln. Cc NHTM
tch cc tuyn truyn, qung b v dch v th qua POS
v quan tm u t nng cp c s h tng phc v thanh
ton th, trin khai nhiu chng trnh khuyn mi, u
i hp dn i vi khch hng khi dng th thanh ton
qua POS. C s h tng phc v cho hot ng thanh
ton th tip tc c cc NHTM u t: n cui thng
12/2012, c 46 NHTM trang b my ATM/POS vi s
lng trn 14.200 ATM v hn 104.500 POS (tng tng
ng 6,8% v 50% so vi cui nm 2011).
th 13: S lng ATM, POS v th ngn hng qua cc nm, 2007-2012
ATM, POS
Th ngn hng
120.000
55.000.000
ATM
POS
Th ngn hng
100.000
45.000.000
80.000
35.000.000
60.000
25.000.000
40.000
15.000.000
20.000
5.000.000
-5.000.000
2007
2008
2009
2010
2011
2012
S pht trin cc phng tin v dch v thanh

ton mi, hin i
Cc phng tin v dch v thanh ton mi tip
tc c pht trin, a dng ha vi nhiu sn phm,
phng tin mi, an ton v tin li nh: Th ngn hng,
Mobile Banking, Internet Banking, SMS Banking, V in
t, Th ngn hng l phng tin thanh ton c a
chung vi nhiu tin ch, c cc NHTM ch trng
pht trin, c tc pht trin nhanh; n cui thng
12/2012, s lng th pht hnh t trn 54,2 triu th
(tng 31,5% so vi cui nm 2011). Bn cnh vic pht
trin s lng th, cc NHTM quan tm n vic ci
thin cht lng dch v bng vic tng kh nng thanh
ton cho th thng qua pht hnh th thanh ton ng
BO CO THNG NIN 2012
43
thng hiu v a ng dng c lin kt vi cc t chc

khc nh trng hc, hng taxi, hng hng khng Mt
s NHTM bc u trin khai dch v thanh ton tin
in, tin nc, cc ph in thoi, vin thng, truyn
hnh cp, mua xng du, ph bo him v mt s khon
thu khc nh hc ph, ph giao thng khng dng.
09 t chc khng phi l ngn hng c thc hin
th im cung ng dch v trung gian thanh ton V in
t phi hp vi cc NHTM v cc n v cung ng
hng ha, dch v cung cp cc sn phm vi nhiu
tin ch nh: thanh ton cho cc giao dch mua bn trn
cc website thng mi in t, thanh ton trc tuyn
bng in thoi di ng, thanh ton ha n, tin mua
hng, n cui nm 2012, cc t chc cung ng dch
v trung gian thanh ton V in t pht hnh khong
hn 1,3 triu V in t, giao dch thanh ton thc hin
bng V in t trong nm 2012 t hn 16 triu giao
dch vi gi tr giao dch t khong hn 5.800 t ng.
Vic tr lng qua ti khon cho cc i tng
hng lng t NSNN tip tc c trin khai, qua
lm thay i dn thi quen, tm l s dng tin mt trong
x hi; hu ht cc n v hng lng t NSNN (chim
khong 90%) trn a bn thnh ph, th x thc hin
tr lng qua ti khon.
Cng tc qun l hot ng thanh ton v gim st

cc h thng thanh ton
Nm 2012, Chnh ph ban hnh Ngh nh s
101/2012/N-CP ngy 22/11/2012 v thanh ton khng
dng tin mt c hiu lc t ngy 26/3/2013; Ngh nh
l vn bn php l quan trng, iu chnh i vi cc
t chc, n v, c nhn tham gia vo hot ng thanh
ton trong nn kinh t, gp phn nng cao vai tr qun l
nh nc ca NHNN i vi cc t chc cung ng dch
v thanh ton, cc t chc cung ng dch v trung gian
thanh ton. NHNN ban hnh Thng t s 35/2012/
TT-NHNN quy nh v ph dch v th ghi n ni a;
Thng t s 36/2012/TT-NHNN quy nh v vic trang
b, qun l, vn hnh v m bo an ton hot ng ca
44
ATM. NHNN cng ch ng phi hp vi B Cng an

trong vic phng chng ti phm, m bo an ton trong
hot ng thanh ton, c bit l Cc Cnh st phng
chng ti phm cng ngh cao; thit lp knh trao i
thng tin kp thi phi hp, x l nhiu v vic gian
ln, la o trong thanh ton th, thanh ton in t, gp
phn gim bt ri ro trong thanh ton, bo v quyn, li
ch hp php ca t chc, c nhn c lin quan.
Cng tc gim st cc h thng thanh ton c
NHNN tng bc t chc thc hin, nht l t chc thc
hin gim st trc tuyn h thng TTTLNH, qua
pht hin, x l nhng tn ti, kh khn, vng mc
hon thin v m bo h thng thanh ton hot ng an
ton, hiu qu.
7. Hot ng thng tin tn dng

Hot ng thu thp thng tin, xy dng c s d
liu thng tin tn dng quc gia
Trung tm thng tin tn dng (CIC) thu thp v
lu tr thng tin t 100% cc TCTD hot ng theo
Lut Cc t chc tn dng v t cc t chc t nguyn
tham gia h thng thng tin tn dng. Hin kho d liu
ca CIC lu tr trn 24 triu h s khch hng vay
vn, trong hn 400.000 h s doanh nghip, cn li
l h s khch hng vay c nhn, ch th tn dng. Kho
d liu ca CIC bao gm: Thng tin nh danh khch
hng vay, thng tin lch s quan h tn dng, ti sn bo
m, thng tin th tn dng, bo co ti chnh ca khch
hng vay, c cp nht nh k v lu tr trong 5 nm
(2007-2012).
Hot ng ca
Trung tm thng
tin tn dng ngy
cng hiu qu, gp
phn minh bch
ha thng tin, v
gp phn ngn nga
ri ro cho hot ng
ngn hng.
Hot ng cung cp thng tin ca Trung tm thng

tin tin dung
Hot ng cung cp thng tin ca CIC khng
ngng c ci tin v cht lng sn phm, pht trin
v a dng ho cc sn phm mi, ng thi nng cp,
ci tin quy trnh cung cp thng tin, t t l bo co
tn dng cung cp tc thi t trn 80%. CIC hin ang
cung cp gn 50 san phm thng tin tin dung c phn
BO CO THNG NIN 2012
45
loai theo 4 nhom: Bao cao tin dung khch hng vay trong
nc, Bao cao thng tin doanh nghip nc ngoai, Bao
cao xp hang tin dung, chm im tn dng va thng tin
canh bo tin dung in t. Nm 2012, CIC cung cp
trn 2,01 triu bo co tn dng qua h thng cc website
ca CIC, tng hn 18% so vi nm 2011.
CIC cng pht trin ring mt s loi sn phm
dnh ring cho cc n v thuc NHNN phc v cng
tc qun l, thanh tra gim st nh bo co khch hng
vay vt 15% vn t c ca TCTD, bo co khch hng
vay c n xu, bo co tng hp v tp on, tng cng ty
nh nc, bo co tng hp theo vng, min, ngnh ngh,
bo co tng hp d n cc c ng ca cc TCTD...
th 14: S h s khch hng vay, 2007-2012
H s
30.000.000
25.000.000
20.000.000
15.000.000
10.000.000
5.000.000
0
2007
2008
2009
2010
2011
2012
Nghip v xp hng tn dng, h tr qun tr ri ro

CIC l t chc u tin ti Vit Nam trin khai
nhim v Xp hng tn dng (XHTD) t nm 2002 v
t c nhng kt qu ng ghi nhn. Nm 2012, CIC
tin hnh xp hng c 20.392 bo co XHTD doanh
nghip cho cc n v s dng. Ngoi ra, CIC cng tin
hnh thay th, hon thin quy trnh, phng php xp
hng mi nh theo 35 ngnh kinh t v theo quy m ca
doanh nghip ln, va v nh.
Trong nm 2012, CIC cng pht trin h thng
sn phm cnh bo tn dng, cc loi sn phm h tr
TCTD trong qun l danh mc tn dng, gim st khch
hng vay hin c ca cc TCTD, h tr TCTD trong cng
46
tc XHTD ni b... Kt qu XHTD ca CIC mang tnh

c lp, l ngun tin hu ch cc TCTD i chiu,
tham kho trong cng tc qun tr ri ro.
Biu 4: Ch tiu hot ng thng tin tn dng
2011
Ch tiu
Vit
Nam
2012
ng
v Thi
Bnh
Dng
Vit
Nam
ng
v Thi
Bnh
Dng
su ca TCTD (thang
im t 0-6) - Depth of credit
information index
ph ca c quan TCTD
cng (t l % trn s ngi
trng thnh) - Public credit
registry coverage (% adults)
26,4
8,2
29,8
10,3
Ngun: CIC, World Bank - Doing Business 2012
8. Cng tc truyn thng, minh bch ha thng tin
Trong nm 2012, NHNN tng cng mnh m

tnh ch ng, kp thi, cng khai, minh bch v c ch,
chnh sch, cc quyt nh qun l ca NHNN v tnh
hnh hot ng ca cc TCTD cho cc c quan bo ch,
Quc hi, cc t chc v ngi dn. C th:
- Ch ng cng b thng tin chnh xc, kp thi,
nht l nhng vn d lun quan tm thng qua website
NHNN, ti cc cuc hp bo do Vn phng Chnh ph
t chc, ti cc cuc hp giao ban bo ch do cc c quan
qun l bo ch t chc, ti cc din n Quc hi hoc
tr li phng vn bo ch. Vic cng b thng tin ca
NHNN c d lun nh gi cao, nht l i vi cc
thng tin v gii php bnh n t gi, th trng ngoi t
v vng, ti cu trc h thng ngn hng.
Cng tc truyn
thng ra cng chng
tip tc c y
mnh, tng tnh ch
ng, phng thc
truyn thng ngy
cng c ci tin,
gia tng hm lng
thng tin cng b
c d lun trong
nc v quc t
nh gi cao.
- Phi hp vi cc c quan truyn thng ln ngoi

ngnh (i Truyn hnh Vit Nam, Thng tn x Vit
Nam, i Ting ni Vit Nam, Cng thng tin in t
Chnh ph, cc bo ln c tm nh hng quc gia)
BO CO THNG NIN 2012
47
tuyn truyn cc chnh sch v ng gp ca ngnh Ngn

hng vo vic thc hin cc mc tiu pht trin kinh t-x
hi ca t nc thng qua cc phng s, chuyn trang,
chuyn mc, tin, bi. Qua gip doanh nghip v ngi
dn hiu v ng h i vi chnh sch cng nh hot
ng ngn hng.
- NHNN theo di cht ch cc thng tin lin
quan n hot ng ngn hng kp thi pht hin,
phn hi v x l nhng thng tin thiu chnh xc, gy
bt n th trng, t gp phn trin khai c hiu qu
cc gii php iu hnh chnh sch tin t v hot ng
ngn hng.
48
QUN TR NI B
Phn III - Qun tr ni b

1. Hot ng kim ton ni b
Cng tc kim ton ni b c thc hin kh ton
din trn cc mt hot ng theo hng tip tc i mi
hot ng kim ton cho ph hp vi thng l quc t
v yu cu thc tin ca Vit Nam. Nm 2012, kim ton
ni b tp trung vo 06 chuyn : Bo co ti chnh,
tun th v hot ng, d n u t xy dng, tin hc,
hot ng kho v d n u t h thng thng tin qun l
v hin i ha ngn hng (FSMIMS); ch trng nhng
ni dung c nhiu ri ro. Cng tc kim ton ni b bm
st k hoch v trin khai thc hin ng chng trnh
c Thng c ph duyt, vic iu hnh hot ng
kim ton ni b theo ng mc tiu, nhim v trng
tm ca NHNN bo m hot ng an ton, tun th
ch trng, chnh sch, php lut ca Nh nc, quy ch,
quy trnh nghip v ca NHNN.
Nm 2012, hot
ng kim sot,
kim ton ni b
trin khai ton
din, gp phn bo
m hot ng an
ton ca NHNN.
NHNN thc hin kim ton bo co ti chnh

ti 18 n v thuc NHNN (4 V, Cc, n v s nghip
v 14 chi nhnh NHNN tnh, thnh ph); kim ton tun
th v hot ng ti 20 n v (6 n v V, Cc v 14 chi
nhnh NHNN tnh, thnh ph); kim ton 10 d n u
t xy dng; kim ton tin hc ti 9 n v NHNN (2 n
v V, Cc v 7 chi nhnh NHNN tnh, thnh ph); kim
ton hot ng kho qu ti 9 n v chi nhnh NHNN
tnh, thnh ph c qun l kho tin; kim ton d n
FSMIMS.
Hot ng kim ton ni b nm 2012 nu v
phn tch nhng kt qu t c trong vic thc hin
nhim v ti cc n v; ng thi ch ra nhng im cn
tn ti, hn ch c hng khc phc. V Kim ton
ni b ch o cc n v chnh sa nhng tn ti, m
bo hot ng ca cc n v tun th ng quy nh ca
NHNN v ca php lut.
BO CO THNG NIN 2012
49
QUN TR NI B
2. T chc cn b v o to bi dng
Bin ch, c cu nhn s v cng tc cn b
NHNN tip tc tng

cng s lng v
cht lng nhn s
cho cc n v ca
NHNN; nng cao
hiu qu cng tc
o to, gn kt
cht ch gia o
to v mc tiu s
dng.
Nhm tng cng nng lc cho cc V, Cc NHTW,

m bo thc hin y , c hiu qu vai tr ca NHNN
vi t cch l c quan qun l nh nc v tin t, hot
ng ngn hng v c quan tham mu cho Chnh ph
trong vic hoch nh v thc thi chnh sch tin t, nm
2012, Thng c NHNN cho iu chnh bin ch v
tng cng nhng cn b tr, c o to bi bn, c
nng lc chuyn mn su cho khi hoch nh, thc thi
chnh sch v gim st hot ng ngn hng ti cc V,
Cc NHNN Trung ng. C cu v s lng v tui
ca cng chc gia khi V, Cc NHTW v chi nhnh
tnh, thnh ph nh sau:
th 15: C cu tui gia trung ng v chi nhnh
tui
59-60
53-55
47-49
41-43
35-37
29-31
400
300
200
100
20-25
0
0
S lng
Khi V, Cc TW
100
200
300
400
500
Khi Chi nhnh tnh, TP
V cng tc o to, bi dng

Cng tc o to, bi dng bm st mc tiu
xy dng i ng, cn b cng chc NHNN chuyn
nghip, c nng lc xy dng v thc thi chnh sch
ca NHTW theo nguyn tc th trng da trn c s
cng ngh tin tin, theo cc thng l, chun mc quc
t v hot ng NHTW, thc hin c hiu qu chc nng
qun l nh nc trn lnh vc tin t v hot ng ngn
hng. Nm 2012, c 3.126 lt cn b, cng chc, vin
chc ca NHNN c c tham gia cc kha o to,
bi dng ch yu l cc kha o to sau i hc trong
v ngoi nc; cc kha bi dng ngn hn v chuyn
mn nghip v nh hoch nh, thc thi chnh sch tin
50
QUN TR NI B
t, thanh tra gim st, k ton, qun tr nhn s; cc kha

o to k nng mm; chng trnh bi dng cn b
lnh o qun l, hon thin tiu chun chc danh v
nhiu lnh vc khc. Cng tc o to, bi dng tp
trung trang b nhng kin thc, kinh nghim, k nng
cn thit cho cng chc x l kp thi nhng nhim
v t ra nh: Ti c cu ngnh ngn hng; Qun tr ri
ro; Thanh tra, gim st; Phn tch, d bo kinh t - ti
chnh - tin t. Phn ln cc kha bi dng ngn hn
c thit k, ln chng trnh v trin khai ti trng
Bi dng cn b ngn hng vi phng php o to
ngy cng c ci tin, cng tc cht ch vi i ng
ging vin kim chc l cn b ch cht ti cc n v
chc nng thuc NHNN.
Vic trang b kin thc cho cn b theo tng v
tr cng vic l yu cu t ra trong trung, di hn. lm
c iu ny, nm 2012, NHNN thc hin phn tch
khung nng lc, xc nh cc khung chng trnh, ni
dung o to, bi dng cn thit cho tng lnh vc hot
ng ca NHNN trn c s xc nh cc nng lc cn
thit cho cn b m nhn cng vic thuc cng khi,
nhm (nh khi chnh sch tin t, khi thanh tra gim
st, nhm cn b cp phng). Trn tinh thn , Thng
c NHNN k Quyt nh s 1280/Q-NHNN ngy
27/6/2012 ban hnh Quy ch o to, bi dng cng
chc, vin chc NHNN vi nh hng ch o l tng
cng qun l, y mnh cng tc o to, bi dng
tt c cc khu; pht trin ngun nhn lc nh hng
ca mt NHTW hin i nh: o to, bi dng nhng
cn b c nng lc hnh thnh i ng chuyn gia ct
cn; y mnh vic pht trin i ng ging vin kim
chc; khuyn khch tinh thn ch ng t hc tp, chia
s kin thc, kinh nghim trong ni b NHNN. c bit,
NHNN ch trng pht trin i ng chuyn gia nng ct
c chuyn mn su, c kh nng nghin cu, xut, x
l, phn bin cc vn phc tp ca ngnh, lin ngnh
ti cc n v thc hin cc chc nng, nhim v chnh
ca NHNN, th hin ti d tho n o to v pht
trin chuyn gia nng ct ca NHNN nm 2012 v d
kin s c trin khai trong nm 2013.
BO CO THNG NIN 2012
51
QUN TR NI B
th 16: S lt cn b, cng chc c o to, bi dng

2.000
1.500
1.000
500
0
Bi dng chuyn mn, nghip v

Bi dng kin thc, k nng lnh o, qun l
Bi dng hon chnh chun chc danh, ngch
Bi dng kin thc, k nng b tr
o to Tin s, Thc s
Trong qu trnh trin khai thc hin k hoch

o to, NHNN huy ng v s dng hiu qu cc
ngun lc (ngun NSNN, NHNN, ngun h tr); c
bit, NHNN tranh th cc ngun h tr quc t cho hot
ng o to, bi dng thng qua cc chng trnh,
d n hp tc vi IMF, ADB, WB, JICA, GIZ, SECO,
ASDiV, Ngn hang Trung ng cc nc c, Anh, Ba
Lan, Thy in. Nhiu ni dung chuyn mn, nghip v
mi, mang tnh chuyn su, nng cao, c cc chuyn
gia nc ngoi c hiu bit su rng v c kinh nghim
thc tin tt tr gip ging dy, t vn, p ng yu
cu cp nht, nng cao kin thc chuyn mn ca cc
n v trong h thng.
Cng tc qun l, s dng cn b, cng chc

Nm 2012, tip tc y mnh cng tc cn b, bin
ch cn b c iu chnh ph hp vi chc nng,
nhim v ca tng n v nhm m bo thc hin y
vai tr, v tr ca NHNN vi t cch l c quan qun
l Nh nc v tin t, hot ng ngn hng. c bit
ring vi khi chnh sch v khi thanh tra gim st, mt
trong s nhng gii php tng cng s lng v cht
lng cn b c trin khai trong nm 2012 l vic
NHNN cho b sung mt s cn b c trnh chuyn
mn tt, kinh nghim thc tin ti cc ngn hng (nht l
cc NHTM Nh nc) nhm mt mt tng cng nng
lc hoch nh v thc thi c hiu qu chnh sch tin
52
QUN TR NI B
t v hot ng ngn hng, mt khc cng nhm thc

hin cng tc lun chuyn cn b, c bit l cn b lnh
o, qun l trong h thng NHNN. Vic b tr, s dng
cn b lnh o, qun l cng nh cn b chuyn mn,
nghip v thuc NHNN bm st chc nng, nhim v
c giao v s v tr vic lm ca tng n v nhm
hng ti s chuyn nghip ca tng v tr, tng n v.
3. Cng tc nghin cu khoa hc

Nm 2012, NHNN trin khai thc hin 37 ti,
d n nghin cu khoa hc cp ngnh trn cc lnh vc
nh nghin cu khun kh iu hnh chnh sch tin
t thch hp cho Vit Nam; pht trin th trng ngoi
hi n nm 2020; phi hp gia chnh sch tin t v
chnh sch ti kha iu hnh kinh t v m; xy dng
m hnh kinh t v m phc v hoch nh v iu hnh
chnh sch tin t; nng cao hiu lc, hiu qu hot ng
thanh tra gim st i vi cc TCTD; cc ch nghin
cu nng cao nng lc qun tr NHTM nh p dng
cc tiu chun an ton hot ng kinh doanh v qun tr
ri ro theo thng l quc t, vn mt cn i k hn;
cc ch nhm pht trin ngun lc, dch v v h tng
cng ngh ngn hng. Kt qu nghin cu ca mt s
ti, d n nghim thu trong nm 2011 v 2012 c p
dng vo vic thc hin chc nng, nhim v c giao,
ng thi l ti liu tham kho cng nh c s xut,
tham mu cho lnh o NHNN trong vic a ra cc
quyt nh chnh sch. in hnh mt s ti c
p dng thnh cng vo thc tin nh mt s cc gii
php ln c kin ngh ti ti v Gii php m bo
an ton h thng ngn hng Vit Nam trong iu kin
hin nay; ti Gii php nng cao cht lng kim
sot, kim ton ni b NHNN Vit Nam trong qu trnh
hi nhp quc t v hot ng ngn hng. Bn cnh ,
nm 2012, NHNN cng trin khai 81 ti cp c s
tp trung ti 02 trng i hc trc thuc NHNN, Vin
Chin lc ngn hng, Trng bi dng cn b ngn
hng. Sau khi nghim thu cc ti/d n u c trin
Hot ng nghin
cu khoa hc v
cng ngh ngnh
ngn hng lun bm
st cc mc tiu v
nhim v ang t
ra cho ngnh v
c nhng bc
chuyn bin tch
cc, ng gp ng
k vo nghin cu
l lun, iu hnh
chnh sch tin t v
hot ng qun l
v m ca NHNN.
BO CO THNG NIN 2012
53
QUN TR NI B
khai ng dng ngay theo ng l trnh, phc v thit

thc cho cng tc ging dy v hot ng kinh doanh,
p ng yu cu pht trin ca n v. NHNN cng
phi hp vi cc n v t chc thnh cng 02 hi tho
khoa hc cp ngnh l Phi hp chnh sch ti kha v
chnh sch tin t trong iu tit kinh t v m v Cc
gii php nhm hin i ha cng tc pht hnh kho qu
ca NHNN Vit Nam; t chc 02 bui ta m, thuyt
trnh v mt s vn thi s ni ln trong lnh vc tin
t, tn dng, ngn hng. Cc tham lun ca cc hi tho,
ta m gp phn lm r thm quan im, c s l
lun v gii php x l nhng vn ln v bc xc
trong thc tin hot ng ca ngnh Ngn hng, c
nhiu chuyn gia kinh t trong v ngoi nc nh gi
cao, thu ht c s ch ca cc t chc thng tin truyn thng.
4. Cng tc thng k
Cng tc thng k
ca NHNN tip tc
c cng c v
pht trin, phc v
tt hn cho cng tc
ch o iu hnh.
54
Nm 2012, NHNN tch cc p dng cng ngh

tin hc tin tin, chun ha thng tin bo co theo thng
l quc t v thng k ti chnh tin t v ph hp vi
thc tin Vit Nam p ng tt hn nhu cu thng
tin phc v cng tc ch o iu hnh chnh sch tin
t. Trong nm 2012, cng vi vic tip tc cng c t
chc b my thng k, cng tc thc hin Thng t s
21/2010/TT-NHNN cng c NHNN trin khai theo
hng phi hp cht ch vi TCTD t chc thu thp y
, kp thi, chnh xc cc bo co, xy dng c s d liu
nhm p ng cng tc khai thc thng tin ca cc n
v lin quan thuc NHNN. Vn dng cng ngh tin hc
trong qu trnh thu thp, kim tra, duyt, tra sot, tng
hp bo co, rt ngn thi gian x l d liu, nng cao
cht lng bo co thng k. Kt qu l thng tin s liu
thng k tin t, tn dng v hot ng ngn hng m
bo c cht lng, y v kp thi, c bn p ng
c cho cng tc ch o, iu hnh v gim st hot
ng cc TCTD ca NHNN.
QUN TR NI B
5. Cng ngh thng tin

Xy dng K hoch ng dng cng ngh thng tin
ca NHNN
Ngy 06/4/2012, Thng c NHNN k Quyt
nh s 627/Q-NHNN ban hnh K hoch ng dng
cng ngh thng tin ca NHNN Vit Nam giai on
2011-2015 nhm y mnh vic ng dng rng ri cng
ngh thng tin (CNTT) trong hot ng qun l, iu
hnh ni b NHNN theo nh hng xy dng Chnh
ph in t v hng n m hnh NHTW hin i; gp
phn nng cao tnh minh bch thng tin v tng cng
dch v cng ca NHNN; tng bc to nn mng vng
chc v c s h tng CNTT, truyn thng v m bo an
ton, an ninh thng tin phc v tt cho cc hot ng,
nghip v ca NHNN.
ng dng cng
ngh thng tin ngy
cng m rng i i
vi nng cao cht
lng, pht trin
cc dch v tin ch
ngn hng in t.
Qun l Nh nc v CNTT ca ngnh c

tng cng
Nhm to c s php l cho hot ng ng dng
CNTT an ton v hiu qu, trong nm 2012, Thng c
NHNN ban hnh Thng t s 11/2012/TT-NHNN
ngy 25/4/2012 Quy nh qun l v s dng mng
my tnh ca NHNN Vit Nam; Thng t s 34/2012/
TT-NHNN ngy 27/12/2012 Quy nh v pht trin v
bo tr phn mm nghip v ngn hng ca NHNN Vit
Nam. ng thi, NHNN cng tin hnh gim st hot
ng CNTT thng qua tng hp, x l bo co nhn t
cc TCTD v kim tra trc tip ti 09 TCTD nhm ngn
chn, pht hin v x l kp thi cc trng hp vi phm
quy nh qun l CNTT ca Nh nc v ca ngnh,
m bo an ninh bo mt; nng cao cht lng qun tr,
vn hnh h thng CNTT ti n v.
Tng bc hin i ha cc hot ng nghip v

Nm 2012, nhiu hot ng nghip v ti NHNN
tip tc c hin i ha thng qua y mnh ng dng
CNTT, qua tng cng hiu qu iu hnh v hot
ng ca NHNN. NHNN hon thnh trin khai v
BO CO THNG NIN 2012
55
QUN TR NI B
a vo vn hnh h thng thng tin qun l pht hnh

v kho qu, theo ton b cc hot ng t lp k hoch,
theo di pht hnh, iu chuyn, xut nhp tin trn
ton quc c qun l tp trung ti NHTW; t chc vn
hnh hiu qu m hnh thu thp d liu bo co thng k
in t tp trung ly s liu t hi s chnh ph hp vi
m hnh hot ng ca cc TCTD; i mi phng thc
cung cp thng tin iu hnh t vn bn giy sang bo
co in t, m bo tnh kp thi, sn sng v nht qun
v thng tin; thc hin thu thp thng tin th trng tin
t lin ngn hng thng qua h thng TTTLNH
phn nh kp thi th trng theo thi gian thc.
H tng CNTT ngn hng tng bc c

pht trin
Nm 2012, bc u hnh thnh ln cc mng
my tnh tc cao, trung tm d liu ngn hng v
trung tm d phng thm ha theo tiu chun; thc hin
nng cp bng thng h thng mng din rng (WAN)
kt ni gia 58 NHNN chi nhnh cc tnh, thnh ph ti
05 trung tm vng bng thng 2Mbps, gia 05 trung tm
vng v trung tm d liu chnh bng thng 10Mbps.
Kt thc nm 2012, h thng ch k s ca NHNN
cp gn 7.000 chng th s cho cc t chc, c nhn ca
NHNN v cc TCTD, to c s trao i d liu in t an
ton, p dng cho nhiu nghip v: Thanh ton lin ngn
hng, Bo co ti chnh, D tr bt buc, Bo co theo
Ngh nh s 82/2007/N-CP, Bo co thng k, Qu tn
dng nhn dn c s... Trin khai dch v h tr k thut
tp trung (Helpdesk) cho cn b thng 3/2012, m bo
h thng CNTT ca NHNN hot ng thng sut, lin
tc, khng b gin on.
56
HP TC QUC T
Phn IV- Hp tc quc t

Nm 2012, NHNN thc hin thnh cng cc nhim
v i ngoi theo chng trnh v mc tiu ra nhm
cng c quan h hp tc vi cc i tc quc t v tng
cng huy ng h tr c v ti chnh v k thut t bn
ngoi cho Vit Nam, gp phn tch cc vo cc n lc n
nh kinh t v m, pht trin kinh t, thc y qu trnh
hi nhp v nng cao v th ca Vit Nam trn trng
quc t.
1. Hot ng hi nhp kinh t quc t

Trong qu trnh hi nhp kinh t ti chnh khu
vc ASEAN, nm 2012, nhiu on lnh o ca NHNN
tham gia cc hi ngh cp cao ca NHTW cc nc
ASEAN nhm thc y hi nhp khu vc ti chnh - ngn
hng trong ASEAN, gp phn nng cao vai tr, ting
ni v v th ca NHNN ni ring v ca Vit Nam ni
chung trong cng ng ti chnh tin t khu vc v quc
t. Trong hp tc ASEAN+3, Vit Nam tip tc tham gia
cc vn lin quan n cc sng kin hp tc ti chnh,
c bit l sng kin a phng ha Sng kin Ching
Mai (CMIM). Trong nm 2012, cc nc ASEAN+3
thnh cng trong vic t c tha thun nng tng quy
m qu ln 240 t USD, m rng phm vi h tr bao
gm c c ch phng nga khng hong bn cnh c ch
x l khng hong hin hnh.
Tip tc m rng
hp tc ti chnh,
tin t trong khu
vc.
Trong khun kh APEC, NHNN tip tc th hin

vai tr tch cc v ch ng trong vic tham gia ng gp
kin cho cc bo co nghin cu v sng kin hp tc ti
chnh APEC, ng thi phi hp vi cc B, ngnh lin
quan trong hot ng hp tc khc ca APEC.
Trong khun kh SEACEN, Vit Nam nh k
tham gia Hi ngh thng nin Thng c NHTW, Hi
ngh thng nin Ph Thng c NHTW SEACEN v
mt s hi ngh khc cp Ph Thng c. Cc hi ngh
cng to ra mt din n cc Thng c v Ph
Thng c trao i vi nhau v cc vn lin quan n
BO CO THNG NIN 2012
57
HP TC QUC T
hp tc o to nghin cu v ti chnh ngn hng v cc

vn kinh t chung trong khu vc. Ngoi ra, NHTW
c cc cn b tham d cc kha hc, hi tho ngn hn
ca SEACEN v cc vn lin quan n NHTW. Thng
qua cc kha hc, hi tho ny, cc cn b ca NHNN
c cp nht cc thng tin, din bin mi v tnh hnh
pht trin ti chnh tin t v ngn hng trong khu vc v
trn th gii.
Trong khun kh thc thi cc cam kt WTO v
thng mi t do trong lnh vc ngn hng, NHNN
tin hnh sa i, b sung v ban hnh nhiu vn bn
php lut trong lnh vc ngn hng theo hng minh
bch ha chnh sch, tun th theo cc nguyn tc th
trng v cc cam kt quc t nhm to mt mi trng
hot ng kinh doanh ngy cng bnh ng, thng
thong v thun li cho cc TCTD hot ng ti Vit
Nam. NHNN tch cc phi hp vi cc b, ngnh xy
dng ti liu v cung cp thng tin cho tin trnh R sot
chnh sch thng mi u tin ca Vit Nam sau khi gia
nhp WTO. Thng qua din n thng k vi Nhm
cng tc ngn hng thuc Din n Doanh nghip Vit
Nam, NHNN trao i mt cch thng thn v ci m
vi i din ca cng ng ngn hng nc ngoi ti
Vit Nam v cc vn chnh sch v k thut trong hot
ng ngn hng. Vic i thoi thng xuyn gip
cc ngn hng hiu r cc chnh sch, quy nh ca Vit
Nam trong lnh vc ngn hng, v ngc li, gip NHNN
nm bt c cc mi quan tm v xut ca cc ngn
hng t gii quyt kp thi v hiu qu nhng vn
cn tn ti.
Bn cnh cc hot ng hp tc trong khun kh
cc t chc khu vc, NHNN cn tch cc thc hin ng
li, ch trng hi nhp ca ng v Nh nc thng
qua vic phi hp m phn cc hip nh trong khu vc
v vi cc i tc khc. Trong thi gian qua, NHNN
tch cc tham gia vo qu trnh chun b cng nh m
phn cc hip nh kinh t, thng mi v u t nh
Hip nh i tc xuyn Thi Bnh Dng (TPP), Hip
58
HP TC QUC T
nh thng mi t do gia Vit Nam vi Lin minh

chu u (EVFTA), Hip nh Thng mi t do gia
Vit Nam vi Khi thng mi t do chu u (EFTA),
Hip nh i tc kinh t ton din khu vc RCEP...
2. Quan h hp tc vi cc t chc ti chnh tin t

quc t
NHNN tip tc thc hin tt vai tr i din ca
Chnh ph Vit Nam ti cc t chc ti chnh tin t quc
t nh Ngn hng Pht trin chu (ADB), Ngn hng
Th gii v Qu Tin t quc t, qua cng c ngy mt
vng chc quan h vi cc t chc ny v khai thc hiu
qu h tr cho Vit Nam ni chung v NHNN ni ring.
Cng c vng chc

quan h vi cc t
chc ti chnh, tin
t quc t.
NHNN tip tc pht huy vai tr l c quan i din

ca Chnh ph ti ADB, tip n v lm vic vi nhiu
on cp cao v k thut ca ADB v tnh hnh pht trin
kinh t x hi ca Vit Nam v thc y tin trin khai
cc chng trnh, d n do ADB ti tr; tham d Hi
ngh thng nin ADB ln th 45. c bit, NHNN
tch cc m phn 12 chng trnh/d n vi tng tr gi
1,282 t USD, trong vn ADF l 450 triu USD cho 09
chng trnh/d n v vn OCR l 832 triu USD cho 3
chng trnh/d n. Nh vy, tnh t nm 1993 ti thi
im thng 12/2012, ADB ph duyt ti tr cho Vit
Nam 114 khon vay cho cc chng trnh/d n vi tng
tr gi 10,44 t USD. Bn cnh , NHNN tip tc
trin khai v chun b xy dng cc h tr k thut trong
lnh vc ngn hng do ADB ti tr, bao gm cc lnh
vc ti chnh vi m, phi ngn hng v tng cng nng
lc chnh sch tin t v qun l ngoi hi cho NHNN.
Trong lnh vc t vn chnh sch, thng 10/2012, ADB
cng b Chin lc i tc Quc gia (CPS) giai on
2012-2015 vi Vit Nam nhm m bo ADB c th tip
tc ng h mnh m v ng mc tiu cho Vit Nam
trong vic t c tm nhn ti 2020, trong c h tr
cho khu vc ti chnh ngn hng. Theo , d kin trong
giai on 2012 - 2015, bnh qun mi nm ADB s ti tr
cho Vit Nam khong 1,3 t USD thc hin cc mc
BO CO THNG NIN 2012
59
HP TC QUC T
tiu trong khun kh Chin lc Pht trin Kinh t X

hi giai on 2011 - 2015.
Mi quan h Vit Nam-WB tip tc c tng
cng, cng c. NHNN tham d tch cc vo cc hi
ngh do WB t chc nhm vn ng duy tr ngun vn
vay u i IDA cho Vit Nam v nhn c nhng
quan im tch cc t lnh o v c ng ln ca WB.
Trong nm 2012, NHNN mt mt tip tc hon thnh
tt vic qun l cc d n v h tr k thut do WB ti
tr cho ngnh ngn hng, mt khc tham gia m phn
v k kt 18 chng trnh/d n vi tng s vn vay u
i IDA ln ti hn 2,2 t USD v trn 570 triu USD
vn vay IBRD, nng tng s chng trnh/d n k
kt vi WB tnh n 12/2012 l 135 chng trnh/d n,
tr gi hn 16 t USD; phi hp vi B K hoch v u
t v WB trong khun kh Hi ngh Nhm t vn cc
nh ti tr vn ng cc nh ti tr cung cp h tr v
ti chnh v k thut cho Vit Nam. Ni tip thnh cng
ca Chng trnh Tn dng H tr Gim ngho (PRSC),
NHNN phi hp vi WB v cc B, ngnh hu quan
xy dng Chng trnh H tr Qun l Kinh t v Nng
cao Kh nng cnh tranh (EMCC) nhm h tr thc hin
cc ci cch then cht, to cho t nc chuyn dch t
tng trng da trn nhng iu kin t nhin sang tng
trng nh nng cao nng sut v kh nng cnh tranh,
trong chu k u c thc hin t 2012 n 2015 vi
s tin ti tr tr gi khong 250 triu USD/chng trnh/
nm (cha k ng ti tr). NHNN cng phi hp vi
WB xy dng CPS 2012-2016, theo phn b IDA d
kin cho ti kha 2012-2014 khong 2,8 t SDR (tng
ng 4,2 t USD) v phn b ngun IBRD d kin l
770 triu USD cho cc hot ng u t v chnh sch
nhm gip Vit Nam tng cng kh nng cnh tranh,
nm bt c hi v pht trin bn vng.
Trong nm 2012, NHNN ch ng v tch cc
tham gia cc hot ng nhm tng cng vai tr hi vin
ti IMF, quan h gia IMF v Vit Nam tip tc c
duy tr tt p v c cng c thng qua i thoi chnh
sch, gim st kinh t v m, h tr k thut v cc hot
60
HP TC QUC T
ng khc. Hin Vit Nam ang phi hp vi IMF

tng mc c phn ti IMF t 460,7 triu SDR ln 1,1531
t SDR, nng t l c phn t 0,193% ln 0,242%. Ngoi
ra, Vit Nam ng gp phn li nhun c phn
chia ln 1 t vic IMF bn hn 400 tn vng vo Qu Tn
thc Tng trng v Gim ngho (PRGT) ca IMF. Theo
thng l, nm 2012, IMF tin hnh cc t Tham kho
thng nin v cp nht tnh hnh kinh t ca Vit Nam
gim st, nh gi tnh hnh v trin vng kinh t v
a ra cc khuyn ngh chnh sch ph hp. IMF cng
thng xuyn i thoi, t vn chnh sch vi NHNN v
cc c quan Chnh ph, ng thi nh gi cao cc n lc
v thnh tu ca Vit Nam trong nhng nm qua, ng
h cc nh hng, quyt tm chnh sch hng ti n
nh kinh t v m ca Chnh ph Vit Nam v by t s
sn sng gip , h tr Vit Nam. C th, IMF cung
cp nhiu h tr ky thut trong linh vc thng k khu
vc i ngoi, tin t, ngoi hi, xy dng cc ch s lnh
mnh ti chnh, thanh tra ngn hng, phng chng ra
tin v chng ti tr cho khng b; ti tr cho gn 100
cn b NHNN v cc b, ngnh tham d cc kha o
to v hi tho chuyn ti cc Hc vin o to ca
IMF ti Singapore, M v o v cc ch chnh sch
v kinh t v m. NHNN cng phi hp vi IMF t
chc kha o to ti Vit Nam cho cc cn b c quan
chnh ph cc nc ng Nam v c cn b bit phi
sang Vn phng i din ca IMF ti H Ni hc hi,
nghin cu, trao i kinh nghim lm vic.
3. Quan h hp tc song phng

NHNN tip tc to lp mi quan h cht ch v duy
tr lin h thng xuyn vi NHTW cc nc, cc t chc
ti chnh quc t huy ng h tr nhm tng cng
nng lc cho NHNN, nng cao v th ca NHNN trn cc
din n ti chnh quc t v khu vc. Nm 2012, NHNN
k bin bn ghi nh v hp tc trong lnh vc ngn
hng vi NHTW Quatar (thng 01/2012), Ngn hng
Quc gia (NHQG) Kazakhstan (ngy 10/9/2012), Bn
Ghi nh v phng, chng ra tin vi NHQG Campuchia
Thit lp mi quan
h cht ch vi
NHTW cc nc,
cc t chc ti chnh
quc t khc.
BO CO THNG NIN 2012
61
HP TC QUC T
(thng 3/2012), ban Ghi nh v trao i thng tin Thanh

tra gim st ngn hng vi Ngn hng d tr n
(ngay 16/11/2012), NHTW Myanmar (ngay 29/11/2012)
va Ban Ghi nh v hp tac vi c quan quan ly tin t
Brunei nhn chuyn thm cp nha nc cua Chu tich
nc ti 02 nc nay (ngay 27/11/2012), Ban ghi nh sa
i Bn ghi nh nm 2003 v H tr ky thut vi NHTW
c (ngay 04/12/2012).
V tnh hnh trin khai cc chng trnh, d n hp
tc trong lnh vc ti chnh ngn hng, NHNN phi
hp vi B Ti chnh M thc hin cc h tr k thut
nhm nng cao nng lc ca NHNN v hot ng ca
C quan Thanh tra, gim st ngn hng, phi hp vi C
quan Pht trin Php (AFD) y mnh trin khai h tr
k thut Hon thin khun kh php l v tng cng
nng lc qun l, gim st cho lnh vc ti chnh vi m
ti Vit Nam. NHNN a ky kt Ban Ghi nh vi JICA
v gia han D n Tng cng nng lc thanh tra, gim
st cho NHNN n ht thng 6/2013. Tip theo thanh
cng cua chng trinh cai cach nng lc th ch va h
tr k thut danh cho NHNN v giai on 1 d n ao
tao giam c chi nhanh NHTM, Chinh phu Lin bang
Thuy Sy do Cc Kinh t Lin bang Thy Sy lam ai din
d kin tip tuc h tr cho NHNN v ngnh Ngn hang
Vit Nam thng qua d an ao tao giam c chi nhanh
NHTM giai on 2.
Trong lnh vc hp tc o to, NHNN phi
hp vi cc bn lin quan t chc cc kha hc, hi tho
v thuyt trnh trong lnh vc ti chnh - ngn hng vi
Luxembourg, Thy in v Ba Lan. Bn cnh , NHNN
cng phi hp vi cc n v lin quan trin khai chng
trnh h tr o to v nhiu ni dung khc nhau trong
lnh vc ti chnh - ngn hng vi Ngn hng Quc gia
Lo v bc u trin khai chng trnh h tr cho Ngn
hng Quc gia Campuchia.
V t chc cc hi ngh, NHNN t chc thnh
cng Hi ngh Hi ng Ngn hng u t Quc t
(MIB) ln th 97 v Ngn hng Hp tc Kinh t Quc
62
HP TC QUC T
t (MBES) ln th 119 vo thng 6/2012, K hp ln th

11 T cng tc Vit - Nga v hp tc lin ngn hng vo
thng 9/2012 v Hi ngh M hnh nhm chu - Thi
Bnh Dng v phng, chng ra tin (APG) vo thng
11/2012. Cc hi ngh to c hi cho cc thnh vin
chia s kinh nghim, m rng quan h hp tc trong lnh
vc ti chnh tin t ngn hng v phng, chng ra tin.
BO CO THNG NIN 2012
63
PH LC
PH LC
PH LC 1: CC MC LI SUT DO NHNN CNG B

n v: %/nm
Thi gian
Li sut ti cp vn
Li sut ti chit khu
Li sut cho mua

th trng m
Thng 12/2011
15
13
14
Thng 1/2012
15
13
14
Thng 2/2012
15
13
14
Thng 3/2012
14
12
13
Thng 4/2012
13
11
12
Thng 5/2012
12
10
11
Thng 6/2012
11
10
Thng 7/2012
10
Thng 8/2012
10
Thng 9/2012
10
Thng 10/2012
10
Thng 11/2012
10
Thng 12/2012
PH LC 2: HOT NG NGHIP V TH TRNG M

Cho mua
Nm 2011
Nm 2012
431
299
K hn (ngy)
7; 14
7; 14; 21
S lt thnh vin
8.469
1.431
Doanh s t thu (t ng)
5.981.403
657.371
Doanh s trng thu (t ng)
2.801.253
449.922
10-15
7-14
Khi lng
Khi lng; Li sut
Nm 2011
Nm 2012
Khng c
79
S phin
Li sut (%/nm)
Phng thc u thu
Cho bn
S phin
K hn (ngy)
28; 56; 91; 182
S lt thnh vin
1.003
Doanh s t thu (t ng)
723.820
Doanh s trng thu (t ng)
174.000
Li sut (%/nm)
Phng thc u thu
3,48-12,5
Khi lng; Li sut
BO CO THNG NIN 2012
65
PH LC
PH LC 3: T L D TR BT BUC NM 2010-2012
TIN GI BNG NGOI T
K hn t 12 thng tr ln
TIN GI BNG VND
Khng k hn v
k hn di 12 thng
Tin gi ca khch hng, KBNN,

tin thu c t pht hnh GTCG
K hn t 12 thng tr ln
Tin gi ca khch hng, KBNN,

tin thu c t pht hnh GTCG
Khng k hn v
k hn di 12 thng
05-2011
12-2010(*)
02-2010
Thi im
hiu lc
06-2011
Ngn hng
NHTM nh nc
Ngn hng
Ngn hng
NHTM nh nc
Ngn hng
NHTM nh nc
NHTM nh nc
Nng nghip
(tr NHNo),
Nng nghip
Nng nghip
(tr NHNo),
Nng nghip v
(tr NHNo),
(tr NHNo),
v Pht trin
NHTMCP th,
v Pht trin
v Pht trin
NHTMCP th, Pht trin nng
NHTMCP
NHTMCP
nng thn Vit
Chi nhnh nc
nng thn Vit
nng thn Vit
Chi nhnh nc thn Vit Nam,
th, Chi nhnh
th, Chi nhnh
Nam, NHTMCP
ngoi, NH lin
Nam, NHTMCP
Nam, NHTMCP
ngoi, NH lin
NHTMCP nng
nc ngoi, NH
nc ngoi, NH
nng thn, Qu
doanh, cng ty
nng thn, Qu
nng thn, Qu
doanh, cng ty
thn, Qu Qu
lin doanh, cng
lin doanh, cng
TDNDTW, Ngn TC, cng ty cho TDNDTW, Ngn
TDNDTW, Ngn TC, cng ty cho TDNDTW, Ngn
ty TC.
ty TC.
hng hp tc
thu TC
hng hp tc
hng hp tc
thu TC
hng hp tc
09-2011(**)
n v: %
Tin gi ca cc
TCTD nc
ngoi
(*) T thng 12/2010, thc hin theo Thng t s 20/2010/TT-NHNN ngy 29/9/2010 ca NHNN v hng dn thc hin cc bin php iu hnh cng c chnh sch tin t h tr TCTD cho vay pht
trin nng nghip, nng thn, cc TCTD p dng t l DTBB ca tin gi VND c chia thnh 2 nhm: (1) Nhm TCTD p dng theo t l DTBB thng thng; (2) Nhm TCTD c t trng cho vay pht
trin nng nghip, nng thn cao c p dng t l DTBB thp hn t l DTBB thng thng, c th t l bng 1/20 so vi t l DTBB thng thng i vi TCTD c t trng d n cho vay pht trin
nng nghip, nng thn t 70% tr ln; t l bng 1/5 so vi t l DTBB thng thng i vi TCTD c t trng d n cho vay pht trin nng nghip, nng thn t 40% n di 70%;
(**) B sung mc Tin gi ca cc TCTD nc ngoi theo Thng t s 27/2011/TT-NHNN ngy 31/8/2011 v theo Quyt nh s 1972/Q-NHNN v p dng t l d tr bt buc i vi TCTD cho
tin gi bng ngoi t ca cc TCTD nc ngoi.
66
PH LC
PH LC 4: CN CN THANH TON QUC T

n v: Triu USD
2011
233
-450
96.906
97.356
106.750
-3.168
8.692
11.860
8.685
8.326
359
-4.834
395
5.229
2012
9.061
9.884
114.573
104.689
113.792
-2.920
9.600
12.520
8.212
7.912
300
-6.115
295
6.410
B. CN CN VN V TI CHNH
5. u t trc tip

u t nc ngoi vo Vit Nam

u t ca Vit Nam ra nc ngoi
6. Vay trung-di hn

Rt vn
Vay ca Chnh ph
Vay ca DN (tr DN FDI)

Tr n gc
Tr n ca Chnh ph
Tr n ca DN (FDI+DNVN)
7. Vay ngn hn
Vay

Tr n gc
8. u t gin tip nc ngoi

u t ca nc ngoi vo Vit Nam

u t ca Vit Nam ra nc ngoi
9. Tin v tin gi

Khu vc ngn hng

Khu vc khc
6.490
6.569
7.519
950
3.285
5.706
3.893
1.813
2.421
792
1.629
1.615
14.568
12.953
1.460
1.111
-349
-6.439
445
-6.884
8.330
7.168
8.368
1.200
3.908
7.410
4.086
3.324
3.502
920
2.582
1.306
16.011
14.705
1.990
1.887
-103
-6.042
107
-6.149
C.
LI V SAI ST
-5.574
-5.524
D. CN CN TNG TH
1.149
11.867
E.
-1.149
-11.867
-1.149
-1.118
-31
0
31
0
0
0
-11.867
-11.847
-20
0
20
0
0
0
A. CN CN VNG LAI
1. Cn cn thng mi
Xut khu (FOB)
Nhp khu (FOB)
Nhp khu (CIF)
2. Dch v
Thu
Chi
3. Chuyn giao

Khu vc t nhn

Khu vc Chnh ph
4. Thu nhp u t
Thu
Chi
TI TR
10. Thay i tng d tr ngoi hi

Thay i tng ti sn nc ngoi ca NHNN tr s dng vn ca IMF

S dng vn ca IMF
Vay
Tr
11. Thay i n qu hn v gia hn n

Thay i n qu hn

Gia hn n
BO CO THNG NIN 2012
67
PH LC
PH LC 5: T GI GIA LA M V NG VIT NAM

n v: VND/USD
T gi ngy cui thng
Nm 2012
T gi bnh qun
trn th trng ngoi
t lin ngn hng
T gi bnh qun trong thng
T gi trung bnh cc
NHTM
Mua
Bn
T gi bnh qun
trn th trng ngoi
t lin ngn hng
T gi trung bnh cc
NHTM
Mua
Bn
Thng 1
20.828
20.936
21.036
20.828
20.975
21.008
Thng 2
20.828
20.810
20.870
20.828
20.850
20.912
Thng 3
20.828
20.800
20.860
20.828
20.814
20.878
Thng 4
20.828
20.850
20.930
20.828
20.819
20.874
Thng 5
20.828
20.840
20.890
20.828
20.826
20.872
Thng 6
20.828
20.850
20.925
20.828
20.902
20.965
Thng 7
20.828
20.850
20.885
20.828
20.852
20.893
Thng 8
20.828
20.840
20.880
20.828
20.837
20.874
Thng 9
20.828
20.860
20.900
20.828
20.839
20.883
Thng 10
20.828
20.825
20.865
20.828
20.842
20.883
Thng 11
20.828
20.830
20.870
20.828
20.829
20.873
Thng 12
20.828
20.820
20.860
20.828
20.825
20.867
PH LC 6: GI VNG TH TRNG TRONG NC

n v: Triu ng/lng
Gi vng ngy cui thng
Gi vng bnh qun trong thng
Thng 1
45,33
43,88
Thng 2
45,27
45,00
Thng 3
44,00
44,33
Thng 4
43,09
43,20
Thng 5
41,46
41,70
Thng 6
41,72
42,01
Thng 7
42,09
41,88
Thng 8
44,52
43,03
Thng 9
47,46
46,56
Thng 10
46,13
47,07
Thng 11
47,22
46,97
Thng 12
46,30
46,72
68
PH LC
PH LC 7: CH S GI TIU DNG
2011
2012
Thng 12
Thng 11
Thng 10
9,19
11,60 15,96 18,44 19,78 21,65 21,87 21,64 20,71 19,89
So vi thng trc
2,38
3,56
2,99
2,20
So vi cng k
14,11 15,67 19,39 21,42 25,20 26,80 27,04 28,32 27,90 26,72 24,22 19,89
So vi thng 12
nm trc
0,32
1,49
1,32
1,68
2,12
2,68
3,22
3,47
4,11
4,49
5,07
6,52
So vi thng trc
0,32
1,17
-0,17
0,35
0,44
0,55
0,52
0,24
0,62
0,37
0,55
1,38
So vi cng k
17,48 14,78 11,25
9,23
5,58
3,94
3,31
1,97
2,42
2,99
4,35
6,52
So vi thng 12
nm trc
1,36
3,35
4,12
4,27
4,55
4,78
4,84
5,08
6,46
7,58
9,58
11,75
So vi thng trc
1,36
1,96
0,75
0,14
0,27
0,22
0,06
0,23
1,31
1,05
1,86
1,98
So vi cng k
7,62
8,46
9,46
9,23
9,05
8,69
8,19
8,18
8,92
9,66
11,09 11,75
So vi thng 12
nm trc
1,74
3,87
6,12
9,64
12,07 13,29 14,61 15,68 16,63 17,05
17,5
18,13
So vi thng trc
1,74
2,09
2,17
3,32
2,21
0,39
0,53
So vi cng k
12,17 12,31 13,89 17,51 19,78 20,82 22,16 23,02 22,42 21,59 19,83 18,13
So vi thng 12
nm trc
1,00
2,38
2,55
2,60
2,78
2,52
2,22
2,86
5,13
6,02
6,52
6,81
So vi thng trc
1,00
1,37
0,16
0,05
0,18
-0,26
-0,29
0,63
2,20
0,85
0,47
0,27
So vi cng k
17,27 16,44 14,15 10,54
8,34
6,90
5,35
5,04
6,48
7,00
7,08
6,81
1,09
1,13
1,17
1,56
0,93
Thng 9
6,02
2,14
Thng 8
2,38
3,91
Thng 7
So vi thng 12
nm trc
Thi gian
Thng 6
Thng 4
2010
Thng 3
2009
Thng 2
2008
Thng 1
Nm
Thng 5
n v: %
0,18
0,82
-0,19
0,36
-0,76
-0,68
Ngun: Tng cc Thng k
BO CO THNG NIN 2012
69
PH LC
PH LC 8: MT S CH TIU TIN T, TN DNG

Ch tiu
2011
QI/2012
QII/2012
QIII/2012
QIV/2012
1. Tng phng tin thanh ton
3.125.960
3.166.352
3.306.645
3.408.878
3.702.867
2. Tng huy ng vn t t chc v

c nhn trong nc
2.754.968
2.796.233
2.938.643
3.006.451
3.247.363
3. Tng d n tn dng
2.839.525
2.813.333
2.887.697
2.915.693
3.090.904
1. Tng phng tin thanh ton
12,07
1,29
5,78
9,05
18,46
2. Tng huy ng vn t t chc v

c nhn trong nc
12,39
1,50
6,67
9,13
17,87
3. Tng d n tn dng
14,70
-0,92
1,70
2,68
8,85
S d cui k (t ng)
% Tng trng so vi nm trc
PH LC 9: TNG SN PHM TRONG NC

Nm
GDP theo gi
hin hnh (t ng)
Mc tng trng*
GDP (%)
GDP bnh qun u ngi

(nghn ng)
2005
914.000
7,55
11.093
2006
1.061.600
6,98
12.742
2007
1.246.800
7,13
14.804
2008
1.616.000
5,66
18.986
2009
1.809.100
5,40
21.031
2010
2.157.800
6,42
24.822
2011
2.779.900
6,24
31.647
2012
3.245.400
5,25
36.556
Ngun: Tng cc Thng k

Ghi ch: * Tnh theo gi so snh nm 2010
70
TABLE OF CONTENTS
Status and Functions of the State Bank of Viet Nam iii
Management Board of the State Bank of Viet Nam
Foreword by the Governor vii

Departments and Administration Units of the State Banks of Viet Nam ix
Part I - The World and Viet Nams Economies 1
1. World Economy
1
1.1. World Economic Growth
1
1.2. Monetary Policy Management in some countries
3
2. Viet Nams Economy
4
2.1. Economic Growth
5
2.2. Employment and Income
7
2.3. Inflation
8
2.4. Revenues and Expenditures State Budget
9
2.5. Balance of Payments
10
2.6. Financial and Monetary Developments
13
2.7. Activities of Credit Institutions
24
Part II - The SBVs performance 29
1. Monetary Policy Management
29
2. Foreign Exchange Management
33
3. Financial Stability
35
4. Legislation
40
5. Issue and Vault
42
6. Banking Technology and Payment
44
7. Credit Information Activities
47
8. Information Transparency and Communication
49
Part III - Corporate Governance 51
1. Internal Audit Operations
51
2. Human Resources and Training
51
3. Scientific Research Activities
55
4. Statistics Work
56
5. Information Technology
56
Part IV - International Cooperation 59
1. International Economic Integration Activities
59
2. Cooperation with International Financial and Monetary Institutions
61
3. Bilateral Cooperation Relations
64
Appendix
66
i
STATUS AND FUNCTIONS

OF THE STATE BANK OF VIET NAM
Headquarter, 49 Ly Thai To Str., Ha Noi, Viet Nam
The State Bank of Viet Nam shall be a ministerial-level

agency of the Government, the Central Bank of the Socialist
Republic of Viet Nam which performs state management over
monetary, banking activities and foreign exchange; perform
the function of the central bank as the money issuing bank,
the bank of the credit institutions and the monetary service
provider for the Government.
Summary of Article 2, Law on the State Bank of Viet Nam 2010
The national monetary policy shall be monetary

decisions at the national level of state authorities, including
decisions on the currency value stabilizing objective identified
by the inflation target, decisions on using instruments and
measures in order to reach the set-up objectives.
Clause1, Article 3, Law on the State Bank of Viet Nam 2010
The National Assembly shall determine the annual

inflation target by deciding the consumer price index and
supervise the implementation of the national monetary policy.
Clause 2, Article 3, Law on the State Bank of Viet Nam 2010
The Government shall submit the annual inflation

target to the National Assembly for decision. The Prime
Minister, the Governor of the State Bank shall decide the use
instruments and measures to perform the target of monetary
policy in accordance with the regulations of the Government.
Clause 4, Article 3, Law on the State Bank of Viet Nam 2010
iii
MANAGEMENT BOARD OF THE STATE BANK

OF VIET NAM
Mr. Nguyen Van Binh

Governor
Mr. Nguyen Dong Tien

Deputy Governor
Mr. Tran Minh Tuan

Deputy Governor
Mr. Nguyen Toan Thang

Deputy Governor
Mr. Le Minh Hung

Deputy Governor
Mr. Dang Thanh Binh

Deputy Governor
Mr. Dao Minh Tu

Deputy Governor
Forewords by the governor

In 2012, the world economy continued to experience
complicated developments under the pressure of European
public debt crises. Domestically, macroeconomic and
monetary conditions in the second half of 2011 were facing
with difficulties and challenges. Though inflation was slowing
down since 8/2011 but remained high at 18.13% in 2011.
Lending rates were as high as 20-25% p.a, exchange rate
was volatile and under devaluation pressure. Many credit
institutions (CIs) encountered with liquidity difficulties,
Governor
which potentially imposed systemic risk. In that circumstance,
Nguyen Van Binh
the tasks set to the State Bank of Viet Nam (SBV) was
extremely difficult, specifically to contain inflation, stabilize
macro-economy, and at the same time to lower interest rates in an effort to unwind
the difficulties for business activities, through which to support economic growth at a
reasonable level and safeguard the credit institutions system.
Identifying 2012 as a pivotal year for the implementation of the Party and the
Governments directives on paramount targets of inflation containment, macro-economic
stability and social security in parallel with of 2011-2015 growth model innovation and
economic restructuring, in consistency with monetary and macro-economic developments
and strictly following the Governments instructions, the SBV has proactively established
leading indicators and set out policy measures which were then determinedly implemented
system wide and gained remarkable achievements as below:
First, monetary policy conduct and banking regulation actively contributed to
bring high inflation in 2011 down to 6.81% in 2012.
Second, notably in the SBVs efforts to curb inflation, lending rates strongly fell
down, which helped business activities. This was attributed to the market guidance and
leading by the SBV through harmoniously combining flexible management of money
supply with interest rates management in consistency with macro-economic and
monetary developments, especially inflation and systemic liquidity. Monetary market
was basically stabilized, deposit rates fell while CIs were still capable of mobilizing
funds, market discipline was established and consolidated, which remarkably reduced
disruptive interest rate competition in the market.
Third, systemic liquidity was improved, the systemic safety and soundness were
ensured, which was contributed by the CIs consolidation of their risk management,
especially liquidity risk.
Forth, monetary and credit measures was set out and synchronously implemented
to ensure that credit growth must be safe and sound, efficient, concentrating on
business and productions activities, and that loan rescheduling, interest waiving... to
enable and facilitate credit relationship between CIs and their borrowers.
Fifth, exchange rate was stabilized, confidence in VND was strengthened as a
result of the synchronous combination of FX measures and monetary tools conduct to
encourage VND holdings, narrowing down the scope of foreign currency borrowers,
improving regulations and penalties and strictly fine FX violations. In 2012, the SBV
has bought in a large amount of foreign currency to build up its international reserves
while sterilization was timely and flexibly conducted to withdraw VND, ensure
reasonably monetary control, and avoid inflation pressure.
Sixth, synchronous measures were put into place by the SBV to radically reform
gold market, gradually remove goldenization in the economy. In 2012, world gold price
was very volatile but it did not impose negative effects on exchange rate and domestic
FX market.
Seventh, banking supervision and regulation were strengthened and consolidated
to improve market disciplines and ensure strict compliance by CIs to monetary,
banking and systemic prudential regulations.
Eighth, the SBV issued Action Plan to implement Credit Institutions System
Restructuring Plan in the 2011-2015 period which was approved by the Government.
It has determinedly put into place synchronous scheduled solutions, comprehensively
assessed CIs system to identify and take resolutions to handle with weak banks.
Restructuring of joint stock commercial banks, including M&A activities, was fully
on voluntary basis by commercial banks themselves under close monitoring by the
SBV. This restructuring process has been carried out on an open, transparent and
legislative basis in line with the approved Restructuring Plan with the participation of
related Ministries, agencies and local authorities. During that process, the SBV guided
CIs to proactively take measures to resolve their bad debts and prevent their future
arising, instructed them to use their provisions to resolve NPL and accelerate loan
loss provisioning, and developed a plan to establish Viet Nam Assets Management
Company (VAMC).
Ninth, the SBV continued to accelerate non-cash payment in the economy on
the basis of payment and banking technology development and modernization, ensure
cash issuance as scheduled, improve vault safety through introduction of advanced
communication technology, cooperate with related agencies in fighting against counterfeit
money. Statistics was better equipped with advanced technology to meet statistical
requirements. Training and research better served policy making and implementation
of the SBV. International multilateral and bilateral cooperation relationships on
financial and monetary aspects continued to be consolidated, contributing to the overall
international integration of the whole economy and heighten Viet Nam position in the
international forum.
Given above-mentioned remarkable achievements, monetary policy conduct
and banking regulation in 2012 made significant contribution to Viet Nam macroeconomic stabilization and socio-economic development. SBVs policy measures
and gained outcomes were acknowledged by the Government, highly appreciated
by international institutions, foreign and domestic investors. However, there are
difficulties and challenges ahead such as high inflation resurgence, weak domestic
demand in a challenging world economy, a long way ahead for NPL resolution and
banking reforms, which requires a intensive guidance and instruction from the Party,
Government and close cooperation from many Ministries, agencies and the whole
economy.
In coming years, the SBV will proactively, innovatively and determinedly continue
to manage monetary policy to consistently pursuing inflation containment, macroeconomic stabilization, restructure CIs system safely for sustainable development, and
helpfully support the national socio-economic development.
Governor of the State Bank of Viet Nam
NGUYEN VAN BINH
DEPARTMENTS AND ADMINISTRATION UNITS OF

THE STATE BANK OF VIET NAM
To advise and assist the Governor of the State Bank of Viet Nam
in making national monetary policies and using monetary policy
tools in accordance with relevant laws and regulations.
Monetary Policy
Department
To advise and assist the Governor in carrying out the state

management functions over foreign exchange and foreign
exchange activities in accordance with relevant laws and
regulations.
Foreign Exchange
Management Department

management function over payment and settlement activities of
the economy in accordance with relevant laws and regulations.
Payment Department

management function over banks credit and in managing
money market in accordance with relevant laws and regulations.
Credit Department
To advise and assist the Governor in carrying out monetary Monetary Forecasting and
Statistics Department
forecasting and statistics in accordance with relevant laws and
regulations.
Department of
management function over international cooperation and International Cooperation
integration in accordance with relevant laws and regulations.
To advise and assist the Governor in carrying out the internal Internal Audit Department
audit of SBVs units operations.
To advise and assist the Governor in conducting the state legal
management and enhancing the socialist legal framework in
the banking industry.
Department
of Legal Affairs
To advise and assist the Governor in the SBVs finance,

accounting and capital investment activities and conducting
the state management in accounting and capital investment
in the banking industry in accordance with relevant laws and
regulations.
Finance and Accounting

Department
To advise and assist the Governor and the SBVs Partys Civil
Affairs Committee in organization, personnel and employee
management, salary policy and other policies of the SBV in
accordance with relevant laws and regulations.
Department of Personnel
and Organisation
ix
Emulation and
Rewarding Department
To advise and assist the Governor in implementing the

state management functions of emulation and rewarding in
the banking industry in accordance with relevant laws and
regulations.
Banking Supervision
Agency
To conduct the administrative and banking professional

regulation and supervision in the areas under the SBVs state
management; to advise and assist the Governor in implementing
the state management function over credit institutions,
microfinance institutions, and banking operations of other
institutions; and to conduct the anti - money laundering
activities in accordance with relevant laws and regulations.
SBV Office
To advise and assist the Governor in instructing and managing

the banking activities; implementing administrative reform
of the SBV; managing the information, promulgation, press,
archive and administration work of the banking system in
accordance with relevant laws and regulations; and carrying
out administration, protocol and archives activities at the SBV
Headquarters.
Banking Information
Technology Department

management of information technology in the banking
industry in accordance with relevant laws and regulations.
Issue and Vault

Department
To advise and assist the Governor in implementing the state

management and central banks functions of currency issuance
and vault operation in accordance with the law.
Administration
Department
To advise and assist the Governor in management of SBVs

asset, finance and technical infrastructure, logistics, security
and heath care for employees at the SBV Headquarters.
Central Banking
Department
To advise and assist the Governor in conducting central

banking operations.
Municipal and provincial

branches
To advise and assist the Governor in implementing local

monetary and banking operations and selected central banking
operations as authorized by the Governor.
Representative Office in
HCMC
To conduct the representative functions as authorized by the

Governor.
ADMINISTRATION UNITS AND UNITS ESTABLISHED BY

THE GOVERNOR
To study and develop banking development strategies and plans;

to conduct research and banking technology development
for the execution of the SBVs state management function on
monetary and banking activities in accordance with relevant
laws and regulations.
Banking Strategy
Department
To collect, process, record, analyze and forecast credit Credit Information Center
information for the purpose of state management by the SBV;
to provide banking information services in accordance with
the SBVs regulations and relevant laws and regulations.
The mouthpiece and social forum of the banking sector to
disseminate the Partys orientation and guidelines, the States
legislation and policies and banking operations in accordance
with the SBVs regulation and relevant laws and regulations.
Banking Times
The mouthpiece and professional forum to disseminate

banking profession, science and technology; and to disseminate
the Partys orientation and guidelines, the States legislation
and policies, banking activities and scientific & technology
achievements of the banking industry in accordance with the
SBVs regulation and relevant laws and regulations.
Banking Review
To train, update and enrich the knowledge, state management

and professional skills of the SBV and banking sectors staff
to meet the development requirements and to improve the
SBVs and banking sectors staff quality in accordance with the
Governors approved plans.
Banking Training School
International Credit
To supervise and manage the implementation of SME financing
Projects Management Unit
Project and Housing Finance Project.
To advise and assist the Governor in implementing the

FSMIMS Project.
FSMIMS Project
Management Unit
xi
THE WORLD AND VIET NAMS ECONOMIES
Part I - The World and Viet Nams Economies

1. World Economy
1.1. World Economic Growth
World economic growth in 2012 declined to 3.1%
from 3.9% in 2011 (according to the updated version
of July 2013 World Economic Outlook of the IMF)
under the impact of the European debt crisis. Recovery
remained weak in developed countries, although the
U.S. economy showed some positive signals from the
labor market, housing market, and Japan implemented
reconstruction after the disaster in 2011; meanwhile,
economic growth began to slow down in developing
economies due to decreased external demands. Inflation
in the region reduced due to low demands and global
commodity prices. Southeast Asian economies appeared
as a few bright spots in 2012 global economic landscape.
Difficulties
continued to
spread over the
world economy in
2012 as a result
of European debt
crisis. Inflation
reduced across
the regions.
The U.S. economy grew by 2.2%, higher than 1.7%

in 2011 thanks to various efforts by the government
and Fed in promoting U.S economic growth. With the
relatively strong signals of recovery from real estate
market, private investment showed positive signs of
development resulting in higher bank credit growth
in comparison with that of 2011 thus became primary
momentum for economic growth in 2012. Meanwhile,
high unemployment rate of 7.8% by 12/2012 resulted
in low personal consumption growth. In 2012, due to
reduced borrowing ability and the almost-at-ceiling
public debt level, government spending was cut down, yet
less than 2011s level to improve the budget. 2012 fiscal
deficit decreased slightly as compared to 2011 but still at
an alarming level which was estimated at 8.5% GDP (IMF,
2013), raising concern about the sustainability of public
debt which already exceeded 100% of GDP. Inflation
tended to decline from 3% in 2011 to 1.7% in 2012.
ANNUAL REPORT 2012
The Eurozone economic growth fell by 0.6% after

a weak rise of 1.5% in 2011. Most economies in the
euro zone showed trends of recession. Italy witnessed
the greatest recession, falling by 2.4%, Spain by 1.4%,
Greece by 6.4% and France recorded 0% growth.
German - the leading economy - still achieved positive
growth but at 0.9%, a significant decline from 3.1% in
2011 as external demand from the U.S., Asia and other
European countries weakened. Business confidence,
consumer confidence eroded in the context of rising
unemployment rate at 11.8% in December 2012, the
banking system tightened lending conditions as results
of financial stress and high potential risks, leading to a
sharp reduction of consumption and investment across
the region. The austerity fiscal measures continued to
be implemented in the crisis-hit countries though could
not support economic activities, but helped narrowing
the budget deficits. Total estimated deficits in Eurozone
was at 3.5% of GDP in 2012 compared to 4.2% of GDP in
2011. Regional inflation fell from 4.1% in 2011 to 2.2%
this year.
Japans economy grew by 1.9% in 2012 after
a decline by 0.6% in 2011. This recovery was not
sustainable, however, mainly in the first quarter (growth
in QI/2012 was 1.4% q.o.q , 4.7% year-to-date as a result
of reconstruction efforts following natural disasters
in 2011. In Quarter II and III/2012, economic growth
continously deteriorated, leading to a mild recession. In
Quarter IV/2012, the q.o.q growth was at only 0%, which
proved that the economy still cannot escape deflation
and economic stagnation which had lasted for more than
two decades. Unemployment rate fell from 2011 level but
remained at a high rate of 4.3% by the end of 2012. Budget
deficit was at an alarming level, projected at 10.2% GDP
in 2012, further exacerbating public debt which already
reached 237.8% of GDP. Persistent deflation continued,
at -0.24% for the whole year.
2
Emerging and Developing countries economies

grew slowly mainly due to lower export growth in the
context of the world economy in difficulties, at the same
time domestic investments beared lagged impacts from
measures of tightening macroeconomic conditions and
curbing inflation since 2011. This trend was most clearly
observed in two leading economic growth engines being
China and India, with 2012 growth rates at the lowest levels
for many years, 7.8% and 3.2%, respectively. Russia and
Brazil - two other members of the BRIC - also witnessed
low growth, at 3.4% and 0.9%, respectively. However,
the 2012 economic bright spots were concentrated in
ASEAN-4, including Indonesia, Malaysia, Thailand and
the Philippines. Positive investment and consumption
growth offset weakening external demand, helping those
economies maintain steady growths at 6.2%, 5.6%, 6.4%
and 6.6%, respectively. Inflation in the region generally
followed a downward trend due to declining world
prices and actual production adjusted quite close to the
potential level, the average inflation of developing Asia
countries was at 4.5% compared with 6.4% in 2011.
1.2. Monetary Policy Management in some

countries
Monetary policies in almost all regions were
managed in an expansionary manner by injecting money
and drastically cutting interest rates in a response to
declined economic growth and adverse impacts from the
European debt crisis.
In developed countries, central banks like the FED,
BOJ, BOE, ECB, etc... accelerated money injection into
the economy and maintained policy rates at low levels
close to 0%, such as ECB interest rate being cut to a
record low level of 0.75%/year. FED and ECB made
unprecedented decisions when FED announced of an
unlimited injection via QE3 starting from Sept 14, 2012
to promote economic recovery, and the ECB pledged to
do everything possible to save the euro from July 26,
Monetary policies
tended to loosen
strongly all over the
world with stimulus
packages in some
countries
ANNUAL REPORT 2012
2012 in the context of financial market distress leading to

increased concerns of financial crisis and a collapse of the
Euro. Many other central banks continuously reduced
policy rates, notably, Sweden, Norway, Denmark and
Australia.
In emerging and developing countries, monetary
policies was loosened mainly through continued
interest rate cuts. Strongest cuts were seen in two largest
economies, China and Brazil, where Brazil cut the
interest rates continuously four times, China cut interest
rates twice after keeping unchanged since 2008 and
decreased reserve requirement ratio two times, applied
a pilot reduction of reserve requirement ratio for nearly
1,000 agricultural bank branches (to increase the money
supply), and tended to increase loan to deposit ratios for
several big banks, loosened controls over commercial
bank lending rates. Also, monetary loosening measures
were implemented in parallel with governments stimulus
packages.
2. Viet Nams Economy
Macroeconomic
stabilized in
many aspects but
economic growth
slowed down,
consumption
reduced, business
facing difficulties
Entering 2012, in the context of the global

economic slowdown, Viet Nam economy still maintain
its stability. Inflation was contained, balance of payments
at a high surplus, monetary and financial market stable,
interest rates reduced in line with macroeconomic and
monetary developments, especially inflation movements.
Exchange rate was stable, foreign reserves built up
considerably. However, economic growth was slowed
down, production and business faced difficulties,
inventories rose, purchasing power of the market
reduced. Implementing the Governments Resolution
No. 13/NQ-CP dated 10 May, 2012 (Resolution 13),
ministries, including the SBV deployed synchronous
solutions to unwind difficulties, facilitate production
and business, and support market development while
ensuring inflation control, macroeconomic stability and
social safety as directed at Resolution No. 01/NQ-CP

dated 03 January, 2012 (Resolution 01).
2.1. Economic Growth

Economic growth in 2012 slowed down to 5.25%
(at 2010 constant prices) in accordance with the strict
implementation of macroeconomic policies to curb
inflation, stabilize macro-economic conditions and
ensure social safety.
%
Chart 1: Real GDP growth rate and contribution by industries,

2007-2012
8.00
6.00
4.00
2.00
0.00
-2.00
2007
2008
2009
Agriculture- Forestry- Fishery

Service
2010
Industry
GDP growth rate
2011
2012
Construction
Source: GSO, estimates of the SBV
GDP growth by sectors lower than previous years in

most sectors
Agriculture - forestry - fishery growth rate was
only 1.69%, lower than 3.02% in 2011, mainly due to
agricultural sector growth slowdown in challenged
economic conditions severe climate incidents and limited
capital investment.
Industry sector saw an increase of 5.75% in 2012,
slightly down from the 2011s rate. Manufacturing faced
with difficulties due to weakening domestic demand. The
growth rate was only 5.8%, half the rate of 11% in 2011;
inventories index jumped up, by 20.14% y.o.y at January 1,
2012.
Construction sector grew slightly by 3.3%, following
an early -0.6% negative growth in 2011. During the last
half of the year, although the continued sluggish real
ANNUAL REPORT 2012
estate market and significantly weakened consumption,

construction activity was warmed up from a slowdown
to a modest increase. This improvement was attributed
to strongly implemented macro policy measures under
Resolution 13 including removing some real estate
sectors borrowing demand out of the discouraged list,
accelerating disbursements of government bond-funded
investments.
Services sector also shared the slowdown, with a
growth rate of 5.9% compared with 6.83% in 2011. Main
service components, such as trade, hotels and restaurants,
activities relating to property business and advisory
services recorded low growth rates.
On the demand side, consumption, investment and
exports increased from 2011, however, imports also rose
accordingly.
Final consumption increased by 5.1%, higher
than the rate of 4.4% in 2011. A slight recovery in final
consumption slightly recovered reflected positive
impacts of inflation contain, raising the real consumers
purchasing power. In addition, the minimum wage
was raised by 48.1%- 68.7% for the business sector
since 01 October, 2011, and 26.5% from 01 May, 2012
for government officials, contributing positively to
consumption improvement in the context of difficulties
in labor market, increased enterprises bankruptcy and
liquidation.
Investment rose slightly by 2.4% after falling 6.8%
in 2011, thanks to the Governments efforts in promoting
public investment disbursement during the last months of
2012, advancing VND 30,000 billion from 2013 planned
central budget and government bonds for the period
2013-2015 for projects completed in 2012 and in the first
6 months of 2013. However, the recovery of investment
also came partly from a high increase in working asset of
7.2% (2011: 3.6%) given rising inventories.
6
Exports grew by 15.7%, higher than 10.8% in

2011, showing positive developments in the context of
global economic difficulties. Categories of electronics,
computers and components, phones and all kinds
of phone parts, textile, footwear, etc... made major
contribution to export growth momentum in 2012,
showing positive improvement in the competitiveness
of Viet Nams products with a more diversified export
structure. However these were processed items then
increased import of raw materials was entailed.
Imports increased by 9.1%, higher than 4.1% in
2011. Corresponding to increased export of electronic
components, computers, telephones, textile. etc., imports
of electronic components group, telephone, cotton... also
stepped up considerably.
2.2. Employment and Income

The labor market in 2012 was subdued given
difficult business activities. The labor force was 52.58
million, 2.3% higher than 2011. National unemployment
rate was 1.96% in 2012, of which 3.25% in urban areas,
and 1.42% in rural areas, lower than the 2011 rates of
2.22%, 3.6%, 1.6%. Underemployment rate of the country
was 2.74% in 2012, which was 1.56% in urban area and
3.27% in rural area, down from 2.96%, 1.58% and 3.56%
in 2011, respectively. The domestic economy facing
with many difficulties, however, with an undeveloped
social security system, workers still accepted low paid
and unstable jobs in the informal sectors, thus there
was no significant fluctuation in unemployment and
under-employment rates Viet Nams exported labor
in 2012 reached about 80 thousand workers, achieving
90% of the plan and decreasing by 9.4% compared with
that in 2011.
Labor market
was subdued. Per
capita GDP in 2012
reached USD 1,749.
Per capita GDP in 2012 reaches USD 1,749, higher

than that of USD 1,517 in 2011. In line with the roadmap
of the salary adjustment Plan, minimum wage of workers
ANNUAL REPORT 2012
whose salaries were paid by the state budget and stateowned enterprises increased from VND 830,000/ month
in 2011 to VND 1,050,000/month, equivalent to an
increase of 26.5%, higher than that of 13.7% in 2011.
2.3. Inflation
Growth rate of
consumer price
index slowed
down significantly
compared to 2011
due to decreased
pressures from both
the supply and
demand.
Inflation continued its downward trend from

18.13% in year-end 2011 to 6.81% in year-end 2012, while
average inflation was 9.21%, down from 18.58% in 2011.
Inflation decelerated steadily from the peak of 23.02%
in August 2011 to only 5.04% in August 2012. From
September 2012, headline inflation tended to increase
again as many localities sharply increased healthcare
service charges as stipulated in Inter-ministry Circular
No. 04/2012/TTLT-BYT-BTC dated 29 February, 2012
of the Ministry of Health - and Ministry of Finance on
issuing the maximum price frame for a number of services
of medical examination and treatment in healthcare
units of the State. On the other hand, education fees were
increased strongly in localities in line with Governments
Decree No. 49/2010/ND-CP dated 14 May 2010. However,
inflationary impacts of these services price hike only
lasted temporarily, the inflation remained under control,
and 6.81% at the end of the year.
Inflation in 2012 was considerably lower than that
in the previous year mainly due to the fact that prices
of food and food services (accounting for 39.93% of
CPI goods and services basket) rose only at low level
of 1.01% at the end of 2012 compared to 2011, while
increasing by 24.8% in 2011. In addition to food and
foodstuff, there were 09 remaining groups (out of 11
groups in total) of the CPI basket increased by slowly or
decreased, contributing to downward inflation in 2012.
This was the result of several impacts: (i) the world price
tended to reduce which caused import price index fall
by 0.33% in 2012, while it increased by 20.18% in 2011;
(ii) demand pressure sharply reduced; (iii) inflation
expectations significantly decreased compared to 2011
due to a relatively sustainable reduction in inflationary

pressure from the third quarter of 2011, prices of essential
goods such as fuel and petroleum, raw material inputs
of production, food and foodstuff, ect... increased less
than in 2011 in a general downward trend in world and
domestic prices; (iv) the USD/VND exchange rate was
maintained stable which helped stabilize import costs for
businesses and control inflation expectations.
Chart 2: CPI inflation developments, 2007-2012
% change
30.00
% change
5.00
25.00
4.00
20.00
3.00
15.00
2.00
10.00
1.00
0.00
0.00
-1.00
01/07
04/07
07/07
10/07
01/08
04/08
07/08
10/08
01/09
04/09
07/09
10/09
01/10
04/10
07/10
10/10
01/11
04/11
07/11
10/11
01/12
04/12
07/12
10/12
5.00
Month on month
Year on year
Source: GSO, estimates of the SBV
2.4. Revenues and Expenditures State Budget

Budget deficit in 2012 was 4.8% of GDP, in line with
the plan and approximate to the level of 4.9% of GDP
in 2011, in which the total state budget revenues and
aid increased at a lower rate followed by lower budget
expenditure.
Total budget revenues in 2012 increased by
5.3% (accounting for approximately 25.1% of GDP),
significantly lower than the increase of 19.7% in 2011
(31% of GDP). In which, both the domestic revenue and
crude oil revenue were lower than in 2011, revenues from
exports and aid reduced. It could be said that economic
difficulties posed a significant impact on the state budget
revenues, especially domestic revenue and revenue from
export and import activities. Budget revenue was also
adversely affected due to: (i) the implementation of tax
exemption, reduction and restructuring policy to unwind
difficulties for production and business activities of the
Budget revenue and

expenditure lower
than in 2011 in the
context of economic
difficulties, the
government
implementing tax
exemption, holiday
and defer to
support enterprises.
Budget deficit was
at 4.8% of GDP.
ANNUAL REPORT 2012
enterprise; (ii) a low increase in import revenue, especially

for goods with high tariff, and; (iii) plummeting auctions
of land use rights and land prices in a subdued real estate
market. In addition, the world oil prices increased slowly,
also significantly affecting revenue from crude oil export.
Total expenditures (excluding brought-forward
expenditures) increased by 12.5% (accounting for 30.7%
of GDP), lower than the rate of 23.8% in 2011 (35.3% of
GDP) with major expenditure items at a low increase
or decrease from 2011. For example, development and
investment expenditure fell by 3.3% (6.4% of GDP)
while increased by 5.8% (8.5% of GDP) in 2011, current
expenditure increased by 18.9 % (22.0% of GDP)
compared with a 35.5% increase in 2011 (24.0% of GDP).
Such situation of budget expenditure was partly due to the
lower increase in revenues. In addition, the fiscal policy
shift from tightening in 2011 to supporting economic
growth in 2012 could not be implemented immediately
but took time for phases such as making decisions for
projects, disbursement, etc. All these factors affected the
budget expenditures in this year.
2.5. Balance of Payments
Overall balance of
payments posted a
record surplus of
USD 11.87 billion,
more than 10
times of the surplus
in 2011, mainly
thanks to the record
surplus of the
current account,
and a maintained
positive surplus in
capital account.
Balance of payments in 2012 observed a record

surplus of USD 11.87 billion compared with USD 1.15
billion in 2011, with the largest contribution from the
current account surplus, especially the trade balance,
together with high surplus of capital and financial balance.
Chart 3: Vietnam's Balance of payment, 2007-2012
%GDP
30.00
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
2007
2008
2009
Overal balance
Trade balance
Source: The State Bank of Viet Nam
10
2010
2011
2012
Current account
Capital and financial account
In addition, the surplus was also partly attributed to

curbed inflation, stabilized macro-economy and limited
dollarization, which contributed to a sharp reduction in
foreign currency holdings, and the banking systems large
purchase of foreign currency from the economy, thereby
increasing the State foreign exchange reserves.
Current account balance posted a record surplus,

of which, trade balance reached a high surplus for
the first time.
Current account shifted into a strong surplus of
USD9.06 billion, equivalent to 6.6% of GDP, mainly
thanks to a historically high trade surplus, and a
maintained substantial transfer surplus. The trade balance
in 2012 witnessed a surplus of USD 9.9 billion after 10
years of continuous deficits. In which, exports soared in
volume, imports increase slightly as challenged domestic
production and business and increasing inventories led
to a declined demand for importing raw materials for
production. Balance of services and investment income
balance continued deficit positions following previous
years trend, at USD 2.9 billion and USD 6.1 billion,
respectively. Given the slowdown world economy, a
low increase of tourists to Viet Nam and a sharp drop in
freight made unfavorable impacts on service revenue in
2012. Meanwhile, low world interest rates led to a sharp
reduction in investment income, while FDI enterprises
dividend payments continued to increase largely thanks
to positive export sales, both led to an increased deficit of
the investment income balance in 2012. Transfer balance
was at a USD8.2 billion surplus of, down by 5.6% from
2011 in the context of global economic difficulties, high
unemployment in many developed countries which
adversely affected abroad workers revenue; however, this
was still a high level of surplus. Of the total net transfer, net
remittances of the private sector reached USD7.9 billion,
5% lower than 2011, transfers of the government sector
reached USD 300 million, down by 16.4% from 2011.
ANNUAL REPORT 2012
11
Capital and financial account continued to post

a substantial surplus, tructure of capital account
remained positively
In the context of gloomy economic conditions in
developed countries, capital flows tended to flow into
emerging markets and developing countries, including
Viet Nam, especially after the government of Viet Nam
succeeded in stabilizing macroeconomy and expressed
their determination to restructure the economy. Capital
and financial balance posted a surplus of USD8.33 billion,
up by 28.2% compared to the previous year with surpluses
in almost all items. Net Foreign direct investment was at a
surplus of USD7.2 billion, 9.1% higher than 2011, in which,
the inward FDI reached USD8.37 billion, up by 11.3%.
The outward FDI was USD1.2 billion, an increase
of 26.3% over 2011. Medium and long-term external
borrowings registered a high surplus of USD3.9 billion,
up 19% from 2011 as Viet Nam continued to receive
ODA and enterprises enhanced disbursements of longterm foreign capital. Net short-term external borrowings
posted a surplus of USD1.3 billion, down 19.1% from
2011. Portfolio investment recovered and gained a
surplus of USD2 billion, an increase of 36.3% over 2011.
Investment in the form of money and deposits experienced
a deficit of USD6 billion, down 6.2% compared to 2011;
of which, such investment of the banking system saw a
surplus of USD107 million, 76% lower than 2011, money
and deposits in other sectors experienced a deficit of
USD6.15 billion, down 10.7% from the USD6.88 billion
deficit in 2011.
Structure of capital balance continued to be
positively maintained, accordingly stable long-term
capital flows such as FDI, medium and long-term
borrowings remained at high surpluses and account for
significant proportion, more than 3 times of the total
short-term capital flows, (including short-term loans,
portfolio investments, money and deposits). Furthermore,
12
FDI inflows witnessed an encouraging shift to processing

and manufacturing industries, (accounting for nearly
70% of total registered capital), investment in real estate
sector declined (only 14.2% of total registered capital).
Positive developments in capital and financial balance
in 2012 showed that the Governments macro-solutions
to contain inflation and stabilize the macroeconomy
succeeded in boosting investors confidence in sustainable
development prospect of Viet Nams economy. This
was reflected not only through foreign investors active
purchases of shares, stocks and bonds in Viet Nams
stock market, both official market and OTC market, with
a total net purchase of USD 1.35 billion, but also through
the success of a number of Viet Nams businesses in
issuing bonds in the international market (Vingroup
and VietinBank issued international bonds of USD300
million and USD250 million, respectively).
2.6. Financial and Monetary Developments

Monetary Developments
Total liquidity recovered its increasing momentum in
the context of growing confidence in the banking system,
sharp de-dollarization and gloomy prospects for other
investment channels.
Chart 4: Growth of monetary indicators, 2007-2012
%
60.00
Total liquidity and

total deposits rose
again while credit
to the economy
experienced slower
growth than many
recent years.
50.00
40.00
30.00
20.00
10.00
0.00
2007
2008
2009
Total liquidity
2010
Deposits
2011
2012
Credit
Total liquidity in 2012 grew at 18.5%, higher than

the 12.1% recorded in 2011 yet substantially lower
than previous years. The recovery in total liquidity
ANNUAL REPORT 2012
13
growth was mainly attributed to the SBVs purchase of

foreign currencies for foreign reserves accumulation in
the context of macroeconomic stability and effective
de-dollarization measures.
High total bank
de- dollarization.
deposit
growth
and
sharp
Total bank deposits in 2012 increased by 17.9%,

substantially higher than 12.4% in 2011, proving a
relatively attractive investment channel in 2012. Despite
VND nominal interest rate cuts, real interest rate
remained positive given a sharp reduction in inflation,
especially when other investment channels such as real
estate, securities and gold being gloomy. Moreover, the
reasonably maintained difference between Viet Nam
Dong and U.S Dollar interest rates, along with other
anti-dollarization measures such as narrowing eligibility
for foreign-currency borrowers, requiring higher reserve
requirement ratio for foreign currencies than that for Viet
NamVND, stabilizing exchange rate, etc., contributed
to a sharp reduction in dollarization, which is reflected
in currency composition of 2012 bank deposits. VND
deposit growth as of the end of 2012 was 25.1% y.o.y
higher than that of 14.6% in 2011; while foreign currency
deposits decreased by 11.8%. The proportion of foreign
currency-deposits in total deposits was accordingly
lowered from 19.5% in 2011 to 14.6% in 2012, the lowest
ratio ever recorded.
VND Deposits
T12/12
T11/12
T10/12
T9/12
T8/12
T7/12
Foreign Currency Deposits
14
T6/12
T5/12
T4/12
T3/12
T2/12
T1/12
Chart 5: Growth of deposit by currency types in 2012
T12/11
%
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
Total Deposits
Regarding the deposit breakdown by group of credit

institutions, state-owned banks share reduced, while that
of other credit institutions (joint-stock commercial banks,
non-bank credit institutions, Peoples Credit Fund,
100% foreign-owned banks, foreign banks branches,
joint-ventured banks, financial companies, and leasing
companies) increased slightly. Specifically, deposits at the
state-owned banks (excluding Mekong Housing Bank
and Social Policy Bank) accounted for 44.9% of total
deposits of the whole system; Mekong Housing Bank
and Social Policy Bank accounted for 1.72%; other credit
institutions presented 53.38%.
Chart 6: Deposit constributions
by bank groups in 2012
44.9%
53.38%
Chart 7: Credit constributions

by bank groups in 2012
49.09%
1.91%
1.72%
4 SOCBs
MHB and SPB
Others
49.00%
4 SOCBs
MHB and SPB
Others
Credit to the economy grew at the record low level but

compensated by CIs investments in government bonds
The remarkably slower demand of the economy
and high inventories caused many challenges for the
banking and credit activities in 2012. The economys fund
absorption capacity was lowered due to stagnant sales of
enterprises and less optimistic business prospects. At the
same time, bad debt was likely to rise given enterprises
weaker financial conditions. The decline trend in
collateral values due to a subdued real estate market made
it difficult for numerous enterprises to meet lending
conditions; commercial banks were more cautious in
lending to contain risk and ensure capital safety. In 2012,
credit to the economy grew by 8.8%, much lower than
ANNUAL REPORT 2012
15
14.3% in 2011. Though recording the lowest growth

rate so far, credit was mainly allocated to stable and
low-risk sectors such as rural, agriculture and exports,
which enjoyed more favorable growth in 2012 than other
economic sectors. In contrast, credit to high-risk sectors
slowed down. Regarding currency composition of credit
to the economy, positive developments were observed
through the end of 2012, in line with the direction of
gradually de-dollarization and shifting from the deposit lending relationship to buy - sell relationship of foreign
exchange. The ratio of foreign-currency loans to total
loans decreased to 17.5% as of the end of 2012 compared
to 20.0% at end-2011, thanks to the decline in foreigncurrency loans to partly shift to VND loans.
Of total credit to the economy, the contribution from
state-owned commercial banks (SOCBs) slightly increased,
while that from other groups of credit institutions lessen to
some extent. As of end-2012, credit outstanding of SOCBs
(excluding Bank of Social Policy and Mekong Housing
Bank) accounted for 49% of the total credit outstanding
of the economy (2011: 50.03%), Bank of Social Policy and
Mekong Housing Bank 1.91% (2011: 1.59%), other credit
institutions (including joint-stock commercial banks,
joint-venture banks, foreign banks branches, 100%
foreign-owned banks, financial companies and leasing
companies) 49.09% (2011: 50.6%).
In VND
Credit to the economy
T12/12
T11/12
T10/12
T9/12
T8/12
T7/12
In Foreign currency
16
T6/12
T5/12
T4/12
T3/12
T2/12
T1/12
Chart 8: Growth of credit to the economy in 2012
T12/11
%
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
In the context of relative high deposit growth but

low credit growth, credit institutions tended to accelerate
investments in risk-free assets, including Government
bonds and treasury bills. Banking systems net clams to
government increased significantly from 8.6% in 2011 to
40.2% in 2012. As of the end of 2012, the proportion of net
claims to government, mainly in the form of investments
in government bonds and valuable papers, to total assets
of the system rose to 6.9% from 5.1% at end-2011.
Interest rates
VND interest rates
VND deposit and lending rates in 2012 fell sharply
in accordance with the SBVs direction in interest rate
management in the context of sustainably contained
inflation and ample liquidity of the banking system, thus
helping to unwind enterprises difficulties and support
the market as guided by Resolutions No.01 and No.02 of
the Government. In 2012, deposit rates reduced by 3-7%
per annum (p.a), lending rates declined by 6-9% p.a to
the pre-global crisis levels in 2007. Notably, since 11 June
2012, the Viet NamSBV has allowed banks to determine
long term deposit rates s at their discretion based on
market demand and supply. As of the end of 2012, the
prevalent interest rates for demand deposits and deposits
with terms less than 1 month were 1-2% p.a, with terms
from 1-12 month 7.8-8% p.a, with terms more than 12
months around 10-11.5% p.a. Almost all commercial
banks strictly complied with deposit caps set by the SBV,
many banks, with relatively abundant liquidity, even set
their rates lower than the caps. The common lending
rates for business were at 12-15% p.a, in which rates for
good borrowers only 9-11% p.a.
VND interest rates

were cut sharply
and continuously,
where USD interest
rate relatively
stable.
USD interest rates

USD interest rates did not fluctuate much, where
USD deposit rates remained relatively stable, USD
ANNUAL REPORT 2012
17
lending rate lowered somewhat in the last months of the

year. USD deposit rate complied with caps imposed by
the SBV, prevalent at 1.8-2% p.a for individuals and 0.5%
p.a for economic organizations as of the end of 2012.
Consistent with the SBVs direction in lowering interest
rates and in line with VND interest rates, USD lending
rate tended to fall slightly by about 0.5-1%, rendering
short term and medium-to-long term lending rates
prevalently at 5-7% p.a and 6-8% p.a, respectively.
Chart 9 : Deposit and lending interest rates, 2012
Jan-11
Feb-11
Mar-11
Apr-11
May11
Jue11
Jul11
Agu-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May12
Jue12
Jul12
Agu-12
Sep-12
Oct-12
Nov-12
Dec-12
%/year
20.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Average VND Deposit rate

Average VND Lending rate
Average USD Deposit rate

Average USD Lending rate
Interbank money market

Transaction volume declined
Transaction volume
and interest rates
were both dropping
in the interbank
money market
18
The total volume of VND loans and deposits in the

interbank market was VND 5,899 trillion, down by VND
997 trillion (equivalent to 17%) compared to 2011. Such
contraction primarily happened in the few last months
of the year after the SBV issued Circular No. 21/2012/
TT-NHNN on tightening deposit and lending activities
in the interbank market that made CIs more cautious in
interbank transactions. Besides, CIs excessive liquidity
at the end of QII and at early QIV reduced the need to
transact in the interbank market and put the market
average transaction rate in a continuous downward trend.
While the transaction volume in VND declined, the total
amount of USD transactions in the interbank market
reached VND 4,128 trillion, up by VND561 trillion or an
increase of 13.5% compared to 2011.
Regarding terms/maturities, most of 2012 interbank

transactions were conducted with terms below 1-month,
especially overnight. The turnovers of overnight
transactions for the whole year in VND and in USD were
VND2,407 trillion and VND1,895 trillion, equivalent to
40% and 46% of the total transaction volume in 2012,
respectively.
Interbank rates dropped sharply
Average interbank rates in the first quarter of 2012
were still at high level compared with end-2011. Average
overnight rate varied from 10.94% p.a to 14.50% p.a,
other terms rates also higher than end-2011 figures.
However, from QII on, interbank rates dropped
sharply and followed a downward trend until November
2012. Though the seasonal effect prior to Tet holiday
helped pick up the average interest rates in December,
average interest rates at the year-end were still much
lower than those at the beginning of 2012; overnight
rate was down to 3.54% p.a in December from 14.5% p.a
in January. The downward trend in interbank average
interest rates for all terms in 2012 reflected the banking
systems ample liquidity throughout the year.
Chart 10: VNIBOR interest rate in 2012
%/year
Overnight
1 week
M12/12
M11/12
M10/12
M9/12
M8/12
M7/12
M6/12
M5/12
M4/12
M3/12
M2/12
M1/12
14.00
12.00
10.00
8.00
6.00
4.00
2.00
2 weeks
Source: State Bank of Viet Nam
The average USD interbank rates also shared a

gradual downward trend over months. The average
ANNUAL REPORT 2012
19
overnight rate decreased from 0.75% p.a in January to

0.25% p.a in December, 1-month rate from 1.91% p.a
to 0.69% p.a. Average rates for other terms declined
significantly compared to those at beginning of the year,
except for the average 12 month rate being relatively
stable without much fluctuation over months.
Forward sale and purchase of valuable papers

In 2012, forward purchase of valuable papers
among CIs, foreign banks branches in the inter-bank
market in VND and in USD (converted to VND) reached
VND 63,402 billion and VND 8,748 billion, respectively.
Although this activity only accounted for a smaller
proportion than lending and deposit activities (1.08% for
VND and 0.2% for USD) with not many players, it became
increasingly popular, contributing to the diversification
of CIs activities in the interbank money market and
market efficiency improvement. Regarding to interest
rates, interest rates for valuable paper purchases in the
inter-bank market in 2012 generally moved in the same
trend with those for lending and deposit activities in the
inter-bank market.
Changes in inter-bank market management
For the purpose of enhanced transparency and
information disclosure, and effectiveness and safety in
the inter-bank market activities toward international
standards, SBV promulgated Circular No. 21/2012/TTNHNN dated 18 June 2012, regulating operations of
lending, borrowing; term purchase and sale of valuable
papers among CIs, foreign banks branches. This
Circular is a replacement of the former Regulation on
lending among CIs issued together with Decision No.
1310/2001/Q-NHNN. The introduction of Circular
No.21 with stricter rules on activities of CIs, foreign
banks branches in the inter-bank market, for example,
20
conditions for borrowing in the market, lending and

borrowing principles, transaction periods, interest
rates, payment/settlement methods, provisions, etc.
exerted positive impacts on the inter-bank market.
Interest rate level was lowered, market operations
became more ordered, safe and sound, NPLs problem
mitigated, the occurrence of contagion risks in the
whole banking system was avoided, and the regulation
and supervision of SBV enhanced.
Besides, in 2012, SBV improved market
information collection, enhanced the quality and
timeliness of interbank market information, and
closely monitored the activities of all members in the
market for the purposes of market management and
active intervention when necessary.
Foreign Exchange Market situation

The foreign exchange market remained stable. For the
whole year, average exchange rate was maintained around
20,828 VND/USD; average exchange rate of commercial
banks decreased by 0.92%; exchange rate in the parallel
market increased by 1.61%. Positive movements in supply
and demand for foreign currency facilitated exchange
rate stabilization. Credit institutions tended to record net
buying from customers and indirect investors. Legally
eligible needs of individuals and enterprises for buying
and selling foreign currencies were fully satisfied. SBV also
purchased a large amount of foreign currencies from the
banking system to accumulate foreign exchange reserves.
From the last half of February, foreign exchange selling
rates in the parallel market strictly followed the selling rates
offered by commercial banks, which showed that foreign
currency transactions of individuals and institutions were
mainly conducted through banking system, trading in
parallel market was limited, and speculation decreased
dramatically.
Foreign Exchange
Market was stable,
liquidity improved
ANNUAL REPORT 2012
21
Small fluctuations in foreign exchange rate were

observed in March 2012 when SBV decided to narrow
the foreign exchange position from +/-30% to +/-20%,
or in early June 2013 when foreign currency demand of
importers, especially petroleum corporations, increased
sharply. These were temporarily fluctuations, however,
and the market was brought back to stabilization few
days later. This was an obvious evidence of stability in
demand, supply and market sentiments.
25/12/2012
04/12/2012
13/11/2012
23/10/2012
11/9/2012
21/8/2012
31/7/2012
10/7/2012
02/10/2012
Average interbank rate
19/6/2012
29/5/2012
08/5/2012
17/4/2012
27/03/2012
06/03/2012
14/02/2012
24/01/2012
Chart 11: USD/VND exchange rate developments in 2012
03/01/2012
21,050
21,000
20,950
20,900
20,850
20,800
20,750
20,700
20,650
Average buying rate of commercial banks
Positive developments in the foreign exchange

market last year were mainly attributed to several factors.
First of all, synchronous measures of the government and
of the SBV achieved the objectives of curbing inflation,
stabilizing macro-economy, and reducing dollarization,
hence strengthening confidence in Viet Nam Dong.
Measures taken by the SBV included: (i) making a
commitment from the beginning of the year (ii) facilitating
export credits, limiting trade deficit in order to maintain
foreign exchange supply-demand balance; (iii) managing
interest rates in consistence with macroeconomic
developments with a reasonable interest rate differential
between Viet Nam Dong and U.S Dollar holdings,
which limited organizations and individuals foreign
currency speculation and hoarding; (iv) strengthening
gold market management to strongly reducing gold
speculation and smuggling activities, thereby mitigating
22
negative impacts on the foreign exchange market; (v)

closely coordinating with the Ministry of Public Security
and other authorities in restraining, detecting and
punishing cases of illegal trading of foreign currencies. In
addition to the governments measures, the ample supply
of foreign currencies in 2012, especially the trade balance
recording a large surplus for the first time in many years
owning to strong export growth, and better surpluses in
current transfers and capital account, as compared with
previous years, helped maintain stability in the foreign
exchange market.
Gold price developments
Domestic gold price generally followed the world

price developments. As of the end of the year, domestic
gold prices increased by 6.4%, lower than the 15.9%
increase in 2011. Regarding the market trend during the
year, the domestic gold price fell in the first 7 months of
the year and rebounded strongly since August, peaking
at VND 48.26 million per tale. It could be said that the
management of the gold market in 2012 achieved some
positive results in terms of the SBVs macro-management
perspective. Although domestic gold prices and the
world gold prices fluctuated upward strongly in latter
months of the year, as the SBV implemented measures
to manage the gold market in accordance with Decree
No. 24/2012/N-CP, purchases of foreign currencies
for gold smuggling was limited. The exchange rate, the
foreign exchange market and the macro-economy were,
Despite the world

gold price hikes
in the latter
months of the year,
exchange rate and
macroeconomic
stability was not
affected thanks
to Governments
measures of
gold market
management
under Decree No.
24, the increased
differences between
and domestic gold
prices.
therefore, not destabilized.
Securities market
Securities market in 2012 bounced back in 2012 with
positive growth of stock prices and transactions value,
leading to an expansion of market scale. Compared to end2011, VN-Index rose by 17.69% to 414, HNX-Index fell
by 2.81% to 57. The average transaction value increased:
Securities market
rebounded due
to stable macroeconomy.
ANNUAL REPORT 2012
23
HSX reached VND 895.57 billion/session, an increase of

38.21% compared to VND 648 billion/session in 2011;
HNX reached VND 434.13 billion/session, an increase of
13.65% compared to the VND 382 billion/session in 2011.
The value of listed stocks increased by 55.03%, market
capitalization was equivalent to 26% of GDP, compared
to 13.03% and 20% of GDP in 2011, respectively. On the
primary market, auctions of government bonds were
buoyant with high volume and value of successful bids.
Investors were mainly commercial banks. The rebound
of the securities market was mostly due to the gradually
stabilized macro-economy.
2.7. Activities of Credit Institutions
Implementing the Credit Institution System

Restructuring Plan for the 2011-2015 period approved
Credit institutions
focused on
improving
governance and
financial capacity
to implement
the Credit
Institution System
Restructuring Plan
and cope with
increased risks.
The profitability of
banks fell sharply.
by the Prime Minister (Credit Institution System

Restructuring Plan), the number of CIs and foreign
bank branches in 2012 decreased, banks started to pay
more attention to improving bank governance, financial
capacity and prudential ratios. Systemic liquidity risk
was significantly mitigated. Credit risk, however, tended
to increase given economic difficulties and sharply
diminished profitability of the banking system.
The focus on strengthening governance of CIs was in line
with the Credit Institution System Restructuring Plan.
The number of credit institutions decreased in
2012 due to bank consolidation and mergers during
the implementation of the Plan. As of the end of 2012,
the banking system consisted of 5 state-owned banks
(including 4 fully equitized banks), 34 joint stock
commercial banks, 02 policy banks (Social Policy Bank
and Viet Nam Development Bank), 49 foreign bank
branches; 5 banks with 100% foreign capital; 4 joint
venture banks, 50 representative offices, 18 finance
24
companies, 12 financial leasing companies; 1 central

peoples credit fund and more than 1.000 local people
credit funds. The network of credit institutions covered
not only the domestic market, but also made great strides
in expansion to international market.
Figure 1: Credit Institution System in Viet Nam
(as of 31 December 2012)
No.
2011
2012
State-owned commercial banks
(Equitized State-owned commercial banks)
Social Policy Bank
Development Bank
Joint Stock Commercial Banks
37
34
Joint Venture Banks
Branches of foreign banks
53
49
100% foreign-owned banks
Non-bank Credit Institutions
30
30
Financial Companies
18
18
10
Financial leasing companies
12
12
11
Central peoples credit fund
12
Local peoples credit funds
1,095
1,032
13
Micro-finance Institutions
Type
Although Viet Nams credit institutions focused

on improving financial as well as governance and
administration capacities, some credit institutions
revealed many weaknesses, especially in risk management.
This was one of the reasons leading to various difficulties
and challenges facing the banking system in 2012. Thus,
the SBV urgently directed credit institutions, foreign
ANNUAL REPORT 2012
25
bank branches to review their organizational and

personnel structures to ensure compliance with the Law
on Credit Institutions in 2010, with an acknowledgement
that the continued improvement in personnel structure,
management and governance capacity are an important
issue to be strictly addressed during the implementation
of the Credit Institution System Restructuring Plan.
In implementing the Credit Institution System
Restructuring Plan and address increasing risks in the
business climate, efforts were made by credit institutions
and foreign bank branches to strengthen their financial
capacities. The total chartered capital of the system
reached 392.15 trillion dong, up by 11.29% from end-2011
even though this was the lowest growth in recent years.
The total own capital of banks in the system increased
slightly by 8.9% y-o-y to 425.9 trillion dong at end- 2012.
The total assets of the banking system amounted to
5,085.7 trillion dong, up by 2.54% end- 2011.
Figure 2: Assets and Capital of Credit Institutions
Total Assets
Equity
Trillion
dong
SOCBs
2,201,660
11.8
137,268
18.7
JCBs
2,159,363
-4.5
183,139
6.3
177,624
8.1
JVBs, foreign banks
555,414
1.6
92,554
6.8
76,138
2.8
Financial companies,
leasing companies
154,857
-8.4
10,767 -24.1
24,815
-1.1
14,485
18.7
2,254
3.7
2,025
5,085,780
2.5
425,982
8.9
Collective CIs
Total
Trillion
dong
Charter Capital
%
Trillion
dong
111,550 28.1
392,152 11.2
Given difficulties in banking business, higher risk

provisioning and provision-funded NPLS resolution,
26
income-expense differences was widened, leading

to a decrease in the systems ROA and ROE. Of the
whole system, ROA and ROE declined from 1.00% and
11.88% at year-end 2011 to 0.62% and 6.31% at yearend, respectively. The capital adequacy ratio (CAR) of
the system ranged from 13.5% to 14.5% in 2012, and
reached 13.75% in December 2012 compared to 12.92%
at year-end 2011. The loan-to-deposit ratio of the system
was 89.36%, of SOCBs and JSBs 96.77% and 70.01%,
respectively, reflecting a significant decrease from
previous years figures. The ratio of short-term deposits
to medium-term and long-term loans of the whole system
at year-end 2012 was 17.16%.
Figure 3: Selected Operational Indicators of CIs
In %
Ratio of
Capital ST capital
Loan-toAdequacy used for Deposit
Ratio
Ratio MT and LT
loans
ROA
ROE
SOCBs
0.79
10.34
10.28
21.45
96.77
JCBs
0.49
5.10
14.01
17.60
79.01
JVBs, foreign banks
0.92
4.50
27.63
-2.03
90.07
Financial
companies, leasing
companies
-0.76
-13.88
9.25
17.59
126.28
Collective CIs
1.53
8.00
38.83
-1.01
94.58
Total
0.62
6.31
13.75
17.16
89.35
Liquidity risk of the system mitigated drastically

compared with 2011, but credit risk heightened given
economic difficulties
Credit risk: Nonperforming loans tended to rise
compared with the previous year given economic
ANNUAL REPORT 2012
27
difficulties and increasing number of distressed and

bankrupted enterprises. However, NPLs experienced
remarkably slower growth in later months of 2012,
thanks to proactive measures of credit institutions in
reviewing and evaluating credit quality and borrowers,
making loan classification and provision as required,
and promptly resolving bad debts through disposition of
collaterals, utilization of provisions to resolve bad debts,
debt disposal, etc
Liquidity risk: Credit institutions liquidity in
2012 improved significantly, maintaining bank solvency
and avoiding bank runs, then ensuring security and
social stability. Weak banks were closely controlled and
monitored by the SBV. Overall, systemic risk and threat
of system failure were eliminated gradually.
28
THE SBVS PERFORMANCE
Part II - The SBVs performance

To realize the Governments Resolution 01 and
Resolution 13, the SBV put into place a wide range
of solutions to address dificulties, promote business
activities and support market development while
ensuring contained inflation, stabilized macroeconomic
conditions, and social security.
1. Monetary Policy Management

As guided by the Prime Minister, the SBV issued
Instruction 01/CT-NHNN dated 13 February 2012 on the
implementation of monetary policy and safe and sound
banking system in 2012. Accordingly, the SBV set targets
in 2012: To conduct monetary policy on a prudent and
flexible basis, combining harmoniously with fiscal policy
in order to stabilize monetary market, ensure the system
liquidity, control total liquidity and credit growth at an
appropriate level, lower interest rates to reasonable level in
accordance with macroeconomic developments.
Tight, prudent and

flexible monetary
policy to control
credit growth rate
around 15-17%
and total liquidity
growth around
14-16%.
Significant policy rate cut

In 2012, the SBV conducted interest rate policy
flexibly to macroeconomics and monetary market
developments. From the beginning of the year, given
decreasing inflation forecast, in order to guide the
market, the SBV targeted to decrease interest rates to
9-10% p.a by the end of 2012, and scheduled to reduce it
by 1% per quarter on average. In fact, due to inflation fall
on a rapid and relatively steady trend while the economic
performance is in difficulty, the SBV considerably
cut down policy interest rates and VND-deposit rates
ceiling to enable banks to reduce their lending rates,
facilitate credit expansion and help enterprises deal with
difficulties.
Particularly, there were 6 times of policy rates
cuts (refinancing rate from 15% to 9% p.a, discount rate
ANNUAL REPORT 2012
29
from 13% to 7% p.a, overnight lending rate in interbank

electronic payment from 16% to 10%); 5 times of cutting
ceiling on VND deposit rate (ceiling on demand and
1-month deposit rate from 6% p.a to 2% p.a; 12-month
deposit rate from 14% down to 8% p.a), allowing banks
themselves to set their deposit rates for longer maturity
based on market supply-demand relation since 11 June.
In addition, efforts to lower lending rates continued
to be geared up in the second quarter. Since May, the SBV
set ceiling on short-term VND lending rate applicable
to key economic sectors, namely agriculture and rural
areas, export, supporting industries, SMEs and high-tech
companies1. Ceiling rate was also reduced from 15% p.a
to 12% p.a to make it consistent with declining trend
of VND deposit rate ceiling2. The SBV also encouraged
banks to cut down interest rates of their existing loans to
15% p.a, which helped ease pressure on enterprices and
enable themselves to expand credit.
Flexible management of OMOs in line with market

supply-demand relation
In 2012, OMOs were flexibly managed on a prudent
basis to support and regulate VND liquidity in the system,
contributing to stabilize monetary market, and realize the
monetary policy targets as guided by the Government.
Accordingly, OMOs were carried out in both valuable
paper purchases and SBVs bill sales; interest rates are
reduced in line with monetary policy targets.
Valuable paper auction
In 2012, in order support liquidity to credit
institutions, the SBV auctioned to buy valuable papers of
VND short-term ceiling lending rate applicable to high-tech companies is
effective since 24/12/2012.
2
Peoples Credit Fund and Micro Finance Institutions are allowed to
set VND short-term ceiling lending rate 1% higher than other credit
institutions.
1
30
7, 14 and 21-day maturity, of which 7-day maturity is the

most popular, bidding rate was reduced from 14% p.a to
7% p.a; bidding method is either volume-based or pricebased one. In the liquidity redundancy, SBVs purchase of
valuable papers in 2012 fell significantly in the numbers
of sessions, participants, bidding volume and successful
bids which value VND 1,500 billion/session on average.
SBV bill selling
In order to regulate liquidity in the system,
contribute to curb inflation and sterilize USD purchases
to build up the foreign reserves, in 2012, the SBV issued
SBVs 28, 56, 91 and 182 - day bills at some times (from
15 March to June and during the last quarter). Bills rates
were falling gradually in line with market rate trend with
average transaction volume of 2,203 billion dong/session.
Flexible employment of refinancing tool to support

liquidity to credit institutions
In 2012, refinancing tool was coordinated with
other monetary policy tools in a flexible and prudent
manner in order to stabilize monetary market, ensure
liquidity of credit institutions. Accordingly, the SBV
focused on refinancing operations to provide short-term
liquidity support to credit institutions before Nham Thin
Tet holiday, when funds demand jumped up, to stabilize
monetary market.
Maintaining VND and foreign currency required

reserves in stable monetary market condition
In stable monetary market and contained inflation
conditions, the SBV continued to keep VND-deposit
required reserves at low levels and foreign currency
deposit required reserves unchanged. Specifically, it was
3% for VND demand and less-than-12-month deposits,
1% for more-than-12-month deposit. For the latter, it
ANNUAL REPORT 2012
31
was 8% and 6%, respectively. It was 1% for abroad credit

institutions deposit.
Flexible measures to control credit, synchronous

and determined solutions to enterprises difficulties
and market development
As inflation was sustainably contained while
markets purchase power declined, the SBV expanded
credit but guaranteed the systemic safety and soundness.
Right from the beginning of the year, the SBV set the credit
growth ceilings to credit institutions groups and may
consider to adjust them based on performance evaluation
and credit expansion capability of credit institutions.
Credit to discouraged areas to total outstanding credit
was limited by the SBV less than 16% (after removing
some borrowers out of the discouraged areas to reflect the
new market conditions). Besides, in order to keep foreign
currency credit at a reasonable level and in line with the
Government direction on fighting against dollarization
in the economy and stabilizing forex market, the SBV
continued to narrow demand for foreign currency
loans by issuing Circular No. 03/2012/TT-NHNN dated
8 March 2012 on foreign currency lending by credit
institutions, foreign bank branches to resident borrowers
which was effective since 2 May 2012. In addition, the
whole credit institution system put into place measures
to solve problems of business enterprises to echo the
SBVs call, such as: decreasing lending rates and saving
expenditures to enable credit expansion; reviewing and
evaluating debt service ability of the borrowers to help
them repay their loans; restructuring payment schedule
for borrowers with asset damages which make them
deep in financial difficulties; providing advisory services
and support to enterprises which have potentials and
marketable products but in financial distress to borrow
from banks for their business development.
32
2. Foreign Exchange Management

Stability-targeting management of exchange rate
and forex market
From the beginning of the year, the SBV Governor
proactively announced exchange rate management
direction with 2-3% fluctuation range in 2012 in order to
manage VND depreciation expectation. Average interbank exchange rate and the SBVs foreign currency
purchasing rate were managed toward stability target.
The SBVs foreign currency buying-selling opperations
were flexibly carried out to guide banks transaction
rates, support market liquidity, build up the state
foreign exchange reserves. Additionally, the SBV put
into place various measures to better regulate forex
market in order to gradually shift foreign currency
deposit-lending relationship to the selling-buying one,
to decrease dollarization and increase confidence in
VND, such as: narrowing domestic borrowers of foreign
currency, tightening foreign currency position limit of
credit insitutions, foreign bank branches. Besides, the
SBV also coordinated with other relevant authorities to
strengthen the regulation, monitoring and supervision
over foreign currency and gold markets and to strictly
deal with violations. The SBV also implemented
synchronous solutions to step-by-step restructure
gold market and fight against goldenization in the
economy, which helped stabilize exchange rate and
forex market.
Management of
exchange rate and
forex market in
line with foreign
currency demandsupply relation,
increased market
liquidity, improved
balance of payment
and the state
foreign exchange
reserves.
Initial successes in gold market regulation

As guided by the Political Bureau and the
Government in gold market regulation, the SBV
developed and submitted to the Government to issue
Decree No. 24/2012/N-CP dated 03 April 2012 to
replace Decree No. 174/1999/N-CP on gold market
regulation, and issued other regulations to guide its
implementation. The SBV terminated gold deposit and
ANNUAL REPORT 2012
33
lending activities of credit institutions and implemented

synchronous measures to regulate gold market.
The SBV put in to place the SBV monopoly
mechanism to produce gold tael through using SJC
gold brandname and required SJC Company Ltd to
process gold tael for the SBV. The SBV issued Business
license on gold trading to elligible enterprises, while
actively coordinated with the Provincial and Urban
Peoples Committee, Ministry of Security, Ministry of
Industry and Trade to regulate gold tael trading of credit
institutions and companies licenced by the SBV These
measures possitively regulated the domestic gold tael
market, and limited gold tael smuggling, which helped
stabilize exchange rate and forex market.
Management of State foreign exchange reserves on

a safe, liquid and profitable basis
Management of State foreign exchange reserves in
2012 continued to perform in a safe, liquid and profitable
manner. As a result, together with forex market and
exchange rate management in line with foreign currency
demand-supply relation, increased regulation over gold
market, subdued dollarization and contained trade
deficit, the SBV purchased a large volume of foreign
currency to build up the state foreign exchange reserves,
which enhanced the market confidence in the SBVs
policies.
Effective management of current account and

foreign currency transactions
In 2012, foreign currency attracting policies
remained open and consistent with the international
integration trend. Foreign currency payment network
developed nationwide. Hence, despite of global and
domestic difficulties, remittances to Viet Nam were still
stable as an important foreign currency source to offset
trade deficit. Besides, supervision and consolidation of
34
forex activities was continuously implemented to detect

violations in time. The SBV cooperated with relevant
Ministries to supervise and punish forex violations,
gradually tamed dollarization in the economy and
stabilized forex market. Additionally, the SBV issued
regulations to improve the foreign exchange legal
framework on foreign currency cash trading, which
helped residents with legal demand of foreign currency
buy foreign currency cash when they go abroad.
Capital transaction management to ensure the

safety and soundness of balance of payment
In 2012, the SBV gradually implemented policies to
prudently regulate capital transactions, based on closely
supervising capital in-outflows, analyzing capital structure
and its implications on the economy and financial system
to study, develop appropriate management policies to
mitigate adverse impacts of capital flows, especially shortterm ones. Apart from flexible management of exchange
rate and employment of long-term measures to decrease
trade deficit, increase foreign exchange reserves, close
supervision of capital in-outflows helped relieve pressure
on forex market, improve macroeconomic stability.
3. Financial Stability
3.1. Banking Supervision and Monitoring
In 2012, the SBV performed its duties in banking
monitoring and supervision, making policies, licensing,
anti-money laundering, handling complaints and
denouncement, and carried out an important mission
which is restructuring credit institution system under
Decision No. 254/QD-TTg of the Prime Minister to
approve the Plan to restructure credit institution system
in 2011-2015. Having made many innovations, SBVs
supervision recorded positive results in improving the
effectiveness and efficiency in the state management at
Supervision
pursued the
critical task of
implementing
the credit
institution system
restructuring,
in addtion to
continued
ANNUAL REPORT 2012
35
superivion focus on
lending activities,
interest rates,
exchange rate, gold
trading, financial
investment,
governance and
management, antimoney laundering.
the Central level to provincial/local level, re-establishing

principles and disciplines in banking area, accelerating
the process to make banking system healthier, which
made monetary policy management more effective.
Monitoring and supervision

The SBV carried out 744 supervision missions in
total, including 22 missions over legal entities, 6,764
recommendations to credit institutions and foreign bank
branches. For each legal entity, supervision method was
overall and comprehensive, combining compliancebased and risk-based supervision.
As a result, there were several outcomes, namely:
(i) financial assessment of each credit institution,
(ii) identifying their popular and material risks and
weaknesses to recommend corrective measures and
solutions to restructure credit institutions, especially
weak banks, and (iii) detecting and strictly handling
legal violations. To monitor risks, (i) supervision mostly
focused on closely scrutinizing business opperations,
liquidity, compliance to prudential ratios, credit growth
compared to its set limit; (ii) topical supervisions were
undertaken in some risky areas; (iii) information system
was developed to monitor business operations of abroad
subsidiaries and branches of Viet Nam credit instiutions;
(iv) risk warnings; (v) some commercial banks under
restructuring process were supervised and monitored.
Supervisory findings and recommendations played an
important role in improving banking regulations, policies
towards promoting safety and soundness and directly
supporting the system restructuring process.
To pave the way for the radical renovation of banking
supervision, including early warning risks in banking
opperations, the SBV continued to carry out Project
Off-site supervision information system, revised and
supplemented statistical reporting mechanism, developed
36
supervisory criteria sets and ratios and advanced

methodology in line with international standards
and practices. Reporting forms, analyzing criteria
were gradually improved towards early risk warning.
Information processing continued to be undertaken to
serve the manangement of Peoples Credit Fund system,
and Project Off-site supervision information system,
which was a precondition for a radical reform of banking
monitoring and supervision.
Licensing management
The SBV strengthened the licensing management
for the establishments of credit institutions, foreign bank
branches, network expansion to closely monitor their
business sizes, limit their risks and actively support the
system restructuring. In 2012, no license was granted to
new credit institutions, foreign bank branches, except one
micro-finance entity. Newly established bank branches
were mainly targeted to the development of agricultural
and rural areas and to the ensured national defense and
security.
The implementation of Credit Institution

Restructuring Plan in 2011-2015 period
The implementation of Credit Institution System
Restructuring Plan in 2011-2015 period, issued under
Decision No. 254/QD-TTg of the Prime Minister, was
well kept on track by the SBV.
In particular: (i) the SBV evaluated and identified
09 commercial banks to be priotized for restructuring.
Accordingly, there was a merger among three banks, a
banks acquisition of another, a potential accquisition
of one bank by one credit insitution, and approvals of 2
banks self-restructuring plans. The only remaining weak
bank was being restructured under the SBVs measures
in comformity with the above-mentioned Plan and
ANNUAL REPORT 2012
37
legislative regulations on a prudent and risk-controlled

basis; (ii) During the restructuring process, there was
a combination of timely liquidity support by the SBV
and close monitoring and supervising of weak banks to
ensure the systemic safety and soundness; (iii) the SBV
also actively guided credit institutions to implement
measures to improve their financial health, focusing on
encouraging them to increase their charter capital and
resolving bad debts by requesting them to actively review
and re-evaluate credit quality and borrowers, and make
loan classification and loan provisioning complied to
law; to immediately implement measures to resolve NPL
by themselves such as handling mortgages, using loan
provision to solve bad debts, loans disposal; (iv) For
People Credit Funds, the SBV requested their branches
to review the funds implementation of Instruction No.
57/CT-TW of Political Bureau as the basis to restructure
the system.
Anti-Money Laundering
In 2012, the SBV continued to collect, analyze
and transfer information or files relating to anti-money
laundering and combating the financing of terrorism
(AML/CFT) to competent investigation bureaus; support
investigation, prosecution and judgment of the criminals;
act as the Standing Office of the AML/CFT Steering
Committee in the period of 10/2012 - 06/2013 and
implement the Governments commitments to Financial
Action Task Force (FATF). The SBV cooperated with
other relevant agencies to submit to the National
Assembly for the approval of the Law on AML (Law No.
07/2012/QH13 dated 18 June 2012), acted as the leading
agency in drafting the Decree on the implementation of
the Law and the Prime Ministers Decision on the value
of high value transactions, signed the Memorandum
of Understanding on the AML information exchange
between the SBV and the National Bank of Cambodia.
38
APG Typologies Workshop 2012 was successfully held in

Ha Noi by the SBV.
3.2. Deployment of Financial Sector Assessment

Program (FSAP)
In July 2012, the Prime Minister appoved the FSAP
Plan which was jointly implemented by the WB and the
IMF. The SBV was assigned to lead and coordinate with
related Ministries to prepare and implement the program.
The FSAP was to comprehensively and detailedly evaluate
the national financial sector with two key components,
namely stability assessment carried out by the IMF, and
the WBs evaluation of development and development
needs of the financial sector.
In particular, the program had three main
targets: (i) consolidating Viet Nam financial system by
identifying strengths, weaknesses and threats; evaluating
the needs for technical cooperation and development; (ii)
transfering expertise and the best practices to ministries
in financial sector; (iii) promoting financial sector
reform by designing policy responses to better stabilize
the financial system; making policy recommendations
to strengthen the contribution of financial sector to the
socio-economic developments.
The FSAP was carried out in four main phases,
including: (i) prepation and self-assessment; (ii) official
assessment; (iii) outcomes review and reports approval; (iv)
continued self-assessment, updating and implementing
the recommendations. In 2012, the SBV coordinated with
WB/IMF and concerned ministries to complete Phase
2, focusing on three key areas, namely banking, capital
market and insurance. Apart from the above-mentioned
official assessments, WB/IMF also cooperated with Viet
Nam in evaluating housing finance, which has a strong
relation with the financial system stability.
ANNUAL REPORT 2012
39
On the basis of detailed evaluations in Phase 2

(including compliance assessment of international
standards, practices on financial infastructure, governance
and monitoring banking, securities and insurances;
macroprudential supervision framework, financial safety
network, crisis handling...), the WB/IMF experts made
specific recommendations for each area together with a
comprehensive financial sector reform schedule. These
recommendations will be discussed in the next phase of the
Program and the WB/IMF will provide technical supports
to help Viet Nam realise them in the incoming future.
4. Legislation
In 2012 SBV finalized the two draft laws including

the Law on Deposit Insurance and the Law on Anti-
The SBV made

outstanding
achievements
in 2012 when
submitting and
getting approval
from the National
Assembly on the
Law on deposit
insurance and
the Law on AntiMoney Laundering;
proposing the
Government to
issue Decree No.
24/2012/N-CP
dated 03 April 2012
on managing gold
trading activities;
Decree No.
101/2012/N-CP
dated 22 November
2012 on noncash
payment.
Money Laundering and obtained approval from the

National Assembly, the 3rd Session of the 13th National
Assembly on June 18, 2012 which came into effect
from January 1, 2013. The issuance of the Law on
Deposit Insurance helped improve legal framework for
deposit insurance, protect lawful rights and interests of
depositors and ensure safe and sound development of
credit institutions. Similarly, the new Law on Anti-Money
Laundering helped develop a uniform legislation basis
for anti-money laudering activities, meet requirements
of international integration process and fullfiling Viet
Nam commitments on AML. In addition to that, SBV
was assigned by the Government to lead the drafting of
the Ordinance amending and supplementing a number
of articles of the Ordinance on Foreign Exchange and
submitted it to the Government and consequently to
the Standing Committee of the National Assembly for
approval, tentatively to be issued in 2013. In 2012, SBV
also submitted to the Government for issuing three other
decrees, including: Decree No. 24/2012/ND-CP dated
April 03, 2012 on management of gold trading; Decree
40
No. 40/2012/ND-CP dated May 02, 2012 on banknote

issuance, maintenance and transportation of precious
assets and valuable papers within SBV system and
among credit institutions and foreign banks branches;
and Decree No. 101/2012/ND-CP dated November 22,
2012 on non-cash payment. In collaborating with other
ministries, entities and individuals nationwide, SBV
actively participated in revising the 1992 Constitution as
a result of a comprehensive review of its implementation
results in the banking sector and prepared proposals and
recommendations to the draft revised Constitution.
To implement Decree No. 01/NQ-CP of the
Governemnt dated January 03, 2012 on guidelines
to the socio-economic development plan and budget
estimation for 2012, SBV issued 39 circulars focusing
on such key areas as regulating interest and exchange
rates mechanisms, monitoring gold trade, guiding
implementation of the 2010 Law on SBV and the 2010
Law on Credit Institutions.
In order to ensure consistency in banking legislation
SBV reviewed and announced the list of 100 legal
documents issued by SBV Governnor since 1997 and no
longer effective, at the same time, it declared null and
void 123 legal documents which were not appropriate
and not applicable in practice.
Strengthening compliance with banking regulations

To strengthen compliance with banking regulations,
in 2012 SBV implemented the following key tasks: (i)
Review active legislative papers; (ii) Enhance monitoring
of law enforcement to report to the Ministry of Justice on
the banking law enforcement in 2012, especially Law on
Negotiable Instruments and Law on Bankruptcy of credit
institutions; (iii) Provide active legal assistance to credit
institutions and other enterprises under SBV supervision
in accordance with existing regulations, contributing to
ANNUAL REPORT 2012
41
sound performance of the credit institutions system; (iv)

Disseminate and educate public on legal knowledge, raise
awareness of the Law on Deposit Insurance and the Law
on Anti-Money Laundering. Besides, SBV made public
outlines of new laws and decrees of the Government,
actively announce to public various circulars issued by
itself and coordinated closely with media agencies in
disclosing and disseminating the Socialist Party and the
State legal documents, guidelines and policies, especially
those relating to the policies on interest rates, credit,
exchange rates, foreign currencies and gold, etc.
5. Issue and Vault

Cash issuance and management
The SBV actively

and flexibly
managed cash
in circulation to
accommodate needs
of the economy in
terms of volume
and denomination
structure
Considering macroeconomic indicators, projected

cash/total liquidity proportion and others, the SBV
developed 2012 banknote printing plan. By making plan
and managing in an active and timely manner, the SBV
accommodated needs of the economy both in volume
of banknote, denomination structure and national cash
reserves requirement. Sustainable currency circulation
was maintained by efficient cash management which was
conducted in line with regional and provincial socioeconomic developments, helped to avoid partial excess
or shortage of cash in circulation. Where substantial
unexpected shortages in commercial bank(s), province(s)
or in high time of cash operations, SBV extended its
timely supports to institutions with high cash volume
to resolve problems or provide necessary means of
transportation, collection and delivery. At the same time,
the SBVs branches were instructed to provide additional
cash operation to meet the demand of cash, especially
where many ATMs were installed, etc.
In 2012, the SBV obtained the Prime Minister
approval on suspending 10.000 VND and 20.000VND
cotton-based denominations from circulation to unify
42
substance of VND banknotes and improve banknote

counting, sorting, destruction and retrieving unfit
banknotes, issuing new ones into circulation. The SBV
continued to upgrade and build new vaults, especially
regional ones to reduce the pressure on cash reservation
and safety in transportation to SBVs branches.
Vault security
Safety and security in assets reservation, collection,
delivery and transportation was enhanced with the
well-coordination of safeguarding units and supports
of
advanced
equipment,
modern
transportation
and strengthened information system. Most of cash

transportation and escort vehicles of the SBV were
equipped with monitoring system with Global Positioning
System - GPS to closely keep tracks of the journey and
timely resolve any incidents that might happen. In 2012,
the SBV completed the Project on centralization of
SBV issue and vault management which was piloted in
some provincial and municipal branches, proven to help
promote efficiency of SBV guidance and regulation. New
regulations on vault operations and cash management
were promulgated and timely amended in accordance
with applicable laws and practices. Shortcomings in
related workflows and risks to vaults safety have been
detected and timely monitored, lessons learnt from
those were disseminated to the whole system for early
prevention. The SBV continued to organize training
courses to build capacity for cash and treasury staffs for
the whole banking system.
Anti-counterfeiting measures
The SBV continued its on-going Project namely
Promoting Efficiency of Counterfeiting Prevention
Measures in the banking and national treasury
systems and its co-operation with relevant agencies on
counterfeiting prevention measures, conducting public
ANNUAL REPORT 2012
43
awareness promotion on how to realize genuine notes

through means of public media and on SBVs website.
Thus, the volume of counterfeiting money detected and
confiscated in banking system and in criminal cases has
been declined significantly in recent years.
6. Banking Technology and Payment

The modernization of payment system
By end-2012, the Interbank Electronic Payment

System (IEPS) had been connected to 66 units of the
Electronic payment
system operated
in a stable and
safe manner,
well supporting
payment demand
of the economy,
contributing to
the acceleration of
payment speed and
developing noncash payment.
SBV, 478 units of 95 credit institutions (01 member less

in comparison to end-2011 because of the merger of 02
commercial banks); in 2012, about 28,000 transactions
were processed through IEPS with the total value of over
VND 39,500 bil. (an increase of 22.9% in volume and the
decrease of 0.8% in value compared to 2011).
Chart 12: Transaction volume of the systems, 2007-2012
Billion
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
Number
30,000
25,000
20,000
15,000
10,000
5,000
2007
2008
2009
Electronic Clearing Payment (ECP)

ECP amount
2010
2011
2012
Electronic interbank payment (EIP)

EIP amount
The Electronic Clearing and Settlement System

(ECSS) was deployed in 58/63 provinces and cities, and
included 1,000 members. Due to economic difficulties
during 2012, there was a decline in both volume and
value of transactions processed through ECSS compared
to 2011; the total value of transactions was VND 1,573
bil. with the total number of 5.466 mil., decreased by
8.4% and 7.1%, respectively compared to 2011.
44
In 2012, in developing the Central Switching

Center project under the roadmap approved by the
Prime Minister, the ATM/POS connection of VNBC
member banks was switched to Banknetvn system.
Plan to merge Banknetvn and Smartlink was prepared
under the instruction of the SBV. By the end of 2012,
over 76,000 POS were inter-connected in implementing
the policy on POS inter-connection and promoting
POS card payment. There was a positive change in the
perception on POS card payment in cities and provinces
and POS payment had gradually become popular in big
cities. Commercial banks had proactively promoted
card services via POS and increasingly paid their
attention on investing in infrastructure development as
well as launching a variety of promotion programs for
card users. As of end-December, 2012, 46 commercial
banks had deployed 14,200 ATM and over 104,500 POS
in total (an increase of 6.8% and 50.0%, respectively
compared to end-2011).
Chart 13: Growth of ATM, POS, and credit card 2007-2012
ATM, POS
Credit card
120,000
55,000,000
ATM
POS
Credit card
100,000
45,000,000
80,000
35,000,000
60,000
25,000,000
40,000
15,000,000
20,000
5,000,000
-5,000,000
2007
2008
2009
2010
2011
2012
Sources: The State Bank of Viet Nam
Development of new, modern services and payment

methods
New payment services and means continued to be
developed and diversified with the launching of new,
modern and useful services and means such as banking
cards, Mobile Banking, Internet Banking, SMS Banking,
ANNUAL REPORT 2012
45
E-wallet, etc. Among means of payment, bank cards were

popular thanks to their utilities and were largely invested
by commercial banks, hence showed a fast growth. As
of end-2012, over 54.2 mn cards had been issued (an
increase of 31.5% compared to end-2011). In addition
to the increase in number, commercial banks also paid
attention to improving the quality of card services and
utilities by cooperating with such organizations as
schools, taxi companies, aviation companies,... for cobranded and multi-utilities cards. Several commercial
banks started to launch the service of collection of fees of
energy, water rate, tele-communication, cable television,
petroleum, insurance premium as well as others like
tuition fee and transportation fee.
09 non-bank credit institutions allowed by the
SBV to provide e-wallet intermediary payment service
had cooperated with commercial banks and suppliers
to launch a variety of products including payments
for e-trading, mobile transaction, invoice or order
payment,... As of end-2012, e-wallet intermediary
payment service providers issued over 1.3 mn e-wallets,
16 mn e-wallet transactions had been processed with
the value of more than VND 5,800 bil.
Salary payment for state budget payees through
the banking system continued to be carried out, hence
gradually helped to change cash using habit of in the
public. Most of the provincial and municipal state budget
payees (accounted for approximately 90.0%) were paid
through banking accounts.
Payment system management and supervision

In 2012, the Government released Decree No.
101/2012/ND-CP dated November 22, 2012 on noncash payment, which came into effect on March 26, 2013.
This was the major legal document which governed all
institutions and individuals being engaged in payment
and settlement systems of in the economy, helped to
46
enhance of SBVs state management function over

payment and payment intermediary services providers.
The SBV issued Circular No. 35/2012/TT-NHNN on fees
applicable to domestic debit cards, Circular No. 36/2012/
TT-NHNN on procurement, management, operation
and security of ATM machines. SBV actively worked with
Ministry of Public Security, particularly Department of
Anti high-technology criminals, to ensure safe payment
activities, and establish an information exchange channel
for timely detecting and dealing with frauds and swindles
in card and electronic payments, contributing to reducing
transaction risks, protecting legal rights and benefits of
relevant institutions and individuals.
The SBVs supervision over payment systems was
introduced on a step-by-step basis, especially the on-line
supervision via IEPS, which helped to detect and resolve
constraints and problems to ensuring effective and safe
operations of the payment systems.
7. Credit Information Activities

Collection of credit information and building up a
national credit information data warehouse
CIC collected information and maintained archives
of those from all credit institutions operating in accordance
with Law of Credit Institution and from other institutions
optionally joined credit information system. CIC data
warehouse contained over 24 million borrower profiles,
including over 400,000 corporate borrowers, remaining
individuals and credit card holders. CIC data warehouse
also consisted of customer identification, credit records,
collaterals, credit cards, financial statements periodically
updated and put in archives for 5 years.
CIC provision of credit information
The operations
of the Credit
Information Center
(CIC) became
increasingly
effective,
contributing to
better information
transparency and
risk prevention in
banking activities.
Information provision service by CIC was

continuously improved in terms of quality, products
ANNUAL REPORT 2012
47
development and diversification. At the same time,

provision procedures was upgraded, helped to increase
real time reports to 80%. The CIC provided nearly 50
credit information products under 4 reporting categories:
domestic borrowers; foreign borrowers; credit rating,
scoring and e-early warning services. In 2012, the CIC
provided over 2.01 million credit information reports via
CICs websites, an increase of over 18% compared to that
in 2010.
CIC developed some special products for the State
Bank of Viet Nam to meet its need for banking regulation,
supervision such as: reports on borrowers accounting
for over 15% credit institution equities, borrowers
with non performing loans, consolidated statements of
corporations and state-owned ones, regions, industries,
outstanding loans of credit institutions shareholders...
Chart 14: Number of borrower profiles, 2007-2012
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
0
2007
2008
2009
2010
2011
2012
Credit rating and risk management supporting

operations
CIC was the first institution in Viet Nam which
implemented the credit rating system in 2002 and has
gained remarkable achievements. In 2012, the CIC
issued 20.392 corporate credit rating reports at customer
requests. In addition, CIC renewed and upgraded its
rating process and procedures adjusted to 35 economic
sectors and corporate size (large, medium and small).
48
CORPORATE GOVERNANCE
Table 4: Credit Information Activity Indicators

in Viet Nam, 2010-2011
2011
Criteria
Viet
Nam
2012
East
Asian
and
Pacific
Viet
Nam
East
Asian
and
Pacific
Depth of credit information

index (grades from 0-6)
Public credit registry coverage

(% adults)
26.4
8.2
29.8
10.3
Source: CIC, World Bank - Doing Business 2012
In 2012, CIC developed its early credit warning

services, other supporting services which assist credit
institutions in portfolio management, borrower
monitoring, internal credit rating... CIC credit rating
results represented independent judgements which were
a useful resource for credit institution for reference in
their risk management.
8. Information Transparency and Communication

In 2012, the SBV promoted communication
timeliness, pro-activeness, transparency about policies
and decisions and procedures of the State Bank of Viet
Nam and performance of credit institutions to the
press, National Assembly, organizations and the public,
including the followings:
- Actively disclose information accurately and
timely, especially issues of public interests on the SBV
website, at press conferences hosted by Office of the
Government, press meetings among mass media agencies,
the National Assembly forums or press interviews. The
State Bank of Viet Nam information disclosure was well
appreciated by the public, especially those on solutions
to stabilize the exchange rates, foreign currency and gold
markets and the banking system restructuring.
Public
communication
was promoted proactively, channels
of communication
improved, contents
enriched as
acknowledged
by the domestic
and international
communities.
ANNUAL REPORT 2012
49
- Coordinate with major media agencies (Viet Nam

Television, Viet Nam News Agency, Voice of Viet Nam,
Governmental news website, major national newspaper,
etc.) to conduct propagada of the State Bank of Viet
Nam policies and contribution of banking sector in the
implementation of the objectives of socio-economic
development through reportages, industrial sites,
forums, news, articles. This helped businesses and people
understand and support policies and activities of banking
system.
- The State Bank of Viet Nam closely monitor
developments of banking sector for timely detection,
respond and resolve any inaccurate information which
destabilizes the market, contributing to effective
implementation of solutions of monetary policies and
banking performance.
50
Part III - Corporate Governance

1. Internal Audit Operations
Internal audit activities were implemented
comprehensively on all operational aspects in the
direction of further improving audit operation in lines
with international standards and domestic requirements.
In 2012, the internal audit operation focused on 06
areas, including financial statements, compliance and
operations, capital investment, information technology,
vault operations and FSMIMS Project; and centered
on high-risk issues. The internal audit operation was
conducted in consistence with the approved internal audit
plans, timelines in order to ensure the compliance with
the operational procedures, policies and legal framework
in a safe and efficient manner.
In 2012, internal
control and audit
were implemented
comprehensively,
making certain
contributions to
ensure the SBVs
operations in a safe
manner.
The SBV conducted financial statement audit at

18 units (including 4 Departments and 14 branches);
compliance and operation audit at 20 units (including 6
Departments and 14 branches); audit of 10 construction
and investment projects; IT audits at 9 unit (including 2
Departments and 7 branches); vault operation audit at the
9 branches with cash vault and audit of FSMIMS Project.
In 2012, the outcomes of internal audit operation
have contributed to clarify the strength, weaknesses
and potential risks in the SBVs activities. The Internal
Audit Department also advised other departments in
correcting shortcomings to ensure compliance with the
SBVs operational procedures and legal framework.
2. Human Resources and Training

Developments in human resource and personnel
structure
In 2012, in order to enhance the capacity of the
SBVs departments and units to ensure the effective
fulfillment of the SBVs roles as the State management
agency responsible for overseeing monetary and banking
The SBV continued

to enhance
ANNUAL REPORT 2012
51
quantity and
quality of SBV
units human
resource; upgrade
the effectiveness of
training activities,
with a close linkage
between training
and application
objectives.
areas and as the Governments advisor on monetary

policy formulation and implementation, the SBVs
personnel structure was adjusted toward having recruited
young staff who have been well-educated with high
professional skills for the policy making, implementing
and supervising departments at the SBVs Headquarter.
The age and quantity structure of the staff in branches
and headquarters units were as follows:
Chart 15 : Age structure in SBV headquarter and branches
Age
59-60
53-55
47-49
41-43
35-37
29-31
400
300
200
100
20-25
0
0
Number
SBV headquarter
100
200
300
400
500
SBV branches
Training Activities
Training activities pursued the target of developing
a capable professional human resource for formulating
and implementing central bank policies in line with
market principles by applying advanced technology,
international standards and practices for central banking,
thus contributing to effective implementation of the
SBVs state management function over monetary and
banking areas. In 2012, around 3126 SBVs staff were sent
to training courses, mostly post-graduated courses; shortterm professional training courses on monetary policy
formulation and implementation, banking inspection
and supervision, accounting, HR management; soft skills
training courses; manager training courses and others.
The focus of training programs was to equip the staff with
updated knowledge, experiences and skills to timely and
effectively deal with complicated and emerging issues in
52
banking restructuring process; risk management; banking

supervision; economic, financial and monetary analysis
and forecast. Most short-term courses were designed,
programmed and conducted at the Banking Training
School with increasingly improved training method and
close cooperation of in-home trainers who were key staff
at the SBVs departments.
Equipping staff with the sufficient knowledge and
skills in line with their respective assigned positions and
duties was set as medium and long term requirements for
training activities. In this context, in 2012, the analysis of
staffs capacity framework was conducted by the SBV and
accordingly, training framework and training plans for
each operation areas of the SBV were identified in line
with required capabilities for staff in each group or section
(e.g. monetary section, supervisory section, or group of
staff at director-level). As a result, the Decision No. 1280/
QD-NHNN dated 27/6/2012 was issued by the Governor,
promulgating the Regulation on training civil servants
and officials in the main direction of strengthening
training activities; developing human resources for a
modern central banking operation; training competent
staff to build up professional and specialized experts;
enhancing in-house trainers; encouraging knowledge
sharing and self-learning practices in the SBV. In addition,
the training scheme, which was proposed in 2012 and
planned to be implemented in 2013, also highlighted the
focus of training professional and specialized experts
capable of conducting research, making proposals,
responses to emerging and complicated issues, for the
key departments and units of the SBV.
During the implementation of training activities,
the SBV effectively mobilized and utilized resources (the
State budget, the SBV, and other supported resources);
especially through the training programs and projects
ANNUAL REPORT 2012
53
supported by the IMF, ADB, WB, JICA, GIZ, SECO,

ASDiV, central banks of German, England, Poland,
Sweden, updated and high skilled knowledge shared
by foreign specialists have timely met the requirements
of enhancing professional knowledge and updated
experiences for the SBVs staff.
Chart 16: Rounds of staff being trained in 2012
2,000
1,500
1,000
500
0
Professional Capability Enhancement training

Management and leading skills training
Completement of title standard, professional areas training
Supplement knowledge and skills training
Quantity of officials sent for Ph.D and Master studies
Human resource management and utilization

In 2012, the SBV adjusted sets of standards for
job titles, positions and vacancies to make functions
and duties of each unit more appropriate in order to
effectively perform the SBVs role as a State management
agency over the monetary and banking operations. In
particular, in 2012 the experienced and skilled staff
from commercial banking system (mostly from state
owned commercial banks), were supplemented to policy
making and supervisory units of the SBV, thus both
strengthening their capacity in monetary and banking
policy formulation and implementation and effectively
implementing rotation scheme of the SBV, particularly
for high level management staff of the SBVs system.
The human resource management and utilization of
high level management staff and professional staff of the
SBV was implemented in accordance with each assigned
duties and positions.
54
3. Scientific Research Activities

In 2012, the SBV executed 37 scientific research
topics and projects at the ministerial level, including the
appropriate monetary policy management framework in
Viet Nam; the development of foreign exchange market
towards 2020; the coordination of the monetary policy and
the fiscal policy to manage the macro-economy; the model
of macro-economy for planning and managing monetary
policies; the enhancement of inspection and supervision
activities on credit institutions; related research topics
to enhance the commercial bank governance such
as applying business safety standards and risk-based
management in consistent with international practices,
maturity mismatch issue, topics on HR development
resources, services and technology infrastructure of the
banking system. Research results of some projects in
2011 and 2012 were applied in implementing assigned
functions and duties and also kept for future reference
for the advice and recommendation to the SBVs board of
management in making policy decisions. Several typical
issues successfully applied in reality, such as important
solutions proposed in the topic on Solutions for Viet
Nam banking system in the current circumstance; topic
on Solutions to improve the quality of internal inspection
and audit in the SBV on the process of international
integration on banking operation. Besides, in 2012, 81
basic research projects were conducted in 02 universities
under the SBV, Banking Strategy Institute and School for
banking cadres. After finalized, the issues analyzed under
those research projects were timely deployed and applied,
meeting the practical requirements on teaching and doing
business activities. The SBV also successfully organized
02 scientific seminars at the ministerial level, namely
Coordinating fiscal and monetary policies in managing
the macro-economy and Solutions to modernize the
vault operation of the SBV; and two workshops on
several emerging issues in the fields of monetary, credit
and banking system. The discussion and shared views
in those workshops and seminars contributed to further
Banking Scientific
and technological
research activities
often pursued the
objectives and
responsibilities
and showed active
movements,
significantly
contributing to
the process of
macroeconomic
and monetary
policy management
in the SBV.
ANNUAL REPORT 2012
55
clarified theoretical grounds, arguments and solutions

to solve the complicated and emerging issues of the
banking operations, which were highly appreciated by
both domestic and international economic specialists
and attracted attention from mass media.
4. Statistics Work
Statistics work in
the SBV continued
to consolidate and
develop to better
serve the SBVs
operation and
management.
In 2012, the SBV actively applied advanced

informatics technologies, standardized the reporting
system in lines with international practices on monetary
financial statistics and domestic circumstances in order
to meet information requirements for monetary policy
management. In 2012, along with the improvement of
the statistical system, implementation of the Circular No.
21/2010/TT-NHNN, was conducted towards collecting
timely, sufficiently and precisely information, reports
from credit institutions and enhancing a database to
meet the requirements of data exploitation of concerned
units of the SBV. At the same time, the application of
technologies in the process of collecting, consolidating
and reviewing information also helped to shorten the
time to process data and improve the quality of statistical
reports. Consequently, statistics on monetary, credit and
banking activities remarkably improved and met the
SBVs requirements on the management and supervision
over the activities of credit institutions.
5. Information Technology
Development on IT application strategy
Expansion of
information
technology (IT)
applications,
together with
enhancement
of quality and
development of
electronic banking
services and utilities.
56
On 6th April 2012, the Governor promulgated

Decision No. 627/QD-NHNN on the SBVs IT Application
Strategy in the period of 2011-2015 to expand the IT
application strategy in management activities, internal
governance in line with the orientation on establishing
electronic government and toward to the modern central
banking model; improving the information transparency
and public services; gradually creating solid foundations
on the ITs infrastructure and ensuring the safety and
security of the data and information system used for
SBVs operations.
State management over banking information

technology
In order to create legal framework for IT application
in the safe manner, in 2012, the Governor promulgated
Circular No. 11/2012/TT-NHNN dated 25th April 2012
regulating the management and utilization of computer
network in the SBV; Circular No. 11/2012/TT-NHNN
dated 27th December 2012 on the development and
maintenance of banking function software. At the
same time, the SBV also implemented IT supervision
activities by compiling, analyzing and reviewing
credit institutions reports and directly examining in 9
credit institutions to timely detect, prevent and punish
violations on IT management, which ensured confidential
security, and enhanced IT systems governance quality,
implementation, and management in the SBVs units.
Functional activities were modernized gradually

In 2012, functional activities in the SBV were
continuously modernized through enhancing IT
applications, thus contributing to enhancing the SBVs
governance and management. The SBV accomplished
the establishment and started to operate the information
system on issuance and vault management, accordingly,
all activities including planning, examining issuance,
transporting currency notes in Viet Nam had
concentratively managed in the SBV; effectively applied a
model collecting consolidated electronic statistic reports
and data from headquarters of credit institutions, which
was in conformity with the operational model of credit
institutions; renewed data reporting method from written
documents to electronic reports, ensured timeliness,
readiness and consistency of the information; gathered
interbank monetary market information through
interbank electronic payment system to timely reflect the
market developments.
ANNUAL REPORT 2012
57
Banking IT
deliberately
infrastructure
was
developed
In 2012, the SBV embarked on establishing

high speed computer networks, banking data center
and disaster prevention center pursuant to standard;
improved Wide area network (WAN) connecting 58
SBVs branches with 5 centers of 2Mbps, and 5 centers
of 2 Mbps with main center of 10 Mbps. At the end
of 2012, SBVs electronic signature system provided
roughly 7.000 electronic licences for SBV and credit
institutions organizations and individuals, created
program exchanging safe electronic data for various
activities: interbank payment, financial report, reserve
requirement, report in accordance with Decree No.
82/2007/N-CP, statistics report, peoples credit union
branches.... Besides, the SBV set up focused technical
assistance service (Helpdesk) for officers in March, 2012,
to ensure consecutive and uninterrupted SBVs IT system
activities.
58
INTERNATIONAL COOPERATION
Part IV. International Cooperation

In 2012, the SBV was successful in promoting
external relation activities as planned and targeted to
strengthen cooperation with international partners and
mobilization of external technical and financial supports
to Viet Nam, contributing to efforts of macroeconomic
stabilization, economic development, accelerating the
international integration process and promoting Viet
Nams position in the international arena.
1. International Economic Integration Activities
As a part of ASEAN economic integration process,

in 2012, the SBV sent various high-ranking delegations
to actively attend the ASEANs Central Banks high-level
conferences to promote regional financial and banking
integration among ASEAN countries, contributing to
enhanced Viet Nam and SBVs role, voice and position of
in the global and regional financial and monetary forums.
Regional financial
and monetary
cooperation
expansion was
continued.
Under ASEAN+3 cooperation framework, Viet

Nam continued to participate in financial cooperation
initiatives including Chiang Mai Initiatives Multilateralization
(CMIM).
In
2012,
the
ASEAN+3
countries succeeded in reaching an overall agreement

in upgrading the fund scale to US$240 billion which
enabled the expansion of potential supports to include
crisis prevention mechanism beside the existing crisis
resolution one.
Within APEC framework, the SBV continued its
positive and proactive participation in APECs research
reports and financial cooperation initiatives, and
coordination with related ministries and agencies in the
various fields of the APECs cooperation activities.
ANNUAL REPORT 2012
59
Under SEACEN cooperation framework, the SBV

attended the Central Bank Governors Annual Meetings,
Central Bank Deputy Governors Annual Meetings and
some other deputy governor - level conferences which
created forums for Governors and Deputies to discuss
issues related to regional cooperation in banking and
finance research, training and other regional economic
issues.
On the other hand, the SBV sent its selected officials
to attend SEACEN short-term courses and seminars on
central banks topics. Through those courses, SBV staffs
were updated with latest financial, monetary and banking
developments in global and regional scopes.
In the implementation of Viet Nams WTO
free trade commitments on banking sector, the SBV
amended, supplemented and built various banking legal
documents with an aim to improve transparency of
policy, compliance with market rules and international
commitments to create a more equitable and favorable
business environment for banks operating in Viet Nam.
The SBV actively collaborated with related
ministries and agencies in preparing documents and
providing necessary information for the 1st Review
of Viet Nams Trade Policy after joining the WTO.
Through regular meetings of the Banking Working
Group under the Viet Nam Business Forum, the SBV had
open discussion with representatives of foreign banks
in Viet Nam on banking policies and technical issues.
The regular dialogues helped banks to understand more
about Viet Nams banking policies and regulations, on
the other hand, assisted the SBV to know banks concerns
and suggestions for timely and efficient resolutions for
pending issues.
Besides co-operation among regional organizations,
the SBV actively carried out guidelines of international
integration as set out by the Central Party and State by
60
participating in negotiations of agreements with regional

and non-regional partners. In recent years, the SBV
actively engaged in the preparation and negotiation
of economic, commercial and investment agreements
including Trans-Pacific Partnership (TPP), European
Union and Viet Nam Free Trade Agreement (EVFTA),
Free Trade Agreement between Viet Nam and the
European Free Trade Association (EFTA), Regional
Comprehensive Economic Partnership (RCEP).
2. Cooperation with International Financial and

Monetary Institutions
The SBV successfully continued its role as
Government of Viet Nam representative in multilateral
financial and monetary institutions including Asian
Development Bank (ADB), World Bank (WB) and
International Monetary Fund (IMF), consolidated on
relationships between Viet Nam and these organizations
and effective leveled on their support for Viet Nam in
Strengthened
relations with
international
monetary and
institutions
general and the SBV in particular.

The SBV continued acting as the Governments
representative in ADB by meeting and working with
various senior and technical missions of ADB to discuss
about socio-economic development situation in Viet
Nam; supporting implementation of the programs,
projects financed by the ADB; attending 45th ADBs
Annual Meeting. Particularly, the SBV completed
negotiation for 12 programs/projects with a total
fund of $1,282 billion, including $450 billion for 9
programs/projects from ADF source and $832 billion
for 3 programs/projects from OCR fund. From 1993
to December 2012, the ADB approved to finance 114
programs/projects with total $10.44 billion. Besides, the
SBV continued to implement and prepare for technical
assistance projects funded and to be funded by the ADB
in the banking sector, including microfinance, non-bank
ANNUAL REPORT 2012
61
sector and those to build capacity for SBV in monetary

policy conduct foreign exchange management. In the area
of policy advice, in October, 2012, ADB announced the
Country Partnership Strategy (CPS) for Viet Nam during
2012-2015 which will help the ADB to continue its strong
and targeted supports to Viet Nam in implementing 2020
vision, including the supports to banking and financial
sector. Under the mentioned Strategy, ADB will earmark
USD1.3 billion for Viet Nam per year in the period of
2012-2015 in order to carry out the objectives set out in
the framework of the Governments Socio-Economic
Development Plan (SEDP) for 2011-2015.
The relationship between Viet Nam and the WB
continued to be strengthened. The State Bank of Viet Nam
actively participated in various conferences organized
by the World Bank in order to seek for concurrence in
maintain the IDA preferential borrowing status for Viet
Nam and received a positive feedbacks from leaders
and major shareholders of the World Bank. In 2012, the
SBV successfully conducted management over projects
and technical assistances funded by the World Bank
for the banking sector, at the same time, it engaged in
negotiation of and signed agreements for 18 programs/
projects with total IDA concessional loans of more than
$ 2.2 billion and more than $ 570 million from IBRD
funds, which brought the total number of programs/
projects entered with the World Bank as of December
2012 to 135 programs / projects with over $ 16 billion.
The SBV also worked with the Ministry of Planning and
Investment and the World Bank under the framework
of the Consultative Group meeting of donors to channel
donors financial support and technical assistance for Viet
Nam. Following the success of The Poverty Reduction
Support Credit (PRSC), the SBV, in collaboration with
the World Bank and concerned Ministries, developed a
Program for Management Support and Enhance Economic
Competitiveness (EMCC) to support the implementation
62
of national major reforms with an aim to create a

development momentum for the country to be shifted
from natural condition based growth to productivity
and competitiveness basis, the first cycle was planned to
complete from 2012 to 2015 with approximately $ 250
million per program per year (not including co-financed
funds). A collaboration between the World Bank and
SBV helped to build a Country Partnership Strategy
(CPS) 2012-2016, which was expected to allocate from
IDA about SDR 2.8 billion (approximately 4.2 billion
USD) and USD770 million from IBRD for fiscal year of
2012-2014 to investment and policy making activities to
help Viet Nam to enhance its competitiveness, capture
opportunities for sustainable development.
In 2012, the SBV actively participated in a wide
range of activities to improve Viet Nams role as an IMF
member country; the relationship between Viet Nam and
the IMF continued to be maintained and consolidated
through policy dialogues, macroeconomic surveillance,
technical assistance and other activities. Viet Nam
was negotiating with the IMF to raise its share from
SDR 460.7 million to SDR 1.1531 million, equivalent
to a quota increase from 0.193% to 0.242%. This year,
the country also voluntarily contributed its first-time
distributed profit from the IMFs sale of more than 400
tons of gold to the Poverty Reduction and Growth Trust
(PRGT). More as a norm, the IMF sent annual Article
IV consultation and staff visit missions to Viet Nam to
update and assess its economic developments and outlook
and make appropriate policy recommendations. The
IMF also had regular policy dialogues with and provide
advices to the SBV as well as other government agencies,
at the same time highly appreciated Viet Nams efforts
and achievements during recent years. The Fund always
expressed its willingness to assists Viet Nam Government
in policy and resolution toward macroeconomic
stability. Specifically, the IMF provided many rounds
ANNUAL REPORT 2012
63
of technical assistance in monetary and exchange rate

policies, monetary and external sectorstatistics, financial
soundness indicators compilation, banking supervision,
and anti-money laundering and terrorist financing.
The IMF also financed around 100 officials from the
SBV and other government agencies to participate in
specialized courses and seminars on macroeconomic and
policy topics in Singapore, US and Austria Institutes. In
addition, the SBV cooperated with the IMF to organize
training courses in Viet Nam for government officials
from Southeast Asian countries. Rounds of SBV staff
were also sent to work at the IMF Representative Office
in Hanoi to exchange knowledge and improve research
and analytical skills.
3. Bilateral Cooperation Relations
Close relations with

other central banks
and international
financial
institutions.
SBV continued to create strong relationships and

maintain regular contact with other Central Banks,
financial institutions to mobilize international supports
to strengthen the capacity of the SBV as a central bank
and its position in the international forums of financial
sector. In 2012, the State Bank signed memorandum of
understandings on cooperation in the field of banking
with Qatar Central Bank (1/2012), National Bank of
Kazakhstan (09/10/2012), Memorandum of AML
cooperation with National Bank of Cambodia (3/2012),
Memorandum of Understandings on the exchange of
information for Banking Supervision with Reserve Bank
of India (11/16/2012), Central Bank of Myanmar (at
11/29/2012) and a memorandum for cooperation with
Brunei Currency and Monetary Board during the visit of
Viet Nam President to the 2 above countries (11/27/2012)
and an, Amendment to 2003 Memorandum on Technical
support with Deutsch BundesBank (12/04/2012).
Regarding the implementation of programs and
projects of cooperation in the field of banking and finance,
the SBV cooperated with the U.S. Treasury to implement
64
the technical assistance program to enhance capacity of

central banking performance and its Banking Supervisory
Agency, with the French Development Agency (AFD)
to accelerate the implementation of a technical support
to complete micro-finance legal framework, strengthen
its corporate governance and supervision in Viet Nam.
SBV entered into agreement with JICA on extension of
the existing project namely Strengthening of inspection,
monitoring for the State Bank of Viet Nam until June
2013. Following the success of the SBV institutional
capacity building program and Phase 1 of Training
for Banch directors of Commercial banks Project,
Switzerland Federal Government through Swiss Federal
Department of Economic Switzerland (SECO) express
their intention to continue support for SBV and the
banking sector in Viet Nam through the project Training
for Banch directors of Commercial banks phase 2.
In term of training, the SBV, in cooperation with
relevant stakeholders, organized courses, seminars and
workshops on financial -banking topics with lecturers
from Luxembourg, Sweden and Poland. Besides, SBV
actively worked with relevant agencies to implement
training programs on various financial and banking
issues for Bank of the Laos PDR and initiated a training
support programs for the National Bank of Cambodia.
In June 2012, the SBV successfully organized the
97 Council Meetings of the International Investment
Bank (MIB) and 119th Bank for International Economic
Cooperation (MBES). The 11th Viet Nam - Russia
Interbank Working Group was held in September
2012 and 2012 Typologies Meeting of the Asia - Pacific
Conference for Money Laundering (APG) was also
held in Hanoi some weeks later. These events provided
opportunities for member countries and international
experts to share experiences, to expand cooperation in
various fields of finance, banking and money laundering
prevention.
th
ANNUAL REPORT 2012
65
APPENDIX
APPENDIX
66
APPENDIX
APPENDIX 1: INTEREST RATES ANNOUNCED BY THE SBV

Unit: % per annum
Time
Refinancing Rate
Rediscount Rate
OMO Bid Rate
December 2011
15
13
14
January 2012
15
13
14
February 2012
15
13
14
March 2012
14
12
13
April 2012
13
11
12
May 2012
12
10
11
June 2012
11
10
July 2012
10
August 2012
10
September 2012
10
October 2012
10
November 2012
10
December 2012
APPENDIX 2: OPEN MARKET OPERATIONS

Bid
2011
2012
431
299
Maturity (days)
7; 14
7; 14; 21
Number of Bidders
8,469
1,431
Bid volume (VND billion)
5,981,403
657,371
Success volume (VND billion)
2,801,253
449,922
10-15
7-14
Volume
Volume; Interest
2011
2012
No
79
Number of sessions
Interest rate (% per annum)

Bidding method
Ask
Number of sessions
Maturity (days)
28; 56; 91; 182
Number of Bidders
1,003
Bid volume (VND billion)
723,820
Success volume (VND billion)
174,000
Interest rate (% per annum)
3.48-12.5
Bidding method
Volume; Interest
ANNUAL REPORT 2012
67
APPENDIX
APPENDIX 3: REQUIRED RESERVE RATIO DURING 2010-2012
FOREIGN CURRENCY DEPOSITS
12-month and up deposits
VND DEPOSITS
Demand and less than

12-month deposits
Deposits of customer, State Treasury,

issuance of valuable papers
12-month and up deposits
Deposits of customer, State Treasury,

issuance of valuable papers
Demand and less than
12-month deposits
May-2011
Dec-2010(*)
Feb-2010
Effective time
Jun-2011
Unit: %
State-owned
State-owned
Viet Nam Bank
Viet Nam Bank
Viet Nam Bank
Viet Nam Bank
State-owned
commercial banks
State-owned
commercial banks
for Agriculture
for Agriculture
for Agriculture
for Agriculture Deposits of credit
commercial banks
(except VBARD),
commercial banks
(except VBARD),
and Rural
and Rural
and Rural
and Rural
institutions
(except VBARD),
urban joint stock
(except VBARD),
urban joint stock
Development
Development
Development
Development
abroad
urban joint stock
commercial
urban joint stock
commercial
(VBARD),
(VBARD),
(VBARD),
(VBARD),
commercial
banks, foreign
commercial
banks, foreign
rural joint stock
rural joint stock
rural joint stock
rural joint stock
banks, foreign
bank branches,
banks, foreign
bank branches,
commercial
commercial
commercial
commercial
bank branches,
joint venture
bank branches,
joint venture
banks, Central
banks, Central
banks, Central
banks, Central
joint venture
banks, financial
joint venture
banks, financial
Peoples Credit
Peoples Credit
Peoples Credit
Peoples Credit
banks, financial
companies,
banks, financial
companies,
Fund, cooperative
Fund, cooperative
Fund, cooperative
Fund, cooperative
companies.
financial leasing
companies.
financial leasing
banks
banks
banks
banks
companies
companies
Sep-2011(**)
(*) (*) Since 12/2012, according to Circular No. 20/2010/TT-NHNN dated 29/9/2010 of the SBV providing guidance on implementing monetary tools to support credit institutions to provide agricultural
and rural development credits, credit institutions are classified into 2 groups in terms of required reserves ratio for VND deposits: (1) institutions applying regular required reserves ratios; and (2) institutions
applying lower ratios if they provide high ratio of rural and agricultural development credit. Specifically, for institutions providing more than 70% and from 40%-70% of its total credit to rural and
agricultural development areas, the applied required reserves ratios will be 1/20 and 1/5 correspondingly compared to regular ones.
(**) Deposits of offshore credit institutions according to Circular No. 27/2011/TT-NHNN dated 31 August 2011 and according to Decision No. 1972/Q-NHNN on applying credit institutions required
reserve ratio to foreign exchange deposits of overseas credit institutions.
68
APPENDIX
APPENDIX 4: BALANCE OF PAYMENT

Unit: USD million
2011
233
-450
96,906
97,356
106,750
-3,168
8,692
11,860
8,685
8,326
359
-4,834
395
5,229
2012
9,061
9,884
114,573
104,689
113,792
-2,920
9,600
12,520
8,212
7,912
300
-6,115
295
6,410
BALANCE OF CAPITAL AND FINANCE

Foreign Direct Investment (FDI)
Foreign Investment in Viet Nam
Viet Nams Investment Abroad
Loans, Medium and Long Term Debt
Disbursement
Government Loans
Business Loans (excluding FDI)
Amortization
Repayment of Government
Repayment of enterprises (FDI+Viet Nam enterprises)
Short term borrowing and servicing
Disbursements
Amortization
Foreign Indirect Investment (FII)
Foreign Investment in Viet Nam
Viet Nams Investment abroad
Cash and Deposit
Banking sector
Other sectors
6,490
6,569
7,519
950
3,285
5,706
3,893
1,813
2,421
792
1,629
1,615
14,568
12,953
1,460
1,111
-349
-6,439
445
-6,884
8,330
7,168
8,368
1,200
3,908
7,410
4,086
3,324
3,502
920
2,582
1,306
16,011
14,705
1,990
1,887
-103
-6,042
107
-6,149
ERRORS AND OMISSIONS
-5,574
-5,524
D. OVERALL BALANCE
1,149
11,867
E. FINANCING
-1,149
-11,867
10. Change of International Reserves

Change of SBVs total foreign assets except IMF fundings
IMF fundings
Loans
Payment
11. Change of overdue and rescheduled debts
Change of overdue debt
Rescheduling
-1,149
-1,118
-31
0
31
0
0
0
-11,867
-11,847
-20
0
20
0
0
0
A.
1.

CURRENT ACCOUNT BALANCE

Balance of Trade
Export (FOB)
Import (FOB)
Import (CIF)
2. Service
Receipts
Payments
3. Transfers
Private Sector
Public Sector
4. Investment Income
Receipts
Payments
B.
5.
6.
7.
8.
9.
C.
ANNUAL REPORT 2012
69
APPENDIX
APPENDIX 5: USD/VND EXCHANGE RATE

Unit: VND/USD
Exchange Rate end - month
Average Exchange Rate in the Month
Average Rate of
Commercial Banks
Average Rate on the

Inter-bank Foreign
Currency Market
Buying
January
20,828
February
Average Rate of
Commercial Banks
Selling
Average Rate on the Interbank Foreign Currency

Market
Buying
Selling
20,936
21,036
20,828
20,975
21,008
20,828
20,810
20,870
20,828
20,850
20,912
March
20,828
20,800
20,860
20,828
20,814
20,878
April
20,828
20,850
20,930
20,828
20,819
20,874
May
20,828
20,840
20,890
20,828
20,826
20,872
June
20,828
20,850
20,925
20,828
20,902
20,965
July
20,828
20,850
20,885
20,828
20,852
20,893
August
20,828
20,840
20,880
20,828
20,837
20,874
September
20,828
20,860
20,900
20,828
20,839
20,883
October
20,828
20,825
20,865
20,828
20,842
20,883
November
20,828
20,830
20,870
20,828
20,829
20,873
December
20,828
20,820
20,860
20,828
20,825
20,867
2012
APPENDIX 6: DOMESTIC GOLD PRICES

Unit: Million VND/Tael
Gold Price end - month
Average Gold Price in the Month
January
45.33
43.88
February
45.27
45.00
March
44.00
44.33
April
43.09
43.20
May
41.46
41.70
June
41.72
42.01
July
42.09
41.88
August
44.52
43.03
September
47.46
46.56
October
46.13
47.07
November
47.22
46.97
December
46.30
46.72
70
APPENDIX
APPENDIX 7: CONSUMER PRICE INDEX
2011
2012
December
November
11.60 15.96 18.44 19.78 21.65 21.87 21.64 20.71 19.89
Month on month
2.38
3.56
2.99
2.20
Year on year
14.11 15.67 19.39 21.42 25.20 26.80 27.04 28.32 27.90 26.72 24.22 19.89
Year to date
0.32
1.49
1.32
1.68
2.12
2.68
3.22
3.47
4.11
4.49
5.07
6.52
Month on month
0.32
1.17
-0.17
0.35
0.44
0.55
0.52
0.24
0.62
0.37
0.55
1.38
Year on year
17.48 14.78 11.25
9.23
5.58
3.94
3.31
1.97
2.42
2.99
4.35
6.52
Year to date
1.36
3.35
4.12
4.27
4.55
4.78
4.84
5.08
6.46
7.58
9.58
11.75
Month on month
1.36
1.96
0.75
0.14
0.27
0.22
0.06
0.23
1.31
1.05
1.86
1.98
Year on year
7.62
8.46
9.46
9.23
9.05
8.69
8.19
8.18
8.92
9.66
11.09 11.75
Year to date
1.74
3.87
6.12
9.64
12.07 13.29 14.61 15.68 16.63 17.05
17.5
18.13
Month on month
1.74
2.09
2.17
3.32
2.21
0.39
0.53
Year on year
12.17 12.31 13.89 17.51 19.78 20.82 22.16 23.02 22.42 21.59 19.83 18.13
Year to date
1.00
2.38
2.55
2.60
2.78
2.52
2.22
2.86
5.13
6.02
6.52
6.81
Month on month
1.00
1.37
0.16
0.05
0.18
-0.26
-0.29
0.63
2.20
0.85
0.47
0.27
Year on year
17.27 16.44 14.15 10.54
8.34
6.90
5.35
5.04
6.48
7.00
7.08
6.81
3.91
2.14
1.09
1.13
1.17
1.56
0.93
0.18
0.82
October
9.19
August
6.02
July
2.38
June
Year to date
Time
May
April
2010
March
2009
February
2008
January
Year
September
Unit: %
-0.19
0.36
-0.76
-0.68
Source: General Statistics Office
ANNUAL REPORT 2012
71
APPENDIX
APPENDIX 8: MONETARY AND CREDIT INDICATORS

2011
QI/2012
QII/2012
QIII/2012
QIV/2012
1. Total liquidity
3,125,960
3,166,352
3,306,645
3,408,878
3,702,867
2. Deposit of resident economic entities and

individuals
2,754,968
2,796,233
2,938,643
3,006,451
3,247,363
3. Claims to the economy
2,839,525
2,813,333
2,887,697
2,915,693
3,090,904
1. Total liquidity
12.07
1.29
5.78
9.05
18.46
2. Deposit of resident economic entities and

individuals
12.39
1.50
6.67
9.13
17.87
3. Claims to the economy
14.70
-0.92
1.70
2.68
8.85
Absolute Value (billion VND)
Annual growth rate (%)
APPENDIX 9: GROSS DOMESTIC PRODUCT

Year
GDP at Current Price (VND billion)
GDP Growth* (%)
GDP Per Capita

(VND thousand)
2005
914,000
7.55
11,093
2006
1,061,600
6.98
12,742
2007
1,246,800
7.13
14,804
2008
1,616,000
5.66
18,986
2009
1,809,100
5.40
21,031
2010
2,157,800
6.42
24,822
2011
2,779,900
6.24
31,647
2012
3,245,400
5.25
36,556
Source: General Statistics Office

Note: * Base year 2010
72
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