Illustrative image (Source: VNA).

The strategy sets the goal of improving independence, activeness and accountability of the State Bank of Vietnam (SBV) for directing monetary policy, controlling inflation, supporting macroeconomic stability and fuelling sustainable economic growth.

It also looks to strengthen institutional capacity and banking supervision of the SBV, expand its scope of supervision into financial corporations with parent ones. It will follow Basel banking supervision rules by late 2025.

The rate of cash among all means of payment is set to be below 10 percent by late 2020 and 8 percent by late 2025.

The strategy also aims to enhance public access to financial and banking services, especially in rural, mountainous and poor areas.

To that end, it outlines key measures such as refining legal framework on monetary market and banking in line with international practices, renewing management of foreign currencies and gold, developing and monitoring important payment systems in the economy, improving the efficiency of banking inspection, developing modern banking services, and enhancing access to banking services.

Source: VNA