2008

BAO CAO THNG NIN 2008 NGN HANG NHA NC VIT NAM
2
MUC LUC
IOI IbA CbA IHNG C
Tru s chnh va cac chi nhanh NHNN tnh, thanh ph
Ban lanh ao NHNN
S t chc cua NHNN
H thng t chc cua cac TCTD
kINH I IH GIOI VA VII NAM
Kinh t th gii
Kinh t Vit Nam
San xut
Xut nhp khu hang hoa
Lao ng, vic lam, thu nhp
Thu chi Ngn sach
Can cn thanh toan quc t
DIN 8IN IAM FHAI NM 2008
DIN 8IN IIN I
Din bin tng phng tin thanh toan
Huy ng vn cua h thng ngn hang
Tn dung tip tuc tng trng, ap ng nhu cu vn cho phat trin kinh t
Lai sut VND va ngoai t
Th trng ngoai t lin ngn hang
Hoat ng th trng u thu tn phiu kho bac
HOAI NG CbA NHNN
IU HANH CHNH SACH TIN T NM 2008
Quan ly ngoai hi
Kt qua iu hanh chnh sach tin t
Hoat ng thanh tra giam sat
Hoat ng thanh toan
Hoat ng i ngoai
HOAT NG KHAC
IPIN VONG kINH I V M VA HOAI NG NGN HANG NM 200
Trin vong kinh t v m toan cu va khu vc va anh hng n kinh t Vit Nam
Muc tiu iu hanh chnh sach tin t
Hoat ng i ngoai
FHb IbC
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FOPWOPD 8Y IH GOVPNOP
Head Office and Provincial Branches
Management Board of the State Bank of Vietnam
Organization Chart of the State Bank of Vietnam
Credit Institutions System in Vietnam
WOPID AND VIINAM$ CONOMY
World economy
Vietnamese economy
Production
Export and import
Labor, employment and income
State Budget revenue and expenditures
International Balance of Payment
INFIAIION DVIOFMNI$ IN 2008
MONIAPY DVIOFMNI$
Total liquidity developments

Fund mobilization by banks
Credit continued to grow, meeting the demand of funds for economic development
VND and foreign currency interest rates

Inter-bank foreign exchange market
Market for Treasury bills
$IAI 8ANk OFPAIION$
MONETARY POLICY MANAGEMENT IN 2008
Foreign exchange management
The monetary policy management performance
Banking supervision
Payment systerm
International cooperation
OTHER ACTIVITIES
FPO$FCI$ FOP MACPO-CONOMY AND 8ANkING $CIOP IN 200
Global and regional macroeconomic prospects and impacts on the Vietnamese economy
Monetary policy management targets
Supervision and inspection
International cooperation
AFFNDIX$
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ANNUAL REPORT 2008 STATE BANK OF VIETNAM
3
CONTENTS
N
m 2008, th gii cung nh Vit Nam a chng kin din bin phc tap va nhng hu qua nng
n cua cuc khung hoang tai chnh toan cu. Kinh t th gii tng trng chm lai, nhiu nc phat
trin nh My, Nht Ban, cac nc thuc lin minh chu u a lm vao tnh trang suy thoai kinh t;
thng mai toan cu, th trng chng khoan th gii sut giam; gia ca quc t bin ng bt thng; hang
loat cac nh ch tai chnh ln trn th gii pha san, giai th hoc sap nhp...Vi m ca nn kinh t
ln, kinh t Vit Nam khng tranh khoi chu tac ng bi nhng din bin phc tap cua mi trng kinh t
th gii. Trong nc, kinh t v m phai i mt vi nhiu yu t khng thun li nh tnh trang lam phat
va nhp siu tng manh trong 6 thang u nm; tnh trang tng trng kinh t chm lai, san xut kinh
doanh cua doanh nghip gp kho khn trong 6 thang cui nm do kinh t toan cu suy giam.
Trong bi canh o, Chnh phu Vit Nam a trnh Quc hi iu chnh giam muc tiu tng trng kinh
t nm 2008 t mc 8,5%-9% xung 7% va chuyn sang u tin kim soat lam phat la muc tiu hang u
trong 6 thang u nm; bc sang na cui nm, trc tac ng bt li cua cuc khung hoang tai chnh
va nguy c suy thoai kinh t toan cu, Chnh phu a chuyn hng muc tiu chnh sach sang chu ng
ngn nga suy giam kinh t. Theo o, cac chnh sach va giai phap c thc hin linh hoat, ng b va
kp thi, gop phn n nh kinh t v m, duy tr tng trng kinh t mc hp ly, am bao an sinh xa hi.
Vi vai tro la c quan quan ly nha nc v hoat ng tin t, tn dung va ngn hang, ng thi la ngn
hang trung ng cua nc Cng hoa Xa hi chu ngha Vit Nam, Ngn hang Nha nc Vit Nam a bam
sat ch ao cua Chnh phu, linh hoat trong iu hanh chnh sach tin t, tn dung va hoat ng ngn hang
n nh th trng tin t, ngoai hi, am bao hoat ng cua cac t chc tn dung an toan, ap ng nhu
cu vn cho cac t chc va ca nhn san xut kinh doanh, c bit i vi cac lnh vc san xut, xut
khu, nng nghip, nng thn, doanh nghip nho va va...
Nm 2009, khung hoang tai chnh va suy thoai kinh t toan cu vn tip din va tac ng bt li n
tng trng kinh t nc ta. Quc hi va Chnh phu Vit Nam a t ra muc tiu va quyt tm cao la ngn
chn suy giam kinh t, phong nga lam phat, n nh kinh t v m, duy tr tc tng trng kinh t
mc hp ly, bn vng, am bao an sinh xa hi. Nhim vu cua nganh Ngn hang Vit Nam nm 2009 la
bao am gop phn thc hin muc tiu nu trn, ng thi am bao h thng ngn hang phat trin an toan,
lanh manh, tip tuc khng nh vai tro trung gian tai chnh trong nn kinh t th trng nh hng XHCN.
Thng c Ngn hang Nha nc Vit Nam
LI TA CUA THNG C
NGUYN VN GIAU
4
5
NGUYEN VAN GIAU
I
n 2008, either the world or Vietnam did experience complicated developments and severe consequences
of the global financial crisis. World economic growth slowed down; many developed countries such as the
United State of America, Japan, and EU member nations suffered from economic recession; there were
a drop in global trade and worldwide stock markets, an abnormal fluctuation in global prices, and bankrupt-
cy, liquidation or merger of a series of big financial institutions in the world. Because of the wide openness
of the economy, Vietnam could not but avoid impact of complex developments of the world economic envi-
ronment. Domestically, domestic macroeconomy had to face a lot of adverse factors such as the surge in
inflation and trade deficit during the first 6 months of 2008, the slowdown in economic growth, and difficulties
in manufacturing and operations of enterprises in the second half of the year due to global economic slow-
down.
In this context, in the first 6 months, the Government recommended the National Assembly to adjust the
economic growth rate target for 2008 down to 7% from the original range of 8.5% 9% and aim at the infla-
tion combat as top priority. However, in the second half of 2008, the Government aimed its policy priority to
actively preventing economic downturn amid the financial crisis and risks of global economic recession.
Accordingly, policies and measures were implemented in a flexible, timely, and comprehensive manner,
therefore contributing to stabilizing macroeconomy, maintaining proper economic growth, and ensuring social
protection.
As the state regulator of monetary, credit, and banking operations as well as the central bank of the
Socialist Republic of Vietnam, the State Bank of Vietnam (SBV) has closely followed the Governments direc-
tives by flexibly managing monetary and credit policies and banking operations so as to stabilize the money
and foreign exchange markets, to maintain safe and sound operations of credit institutions, to meet capital
needs of entities and individuals for their production and business, especially in the fields of production,
export, agriculture, rural areas, and small and medium enterprises, etc.
In 2009, the global financial crisis and economic recession will keep ongoing and cause adverse effects
on Vietnams economic growth. The National Assembly and the Government have charted out the objectives
with enormous efforts to prevent economic slowdown, to combat inflation, to stabilize macroeconomy, to
maintain proper and sustainable economic growth, and to ensure social protection. Vietnams banking indus-
try will undertake the tasks of contributing to meeting the aforesaid objectives, as well as ensuring the sound
and safe development of the banking sector, and continuing to assert the role of financial intermediation in
the socialist-orientated market economy.
Governor State Bank of Vietnam
FOREWORD BY THE GOVERNOR
BAO CAO THNG NIN 2008
HEAD OFFICE AND PROVINCIAL BRANCHES
NGN HANG NHA NC VIT NAM
6
TRU S CHNH VA CA C CHI NHA NH TNH, THA NH PH
ng Nguyn Vn Giau
Thng c - Governor
ng Trn Minh Tun
Pho Thng c thng trc
Standing Deputy Governor
ng Nguyn Vn Bnh
Pho Thng c
Deputy Governor
ng Nguy n Toa n Thng
Pho Thng c
Deputy Governor
BAN LANH AO NGN HANG NHA NC VIT NAM
MANAGEMENT BOARD OF THE STATE BANK OF VIETNAM
ng ng Thanh Bnh
Pho Thng c
Deputy Governor
ng Nguyn ng Tin
Pho Thng c
Deputy Governor
7
8
S T CH C CU A NGN HA NG NHA N C VI T NAM
Vu Thanh toa n
Vu Tn du ng
Vu D ba o,
th ng k
ti n t
Vu H p ta c
qu c t
Vu Ki m
toa n n i b
Vu Pha p ch
Vu Ta i chnh -
K toa n
Vu T ch c
ca n b
VU/CUC CHC NNG, NHIM VU
Vu Qua n ly
ngoa i h i
Vu Chnh
sa ch ti n t
Tham mu, giu p Th ng c th c hi n ch c nng qua n ly nha
n c v ngoa i h i va hoa t ng ngoa i h i theo quy nh cu a
pha p lu t.
Tham mu giu p Th ng c NHNN th c hi n ch c nng qua n
ly nha n c trong vi c tha nh l p, hoa t ng va pha t tri n ca c
TCTD (tr TCTD h p ta c) va hoa t ng ngn ha ng cu a ca c t
ch c kha c nh m a m ba o an toa n h th ng.
Tham mu, giu p Th ng c xy d ng chnh sa ch ti n t qu c
gia va s du ng ca c cng cu chnh sa ch ti n t theo quy nh
cu a pha p lu t.
Tham mu cho Th ng c NHNN th c hi n qua n ly nha n c
i v i ca c TCTD h p ta c, Quy tn du ng Nhn dn.
Tham mu, giu p Th ng c th c hi n qua n ly nha n c v lnh
v c thanh toa n trong n n kinh t qu c dn theo quy nh cu a
pha p lu t.
Tham mu, giu p Th ng c th c hi n qua n ly nha n c v lnh
v c tn du ng ngn ha ng va i u ha nh th tr ng ti n t theo
quy nh cu a pha p lu t.
Tham mu, giu p Th ng c th c hi n cng ta c d ba o, th ng
k ti n t theo quy nh cu a pha p lu t.
n c v h p ta c va h i nh p qu c t thu c pha m vi qua n ly
cu a Ngn ha ng Nha n c theo quy nh cu a pha p lu t.
Tham mu, giu p Th ng c th c hi n ki m toa n n i b hoa t
ng cu a ca c n v thu c Ngn ha ng Nha n c.
Tham mu, giu p Th ng c th c hi n qua n ly nha n c b ng
pha p lu t va tng c ng pha p ch xa h i chu ngha trong nga nh
Ngn ha ng.
Tham mu, giu p Th ng c th c hi n cng ta c ta i chnh, k
toa n, u t xy d ng c ba n cu a Ngn ha ng Nha n c va
qua n ly nha n c v k toa n, u t xy d ng c ba n cu a
nga nh Ngn ha ng theo quy nh cu a pha p lu t.
Tham mu cho Th ng c, Ban ca n s a ng Ngn ha ng Nha
n c th c hi n cng ta c t ch c, bin ch ; qua n ly , s du ng
ca n b , cng ch c, vin ch c; ch ti n lng va ca c ch
kha c thu c pha m vi qua n ly cu a Ngn ha ng Nha n c theo quy
nh cu a pha p lu t.
Vu Thi ua -
Khen th ng
Tham mu, giu p Th ng c qua n ly nha n c v cng ta c thi
ua, khen th ng trong nga nh Ngn ha ng theo quy nh cu a
pha p lu t.
Thanh tra
ngn ha ng
Th c hi n thanh tra chuyn nga nh v ngn ha ng va giu p
Th ng c th c hi n nhi m vu quy n ha n thanh tra trong ca c
lnh v c thu c pha m vi qua n ly cu a NHNN theo quy nh cu a
pha p lu t.
Vn pho ng
Tham mu, giu p Th ng c ch a o va i u ha nh hoa t ng
ngn ha ng; th c hi n cng ta c ca i ca ch ha nh chnh cu a Ngn
ha ng Nha n c; qua n ly hoa t ng thng tin, tuyn truy n, ba o
ch, vn th, lu tr cu a nga nh ngn ha ng theo quy nh cu a
pha p lu t; th c hi n cng ta c ha nh chnh, l tn, vn th, lu
tr ta i Tru s chnh Ngn ha ng Nha n c.
Vu Ca c ngn
ha ng va t ch c
tn du ng phi
ngn ha ng
Vu cac t
chc tn
dung hp tac
Credit
Department
Monetary
Forecast and
Statistics
Department
International
Cooperation
Department
Internal
Audit
Department
Legal
Department
Accounting and
Finance
Department
Personnel
Department
Emulation and
Rewarding
Department
Foreign
Exchange
Department
Monetary
Policy
Department
Advise and assist the SBV Governor on implementing state
management of foreign exchange and foreign exchange
activities in accordance with law.
Advise and assist the Governor of the State Bank of Vietnam
(SBV) on making national monetary policies and using mon-
etary policy tools in accordance with the law.
Advise and assist the SBV Governor on conducting state
management of cooperative credit institutions, Peoples Credit
Fund..
management of payment system in the economy in accor-
dance with law.
Advise and assist the SBV Governor on conducting state
management of credit operations and managing monetary
market in accordance with law.
Advise and assist the SBV Governor on implementing mone-
tary forecast and statistics in accordance with law.
management of the international cooperation and integration
tasks of the SBV in accordance with law.
Advise and assist the SBV Governor on conducting internal
audits of entities in the SBV.
management by law and enhancing socialism legislation in
the banking industry.
Advise and assist the SBV Governor on conducting tasks of financing,
accounting, investment on construction and implementing state manage-
ment of accounting, investment on construction in banking industry in
accordance with law.
Advise and assist the SBV Governor and the Party Committee on
institutional organization, personnel, employees salary and other
bonuses of the SBV in accordance with law.
Advise and assist the SBV Governor in implementing state
management functions on emulation and rewarding in the
banking industry in accordance with law.
Banking
Supervision
Conduct professional supervision and advise the SBV Governor on
implementing the powers and responsibilities of supervision in the areas
subject to the management of SBV in accordance with law.
SBV Office
Advise and assist the SBV Governor to manage and implement banking
activities; conduct administrative reform of the SBV; manage informa-
tion, communication, press, administration, archive activities in the
banking system in accordance with law; implement administrative work,
protocols, archive activities at the SBV Headquarters.
Banks and Non-
bank Credit
Institutions
Department
Cooperative
Credit
Institutions
Department
Advise and assist the SBV Governor on implementing state manage-
ment of establishment, operation and development of credit institutions
(excluding cooperative credit institutions) and banking operations of
other institutions in order to ensure the stability of system.
Payment and
Settlement
System
Department
UNITS FUNCTIONS
9
ORGANIZATION CHART OF THE STATE BANK OF VIETNAM
Cu c pha t ha nh
va kho quy
Cu c Qua n tr
S Giao dch
Ban qua n ly
ca c d a n tn
du ng qu c t
Cu c Cng ngh
tin ho c
Tham mu, giu p Th ng c th c hi n qua n ly nha n c
chuyn nga nh v lnh v c cng ngh tin ho c trong pha m vi
toa n nga nh Ngn ha ng.
n c va ch c nng Ngn ha ng Trung ng v lnh v c pha t
ha nh va kho quy theo quy nh cu a pha p lu t.
Tham mu, giu p Th ng c qua n ly ta i sa n, ta i chnh, c s v t ch t
ky thu t, h u c n, ba o v an ninh, tr t t an toa n c quan, chm lo
i s ng, s c kho e cho ca n b , cng ch c, vin ch c va ng i lao
ng thu c Tru s chnh Ngn ha ng Nha n c.
Tham mu, giu p Th ng c th c hi n ca c nghi p vu Ngn
ha ng Trung ng.
Qua n ly va th c hi n ca c d a n tn du ng qu c t do ca c t ch c
ta i chnh ti n t qu c t , n c ngoa i ta i tr .
Th c hi n nhi m vu a i di n theo s u y quy n cu a Th ng c.
Thu nh n, phn tch va thng ba o nh ng thng tin lin quan
n hoa t ng r a ti n cho ca c c quan co th m quy n theo
quy nh, giu p Th ng c NHNN th c hi n ca c nhi m vu c
giao nh chu tr ph i h p v i ca c c quan h u quan xy d ng
th c hi n chnh sa ch pho ng, ch ng r a ti n ta i Vi t Nam.
Nghin c u va xy d ng chi n l c, quy hoa ch, k hoa ch pha t
tri n nga nh Ngn ha ng; t ch c nghin c u khoa ho c va pha t
tri n cng ngh ngn ha ng phu c vu cho yu c u qua n ly nha
n c cu a Ngn ha ng Nha n c v ti n t va hoa t ng ngn
ha ng theo quy nh cu a pha p lu t.
Thu nh n, x ly , lu tr , phn tch, d ba o thng tin tn du ng
phu c vu cho yu c u qua n ly nha n c cu a Ngn ha ng Nha
n c; th c hi n ca c dch vu thng tin ngn ha ng theo quy nh
cu a Ngn ha ng Nha n c va cu a pha p lu t.
Ca c chi nha nh
ta i tnh, tha nh
ph tr c thu c
trung ng
Vn pho ng a i
di n ta i tha nh
ph H Ch Minh
Trung tm
thng tin,
pho ng ch ng
r a ti n
CA C N V S NGHI P
Vi n Chi n l c
ngn ha ng
Trung tm
Thng tin
tn du ng
La c quan ngn lu n, di n a n xa h i va la cng cu tuyn
truy n, ph bi n ng l i, chu trng cu a a ng, chnh sa ch,
pha p lu t cu a Nha n c va hoa t ng cu a nga nh ngn ha ng
theo quy nh cu a Ngn ha ng Nha n c va cu a pha p lu t.
Th i ba o
Ngn ha ng
La c quan ngn lu n, di n a n v ly lu n nghi p vu , khoa ho c
va cng ngh ngn ha ng; co ch c nng tuyn truy n, ph bi n
ng l i, chu trng cu a a ng, chnh sa ch va pha p lu t cu a
Nha n c, hoa t ng ngn ha ng va nh ng tha nh t u v khoa
ho c, cng ngh cu a nga nh Ngn ha ng va lnh v c lin quan
theo quy nh cu a Ngn ha ng Nha n c va cu a pha p lu t.
Ta p ch
Ngn ha ng
Co ch c nng a o ta o, b i d ng, c p nh t ki n th c, ky nng
qua n ly nha n c va chuyn mn nghi p vu thu c lnh v c
ngn ha ng phu c vu yu c u pha t tri n va nng cao ch t l ng
i ngu ca n b , cng ch c, vin ch c cu a Ngn ha ng Nha
n c va cu a nga nh Ngn ha ng theo quy hoa ch, k hoa ch a
c Th ng c ph duy t.
Tr ng B i
d ng ca n b
ngn ha ng
Research and develop the banking development strategy and
plan; manage scientific research and technology develop-
ment serving the purpose of state management of SBV on
monetary and banking operation in accordance with the law.
Collect, analyze, forecast, and provide credit information in
banking industry to support the state management of SBV; to
provide banking information service in accordance with regu-
lations of SBV and the law.
OTHER UNITS
Banking
Strategy
Development
Department
Credit
Information
Center
The mouthpiece, the social forum, and the tool of communicating and
disseminating the Partys orientation and guidelines and the States
legislation and policies and operations of the banking industry in
accordance with regulations of SBV and the Law.
Banking
Times
The mouthpiece and the forum on banking theory, science,
and technology; to disseminate the Partys orientation and
guidelines, the States legislation and policies; the banking
activities and science and technology achievements of bank-
ing industry and related sector in accordance with regulations
of SBV and the Law .
Banking
Review
To conduct functions on training and upgrading state manage-
ment knowledge and practice and professional skills in bank-
ing industry serving the purpose of human resource develop-
ment and enhancement, serving the development strategy of
the SBV and the banking sector according to the approved
plan by the Governor.
SBV Training
School
Tham mu, giu p Th ng c qua n ly Nha n c v ti n t va
hoa t ng ngn ha ng trn a ba n va th c hi n m t s nghi p
vu Ngn ha ng Trung ng theo u y quy n cu a Th ng c.
Issue and Vault
Department
Administration
Department
Banking
Operations Center
International
Credit Project
Management
Unit
Banking
Information
Technology
Department
Advise the SBV Governor on implementing the state
management of information technology in the banking
industry.
Advise the SBV Governor on implementing state
management and central bank functions on issue and vault
operations in accordance with law.
Conduct and organize administrative and logistic service
for the operations of the SBV headquarters; provide
security services within the SBV system.
Advise and assist the SBV Governor on central bank
operations.
Manage and implement international credit projects
financed by international financial and monetary institutions
and other foreign donors.
Implement the representative functions authorized by the
Governor.
Receive, analyze and communicate information concerning
money laundering activities to competent authority; Assist the
Governor in carrying out the assigned tasks including the for-
mulation and implementation, in coordination with other con-
cerned agencies, of anti-money laundering policies in Vietnam.
Branches of
Provinces and
Cities under the
Central
Government
Representative
Office in HCMC
Anti-Money
Laundering
Information
Center
Advise and assist the SBV Governor to implement state
management functions of monetary and banking operations
in the provinces and central bank operations authorized by
Governor.
H THNG T CHC TN DUNG VIT NAM
CREDIT INSTITUTION SYSTEM IN VIETNAM
Ngoai h thng t chc tn dung nu trn, hin nay con co Ngn hang phat trin Vit Nam hoat ng khng v muc ch li nhun, thc hin chnh sach tn
dung u t phat trin va tn dung xut khu cua nha nc.
Beside the aforesaid credit institutions, the Vietnam Development Bank is operating as a non profit institution and implementing the policy on credit for devel-
opment investment and for export.
10
H TH NG T CH C TN DU NG
CREDIT INSTITUTION SYSTEM
13 Cng ty Ta i chnh
13 Leasing Companies
17 Cng ty Ta i chnh
17 Finance Companies
H thng Quy Tn dung nhn dn:
- 01 Quy tn dung nhn dn T
- 1.016 Quy tn dung c s
Peoples Credit Fund System:
- 01 Central Peoples Credit Fund
- 1,016 Local credit funds
05 Ngn hang 100% vn nc ngoai
5 Fully Foreign-owned Banks
39 Chi nha nh Ngn ha ng N c ngoa i
39 Foreign Bank Branches
05 Ngn ha ng lin doanh
5 Joint Venture Banks
40 Ngn ha ng Thng ma i C ph n
40 Joint Stock Commercial Banks
05 Ngn ha ng Thng ma i Nha n c
05 State-owned Commercial Banks (SOCBs)
01 Ngn ha ng Chnh sa ch xa h i
1 Social Policy Bank
KINH T TH GII
Tng trng kinh t th gii nm 2008 at
3,4%, thp hn nhiu so vi mc 4,9% cua
nm 2007 va co nhng bin ng kho lng.
Trong 6 thang u nm, s gia tng manh cua
gia du, gia lng thc, s giam gia cua th
trng bt ng san, th trng chng khoan
cung vi nhng bt n chnh tr a gy ap lc
lam phat mang tnh toan cu va tng trng
kinh t cua quc gia gp kho khn. Trong 6
thang cui nm, kinh t th gii lai chuyn t
ap lc lam phat cao sang xu hng thiu phat
va giam phat cung vi suy thoai kinh t toan
cu, ty l tht nghip tng cao. Trc bi canh
o, Chnh phu va Ngn hang trung ng cac
nc a thc hin cac giai phap cu tr th
trng tai chnh va nn kinh t.
My trai qua mt nm y kho khn va ri vao
suy thoai, mc tng trng bnh qun -0,15%,
ln u tin trong nhiu nm qua tng trng
kinh t mc m. Mc du Chnh phu My a
a ra cac goi giai phap kch thch nn kinh t,
tuy nhin hiu qua cua cac goi giai phap nay
cha u manh vc dy nn kinh t. Lam
phat lin tuc mc cao vi mc tng bnh
qun 3,8%, cao hn nhiu so vi mc 2,9%
cua nm 2007. Ty l tht nghip tng t bin
ln mc 7,2%, cao hn nhiu so vi mc 4,9%
cua nm 2007.
Khu vc ng EUR cung chu anh hng tiu
cc cua cuc khung hoang kinh t th gii
khin tng trng kinh t thp, mc tng bnh
qun ch at 0,75%, thp hn nhiu so vi
mc 2,6% cua nm 2007. Lam phat bnh qun
tng ln mc 3,3% t mc 2,1% cua nm
2007. Ty l tht nghip mc 8,0%, cao hn
mc 7,2% cua nm 2007.
Nht Ban tng trng xung mc -0,3%, thp
KINH T TH GII VA VIT NAM
WORLD AND VIETNAMESE ECONOMY
WORLD ECONOMY
The world economic growth in 2008 reached
3.4%, much lower than that of 4.9% in 2007. In
the first half of 2008, the surge in prices of crude
oil and food as well as the weakening of property
and security markets and political upheavals
caused global inflation pressures and put
difficulties in the economic growth of nations.
During the last 6 months, instead of inflation
pressures, the world economy faced risks of
deflation accompanied by global economic down-
turn and highly increasing unemployment rate. In
this context, Governments and Central Banks all
over the world carried out bail out solutions to
financial markets and economies.
The United States experienced a difficult year
and fell into recession when its average growth
rate was -0.15%, the first negative economic
growth in the past many years. Although the US
Administration deployed economic stimulus
packages, their effects were not strong enough to
recover the economy. Inflation remained at a high
level with the average rate of 3.8%, much higher
than that of 2.9% in 2007. Unemployment rate
unexpectedly went up to 7.2%, much higher than
that of 4.9% in 2007.
Euro zone was also adversely affected by the
world economic crisis, leading to low economic
growth as the average growth rate was 0.75%
only, much lower than that of 2.6% in 2007.
Average inflation rate hiked to 3.3% from 2.1% in
2007. Unemployment rate was at 8%, much
higher than that of 7.2% in 2007.
Japan: Economic growth went down to -0.3%,
much lower than the rate of 2.1% in 2007.
11
hn nhiu so vi mc tng 2,1% cua nm
2007. Lam phat bnh qun tng ln mc 1,4% t
mc 0,06% cua nm 2007. Ty l tht nghip
tng ln mc 4,4%, cao hn mc 3,8% cua nm
2007.
Cac nc ang phat trin chu A tng trng
thc s yu i k t thang 7/2008 khi du hiu
suy thoai tai cac nc phat trin tr nn ro rang
chu yu do xut khu suy giam manh. Tc
tng trng cua Trung Quc giam t mc trn
10% cac nm trc y xung 9,0%; Philippines
cung giam t mc 7,2% nm 2007 xung con
4,6%; Singapore ch tng 1,5% so vi mc tng
manh 7,7% cua nm 2007...
iu hanh chnh sach tin t cua
cac NHTW
Nm 2008, cac NHTW trn th gii gp kho
khn trong iu hanh CSTT khi phai la chon
Average inflation rate increased to 1.4% from
0.06% in 2007. Unemployment rate rose to
4.4%, higher than that of 3.8% in 2007.
Asian developing countries: Economic
growth plunged since July, 2008, when
recessional signals in developed countries
became clear due to the strong deterioration of
export. Chinas growth rate decreased to 9%
from over 10% in the previous years; the
Philippiness growth also declined to 4.6% from
7.2% in 2007; Singapore's economy expanded
1.5% only compared to the high growth rate of
7.7% in 2007.
Monetary policy management of
Central Banks
In 2008, Central Banks in the world met with
difficulties in monetary policy management
because they had to make a choice between
12
LAI SUT CH AO CUA CAC NHTW NM 2008
NHTW
Cui
2007
My 4,25 3,00 _ 2,25 2,00 _ _ _ _ _ 1,00 _ 0/0,25
KV Euro 4,0 _ _ _ _ _ _ 4,25 _ _ 3,75 3,25 2,50
Nht Ban 0,5 _ _ _ _ _ _ _ _ _ 0,3 _ 0,10
Anh 5,5 _ 5,25 _ 5,0 _ _ _ _ _ 4,50 3,0 2,00
Canada 4,25 4,0 _ 3,5 3,0 _ _ _ _ _ 2,25 _ 1,50
Trung Qu c 7,47 _ _ _ _ _ _ _ _ 7,2 6,66 5,58 5,31
Thai Lan 3,25 _ _ _ _ _ _ 3,5 3,75 _ _ _ 2,75
Indonesia 8,0 _ _ _ _ 8,25 8,5 8,75 9,0 9,25 9,50 _ 9,25
1 2 3 4 5 6 7 8 9 10 11 12
2008
n v: %
muc tiu kim ch lam phat hay h tr cho tng
trng kinh t. Trong 9 thang u nm, CSTT
cua cac NHTW c chia thanh 2 nhom. Tai
nhng nc co tng trng kinh t suy giam,
CSTT c ni long ngay t u nm do tac
ng cua cuc khung hoang nh My, Anh,
Canada, theo o lai sut c iu chnh giam
h tr tng trng kinh t. Trong khi o, tai
cac nc co lam phat tip tuc tng cao (chu yu
tai khu vc ng EUR va cac nc ang phat
trin chu A), CSTT c tht cht thng qua
tng lai sut hoc ty l DTBB u tin kim
ch lam phat.
Tuy nhin, t thang 9/2008, th trng tai chnh
bc vao giai oan khung hoang su khin
CSTT cua hu ht cac NHTW tp trung vao
vic cu th trng tai chnh va nn kinh t nh
lin tuc ct giam lai sut, giam ty l DTBB, tng
cng bm thanh khoan vao h thng ngn
hang (nh cho vay tai cp vn khn cp, mua
lai cac khoan n xu), cho vay tiu dung
Lai sut SIBOR va LIBOR tip tuc giam trong
the objectives of curbing inflation and supporting
economic growth. In the first 9 months, monetary
policy of Central Banks was divided into 2
groups. In the countries with low growth rate
such as the United States, the U.K, and Canada,
because of the effect of the crisis, monetary
policy was loosened right from the beginning of
the year, interest rates were therefore cut down
to support economic growth. In the countries
with high inflation (mostly in Euro zone and
Asian developing countries), monetary policy
was tightened by increasing interest rates and
reserve requirements so as to curb inflation.
However, since September 2008, financial
markets turned to the period of deep recession,
which bolstered monetary policy of Central
Banks to focus on rescuing financial markets
and economies by continuously cutting down
interest rates, reducing reserve requirements,
strengthening the injection of liquidity into
banking systems (such as urgent refinancing
loans, repurchase of non-performing debts),
consumer lending, etc.
13
BENCHMARK RATES OF CENTRAL BANKS IN 2008
Central
Banks
Late
2007
U.S 4.25 3.00 _ 2.25 2.00 _ _ _ _ _ 1.00 _ 0/0.25
Euro zone 4.0 _ _ _ _ _ _ 4.25 _ _ 3.75 3.25 2.50
Japan 0.5 _ _ _ _ _ _ _ _ _ 0.3 _ 0.10
The UK 5.5 _ 5.25 _ 5.0 _ _ _ _ _ 4.50 3.0 2.00
Canada 4.25 4.0 _ 3.5 3.0 _ _ _ _ _ 2.25 _ 1,50
China 7.47 _ _ _ _ _ _ _ _ 7.2 6.66 5.58 5.31
Thailand 3.25 _ _ _ _ _ _ 3.5 3.75 _ _ _ 2.75
Indonesia 8.0 _ _ _ _ 8.25 8.5 8.75 9.0 9.25 9.50 _ 9.25
Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec
2008
Unit: percentage
nhng thang u nm theo xu hng ct
giam lai sut cua Fed. Tuy nhin, t thang
9/2008 lai sut LIBOR, SIBOR bin ng
manh do th trng tai chnh th gii bc
vao giai oan khung hoang. Lai sut
SIBOR ky han qua m tng ln mc cao
nht 6,75% vao ngay 17/9/2008, sau o
giam xung mc thp nht 0,3% vao ngay
6/11/2008.
KINH T VIT NAM
Kinh t Vit Nam va tac ng
n iu hanh CSTT
Chu anh hng cua cuc khung hoang tai
chnh th gii, trong nc, gia xng du
va cac nguyn liu u vao va hang hoa
tiu dung nhp khu nhng thang u nm
tng vot, n gia nm lai co xu hng
giam, tac ng lam giam lam phat; cuc
khung hoang tai chnh con gy ra tac ng
n th trng chng khoan do tm ly lo
ngai cua cac nha u t, dong vn nc
ngoai vao th trng chng khoan giam;
thm hut can cn thng mai at mc cao.
gi n nh kinh t v m, tao nn tang
cho tng trng bn vng, trong 6 thang
u nm, Chnh phu a iu chnh t muc
tiu tng trng cao sang muc tiu kim
ch lam phat la u tin hang u va tng
trng duy tr mc hp ly. Nhng thang
cui nm, Chnh phu a a ra nhom giai
phap nhm ngn chn suy giam kinh t,
n nh kinh t v m. Tc tng trng
kinh t GDP nm 2008 tnh theo gia so
sanh nm 1994 at 489,8 nghn ty ng,
tng 6,18% so vi nm 2007, trong o khu
vc nng lm nghip va thuy san tng
4,07%; cng nghip va xy dng tng
6,11%; dch vu tng 7,18%.
C cu kinh t: so vi nm 2007, nm
2008 ty trong khu vc nng, lm nghip va
In the first months of 2008, SIBOR and LIBOR
interest rates continued to decrease in
consistence with rate cuts implemented by Fed.
However, since September 2008, LIBOR and
SIBOR interest rates witnessed a significant
fluctuation as the world financial markets
commenced the crisis period. Overnight SIBOR
interest rate peaked at 6.75% on Sep 17, 2008,
and then bottomed out at 0.3% on Nov 6, 2008.
VIETNAMESE ECONOMY
Vietnamese economy and its
impact on monetary policy
management
Under the effect of the global financial crisis, in
Vietnam, prices of petroleum, input materials and
imported consumer goods surged in the first
months of 2008, but then trended to decline in the
mid-year period, which helped reduce inflation. In
addition, global financial crisis adversely affected
the securities markets in Vietnam due to the
concern of investors together with the reduction of
foreign capital inflows into the markets, while the
trade deficit remained high. To stabilize the
macroeconomic situation and create momentum
for sustainable development, during the first 6
months, the Vietnamese Government moved from
the objective of high economic growth to that of
curbing inflation as the top priority and maintaining
proper economic growth. In the last months of
2008, the Government introduced a group of
solutions to prevent economic slowdown and
maintain macroeconomic stability. In 2008, GDP
growth in comparative price to 1994 reached VND
489.8 trillion, an increase of 6.18% as compared
to 2007; with agriculture, forestry and fishery
registering a yoy increase of 4.07%, industry and
construction by 6.11%, and the service sector by
7.18%.
Economic structure: Compared to 2007, the
proportion of agriculture, forestry and fishery
14
thuy san tng trong khi ty trong cua khu vc
cng nghip va xy dng, khu vc dch vu u
giam. Cu th, nm 2008 ty trong khu vc nng,
lm va thuy san chim 21,99% (nm 2007:
20,25%); ty trong khu vc cng nghip va xy
dng giam xung, chim 39,89% (nm 2007:
41,61%); khu vc dch vu chim 38,12% (nm
2007: 38,14%). Nguyn nhn chu yu do khu
vc cng nghip, xy dng va dch vu gp
nhiu kho khn do bi canh kinh t suy giam,
trong khi khu vc nng, lm nghip va thuy san
co nhng thun li nht nh nh thi tit din
bin kha thun li, gia nng san th gii tng
manh tr thanh ng lc ln thuc y san xut
nng nghip trong nc.
San xut
Nng, lm nghip va thuy san tng 4,07% cao
hn mc tng 3,41% cua nm 2007. Trong o
nganh nng nghip tng 3,9%; lm nghip tng
1,4%, cao hn so vi mc tng nm 2007
(tng ng la 2,34% va 1,1%), ch co nganh
thuy san tng 9,2% thp hn mc tng 11,5%
cua nm 2007.
Cng nghi p-xy d ng tng th p v i m c tng
6,11% th p hn nhi u so v i m c 10,61% cu a
nm 2007, t c tng ch m la i ca khu v c
cng nghi p va xy d ng. Cng nghi p ch
bi n ti p tu c a t m c tng tr ng cao 9,9%
nhng v n th p hn m c tng 12,79% cu a nm
2007, cng nghi p khai tha c ti p tu c su t gia m
nm th 2 lin ti p v i m c gia m -3,83% va
gia m ma nh hn m c -2,03% nm 2007 do sa n
l ng khai tha c d u th va than a gia m ma nh.
i v i nga nh xy d ng gia m -0,4%, la m c
th p nh t trong 10 nm qua, chu y u do th
tr ng nha t gia m ma nh, ca c i u ki n tn
du ng ch t che , gia v t li u xy d ng khng
ng ng tng ma nh trong n a u nm 2008.
Dch vu tng 7,18%, th p hn nhi u so v i
m c tng 8,68% cu a nm 2007, chu y u do tiu
du ng cu ng nh ca c hoa t ng kinh t c ba n
increased while proportions of industry,
construction and the service sector
decreased. Specifically, in 2008, the
proportion of agriculture, forestry and fishery
accounted for 21.99% (20.25% in 2007) while
industry and construction was 39.89%
(41.61% in 2007), and the proportion of the
the service sector was at 38.12% (38.14% in
2007). This was mainly due to innumerable
difficulties in industry, construction and the
service sector caused by economic downturn,
while agriculture, forestry and fishery enjoyed
certain advantages such as comfortable
weather and high prices of agricultural
products in the world markets to become a big
momentum for domestic agricultural
production.
Production
Agriculture, forestry and fishery increased by
4.07%, higher than that of 3.41% in 2007.
Specifically, agriculture increased by 3.9%,
forestry increased by 1.4%, higher than 2.34%
and 1.1% respectively in 2007. However,
fishery increased by 9.2% only, lower than the
rate of 11.5% in 2007.
Industry and construction slightly increased by
6.11%, much lower than that of 10.61% in
2007; with lower growth occurring in both
industry and construction. Processing industry
continued to get a high growth rate of 9.9%
but still lower than that of 12.79% in 2007, the
mining industry continued to decrease in the
second consecutive year with the drop of
3.83% and lower than that of 2.03% in 2007
due to the rapid decline in crude oil and coal
output. Construction decreased by 0.4%, the
lowest rate in the past 10 years, mainly due to
the strong weakening of real estate markets,
tight credit conditions, and highly increasing
prices of construction materials in the first half
of 2008.
The service sector increased by 7.18%, much
15
16
kha c gia m ma nh trong b i ca nh gia ca tng
cao.
Xut, nhp khu hang hoa: Tng
kim ngach xut, nhp khu hang hoa at
143,4 ty USD, tng 28,9% so vi nm 2007.
Nhp siu ca nm 2008 la 18,03 ty USD,
tng 26,8% so vi mc nhp siu nm 2007
va bng 28,8% tng kim ngach hang hoa
xut khu.
V xut khu
Tng kim ngach xut khu hang hoa at
62,69 ty USD (gia FOB), tng 29% so vi
nm 2007. Trong o, co 11 nhom mt hang
at kim ngach xut khu trn 1 ty USD (du
lower than that of 8.68% in 2007, mainly due to the
strong shrinkage in consumption and basic economic
activities amid price hike.
Export and import: Total export import
turnover reached USD143.4 billion, an increase of
28.9% as compared to 2007. Trade deficit in 2008
was USD18.03 billion, up by 26.8% and accounting
for 28.8% of export turnover.
Export
In 2008, export turnover reached USD62.69 billion
(FOB price, up by 29% against 2007), of which 11
kinds of goods had export turnover of more than
USD1 billion (crude oil, garment, footwear, seafood,
rice, wood and timber products, computer and elec-
TNG TRNG GDP GIAI OAN 2003-2008
GDP GROWTH RATE, 2003 - 2008
th, dt may, giy dep, hai san, gao, g va
san phm g, may vi tnh va san phm in
t, linh kin, ca ph, cao su, than a, dy va
cap in), tng thm 2 nhom mt hang so vi
nm 2007 (dy cap in va than a). Cac mt
hang xut khu chu lc u tng manh so vi
nm 2007, trong o ng u la du th at
10,36 ty USD, tng gn 1,87 ty USD so vi
nm 2007, th hai la dt may at 9,12 ty USD,
tng 1,37 ty USD, giy dep at 4,8 ty USD,
tng 774 triu USD.
My, EU, Nht Ban, Trung Quc, ASEAN la
cac th trng xut khu chnh cua Vit Nam,
trong o kim ngach xut khu sang th trng
Nht Ban, Trung Quc, ASEAN tng manh,
trong khi hai th trng ln nht la My va EU
ch tng kha. My tip tuc la th trng xut
tronic products, spare parts, coffee, rubber, coal,
electric wire and cable). All key exports strongly
increased as compared to 2007, the leader of
which was crude oil at USD10.36
billion, an increase of USD1.87 billion against
2007, followed by garment (USD9.12 billion, an
increase of USD1.37 billion), and footwear
(USD4.8 billion, an increase of USD774 million).
The United States, the EU, Japan, China,
ASEAN were key export markets for Vietnam,
among which, export value to Japan, China, and
ASEAN increased rapidly, while that to the U.S
and the EU just fairly went up. The U.S remained
the largest export market for Vietnam with the
turnover of USD11.87 billion, up by 17.6%
against 2007 and accounting for 18.9% of the
total export turnover. Turnover of export to EU
markets reached USD10.7 billion, an increase of
17
CA N CN IHbONG MA I VA CA N CN VA NG IAI Cb A VI I NAM NM 2005 - 2008
VIETNAM TRADE BALANCE AND CURRENT BALANCE, 2005-2008
khu ln nht cua Vit Nam, vi kim ngach
11,87 ty USD, tng 17,6% so vi nm 2007 va
chim 18,9% tng kim ngach xut khu cua ca
nc. Gia tr xut khu sang th trng EU at
10,7 ty USD, tng 18,6% so vi nm 2007.
Xut khu sang th trng cac nc ASEAN
at gn 10,4 ty USD, tng gn 30% so vi nm
2007. Nht Ban la th trng co mc ong gop
ln nht cho tng trng xut khu, at 8,54 ty
USD, tng 40,7% so vi nm 2007. Xut khu
cua Vit Nam sang Trung Quc at gn 4,54 ty
USD, tng 35% so vi nm 2007.
V nhp khu
Tng kim ngach nhp khu theo gia CIF la
80,71 ty USD, tng 28,8% so vi nm 2007.
Trong o, cac doanh nghip co vn u t trc
tip nc ngoai nhp khu 27,9 ty USD, tng
28,5% so vi nm 2007.
Co 15 nhom mt hang nhp khu vi kim
ngach trn 1 ty USD, c bit la nhom mt
hang xng du, may moc thit b, st thep a
gop phn gia tng ang k kim ngach nhp
khu. Dn u v kim ngach nhp khu la
nhom mt hang xng du, at 10,97 ty USD,
tng 3,26 ty USD so vi nm 2007, tip n la
nhom hang may moc thit b, at 14 ty USD,
tng 2,87 ty USD so vi nm 2007, st thep
at 6,72 ty USD, tng 1,61 ty USD so vi nm
2007.
C cu th trng nhp khu cua Vit Nam tp
trung chu yu vao khu vc chu A, ma ni bt
la 5 th trng chnh: Trung Quc, Singapore,
ai Loan, Nht Ban, Han Quc. Trung Quc
tip tuc la i tac ln nht cung cp hang hoa
cho Vit Nam vi tr gia at 15,65 ty USD, tng
25,1% so vi nm 2007 va chim hn 19%
tng kim ngach nhp khu cua ca nc. Tr gia
hang hoa nhp khu t th trng Singapore
at 9,39 ty USD, tng 23,5%; th trng ai
Loan la 8,36 ty USD, tng 21%; th trng Nht
Ban la 8,24 ty USD, tng 33,4%; th trng Han
Quc la 7,07 ty USD, tng 33,6% so vi nm
2007.
18.6%. Turnover of export to ASEAN
countries was nearly USD10.4 billion, an
increase of 30%. The Japanese market attract-
ed Vietnams largest turnover of USD8.54 bil-
lion, an increase of 40.7%. Export turnover to
China reached almost USD4.54 billion, up by
35% against 2007.
Import
In 2008, import turnover reached USD 80.71
billion (CIF price), an increase of 28.8%, of
which, foreign invested enterprises imported as
much as USD27.9 billion, up by 28.5% against
2007.
There were 15 kinds of imports whose turnover
was higher than USD1 billion each, particularly
petroleum, machineries, and steel, which made
a great contribution to the increase in import
turnover. The leader of imports in terms of
turnover was petroleum, which reached
USD10.97 billion, up by USD3.26 billion against
2007, followed by machineries worth USD14
billion, an increase of USD 2.87 billion as com-
pared to 2007, steel worth USD6.72 billion, an
increase of USD 1.6 billion as compared to
2007.
In 2008, Vietnam mostly imported from Asian
markets, of which five main ones were China,
Singapore, Taiwan, Japan, and South Korea.
China continued to be the biggest exporter of
Vietnam with the turnover of USD15.65 billion,
an increase of 25.1%, accounting for more than
19% of Vietnam's total import turnover.
Turnover of import from Singapore reached
USD9.39 billion, an increase of 23.5%, from
Taiwan was USD8.36 billion, up by 21%
against 2007, from Japan was USD8.24
billion, up by 33.4%, and from South Korea was
USD7.07 billion, up by 33.6% against 2007.
Labor, employment, and income
There was a continuing upward trend in external
demand for Vietnamese workers, although in the
18
Lao ng, vic lam, thu nhp
Cu nc ngoai i vi lao ng Vit Nam tip
tuc xu hng gia tng mc du t nhng thang
cui nm mt s th trng xut khu chnh
cua Vit Nam a giam hoc ngng nhp khu
lao ng do anh hng cua suy thoai kinh t.
Nm 2008 Vit Nam a xut khu 85.000 lao
ng, cao hn mc 82.000 cua nm 2007,
trong o 4 th trng xut khu lao ng trong
im cua Vit Nam la ai Loan, Han Quc,
Malaysia va Nht Ban.
Ty l tht nghip khu vc thanh th mc
4,65%, tng ng mc 4,64% cua nm
2007, trong khi cac nm trc ty l nay lin tuc
giam xung theo nm. c bit, trong nhng
thang cui nm 2008, tnh trang nhiu lao ng
b mt vic lam la kha ph bin. Thu nhp bnh
qun u ngi cua Vit Nam nm 2008 at
1.024 USD, cao hn mc bnh qun cua nm
2007.
Thu chi ngn sach Nha nc
Thu ngn sach Nha nc nm 2008 tng manh
38,6% so vi mc tng 8,9% cua nm 2007 va
tc tng cao tt ca 3 khoan muc chnh
trong thu ngn sach gm thu trong nc
(+37,0%), thu t du th (+43,1%) va vin tr
khng hoan lai (+47,1%). Chi ngn sach Nha
nc tng 28,1% cao hn mc 20,2% cua nm
2007 chu yu do chi thng xuyn tng cao
39,5%, vt 21,2% so vi d toan.
Ca thu va chi ngn sach u tng cao hn
nm 2007 nhng thu tng manh hn a giup
thu hep bi chi ngn sach t mc 4,9%GDP
nm 2007 xung con 4,5%GDP nm 2008.
Can cn thanh toan quc t
Nm 2008, can cn thanh toan tng th tip
tuc thng d nhng mc thp. Mc thng d
can cn thanh toan quc t nm 2008 ch bng
4,6% so vi nm 2007, tng ng 0,52%
GDP danh ngha nm 2008. Thng d can cn
thanh toan tng th giam chu yu do can cn
last months of 2008, some main markets for
Vietnams migrant workers cut down or
terminated their demand as a result of the adverse
effects of economic recession. In 2008, Vietnam
sent 85,000 workers abroad as
compared to 82,000 in 2007; with 4 main
markets for Vietnams migrant workers being
Taipei - China, South Korea, Malaysia, and Japan.
In 2008, unemployment rate in urban areas stood
at 4.65%, almost equivalent to that in 2007, while
in the previous years, the rate decreased
annually. In particular, during the last months of
2008, there was a common fact that a great
number of workers lost their jobs. GDP per capita
in 2008 was USD1,024, higher than that in 2007.
State budget revenues and
expenditures
State budget revenues in 2008 rapidly grew at
the level of 38.6% as compared to the growth
rate of 8.9% in 2007. The significant growth took
place in all the three essential components of
budget revenues which are domestic revenues
(up by 37.0%), oil revenues (43.1%), and foreign
grants (47.1%). Budget expenditures grew by
28.1% in comparison to the rate of 20.2% in
2007 mostly because of the significant growth of
39.5% in current expenditures, 21.2% higher
than expected.
Both state budget revenues and expenditures
were higher than those in 2007; however, thanks
to the more rapid increase in revenues than in
expenditures, state budget deficit in 2008 shrank
to 4.5% of GDP from 4.9% of GDP in 2007.
International balance of payment
In 2008, the overall balance of payment
continued to obtain a surplus but at a low level.
International balance of payment surplus was just
4.6% as much as that in 2007, equivalent to
0.52% of nominal GDP of 2008. The reduction of
overall international balance of payment surplus
was mainly caused by high current account deficit
while capital account surplus strongly declined.
19
20
vang lai thm hut mc cao, trong khi thng
d can cn vn giam manh.
Can cn thng mai thm hut cao hn
23,38% so vi mc thm hut cua nm 2007,
trong o xut khu theo gia FOB tng 29%,
nhp khu theo gia FOB tng 28% so vi
nm 2007. Thm hut can cn thng mai la
nguyn nhn chnh dn n thm hut can cn
vang lai tng ng 9,31% GDP danh ngha
nm 2008 (nm 2007 thm hut tng ng
9,87% GDP danh ngha nm 2007).
Can cn dch vu c cai thin hn so vi
nm 2007 nh thu dch vu tng cao hn so
vi chi dch vu. Thu dch vu tng 18% so vi
nm 2007, trong o thu t dch vu du lch
chim khoang 56% tng thu dch vu. Cac
nganh dch vu khac nh vn tai, hang khng,
bao him u co mc tng cao hn cung ky.
Chi dch vu tng 15% so vi nm 2007, trong
o chi ph vn tai va bao him chim ty trong
ln trong tng chi dch vu, tng 39% so vi
nm 2007 do nhp khu hang hoa tng cao.
Can cn thu nhp c cai thin vi mc
thm hut bng 93% mc thm hut cua nm
2007. Thu nhp gm thu t lai tin gi cua h
thng ngn hang va thu t li nhun u t
cua cac doanh nghip Vit Nam tai nc
ngoai tng 12% so vi nm 2007. Chi cua
hang muc thu nhp u t giam nhe so vi
nm 2007 do cac khoan chi tra lai vay n
nc ngoai giam cung vi xu hng giam lai
sut trn th trng th gii. Trong phn chi
thu nhp u t, chi tra c tc cho cac doanh
nghip FDI vn chim ty trong ln, khoang
79% tng chi.
Chuyn tin mt chiu tng 12% so vi cung
ky nm 2007 chu yu nh chuyn tin t
nhn tip tuc tng manh. y la ngun ngoai
t quan trong, gop phn bu p cho thm hut
cua can cn vang lai.
Thng d can cn vn giam 36% so vi mc
thng d cua nm 2007. Nguyn nhn la do
khung hoang tai chnh toan cu khin vn u
t gian tip nc ngoai (FII) rong giam manh
Trade balance deficit was 23.38% higher than
that in 2007, of which both export and import at
FOB price increased by 29% and 28%
respectively as compared to 2007. Trade
balance deficit was the main cause that made
current account deficit equivalent to 9.31% of
nominal GDP in 2008 (in 2007, current account
deficit was equivalent to 9.87% of nominal
GDP).
There was an improvement in service account
balance since service turnover grew faster than
costs. In 2008, total service turnover increased
by 18%, of which turnover from tourism
accounted for 56%. Other services such as
transportation, aviation, and insurance all had
higher growth as compared to 2007. Service
costs rose by 15%; whose great proportions
were taken by transport and insurance costs
when both grew by 39% due to high growth in
import of commodities.
In 2008, income account balance was improved
given the deficit was equivalent to 93% of the
income account deficit in 2007. Incomes from
interest of deposits of the banking sector and
investment profit of Vietnamese businesses in the
overseas markets increased by 12%. In compari-
sion to 2007, expenditures from investment
income in 2008 slightly decreased due to the
reduction in interest repayment of extrenal loans
in accordance with the downward trend in inter-
ests in global markets. Among components of
expenditures from investment income, share
dividend payment to FDI businesses took a big
proportion, accounting for approximately 79% of
the total expenditures.
One-way transfers in 2008 grew by 12% against
2007, mainly because of the significant jump in
individual transfers. This was an important
source of foreign exchange to finance the cur-
rent account deficit.
Capital account surplus reduced by 36% against
2007 as the global financial crisis made net for-
eign indirect investment (FII) steeply slumped in
comparision with 2007. However, net FDI in
2008 remained at a high level, up by 14%.
so vi nm 2007. Tuy nhin, vn u t trc
tip nc ngoai (rong) tip tuc mc cao,
tng 14% so vi nm 2007. Lung vn vao
di hnh thc vay n nc ngoai tip tuc gia
tng va c cu vay n co s thay i. Vn vay
ODA tip tuc duy tr mc cao, tng 5% so
vi nm 2007. Trong khi o, vay n trung va
dai han cua cac doanh nghip giam. Cac
doanh nghip co xu hng chuyn sang vay
n ngn han di hnh thc L/C tra chm
trong bi canh nhp khu tng cao va tn
dung trong nc tht cht.
DIN BIN LAM PHAT NM 2008
Trong 6 thang u nm 2008 lam phat tng
manh, t thang 7 giam dn va at mc m
vao 3 thang quy IV. Tnh chung ca nm, ch
s gia tiu dung tng 19,89%, cao hn nhiu
so vi mc 12,63% cua nm 2007, lam phat
bnh qun tng 22,97% (nm 2007: 8,3%).
Trong o, ca lam phat nhom Lng thc thc
21
CA N CN V N Cb A VI I NAM NM 2005 - 2008
VIETNAM CAPITAL ACCOUNT, 2005 - 2008
Inflows in terms of external loans
continued to rise and had a change in structure.
ODA kept its high level, up by 5%. Meanwhile,
businesses reduced their medium and long term
loans; and they tended to turn to short-term
deferred L/Cs instead amid high import growth
and tight domestic credit operations.
INFLATION DEVELOPMENTS
IN 2008
In 2008, inflation rapidly increased during the
first 6 months, gradually reduced since July,
and reached negative level in Q4. In 2008 as a
whole, CPI grew by 19.89%, much higher than
the rate of 12.63% in 2007. Average inflation
rate increased by 22.97% (as compared to
8.3% in 2007), of which both food and non-food
inflation rates significantly went up from 18.92%
to 31.86% and from 7.8% to 10.05% respective-
ly as compared to 2007. Thus, food price
indices made a great contribution to the growth
of inflation. Main reasons for high inflation rate:
phm (LTTP) va phi LTTP u tng manh so vi
nm 2007, tng ng t 18,92% ln 31,86% va
t 7,8% ln 10,05%. Theo o, nhom LTTP a co
tac ng ln n mc tng cua lam phat. Lam
phat tng cao do nhiu nguyn nhn nhng chu
yu la trong nhng thang u nm do gia ca th
gii nh lng thc, thc phm va nhiu mt
hang thit yu nh du th, phn bon, gas, st
thep... tng cao a tao sc ep lam tng mt
bng gia trong nc; lung vn nc ngoai vao
Vit Nam tng manh, c bit sau khi Vit Nam
gia nhp WTO, hiu qua s dung vn cha cao
va do yu t tm ly.
the surge in prices of world commodities such as
crude oil, fertilizer, gas, and steels during the
first months of 2008 imposed hike pressures on
domestic prices; capital inflows grew
significantly, especially after Vietnams WTO
accession with low efficiency of capital
disbursement; and sentiment factor.
22
DIN BIN LAM PHAT NM 2006-2008
n v: % tng, giam
CPI
I- Hang n va dch vu n ung
1- Lng thc
2- Thc phm
3- n ung ngoai gia nh
II - ung va thuc la
III- May mc, mu non, giy dep
IV- Nha , vt liu xy dng
V- Thit b vt dung gia nh
VI- Dc phm, y t
VII- Phng tin i lai va bu in
VIII- Giao duc
IX- Vn hoa, th thao, giai tr
X- Hang hoa dch vu khac
Lam phat phi LTTP
Bnh qun
CPI
Lng thc - Thc phm
Phi Lng thc - Thc phm
6,6
7,9
14,1
5,5
5,2
5,8
5,9
6,2
4,3
4,0
3,6
3,5
6,5
5,1
7,45
8,7
6,1
12,63
18,92
15,40
21,16
6,78
6,70
17,12
5,15
7,05
7,27
1,97
1,69
9,02
7,8
8,3
11,2
6,1
19,89
31,86
43,25
26,53
33.62
13,10
12,90
8,46
12,68
9,43
6,56
6,87
10,33
12,97
10,05
23,0
36,6
12,1
So vi u nm
2006 2008 2007
Ngun: Tng cuc Thng k, s liu v lam phat phi LT-TP do Vu CSTT tnh toan.
23
INFLATION DEVELOPMENTS, 2006-2008
Unit: percentage change
DIN 8IN IAM FHAI CHbNG VA IIIF, FHI IIIF
% ING, GIAM $O CbNG kY
DEVELOPMENTS OF HEADLINE INFLATION, FOOD AND EX-FOOD CPI
YEAR-ON-YEAR PERCENTAGE CHANGE
Source: General Statistic Office, non-food inflation rate was calculated by the Monetary Policy
Department, the State Bank of Vietnam.
6.6
7.9
14.1
5.5
5.2
5.8
5.9
6.2
4.3
4.0
3.6
3.5
6.5
5.1
7.45
8.7
6.1
12.63
18.92
15.40
21.16
6,78
6.70
17.12
5.15
7.05
7.27
1.97
1.69
9.02
7.8
8.3
11.2
6.1
19.89
31.86
43.25
26.53
33.62
13.10
12.90
8.46
12.68
9.43
6.56
6.87
10.33
12.97
10.05
23.0
36.6
12.1
CPI
I- Restaurant
1- Foods
2- Food stuffs
3- Outdoor ingest
II - Beverage and cigarette
III- Garment, headwear, and footwear
IV- Housing and construction materials
V- Home appliances
VI- Pharmaceutical products and medicine
VII- Transportation and postal services
VIII- Education
IX- Culture, sports, and entertainment
X- Other goods and services
CPI ex-foods and food stuffs
Average
CPI
Food
Non food
Compared to the beginning of the year 2006 2008 2007
DIN BIN TNG PHNG TIN
THANH TOAN
Tng phng tin thanh toan tnh n
31/12/2008 tng 20,31% so vi cui nm
2007, thp hn nhiu so vi mc tng 46,12%
cua nm 2007. Trong o tai san co nc ngoai
rong ch tng nhe (tng 4,51%) so vi cui
nm 2007. Trong khi o, tc tng cua tai
san co trong nc rong cung dng mc
27,23% so vi cui nm 2007.
C cu TPTTT thay i tch cc, ty trong tin
mt trong TPTTT tip tuc giam xung mc
14,6% (nm 2007 la 16,36% va nm 2006 la
17,21%). iu nay phan anh thoi quen thanh
toan cua ngi dn ang thay i, thanh toan
bng tin mt co xu hng giam ma thay vao
TOTAL LIQUIDITY DEVELOPMENTS
As of December 31, 2008, total liquidity increased
by 20.31% against 2007, much lower than the
rate of 46.12% in 2007, of which net foreign
assets slightly increased at the rate of 4.51%
against end 2007, while the growth of net
domestic assets was just at the level of 27.23%
as compared to the end of 2007.
Total liquidity composition changed in a positive
manner as the ratio of cash in total liquidity
continued to reduce to 14.6% (as compared to
that of 16.36% and 17.21% in 2007 and 2006
respectively). This reflected the ongoing change
in the population's payment habit: cash payment
has been increasingly replaced by such
DI N BI N TI N T
MONETARY DEVELOPMENTS
DI N 8I N I NG FHbONG II N IHANH IOA N
TOTAL LIQUIDITY DEVELOPMENTS
Ty ng
VND Billion
24
25

CO C b I NG FHbONG II N IHANH IOA N
TOTAL LIQUIDITY COMPOSITION
o la hnh thc thanh toan bng cac phng
tin thanh toan phi tin mt nh the ATM, the
tn dung, the tra trc, trong khi khi lng
thanh toan khng dung tin mt tng cao.
Ty trong tin gi trong TPTTT tip tuc tng t
mc 83,64% cua nm 2007 ln mc 85,4%
trong nm 2008. Trong o, ty trong tin gi
bng VND chim 65,03% trong TPTTT, tng
nhe so vi mc 64,46% cua nm 2007. Ty
trong tin gi bng ngoai t chim 20,37%
TPTTT, tng 1,19% so vi nm 2007.
Huy ng vn cua h thng ngn hang:
Tng trng huy ng vn cua toan h thng
TCTD at 22,87%, thp hn nhiu so vi mc
tng trng 47,64% cua nm 2007. Trong o,
huy ng vn bng VND tng 21,38%, giam
manh so vi mc tng trng 53,99% cua nm
2007. Huy ng bng ngoai t tng 27,74%,
giam nhe so vi mc 29,66% cua nm 2007.
Huy ng vn cua khi NHTMNN tng
18,78%, huy ng cua khi NHTMCP, ngn
hang lin doanh, chi nhanh ngn hang nc
ngoai va cac TCTD phi ngn hang tng
29,92%.
non-cash means of payment as via ATM, credit
and debit cards, etc, while the volume of
non-cash payments significantly soared.
The ratio of deposits in total liquidity continued
to increase to 85.4% from 83.64% in 2007.
Specifically, VND deposits accounted for
65.03% of the total liquidity, a slight increase
from 64.46% in 2007, and foreign currency
deposits accounted for 20.37%, or up by 1.19%
as compared to 2007.
Fund mobilization by banks: The growth rate
of fund mobilization by credit institutions as a
whole reached 22.87%, much lower than that of
47.64% in 2007, of which VND fund raising
increased by 21.38%, a sharp decrease as
compared to the rate of 53.99% in 2007.
Foreign currency mobilization increased by
27.74%, a slight decrease from 29.66% of the
previous year. Fund mobilization by state-owned
commercial banks (SOCBs) was up by 18.78%,
while that of joint-stock commercial banks
(JSCBs), joint-venture banks, foreign bank
branches, and non-bank credit institutions
combined was 29.92%.
Tn dung tip tuc tng trng, ap ng nhu
cu vn cho phat trin kinh t: Nm 2008, d
n cho vay cua toan h thng ngn hang tng
25,43%, thp hn so vi mc tng 53,89% cua
nm 2007. Trong o, tng trng tn dung bng
VND at 27,56% va tng trng tn dung bng
ngoai t at 17,61%.
Tng trng tn dung cua cac khi ngn hang
u at mc kha. Trong o, mc tng trng tn
dung nm 2008 so vi nm 2007 cua khi
NHTMNN, khi NHTMCP, khi NH lin doanh va
nc ngoai, khi TCTD khac ln lt la 19,25%,
22,49%, 46,55%, 46,27%.
V c cu tn dung, tn dung ngn hang phuc vu
phat trin nng thn (gm nganh nng- lm- thuy
san) chim ty trong cao nht trong c cu cho
vay theo nganh cua h thng ngn hang, at
28,84%. Ty trong cho vay nganh thng nghip
chim 18,67%, cao hn mc 18,24% cua nm
2007. Ty trong cho vay cac nganh cng nghip;
xy dng; vn tai, kho bai, thng tin lin lac v c
ban vn duy tr n nh nh nm 2007, chim
25,81%; 13,76%; 5,29% tng d n cho vay
toan nganh.
Credit continued to grow, meeting the
demand of funds for economic development:
In 2008, the loan outstanding of the banking
sector as a whole increased by 25.43%, lower
than the growth of 53.89% of 2007, of which
VND and foreign currency credit grew at 27.56%
and 17.61%, respectively.
Credit growth by all types of banks was relatively
high, of which the year-on-year credit growth of
the SOCBs, JSCBs, joint-venture banks and
foreign bank branches, and other credit
institutions was 19.25%, 22.49%, 46.55%, and
46.27%, respectively.
By composition, bank credit for agricultural
development (including farming, forestry and
fishery) took the biggest share of 28.84%.
Lending to the trade sector accounted for
18.67%, higher than the ratio of 18.24% of 2007.
The ratios of credit to such sectors as industry,
construction, and transportation, warehouse, and
communication in the total credit outstanding
basically kept unchanged as compared to 2007,
at 25.81%; 13.76%; and 5.29%, respectively.
HbY NG V N Ib N N kINH I
CAPITAL MOBILIZATION FROM THE ECONOMY
Ty ng
DI N BI N TI N T
26

IN Db NG I VO I N N kINH I
CREDIT TO THE ECONOMY
Nghn ty ng
LAI SUT VND VA NGOAI T
Lai sut huy ng VND:
Trong nhng thang u nm 2008, lai sut
huy ng VND bin ng tng chu yu do vic
huy ng vn cua TCTD gp kho khn, nhiu
TCTD a iu chnh tng lai sut huy ng
VND vi mc tng t 0,6%/nm n
3,36%/nm, lai sut huy ng tin gi tit kim
cao nht ln ti 13,8%/nm. Bn canh vic
iu chnh tng lai sut huy ng hu ht
cac ky han, cac NHTM con ap dung cac
chng trnh tit kim siu lai sut vi mc lai
sut huy ng cao nht ln ti 13-14,4%/nm.
Trc tnh hnh o, Thng c NHNN a co
cng in s 02/C-NHNN ngay 26/2/2008
yu cu cac NHTM khng c tng lai sut
vt qua 12%/nm, cac NHTM a iu chnh
mc lai sut huy ng VND v mc cao nht
la 12%/nm, ky han di 6 thang la 10,5-
11%/nm, cac ky han t 6 thang n 12 thang
la 11%/nm.
Sau khi Thng c NHNN ban hanh Quyt
VND AND FOREIGN CURRENCY
INTEREST RATES
VND mobilizing interest rate:
In the first months of 2008, VND mobilizing
interest rate increased remarkably as a result of
credit institution's difficulty in capital mobilization.
Many credit institutions adjusted their VND
mobilizing interest rates up by 0.6 - 3.36
percentage points, the highest mobilizing interest
rate reached 13.8% per annum. In addition to the
increase of mobilizing interest rates in most of
maturities, commercial banks introduced special
saving deposits programs with "super high
deposit interest rates" reaching 13 14.4%
per annum. As a result, the Governor of the SBV
issued Official Message No. 02/C - NHNN
dated February 26, 2008, requesting commercial
banks not to increase mobilizing interest rates
over 12% per annum. Accordingly, commercial
banks started to lower their VND mobilizing
deposit interest rates to up to 12% per annum,
with those for below 6-month maturities being
10.5 - 11% and those for 6- to 12-month
27
28
DI N BI N TI N T
IY IPO NG HbY NG V N Cb A Ib NG NHO M $O VO I I NG $ NM 2008
CAPITAL MOBILIZATION, BREAKDOWN BY GROUPS OF CREDIT INSTITUTIONS - 2008
IY IPO NG HbY NG V N Cb A Ib NG NHO M $O VO I I NG $ NM 2007
CAPITAL MOBILIZATION, BREAKDOWN BY GROUPS OF CREDIT INSTITUTIONS - 2007
IY IPO NG CHO VAY N N kINH I Cb A Ib NG NHO M $O VO I I NG $ NM 2008
LENDING TO THE ECONOMY, BREAKDOWN BY TYPE OF LENDERS - 2008
NHTMNN va NH Chnh sach xa hi
SOCBs and Bank for Social Policies
Khi NH c phn, phi NH va Quy Tn dung
Group of joint stock banks, non- bank institutions and credit funds
Khi chi nhanh NH nc ngoai va lin doanh
Group of foreign bank branches and joint venture banks
IY IPO NG CHO VAY N N kINH I Cb A Ib NG NHO M $O VO I I NG $ NM 2007
LENDING TO THE ECONOMY, BREAKDOWN BY TYPE OF LENDERS - 2007
29
nh s 16/2008/Q-NHNN ngay 16/5/2008 v c
ch iu hanh lai sut c ban bng ng Vit
Nam va Quyt nh 1098/Q-NHNN ngay
16/5/2008 v mc lai sut c ban bng ng Vit
Nam ap dung k t ngay 19/5/2008 la 12%/nm,
cac NHTM iu chnh tng lai sut huy ng vi
mc tng t 3-3,5%/nm so vi mc lai sut cu.
Ngay 11/6/2008, NHNN iu chnh lai sut c
ban t 12%/nm ln 14%/nm, nhiu NHTM iu
chnh tng lai sut ngn chn vic giam vn
huy ng, trong o co mt s NHTM a iu
chnh tng lai sut mc kha cao 17,5-
18,5%/nm, ca bit co mt s NHTMCP huy
ng ti 19%/nm va ap dung nhiu hnh thc
khuyn mai.
T gia thang 7/2008 n ht quy III/2008, vn
kha dung cua cac NHTM a bt cng thng, lai
sut huy ng VND co xu hng giam t 0,1-
0,9%/nm va duy tr tng i n nh. Mc lai
sut huy ng VND ph bin mc 17-
17,5%/nm (nhom NHTMNN) va 17,5-18%/nm
(nhom NHTMCP).
T ngay 21/10/2008 n 31/12/2008, lai sut huy
ng VND cua cac TCTD i vi khach hang lin
tuc giam manh qua cac ln iu chnh giam lai
sut c ban cua NHNN va n cui nm mc lai
sut huy ng VND tr v mc thp nht trong
nm va giam khoang 9-9,5%/nm so vi thi
im cao nht cua nm (17,5-18,5%/nm), giam
khoang 0,3-0,8%/nm so vi cui nm 2007. Lai
sut huy ng VND ph bin mc: di 3 thang
t 7,9-8,6%/nm, t 3 thang n 12 thang la 8,3-
9,3%/nm, 12 thang la 8,5-9,5%/nm, trn 12
thang la 8,6-9,5%/nm.
Lai sut cho vay VND: thi im trc khi
ap dung c ch iu hanh lai sut cua NHNN
theo Quyt nh s 16/2008/Q-NHNN, lai sut
cho vay cua cac NHTM i vi khach hang
mc kha cao (vao thi im thang 3/2008,
khoang 18,5-19%/nm). Sau khi ap dung c ch
iu hanh lai sut mi cua NHNN, lai sut cho
vay cua cac NHTM i vi khach hang c
khng ch mc ti a la 18%/nm (ap dung t
gia thang 5/2008).
maturities being 11% per annum.
After the SBV Governor's Decision No.
16/2008/Q - NHNN dated 16 May 2008 on
regulatory mechanism of VND deposit base
interst rate and the SBV Governor's Decision
No. 1098/Q - NHNN dated 16 May 2008 set-
ting the applicable VND deposit base interest
rate from May 19, 2008 at 12% per annum,
commercial banks moved their mobilizing inter-
est rates up by 3 3.5 percentage points per
annum. On June 11, 2008, the SBV adjusted
the base interest rate from 12% to 14% per
annum. Accordingly, many commercial banks
increased their deposit interest rates to prevent
deposit mobilization slowdown, and in some
special cases, deposit interest rates rose to
17.5 - 18.5% per annum with an exceptional
case where some joint stock banks mobilized
at 19% per annum along with various
promotions.
From mid - July 2008 to the end of the 3rd
quarter in 2008, commercial banks' liquidity
became less stressful, VND mobilizing interest
rates showed a downward tendency by
0.1 - 0.9 percentage points per annum and
remained relatively stable. VND mobilizing
interest rates were maintained at 17 17.5%
and 17.5 - 18% per annum by the
state - owned commercial banks and joint stock
commercial banks, respectively.
Between October 21 - December 31, 2008,
credit institutions VND mobilizing interest
rates continued to decrease sharply after
various decreases of the SBV's base interest
rates. By the year-end, VND mobilizing
interest rates restored the lowest rate of the
year and were down by about 9 - 9.5
percentage points from the years' highest
rates of 17.5 - 18.5%, or a decrease of 0.3 -
0.8 percentage points per annum against
end 2007. VND mobilizing interest rates
were maintained widely around 7.9 - 8.6%,
8.3 - 9.3%, 8.5 - 9.5%, and 8.6 - 9.5% for
maturities of less than 3 months, 3 - 12
months, 12 months and over 12 months,
respectively.
30
T ngay 11/6/2008 n trc ngay 21/10/2008
(lai sut c ban tng t 12%/nm ln
14%/nm), cac NHTM a iu chnh tng lai
sut cho vay v mc sat vi mc ti a la
21%/nm va ngng thu tt ca cac loai ph lin
quan n khoan cho vay.
T ngay 21/10/2008 n 31/12/2008, cung vi
vic iu chnh giam lai sut c ban cua
NHNN, lai sut cho vay ti a bng VND cua
cac TCTD i vi khach hang (150% lai sut
c ban) cung giam tng ng; bn canh o,
cac TCTD con ap dung mc lai sut cho vay
u ai i vi mt s i tng (thu mua
lng thc, xut khu) thp hn mc lai sut
cho vay ph bin t 1-1,5%/nm. n 31/12,
lai sut cho vay VND ph bin mc: ngn
han la 10,8-11,5%/nm, trung dai han la 12-
12,75%/nm, lai sut cho vay u ai 8,5-
10%/nm.
Lai sut huy ng va cho vay
USD: trong quy I/2008, cac NHTM iu
chnh tng la i su t huy ng USD v i m c tng
t 0,11%/nm n 1,29%/nm so v i cu i nm
2007, m c la i su t huy ng USD cao nh t la
6,15%/nm.
Trong quy II/2008, ca c NHTM ti p tu c i u
chnh tng la i su t huy ng USD v i m c tng
bnh qun khoa ng 0,35-1,85%/nm, la i su t
huy ng USD ph bi n cu a nho m NHTMNN
khoa ng 6,5-7%/nm, cu a nho m NHTMCP
khoa ng 7-8%/nm. Cu ng v i vi c i u chnh
tng la i su t huy ng USD, la i su t cho vay
USD cu ng tng ln khoa ng 2-2,5%/nm so v i
u nm 2008 (la i su t cho vay ph bi n
khoa ng 9-9,5%/nm).
T u quy III/2008, la i su t huy ng va cho
vay USD lin tu c gia m v i m c gia m t 2-
3%/nm, va n 31/12/2008 ph bi n m c:
d i 3 tha ng la 2,6-4,3%/nm, 3 tha ng n 12
tha ng la 3,3-4,5%/nm, 12 tha ng la 4-
4,6%/nm, trn 12 tha ng la 3,7-4,9%/nm; la i
su t cho vay USD ph bi n m c: ng n ha n la
6,1-7,5%/nm, trung da i ha n la 7,2-8,5%/nm.
VND lending interest rate: before the
validation of the SBV interest rate regulating
mechanism in accordance with Decision No.
16/2008/QD - NHNN, commercial banks' lending
interest rate was rather high (about 18.5 - 19% in
March 2008). Upon introducing the new
interest rate regulating mechanism of the SBV,
commercial banks' lending interest rate was
controlled within a cap of 18% (by mid - May 2008).
From June 11 to October 21, 2008 (the base
interest rate increased from 12% to 14% per
annum), commercial banks adjusted interest
rates close to the ceiling interest rate of up to
21%, without any transaction fees.
From October 21 to December 31, 2008,
following the lowering of SBV's base interest
rate, maximum VND lending rate (150% of the
base interest rate) offered by financial institutions
decreased accordingly. In addition, financial
institutions also offered preferential lending rates
to certain types of borrowers (food purchasers,
exporters) with the annual interest rate of about
1 - 1.5 percentage points lower than the ordinary
rates. From December 31, generally, VND lend-
ing rate remained at
10.8% - 11.5%, 12% - 12.75% and 8.5% - 10%
p.a for short - term, medium and long - term and
preferential loans, respectively.
USD mobilizing and lending inter-
est rates: In the first quarter of 2008, com-
mercial banks raised USD mobilizing rate by
0.11% - 1.29 percentage point in comparison
with the end of the previous year, reaching the
highest rate of 6.15% p.a.
In the second quarter of 2008, commercial banks
adjusted USD mobilizing rate by 0.35% - 1.85
percentage point higher than those of the last
quarter, the annual USD mobilizing rate by the
state - owned commercial banks, therefore,
reached 6.5% - 7% and 7% - 8% for joint stock
commercial banks. On the upward trend, the
USD lending rate increased by 2% - 2.5 percent-
age point in comparison with the beginning of
DI N BI N TI N T
31
Lai sut th trng lin ngn
hang: nhng thang u nm 2008, lai sut
th trng lin ngn hang bin ng tng do
thiu hut thanh khoan cua cac TCTD, nhng
t cui thang 7/2008 n cui thang 12/2008
lai sut th trng lin ngn hang lin tuc
giam cung vi xu hng giam cua lai sut c
ban va lai sut cua cac TCTD i vi khach
hang. n cui thang 12/2008, lai sut giao
dch thc t bnh qun trn th trng lin
ngn hang cac mc: qua m la
7,28%/nm, 1 tun la 7,98%/nm, 1 thang la
7,9%/nm, 3 thang la 9,93%/nm, 6 thang la
9,87%/nm, 1 nm la 9,83%/nm.
Th trng ngoai t lin
ngn hang
Trong bi canh cung cu ngoai t trn th
trng din bin phc tap, hoat ng th
trng ngoai t lin ngn hang nm 2008
tip tuc si ng vi quy m va doanh s
giao dch tng cao. Doanh s giao dch gia
cac ngn hang tng khoang 25% so vi nm
2007. Trong o, doanh s giao dch giao
ngay tng 26%, cac giao dch ky han, hoan
i tng 13%. Cac ngn hang a tip cn va
s dung nhiu hn cac nghip vu giao dch
phong nga rui ro trong kinh doanh ngoai
hi.
Ca nm 2008, th trng ngoai t lin ngn
hang co 79 ngn hang thanh vin tham gia,
tng 14 thanh vin so vi nm 2007. Cac
ngn hang thanh vin tham gia th trng
mt cach tch cc, a gop phn lam tng
thm s si ni cua th trng.
NHNN a thc hin mua, ban ngoai t mt
cach kp thi nh mt ngi mua, ban cui
cung trn th trng n nh ty gia, ap
ng nhu cu ngoai t nhp khu cac mt
hang thit yu va nhu cu chuyn i ngoai
t cua cac nha u t nc ngoai. Bn canh
giao dch mua, ban ngoai t giao ngay,
NHNN cung a thc hin cac giao dch mua
2008 (commonly at 9% - 9.5% p.a).
From the beginning of the third quarter of 2008,
the annual USD mobilizing and lending rates
continued to decrease further by 2% - 3
percentage point. On December 31st 2008, USD
mobilizing rate stayed at 2.6% - 4.3%, 3.3% -
4.5%, 4% - 4.6% and 3.7% - 4.9% p.a for USD
deposits with terms of less than 3 months, from 3
months to under 12 months, 12 months and from
12 months and longer, respectively. Generally,
USD lending interest rates stayed at 6.1% - 7.5%
p.a for short - term loans and 7.2% - 8.5% p.a for
medium and long - term loans.
Inter-bank money market rate: in early
2008, the inter - bank money market rates showed
an upward trend due to the shortage of liquidity of
credit institutions. However, from the end of July
2008 to the end of December 2008, the
inter - bank money market rate continued to
decrease in line with the lowering of the base
interest rate and interest rates offered by credit
institutions. At the end of December 2008,
average actual inter - bank interest rate remained
at 7.28%, 7.98%, 7.9%, 9.93%, 9.87% and 9.83%
for overnight, 1 week, 1 month, 3 months, 6
months and 1 year maturities, respectively.
Inter-bank foreign exchange
market
While complicated developments happened to
supplies and demands of the foreign exchange
market in 2008, the inter-bank foreign exchange
market remained active with widened scale and
larger transaction volume. Inter-bank transaction
volume increased by about 25% as compared to
that of 2007. Spot transactions increased by 26%,
and forward and swap transactions increased by
13%. Commercial banks conducted much more
transactions in this market to hedge themselves
against foreign exchange risks.
In 2008, 79 banks participated in the inter-bank
foreign exchange market, an increase of 14
participants in comparison with 2007. These new
va ban lai ngoai t vi mt s ngn hang
h tr cn i ngun tin ng Vit Nam cho
cac NHTM.
Hoat ng th trng u thu
tn phiu Kho bac
u thu tn phiu Kho bac qua NHNN nm
2008 at kt qua cao hn nhiu so vi nm
2007. Gia tr tn phiu Kho bac trung thu
cua nm 2008 la 20.730 ty ng, at 78%
khi lng chao thu va 195,15% gia tr trung
thu nm 2007. Toan b s tn phiu ban ra
trong nm u co ky han 364 ngay. Lai sut
trung thu tn phiu Kho bac nm 2008 giam
manh t 15,7%/nm xung 8,38%/nm.
Ca nm co 31 t u thu tn phiu Kho
bac c t chc (t hn so vi 43 t cua
nm 2007) va co 4 t khng co thanh vin
tham gia. Th trng u thu tn phiu Kho
bac trong nm 2008 khng thu hut c
nhiu cac thanh vin ngoai khi NHTMNN
tham gia do cac NHTMNN vn la cac ngn
hang co u th hn hn v ngun vn, cu
th la NH Cng Thng, NH Ngoai Thng,
players participated actively, making the market
even more dynamic.
As the last resort lender, the SBV bought and sold
foreign currencies to promptly meet the demand
for foreign currencies for import of essential goods
and the demand for foreign exchange by foreign
investors. Besides buying and selling foreign
currencies in spot transactions, SBV also sold and
bought foreign currencies to help the commercial
banks balance VND reserves.
Market for Treasury bills
Auctions of Treasury bills through the SBV in 2008
registered much higher winning volume as
compared to 2007. Total value of bid winning
Treasury bills was VND 20,730 billion, equal to
78% of the offered value of 2008 or 195.15% of
successful bid value of 2007. The entire Treasury
bills issued in 2008 was at 364-day term with the
cut-off rates decreasing much to 8.38% p.a from
15.7% p.a.
For 2008 as a whole, there were totally 31 T-bills
auctions (as compared to 43 in 2007), with four
auctions without any participating bidders. In 2008,
DI N BI N TI N T
IA I $b I HbY NG, CHO VAY Cb A CA C ICID NM 2008
LENDING AND MOBILIZATION INTEREST RATE OF CREDIT INSTITUATIONS IN 2008
32
NH Nng Nghip va Phat trin nng thn.
Vic iu chnh CSTT nm 2008 a tac ng
n din bin th trng u thu tn phiu
Kho bac. iu hanh CSTT tht cht va linh
hoat na u nm chuyn dn sang ni long
mt cach thn trong nhng thang cui nm,
thng qua vic iu chnh cac cng cu CSTT
nh lai sut, d tr bt buc, ty gia va cac
nghip vu khac a tac ng n vn kha
dung cua cac NHTM. Nhng thang u nm
vn kha dung cua cac NHTM khng d tha
nn t tham gia th trng u thu tn phiu
Kho bac. T thang 8/2008, vn kha dung cua
cac TCTD tng dn va co d tha nn a
tham gia th trng, c bit la s tham gia
cua cac NHTMNN a lam cho th trng u
thu tn phiu Kho bac tr nn si ng hn.
the market for Treasury bills failed to attract other
participants rather than SOCBs as these banks
remained the most prominent banks in terms of
capital capacity including Vietinbank,
Vietcombank and VBARD.
The monetary policy movements in 2008 largely
influenced the Treasury bills auctions. The
tightened and flexible monetary policy regulation
applied in the first half of the year gradually
moved to the prudently loosened one in late
2008, by adjusting such monetary policy instru-
ments as interest rate, reserve requirements,
exchange rate and other operations, which
affected commercial banks' liquidities. Given their
liquidity shortage during the early months of the
year, commercial banks rarely took part in
Treasury bill auctions. Nevertheless, from August
2008 on, as credit institutions' liquidity improved
with some surplus, the auctions became busier
with more active participation of credit
institutions, especially the state-owned
commercial banks.
DI N 8I N IH[ IPbO NG b IH b IN FHI b kHO 8A C
TREASURY BILL AUCTION MARKET DEVELOPMENTS
33
IU HANH CHNH SACH
TIN T NM 2008
Nm 2008, nn kinh t th gii trai qua nhiu
s kin phc tap, kho lng xut phat t cuc
khung hoang tai chnh tai My, trong nc
kinh t tng trng chm lai. Trc tnh hnh
o, NHNN iu hanh CSTT tht cht nhng
linh hoat tuy theo din bin kinh t trong
nc va quc t. Trong 6 thang u nm
NHNN a kp thi s dung ng b va quyt
lit cac giai phap tht cht tin t nhm kim
ch lam phat co hiu qua va n nh kinh t
v m. Cac cng cu CSTT c iu hanh
linh hoat hut tin t lu thng nhng vn
am bao tnh thanh khoan cho nn kinh t va
th trng, iu hanh linh hoat ty gia theo tn
hiu th trng. Trc tn hiu kha quan v
kim ch lam phat, 6 thang cui nm 2008,
NHNN a tng bc ni long CSTT bng cac
giai phap linh hoat thuc y phat trin san
xut kinh doanh va chu ng ngn nga
nguy c suy giam kinh t.
iu tit cung tin thng qua
nghip vu th trng m
Nm 2008, nghip vu th trng m c
iu hanh linh hoat, phi hp cht che vi
cac cng cu CSTT khac iu tit vn kha
dung cho cac TCTD mc hp ly, gop phn
n nh th trng tin t. Cac giao dch
nghip vu th trng m c thc hin hang
ngay, chu yu c thc hin theo phng
thc u thu khi lng, cng b lai sut
nhm n nh th trng.
Trong 7 thang u nm 2008, cung vi vic
thc hin cac giai phap iu hanh CSTT nh
MONETARY POLICY
MANAGEMENT IN 2008
In 2008, as the world economy experienced
various complicated and unforeseen events
stemming from the US financial crisis, the
domestic national economy growth slowed
down. Under this situation, the SBV pursued a
contractual and flexible monetary policies on
the basis of domestic and international economic
developments. In the first 6 months, the SBV
took uniform monetary tightening measures in
a timely and decisive manner in order to con-
trol inflation effectively and ensure macro-eco-
nomic stability. Monetary policy instruments
were used in a flexible manner to absorb ban-
knotes in circulation, and at the same time to
ensure liquidity of the economy and the mar-
ket, and to manage exchange rate by market
forces. Based on
positive results of inflation control, the SBV
had gradually loosened the monetary policy for
the second half of 2008 through flexible meas-
ures to promote production and business and
prevent the risk of economic recession.
Managing money supply through
open market operations
In 2008, open market operations were flexibly
managed in a close coordination with other
monetary policy instruments to regulate credit
institutions liquidity within reasonable levels,
thus helping to stabilize the money market.
Open market operations were daily executed,
essentially by mode of volume auction and
interest rate publicity aiming at market stability.
In the first 7 months of 2008, in line with
measures of monetary policy management
including higher reserve requirements, issuance
34
HOAT NG CUA NGN HANG NHA NC
STATE BANK OPERATIONS
tng ty l DTBB, phat hanh tn phiu NHNN
bt buc, tng lai sut c ban nhm gop
phn kim ch lam phat, NHNN a thc hin
chao ban tn phiu NHNN ky han 182 va 364
ngay; lai sut ph bin i vi ky han 182 la
7,5%/nm, ky han 364 la 7,75%/nm. ng
thi, h tr vn ngn han cho cac TCTD
va khc phuc tnh trang th trng tin t
cha thc s thng sut, NHNN a thc hin
cac phin chao mua giy t co gia vi ky
han ngn (7, 14, 21, 28 ngay), khi lng
chao mua hang ngay c xac nh trn c
s nhu cu vn thanh toan va din bin th
trng tin t. Vic iu hanh nghip vu th
trng m nu trn a gop phn n nh th
trng tin t, nht la cac thi im thay i
ty l DTBB, cac mc lai sut NHNN cng b.
T thang 8/2008, trc tn hiu kha quan v
kim ch lam phat, NHNN a tng bc ni
long CSTT thuc y phat trin san xut
kinh doanh va chu ng han ch tac ng
cua khung hoang tai chnh va ngn chn
nguy c suy giam kinh t. n nh tm ly
th trng va h tr cac NHTM tht s kho
khn v vn, NHNN tip tuc thc hin cac
phin chao mua giy t co gia ky han 7-14
ngay vi khi lng va lai sut hp ly, phu
hp vi vic iu chnh lai sut c ban va
cac loai lai sut do NHNN cng b. Trong
dp giap Tt, nghip vu th trng m tr
thanh knh h tr vn chu yu cho cac
TCTD, gop phn duy tr n nh tin t.
V phat hanh tn phiu bt buc
thc hin muc tiu kim ch lam phat,
thang 3/2008 NHNN phat hanh tn phiu
NHNN bt buc vi khi lng 20.300 ty
ng, ky han 364 ngay, lai sut 7,8%/nm,
of SBVs compulsory bills, and higher base
interest rates for the sake of inflation control,
the SBV had offered 182-day and 364-day bills
with the annual rates of 7.5% and 7.75%
respectively. At the same time, the SBV pur-
chased valuable papers with short maturities
(7, 14, 21, and 28 days) to provide more short
- term liquidity to credit institutions and help to
smoothen the money market. Daily purchasing
volume was determined upon liquidity
demands and
previous money market developments. By
regulating open market operations as
mentioned above, could the SBV stabilize the
money market, particularly when changes
were made in terms of required reserve ratios
and the interest rates set by the SBV.
From August 2008, in face of positive results
of inflation control, the SBV had gradually
loosened its money policy to foster production
and business, proactively minimize the impact
of the financial crisis and to prevent the risk of
economic recession. To help stabilize market
sentiment and assist commercial banks faced
with liquidity shortage, the SBV kept
purchasing 7 - 14 day valuable papers with
reasonable volume and interest rates in line
with changes of the base interest rate and
other rates prescribed by the SBV. On the
occasion of the Lunar New Year, open market
operations became a principal funding channel
of credit institutions, thereby helping to
maintain monetary stability.
Issuance of compulsory SBV bills
To realize inflation control targets, in March 2008
the SBV issued VND 20,300 billion of compulso-
ry SBV bills with 364 - day maturity at 7.8% p.a
and instructed credit institutions not to use them
35
ng thi cac TCTD khng c phep s
dung tn phiu nay trong cac nghip vu tai
cp vn vi NHNN. Tuy nhin, h tr
thanh khoan cho cac TCTD do tac ng cua
khung khoang tai chnh toan cu, t ngay
1/10/2008, NHNN a cho phep cac TCTD
c s dung tn phiu trong cac giao dch
tai cp vn vi NHNN, ng thi cho phep
cac TCTD c ru t tr c ha n tn phi u theo
nhu c u.
V lai sut tn phiu NHNN bt buc, ngay
1/7/2008, NHNN a iu chnh tng lai sut
tn phiu bt buc t 7,8%/nm ln 13%/nm
nhm tao iu kin cho cac TCTD giam lai
sut cho vay i vi khach hang thuc y
phat trin san xut kinh doanh. Ngay
22/12/2008, lai sut tn phiu NHNN c
iu chnh giam t mc 13%/nm xung
4,5%/nm phu hp vi cac mc lai sut
khac do NHNN cng b.
V cng cu d tr bt buc
Do s bin ng manh cua kinh t, tin t
th gii va trong nc, cng cu DTBB c
s dung nh mt trong cac bin phap hu
hiu kim ch lam phat trong nm 2008.
thc hin muc tiu kim ch lam phat,
thang 2/2008 NHNN iu chnh tng 1% ty l
DTBB i vi tt ca cac ky han, ap dung cho
ca tin gi VND va ngoai t i vi hu ht
cac TCTD (tr NH Nng nghip va Phat trin
nng thn Vit Nam, va mt s TCTD hp
tac va NHTMCP nng thn). ng thi m
rng din phai DTBB i vi loai tin gi ky
han t 24 thang tr ln (trc y ch bao
gm tin gi khng ky han va co ky han di
24 thang) nhm nng cao kha nng iu tit
cng cu DTBB.
in refinancing operations with the SBV. As of
October 1, 2008, however, to support liquidity of
credit institutions in the context of the global
financial crisis, the SBV allowed credit institutions
to use compulsory SBV bills in applying for refi-
nancing loans and allow prepayment for those
bills at the same time.
Regarding the compulsory SBV bill, on July 1st
2008, the SBV raised yearly yield from 7.8% to
13% in enabling institutions to reduce lending
rate for the enhancement of business and
production of their customers. On December
22nd 2008, the yearly yield on SBV bill was
reduced from 13% to 4.5% to make it in line
with other interest rates set by the SBV.
Reserve requirement
Due to strong economic and monetary
movements both domestically and international-
ly, reserve requirement was employed as one
of the effective tools to curb inflation
during 2008.
In implementing the inflation curbing target, in
February 2008, the SBV increased the reserve
requirement ratio by 1 percentage point
applicable to all terms and to both local and
foreign currency deposits in most credit
institutions (except for the Vietnam Bank for
Agriculture and Rural Development, some
cooperative credit institutions and rural join
stock commercial banks). At the same time,
reserve requirement was expanded to be
applicable to 24-month and longer term
deposits (previously, reserve requirement
applied only to demand deposits and less than
24-month term deposits) in order to improve
the regulating ability of the reserve
requirement tool.
During the last months of 2008, in order to
36
Nhng thang cui nm, h tr cac TCTD
tng cng cung ng vn cho nn kinh t,
ngn chn suy giam kinh t, NHNN a iu
chnh giam ty l DTBB i vi tin gi bng
VND t 11% xung 10% - 6% va tin gi bng
ngoai t t 11% xung 9% - 7%.
Cung vi vic iu chnh ty l DTBB, nm
2008 NHNN linh hoat iu chnh lai sut tin
gi DTBB bng VND cua cac TCTD tai NHNN:
iu chnh tng lai sut tin gi DTBB t
1,2%/nm ln 3,6% - 5% - 10%/nm, va iu
chnh giam t 10%/nm xung 9% - 8,5%/nm.
Tai cp vn
Trong nhng thang u nm 2008, cac TCTD
co kho khn tam thi v vn kha dung, NHNN
a thc hin tai cp vn cho cac NHTM, nht
la nhng NHTM co quy m nho. Vic NHNN
h tr vn ngn han cho cac NHTM a co tac
ng tch cc trong vic n nh th trng tin
t. T quy IV nm 2008, khi tnh hnh th trng
tin t tng bc i vao n nh, ngun vn
cua cac TCTD a c am bao nn nhu cu
vay tai cp vn cua cac NHTM a giam.
V iu hanh lai sut
Trong 8 thang u nm 2008, trc bi canh
lam phat va nhp siu tng manh, e doa n
s n nh kinh t v m, cung vi cac giai
phap tht cht tin t, NHNN a iu chnh
tng lai sut c ban t 8,25%/nm ln 8,75% -
12% - 14%/nm, iu chnh tng lai sut tai
cp vn t 6,5%/nm ln 7,5% - 13% -
15%/nm, lai sut chit khu t 4,5%/nm ln
6% - 11% - 13%/nm, lai sut cho vay qua
m trong thanh toan in t lin ngn hang
c iu chnh tng t 10,8%/nm ln
support credit institutions to supply capital to
the economy and to prevent economic down-
turn, the SBV decided to reduce the reserve
requirement ratios, consecutively from 11%
sequently to 10%, and 6% for local currency
deposits, and from 11% to 9% and 7% for
foreign currency deposits.
Alongside with the adjustment of reserve
requirement ratio, in 2008 the SBV flexibly
adjusted the interest rates on VND reserve
requirement deposits of credit institutions with
the SBV, specifically: the SBV increased the
yearly, interest rate of reserve requirement from
1.2% sequently to 3.6%, 5% and 10%, and then
decreased from 10% to 9% - 8.5%.
Refinancing
In early months of 2008, credit institution had
experienced temporary difficulties of liquidity,
SBV has conducted refinancing for commercial
banks, especially for small-size commercial
banks. By assisting commercial banks with
short-term capital, the SBV has brought about
positive impacts on stabilization of the monetary
market. Since the 4th Quarter of 2008, the
money market has been gradually more stable
and the financial capacity of credit institutions
has been improved, refinancing demand for
commercial banks reduced accordingly.
Interest Rate Management
In the first 8 months of 2008, in the context that
inflation and trade deficit increased significantly
which threatened macroeconomic stability, the
SBV, alongside with tightening monetary solu-
tion, increased yearly base interest rate from
8.25% sequently to 8.75%, 12% and 14%, year-
ly refinancing rate from 6.5% sequently to 7.5%,
13% and 15%, yearly discount rate from 4.5%
37
15%/nm. NHNN quy nh trn lai sut huy
ng mc 12% t ngay 16/2/2008. n
ngay 19/5/2008, NHNN iu hanh lai sut
theo Quyt nh s 16/2008/Q-NHNN v
c ch iu hanh lai sut c ban bng
ng Vit Nam. Theo o, lai sut huy ng
va cho vay ti a se bng 150% lai sut c
ban. Nhng thang cui nm, han ch tac
ng cua khung hoang tai chnh va suy
thoai kinh t toan cu, bao am n nh
kinh t v m, NHNN a iu chnh giam
cac loai lai sut ch ao nh lai sut c ban
giam t 14%/nm xung 13% - 12% -11% -
10% - 8,5%/nm; lai sut tai cp vn t
15%/nm xung 14% - 13% - 12% - 11% -
9,5%/nm, lai sut chit khu t 13%/nm
xung 12% - 11% - 10% - 9% - 7,5%/nm.
Kim soat tng trng va cht
lng tn dung
Muc tiu t ra trong iu hanh hoat ng
tn dung nm 2008 la nhm kim soat tc
tng trng tn dung phu hp vi yu
cu kim soat tc tng TPTTT kim
ch lam phat, ng thi am bao kha nng
thanh toan va tp trung ap ng cac nhu
cu vn cho cac lnh vc phat trin kinh t
bn vng, am bao an toan va hiu qua
cho hoat ng cua cac TCTD. Theo o,
NHNN a thc hin cac bin phap cu th
nh:
Theo doi cht che hoat ng cho vay u t
va kinh doanh bt ng san va chng
khoan, quy nh cht che v iu kin cho
vay va khng ch d n cho vay, chit khu
giy t co gia u t, kinh doanh chng
khoan khng c vt qua 20% vn iu
sequently to 6%, 11% and 13%, and yearly
overnight rate for electronic interbank market
from 10.8% to 15%. SBV specified the mobi-
lization cap of 12% for the period from
February 16, 2008. Since May 19 2008, the
SBV managed base interest rate in line with
the Decision No 16/2008/Q-NHNN on regula-
tory mechanism of VND base interest rate.
Accordingly, maximum VND mobilizing and
lending interest rate will be equalled to 150%
of the base interest rate. In the year-end
months, in order to mitigate negative impact of
the global financial and economic crisis and to
stabilize the macroeconomic situation, the SBV
decided to lower key rates such as: the yearly
base interest rate from 14%/year sequently to
13%, 12%, 11%, 10% and 8.5%; yearly refi-
nancing rate went from 15% sequently to 14%,
13%, 12%, 11% and 9.5%; yearly discount rate
went from 13% sequently to 12%, 11%, 10%,
9% and 7.5%.
Credit Growth and Quality
Control
As the objectives set for the management of
credit operations in 2008 were to control credit
growth rate in line with the requirement of con-
troling the growth rate of total liquidity for infla-
tion curbing purpose, while assuring liquidity
and sufficient funds to meet capital demands
for sustainable economic development, and to
assure safe and efficient operations of credit
institutions, therefore, the SBV implemented
specific measures, in particular:
To closely mornitor lending for investments in
real estate and securities sectors; to provide
strict regulations on financing conditions and
debt outstanding limit, discount of valuable
papers for securities investment, lending
38
l cua TCTD, ban hanh c ch cho vay bng
ngoai t cua TCTD i vi khach hang (thay
th c ch cu) theo hng cho vay ap ng
nhu cu nht thit phai s dung vn vay bng
ngoai t nh: nhp khu hang hoa dch vu,
tra n va chuyn vn u t ra nc ngoai.
Tng trng tn dung a c kim soat
mc hp ly, phu hp vi yu cu kim soat
TPTTT kim ch lam phat, c cu tn dung
c iu chnh giam tn dung cho lnh vc phi
san xut (t 15% xung 13%), tp trung vn
vao lnh vc san xut, kinh doanh co hiu
qua.
iu hanh ty gia
Vi s ch ao sat sao cua Thng trc Chnh
phu va s phi hp cht che cua cac B,
Nganh, NHNN a iu hanh ty gia linh hoat,
thc hin c cac muc tiu cua chnh sach ty
gia, am bao thanh khoan ngoai t cua h
thng ngn hang, gop phn thuc y xut
khu, han ch nhp siu, kim ch lam phat
va n nh kinh t v m. Cu th:
Can thip th trng ngoai hi vi mc ty gia
mua vao va ban ra c iu chnh linh hoat,
kp thi ban ngoai t can thip, ha nhit th
trng khi th trng d cu va mua ngoai t
vao mc hp ly, nhm thc hin muc tiu
kim ch nhp siu trong thi im d cung
ngoai t.
CSTT va chnh sach ty gia c iu hanh,
phi hp ng b. Lai sut VND tng trong khi
lai sut USD giam a tao s hp dn cho tin
ng, gop phn n nh ty gia.
Trong bi canh cung cu ngoai t va ty gia
trn th trng bin ng phc tap, co nhng
thi im bin ng t bin, NHNN kp thi
threshold to these sectors not to exceed 20%
of the charter capital of credit institutions; to
issue new regulations on foreign currency
lending by credit institutions applicable to cus-
tomers (in replacement of the old ones)
toward meeting neccessary demands of for-
eign currency credit, for examples, to import
goods and services, to repay debt, and to
invest overseas.
Credit growth has been reasonably controlled
in line with the requirement of total liquidity
management for inflation curbing purpose, in
the meantime, credit structure has been
adjusted to reduce credit for non-manufactur-
ing sector (down from 15% to 13%), so as to
allocate funds for effective and efficient manu-
facturing and trading areas.
Exchange Rate Management
Under the close guidance of the Cabinet and
in collaboration with relevant ministries and
agencies, the SBV flexibly managed exchange
rate, successfully met the exchange rate poli-
cy targets, assured forex liquidity of the bank-
ing sector, which helped enhance export, curb
trade deficit, restrain inflation and stabilize
macroeconomy, specifically:
Intervening in the forex market by flexibly
adjusting both buying and selling exchange
rates, promptly selling forex to cool down the
market when there was an excessive forex
demand, and reasonably buying forex with the
aim of restraining trade deficit in case of
excessive forex supply.
The monetary and exchange rate policies
were synchronously managed and combined.
VND interest rate was put up while that of
USD was reduced to create VND attractive-
ness, hence contributing to exchange
rate stabilization.
39
40
bam sat cac din bin trn th trng,
thng xuyn theo doi, cp nht thng tin va
anh gia cac dong vn vao, ra co chnh
sach iu hanh ty gia thch hp. Trong nm
2008, NHNN a 3 ln m rng bin ty gia
giao dch gia ng Vit Nam va la My,
a bin ty gia t 0,75% ln 1%, 2%
va 3% so vi ty gia bnh qun lin ngn
hang.
Thc hin Ngh quyt cua Chnh phu v
nhng giai phap cp bach nhm ngn chn
suy giam kinh t, duy tr tng trng kinh t,
bao am an sinh xa hi, trn c s d bao
tnh hnh kinh t th gii va trong nc nm
2009, NHNN a thc hin iu chnh ty gia
bnh qun trn th trng ngoai t lin ngn
hang ap dung t ngay 25/12/2008 tng 3%
ln mc 16.989 /USD.
QUAN LY NGOAI HI
Trc bi canh khung hoang kinh t din ra
trn quy m toan cu, th trng tai chnh
trong nc va quc t co nhiu bin ng
phc tap, tac ng cua cuc khung hoang
tn dung tai My khin hang loat cac ngn
hang, t chc tai chnh ln tai My, Chu u
va mt s khu vc khac a b tac ng
manh, anh hng n tnh hnh tai chnh va
mc xp hang tn nhim. Do vy, cng tac
quan ly d tr ngoai hi Nha nc
(DTNHNN) phai i mt vi nhiu kho khn
thach thc am bao at c muc tiu
nh an toan d tr, am bao kha nng can
thip bnh n th trng ngoai hi trong nc
ng thi ap ng cac nhu cu ngoai hi
cp bach cua Nha nc va duy tr n nh
quy m DTNHNN. Vi nguyn tc an toan
c t ln hang u, NHNN a theo doi
In the complex developments of the foreign
exchange markets with periodical dramatic
fluctuations, the SBV promptly followed these
developments, frequently supervised and
updated information and assessed outflow and
inflow of funds in order to come up with the
proper exchange rate management policy. In
2008, the SBV had widened the forex trading
band between USD and VND three times,
from 0.75% to 1%, 2% and 3% against
the average interbank exchange rate.
To implement the Government's Resolution on
urgent measures for economic downturn
prevention, growth maintenance and assur-
ance of social protection, and on the basis of
domestic and global economic forecasts for
2009, the SBV increased the average
exchange rate in the interbank forex market by
3% to 16,989 VND/USD which came into
effect from December 25, 2008.
FOREIGN EXCHANGE
MANAGEMENT
In the context of the global economic crisis
and complex developments of domestic and
international financial markets, the American
credit crisis seriously affected series of banks
and big financial institutions in the United
States, Europe and other areas, resulting in
negative impacts on their financial position
and credit rating. Therefore, the State forex
management had to face with many chal-
lenges
in assuring that foreign reserves could be in
safety and national foreign reserves would be
ready and sufficient to intervene and
stabilize the domestic market on the one
hand, while forex demand of the State in
41
cht che va co nhng can thip kp thi
nhm am bao an toan DTNHNN khi cac
i tac giao dch nc ngoai khng con u
tiu chun xp hang theo quy nh. Mt
khac, n nh ty gia va am bao kha
nng thanh toan cho toan h thng trc
nhng bin ng phc tap cua th trng
ngoai hi trong nc do tac ng cua nhp
siu va s suy giam cua dong vn u t
gian tip nc ngoai, NHNN a linh hoat s
dung DTNHNN can thip nhm bnh n
th trng. Vi s iu hanh ty gia va lai
sut linh hoat cua NHNN, n cui nm
2008, DTNHNN vn c duy tr mc
tng ng nm 2007.
C ch quan ly ngoai hi lin quan n cac
giao dch vn tip tuc theo hng m rng
khung phap ly cho cac hoat ng giao dch
u t ra nc ngoai kt hp vi k tha va
phat trin cac c ch quan ly a c xac
lp i vi hoat ng u t vao Vit Nam,
vay tra n nc ngoai, cho vay thu hi n
nc ngoai. i vi cac giao dch vang lai
tip tuc theo hng hoan thin phap lut.
Cu th nh: (i) n gian hoa thu tuc cp
giy phep hoat ng cung ng dch vu
ngoai hi cua TCTD, a dang hoa pham vi
cung ng dch vu ngoai hi cua cac TCTD;
(ii) Xy dng cac quy nh y u, chi tit
tao c s phap ly hoat ng cua ai ly
thu i ngoai t tng bc i vao n np,
ap ng nhu cu i tin cua ca nhn, thu
hut ngoai t trn th trng t do vao h
thng ngn hang, gop phn han ch vic
s dung ngoai t rng rai trn lanh th Vit
Nam; (iii) Gn trach nhim kim tra, kim
soat, am bao an toan cua cac TCTD trong
qua trnh hoat ng ngoai hi, ng thi
nng cao vai tro quan ly cua NHNN Chi
urgent cases and the maintenance of sizable
foreign reserves stability had to be met and
guaranteed. By putting the safety principle in the
first place, the SBV closely followed the market
developments and intervened in a timely man-
ner to ensure the safety of State foreign
reserves when foreign traders failed to meet the
prescribed rating standards. On the other hand,
for the stabilization of exchange rate and liquidi-
ty assurance of the whole sector in case of
complex changes in the domestic forex market
due to trade deficit and the downfall of foreign
indirect investment (FII), the SBV flexibly used
the State foreign reserves to intervene for mar-
ket stabilization. With flexible management of
exchange and interest rates, by the end of
2008, the stock of State foreign reserves was
still maintained at the level of 2007.
Foreign exchange management mechanism
which relates to capital transactions has continu-
ously developed in ways of expanding the legal
framework for outward investments, inheriting
and developing the established management
mechanisms for inward investment in Vietnam,
foreign borrowing and settlement, foreign debt
recovery. As for current transactions, legal
improvement kept improving as follows: (i) to
simplify licensing procedures and diversify
scope of forex supply services of credit institu-
tions; (ii) to develop specific and adequate regu-
lations as legal foundation with the aim of grad-
ually putting operations of foreign exchange
agents in order, thus meeting currency
exchange demand of individuals, attracting for-
eign currencies in the parallel market into the
banking sector, thereby restricting the abuse of
foreign currencies in transactions countrywide;
(iii) to attach responsibilities of credit institutions
in supervision, inspection and safety assurance
to their foreign exchange operations, and to
enhance management role of the SBV branches
nhanh tnh, thanh ph.
Nm 2008, din bin cung cu ngoai t
khng n nh do nhiu yu t, trong o co
yu t u c. n nh th trng, NHNN
a phi hp vi B Tai chnh kim soat cht
che nhp siu, tng cng kim tra, giam sat
vic thc hin cac quy nh v quan ly ngoai
hi cua cac TCTD; sa i b sung, ban
hanh mi cac quy nh v quan ly ngoai hi,
nht la quan ly cac ai ly thu i ngoai t
nhm han ch tnh trang u c va mua ban
ngoai t bt hp phap trn th trng t do.
KT QUA IU HANH CHNH
SACH TIN T
Mc du con nhiu kho khn va thach thc,
song v c ban NHNN a thc hin thanh
cng trong vic iu hanh CSTT:
Tng phng tin thanh toan va u t tn
dung c kim ch mc hp ly theo tc
tng trng kinh t, gop phn trc tip
lam giam tc tng ch s gia tiu dung va
am bao an sinh xa hi.
Th trng tin t, ngoai hi din bin phu
hp vi muc tiu quan ly, iu hanh cua
Chnh phu va NHNN: lai sut bin ng phu
hp vi cung cu vn trn th trng, am
bao hai hoa li ch gia ngi gi tin, TCTD
va ngi vay vn; th trng ngoai hi tuy co
thi im khng thun li, nhng nh iu
hanh linh hoat ty gia, s can thip kp thi
cua NHNN nn a duy tr c tnh n nh
cho th trng.
Hoat ng cua cac TCTD c am bao va
co bc phat trin. n cui nm 2008, vn
chu s hu cua toan h thng ngn hang
tng 30% so vi cui nm 2007, ty l an toan
in provinces and cities.
In 2008, developments of foreign exchange
supply and demand were instable because of many
reasons, including speculation. In order to
stabilize the market, the SBV maintained close
coordination with the Ministry of Finance to
strictly control trade deficit, to vigorously super-
vise and inspect the implementation of foreign
exchange regulations of credit institutions; to
make amendment and to issue foreign exchange
management regulations, especially those related
to the operational management over foreign
exchange agents to restrict illegal foreign
exchange trading and speculation in the parallel
market.
THE MONETARY POLICY
MANAGEMENT PERFORMANCE
Despite many existing difficulties and challenges,
the State Bank of Vietnam basically succeeded in
the management of monetary policy, in particular:
Total liquidity and credit investment were
reasonably controlled in consistence with
economic growth, hence contributing directly to
the slowing down of CPI and the assurance of
social protection.
The money and foreign exchange markets
performed in line with the management objec-
tives of the Government and the State Bank of
Vietnam: interest rates moved in conformity with
supply and demand of capital in the market which
helped balancing the interests of depositors,
credit
institutions and borrowers; the foreign exchange
market remained stable, despite undergoing
unfavorable conditions from time to time, thanks
to flexible mechanism of foreign exchange
management and timely intervention of the SBV.
Operations of credit institutions were continuously
42
vn tng t 8,9% ln 9,7%. Cac TCTD tip
tuc chu trong phat trin nhiu cng ngh, dch
vu, tin ch ngn hang hin ai. Mang li
hoat ng ngn hang tip tuc c cung c
va m rng hiu qua, tao iu kin ngay cang
thun li hn cho doanh nghip va ngi dn
tip cn vi dch vu ngn hang.
consolidated and developed. By the end of 2008,
the total equity of the banking sector increased by
30% as compared to the end of 2007, and capital
adequacy ratio rose from 8.9% to 9.7%. The
credit institutions focused on the development of
modern banking technologies, services and facili-
ties. The banking network was continuously
consolidated and expanded in an efficient manner
to facilitate enterprises and the public to get
access to banking services.
43
44
CH AO IU HANH CHNH SACH TIN T NM 2008
1. CAC VN BAN CH AO IU HANH CUA CHNH PHU V GIAI PHAP IU HANH
- Cng vn s 75/TTg-KTTH ngay 15/1/2008 cua Thu Tng Chnh phu v bin phap kim ch lam phat, kim soat tng
gia nm 2008;
- Vn ban s 319/TTg-KTTH ngay 3/3/2008 v tng cng cac bin phap kim ch lam phat nm 2008;
- Thng bao s 63/TB-VPCP ngay 11/3/2008 v trin khai cac giai phap bnh n th trng, kim ch lam phat nm 2008;
- Vn ban s: 481/TTg-KTTH ngay 31/3/2008 v vic tng cng cac giai phap y manh xut khu, kim ch nhp siu
va bao am cn i, quan ly gia ca cac mt hang thit yu;
- Cng vn s: 2049/VPCP-KTTH ngay 31/3/2008 v vic trin khai thc hin cac giai phap kim ch lam phat, n nh kinh
t v m;
- Ngh quyt s 10/2008/NQ-CP ngay 1/4/2008 cua Chnh phu v cac giai phap kim ch lam phat, n nh kinh t v m
am bao an sinh xa hi va tng trng bn vng;
- Vn ban 757/TTg-KTTH ngay 20/5/2008 cua Thu Tng Chnh phu v iu hanh tin t tn dung;
-Ngh Quyt 20/2008/QH12 ngay 09/6/2008 v mt s vn kinh t xa hi nm 2008 trong tnh hnh mi;
- Vn ban s 970/TTg-KTTH ngay 25/6/2008 v vic thc hin bin phap kim ch lam phat va bao am n nh kinh t v
m nhng thang cui nm 2008;
- Ngh quyt s: 20/2008/NQ-CP ngay 29/8/2008 v vic tip tuc thc hin cac bin phap kim ch lam phat, n nh kinh
t v m, bao am an sinh xa hi va tng trng bn vng trong nhng thang cui nm 2008;
- Ngh quyt s 30/2008/NQ-CP ngay 11/12/2008 v nhng giai phap cp bach nhm ngn chn nguy c suy giam kinh
t, duy tr tng trng kinh t, am bao an sinh xa hi.
2. CAC VN BAN CUA NHNN TRONG IU HANH CHNH SACH TIN T
- Quyt nh s 03/2008/Q-NHNN ngay 1/2/2008 v vic cho vay, chit khu giy t co gia u t va kinh doanh chng
khoan;
- Quyt nh 346/Q-NHNN ngay 13/2/2008 v vic phat hanh tn phiu Ngn hang Nha nc bt buc;
- Quyt nh s 09/2008/Q-NHNN ngay 10/4/2008 v cho vay bng ngoai t cua t chc tn dung i vi khach hang vay
la ngi c tru;
- Quyt nh s 12/2008/Q-NHNN ngay 29/4/2008 v sa i mt s iu cua quy ch chit khu, tai chit khu giy t
co gia cua NHNN i vi cac ngn hang ban hanh kem theo Quyt nh s 898/2003/Q-NHNN ngay 12/8/2003;
- Quyt nh s 16/2008/Q-NHNN ngay 16/5/2008 v c ch iu hanh lai sut c ban bng ng Vit Nam;
- Ch th s 06/2008/CT-NHNN ngay 31/12/2008 v thc hin cac bin phap nhm gop phn thuc y san xut kinh doanh,
lu thng hang hoa, ngn chn suy giam kinh t, duy tr tng trng kinh t, bao am an sinh xa hi.
3. CAC VN BAN CUA NHNN V HOAT NG NGN HANG
- Ch th s 03/2008/CT-NHNN ngay 22/4/2008 v vic tng cng cng tac thanh tra giam sat cua NHNN;
- Quyt nh s 13/2008/Q-NHNN ngay 29/4/2008 ban hanh quy nh v mang li hoat ng cua NHTM;
- Quyt nh s 20/2008/Q-NHNN ngay 4/7/2008 v vic sa i, b sung mt s iu cua Quy nh v c ng, c phn,
c phiu va vn iu l cua ngn hang thng mai c phn cua Nha nc va nhn dn ban hanh theo Quyt nh
1122/2001/Q-NHNN;
- Quyt nh s 21/2008/Q-NHNN ngay 11/7/2008 Ban hanh Quy ch ai ly i ngoai t;
- Ch th s 05/2008/CT-NHNN ngay 9/10/2008 v mt s bin phap am bao an toan, hiu qua hoat ng kinh doanh cua
cac t chc tn dung;
- Quyt nh s 30/2008/Q-NHNN ngay 16/10/2008 v sa i, b sung mt s iu cua quy ch hoat ng bao thanh
toan cua cac t chc tn dung ban hanh theo Quyt nh s 1096/2004/Q-NHNN ngay 6/9/2004 cua Thng c NHNN;
- Quyt nh s 34/2008/Q-NHNN ngay 5/12/2008 v vic sa i, b sung mt s iu cua Quy nh v cac ty l bao
am an toan trong hoat ng cua t chc tn dung ban hanh kem theo Quyt nh 457/2005/Q-NHNN ngay 19/4/2005
cua Thng c NHNN.
45
DIRECTIVES ON MONETARY POLICY MANAGEMENT IN 2008
1. GOVERNMENTS GUIDELINES ON SOLUTIONS FOR MANAGEMENT
- Official Letter No. 75/TTg-KTTH dated January 15, 2008 of the Prime Minister regarding solutions for inflation and price con-
trol;
- Document No.319/TTg-KTTH dated March 3, 2008 regarding the strengthening solutions for inflation control in 2008;
- Notice No.63/TB-VPCP dated March 11, 2008 regarding the implementation of solutions for market stabilization and infla-
tion control in 2008;
- Document No.481/TTg-KTTH dated March 31, 2008 regarding the strengthening of solutions for boosting export, control-
ling trade deficit and managing essential commodities;
- Official Letter No.2049/VPCP-KTTH dated March 31, 2008 regarding the implementation of solutions for inflation control,
macro-economic stabilization;
- Resolution No.10/2008/NQ-CP dated April 1, 2008 regarding solutions for inflation control, macro-economic stabilization,
assurance of social protection and sustainable growth;
- Document No.757/TTg-KTTH dated May 20, 2008 of the Prime Minister regarding monetary and credit management;
- Resolution No.20/2008/QH12 dated June 9, 2008 regarding some socio-economic issues of 2008 in new situation;
- Document No.970/TTg-KTTH dated June 25, 2008 regarding the implementation of solutions for inflation control and macro-
economic stabilization in the last months of 2008;
- Resolution No.20/2008/NQ-CP dated August 29, 2008 regarding the continuous implementation of solutions for inflation
control, macro-economic stabilization, assurance of social protection and sustainable growth in the last months of 2008;
- Resolution No.30/2008/NQ-CP dated December 11, 2008 regarding urgent solutions for prevention of the risk of econom-
ic downturn, maintenance of economic growth and assurance of social protection.
2. DOCUMENTS OF THE STATE BANK OF VIETNAM ON THE MONETARY POLICY MANAGEMENT
- Decision No.03/2008/Q-NHNN dated February 1, 2008 on providing loans, discounting valuable papers for the purposes
of securities investment and business;
- Decision No.346/Q-NHNN dated February 13, 2008 on the issuance of the SBV compulsory bonds;
- Decision No.09/2008/Q-NHNN dated April 10, 2008 foreign currency loans by credit institutions applicable to resident bor-
rowers;
- Decision No.12/2008/Q-NHNN dated April 29, 2008 on the amendment to the Regulation on Discount and Rediscount of
Valuable Papers of Credit Institutions by the State Bank of Vietnam issued together with Decision No.898/2003/Q-NHNN
of August 12, 2003;
- Decision No.16/2008/Q-NHNN dated May 16, 2008 on the management of the base interest rate in Vietnamese Dong;
- Directive No.06/2008/CT-NHNN dated December 31, 2008 on the implementation of solutions aiming at partially boosting
business and production, commodity circulation, economic downturn prevention, economic growth maintenance and assur-
ance of social protection;
3 DOCUMENTS OF THE STATE BANK OF VIETNAM ON BANKING OPERATIONS
- Directive No.03/2008/CT-NHNN dated April 22, 2008 on the strengthening of banking supervisions and inspections of the
State Bank of Vietnam;
- Decision No.13/2008/Q-NHNN dated April 29, 2008 regarding the issuance of regulation on operating networks of com-
mercial banks;
- Decision No.20/2008/Q-NHNN dated July 4, 2008 on the amendment to the Regulation on shareholders, shares, stocks
and charter capital of the State and non-state joint-stock commercial banks issued together with Decision
No.1122/2001/Q-NHNN;
- Decision No.21/2008/Q-NHNN July 11, 2008 regarding the issuance of Regulation on Foreign Exchange Agents;
- Directive No.05/2008/CT-NHNN dated October 9, 2008 on some solutions for the assurance of safe and efficient opera-
tions of credit institutions;
- Decision No.30/2008/Q-NHNN dated October 16, 2008 on the amendment to the Regulation on factoring operation of
credit institutions issued together with the Decision No.1096/2004/Q-NHNN dated September 6, 2004 of the SBV
Governor;
- Decision No.34/2008/Q-NHNN dated December 5, 2008 on the amendment to the Regulation on prudential ratios in bank-
ing operations of credit institutions issued together with Decision No.457/2005/Q-NHNN dated April 19, 2005 of the SBV
Governor
HOAT NG THANH TRA
GIAM SAT
Nm 2008, NHNN a tin hanh thanh tra,
kim tra i vi cac TCTD. Bn canh hoat
ng thanh tra trc tip, Thanh tra Ngn
hang a tng bc i mi phng phap
thanh tra giam sat thng qua vic t chc
cac bui lam vic vi Ban lanh ao cac
TCTD nhm nm bt kp thi din bin, tnh
hnh hoat ng cua cac TCTD. Trong nm a
trin khai cac t thanh tra din rng t xut
v cho vay u t, kinh doanh chng khoan;
cho vay u t, kinh doanh bt ng san;
cho vay tiu dung; thanh tra cht lng hoat
ng tn dung tai cac TCTD; ra soat, thanh
tra, kim tra vic thc hin quy nh cua
NHNN v lai sut.
V c cu lai t chc b may va
nng cao nng lc thanh tra,
giam sat: Chnh phu a cho phep hnh
thanh C quan Thanh tra, giam sat ngn
hang thuc c cu t chc cua Ngn hang
Nha nc (Ngh nh s 96/2008/N-CP
ngay 26/8/2008 quy nh chc nng, nhim
vu, quyn han va c cu t chc cua Ngn
hang Nha nc Vit Nam). NHNN a phi
hp vi cac c quan lin quan trnh Thu
tng Chnh phu ban hanh quyt nh v
thanh lp, t chc va hoat ng cua C quan
Thanh tra, giam sat ngn hang vi 4 nhim
vu chnh la: cp, thu hi giy phep thanh lp
va hoat ng ngn hang; xy dng cac chnh
sach, quy nh v an toan hoat ng ngn
hang; giam sat t xa, thanh tra tai ch; x ly
vi pham trong lnh vc tin t va hoat ng
ngn hang.
Bn canh o, tip tuc trin khai an i
mi hoat ng giam sat t xa phu hp vi
thng l quc t va thc tin Vit Nam vi 3
h thng: giam sat vi m i vi tng TCTD,
BANKING SUPERVISION
In 2008, the SBV closely supervised credit
institutions. In addition to on-site supervision,
supervisory methods had been gradually
renovated through meetings with credit
institutions management boards to get their
updated performance. During the year,
irregular supervising missions were made on a
large scale on loans for securities and
properties trading, consumer lending, credit
quality, and compliance with the SBVs interest
rate policy.
Organizational restructure and
capacity building
The Banking Supervision Agency was approved in
principle to be established under the SBV as pro-
vided in Decree 96/2008/N-CP dated 26/8/2008
on the functions, responsibilities and organizational
structure of the SBV. In cooperation with relevant
agencies, the SBV submitted to the Prime
Minister for approval of the Decision on the estab-
lishment, organizational structure and operations of
the Banking Supervision Agency with four key
functions: licensing and revoking license of banks;
developing banking prudential policies and
regulations; on-site and off-site supervision; han-
dling banking and monetary violations.
In addition, the Banking Supervision
Renovating Plan continued to be implemented
to make off-site supervision in line with best
international practices and Vietnams practical
conditions with three sub-systems: micro-
prudential supervision over individual credit
institutions, macro-prudential surveillance over
the whole banking sector; and early warning
system. Supervisory method was also
gradually renovated with the pilot implementation
of risk-based supervision in two joint-stock
commercial banks.
46
giam sat v m i vi toan b h thng ngn
hang va canh bao sm rui ro. Phng phap
thanh tra, giam sat cung tng bc c i
mi vi vic trin khai th nghim phng phap
thanh tra trn c s rui ro tai 2 NHTMCP.
Ngoai ra, cng tac phat trin, ao tao can b
thanh tra ngn hang cung c chu trong vi
nhiu hnh thc ao tao phong phu, a dang.
NHNN a xy dng k hoach va t chc cac
khoa ao tao dai han, ngn han phu hp vi
nhu cu s dung va phat trin i ngu can b
thanh tra ngn hang, trong o co chng trnh
chun v ao tao thanh tra vin ngn hang;
chng trnh ao tao chuyn gia v thanh tra,
giam sat trn c s rui ro; chng trnh ao tao,
thc tp tai cac c quan thanh tra, giam sat
ngn hang nc ngoai... Ngoai ra, hoat ng
hp tac quc t nhm tranh thu s tr giup ky
thut va h tr ao tao cua cac t chc quc t
i vi hoat ng thanh tra, giam sat cung c
chu trong tng cng.
V tng cng cng tac thanh tra,
giam sat va x ly sai pham.
Trc nhng bin ng phc tap cua tnh hnh
kinh t trong va ngoai nc, NHNN a tng
cng cng tac thanh tra, giam sat nhm am
bao cho h thng ngn hang hoat ng an
toan, lanh manh, n nh. Cu th:
Ban hanh ch th v tng cng cng tac thanh
tra, giam sat cua NHNN va nng cao nng lc
quan tr, iu hanh cua cac TCTD; mt s bin
phap am bao an toan, hiu qua hoat ng
kinh doanh cua cac TCTD nhm ngn nga rui
ro co th xay ra do tac ng cua cuc khung
hoang tai chnh toan cu.
T chc cac cuc thanh tra theo k hoach va
thanh tra t xut v mt s lnh vc hoat ng
ngn hang tim n nguy c rui ro cao, nh: cho
vay u t, kinh doanh chng khoan, bt ng
san, cho vay tiu dung, chp hanh quy nh v
n nh lai sut kinh doanh, cht lng tn
Attention was paid to supervisor training and
career development to be implemented
through various training forms. The SBV
chartered out the plan and conducted
long-term and short-term training courses in
line with its needs, including standard training
courses for supervisors; training courses on
risk-based supervision; courses and internships
at supervisory agencies of foreign banks In
addition, it also attached much importance to
strengthen international cooperation to explore
technical and training assistance in banking
supervision from international institutions.
Strengthening banking supervision
and handling violations
In the context of complicated developments in
the international and domestic economies, the
SBV consolidated supervision and surveillance
in order to ensure the safety, soundness and
stability of the banking system through such
specific measures as:
Issue instruction on strengthening the SBVs
supervision and surveillance and credit
institutions' corporate governance and
management; measures to ensure the
prudential and efficient performance of credit
institutions to prevent possible risks of the
global financial crisis;
Conduct planned and irregular supervising
missions, focusing on such highly risky areas
as property and securities related lending,
consumer lending, compliance with interest
rate regulations and policies, credit quality in
order to promptly detect and deal with
violations and prevent risks;
Set up hot lines in four units of the SBV to
promptly collect and handle complaints from
banks clients and the SBVs responses and
resolutions to the received complaints, which
were highly welcomed by the public.
47
dung nhm phat hin, x ly kp thi cac sai
pham, ngn nga rui ro.
Thit lp ng dy nong tai 4 n v thuc
NHNN nm bt va x ly kp thi nhng vn
lin quan n hoat ng ngn hang thng
qua phan anh cua ngi dn va doanh nghip.
Kt qua thc hin va x ly cac sai pham t
nhng thng tin tip nhn qua ng dy nong
a c d lun xa hi anh gia cao.
HOAT NG THANH TOAN
Nm 2008, t 5 tnh, thanh ph trin khai h
thng thanh toan in t lin ngn hang giai
oan 1 a c trin khai m rng ra 63 tnh,
thanh ph trong ca nc nh kt qua thc hin
d an hin ai hoa h thng thanh toan giai
oan 2. Dch vu phat hanh the ngn hang va
cac dch vu tin ch i kem vi the tip tuc phat
trin. Lng the trong lu thng tnh n cui
thang 12/2008 a at trn 14 triu the (tng
36% so vi cui nm 2007), vi 160 thng
hiu the thuc 40 t chc phat hanh the, a
lp t c hn 7.600 ATM va gn 25.000
thit b POS/EDC phuc vu cho cac hoat ng
thanh toan. Di s ch ao cua NHNN, hai
lin minh the ln nht (chim hn 80% th
trng the Vit Nam) la Banknetvn va
Smartlink a tin hanh kt ni h thng ATM
gia cac ngn hang thanh vin cua hai lin
minh vi nhau, tao iu kin thun li hn cho
khach hang s dung the.
Cung vi vic y manh trin khai h thng
Core Banking hin ai hoa h thng thanh
toan ni b va k toan khach hang, m rng
mang li, nng cp phn mm, bao mt
mang,... cac ngn hang cung khng ngng a
dang hoa va cai tin san phm, dch vu cua
mnh, phat trin va ng dung cac knh giao
dch trc tuyn nh thanh toan ngn hang qua
Internet, Mobile/SMS, phuc vu nhiu i
tng khach hang va doanh nghip trong giao
thng hin ai.
Trong bi canh nn kinh t Vit Nam ngay
PAYMENT SYSTEM
In 2008, the electronic inter-bank payment
system was expanded from five provinces and
cities in Phase 1 to 63 provinces and cities in
Phase 2 as part of the implementation of the
project of modernizing the banking payment
system. The issuance of bank cards and
accompanied convenient services kept
developing. As of end December 2008, there
were 14 million bank cards issued (an increase
of 36% against end 2007) under 160 brand
names of 40 card issuers with over 7,600 ATMs
and nearly 25,000 POS/EDCs being installed to
serve payment operations. Under the SBVs
direction, two biggest card unions, Banknet and
Smartlink, accounting for more than 80% of the
Vietnamese plastic card market, had connected
their ATM systems, allowing customers to do
card transactions more easily.
In parallel with (i) strengthened the implementa-
tion of the Core Banking system to modernize
internal payment system and accounting
system; (ii) network expansion; (iii) upgrading
software system and improving network sec
urity banks had continuously improved and
diversified their products and services, intro-
duced e-transaction channels such as Internet,
Mobile/SMS to enhance their capacity in pro-
viding modern trade services to their clients.
In the context of deeper integration of the
Vietnamese economy into the rest of the world,
banking modernization and payment system
automation had improved the monetary velocity,
providing safer and quicker payment transac-
tions of the economy, especially for credit
institutions, hence enabling the SBV to better
monitor fund flows and liquidity of commercial
banks for the objective of the monetary policy
management.
INTERNATIONAL COOPERATION
Amid global changes and financial crisis, the
SBV had been closely monitoring
48
cang hi nhp su hn vao kinh t th gii, hin
ai hoa ngn hang va t ng hoa h thng
thanh toan a gop phn lam tng tc vong
quay tin t, ap ng nhu cu thanh toan nhanh
chong, an toan cua nn kinh t, ng thi tao
iu kin cho NHNN kim soat tt hn cac
lung chu chuyn vn, giam sat tnh thanh
khoan cua cac NHTM, phuc vu cho iu hanh
chnh sach tin t.
HOAT NG I NGOAI
Trong b i ca nh bi n ng va khu ng hoa ng ta i
chnh toa n c u, NHNN a theo do i sa t sao ca c
di n bi n trn ca c th tr ng ta i chnh qu c t ,
tng c ng trao i thng tin v i ca c t ch c ta i
chnh ti n t qu c t va ca c NHTW ca c n c
la m c s cho qua trnh hoa ch nh chnh sa ch.
Xa c nh r ng thng tin c p nh t co y ngha quan
tro ng trong vi c hoa ch nh chnh sa ch, nh t la
trong b i ca nh di n bi n th tr ng qu c t nhanh
va kho l ng, Vi t Nam h i nh p nga y ca ng su
r ng va o n n kinh t th gi i, NHNN a hnh
tha nh b ph n th ng xuyn theo do i c p nh t
ca c di n bi n trn ca c th tr ng khu v c va th
gi i.
Nm 2008 cung la mc thi gian anh du 15
nm Vit Nam chnh thc bnh thng hoa quan
h vi cac t chc tai chnh tin t quc t. Thc
hin vai tro ai din cua Vit Nam tai cac t
chc tai chnh tin t quc t, NHNN a tch cc
thuc y cac hoat ng i ngoai nhm tng
cng quan h hp tac vi
IMF/WB/ADB/MIB/MBES, tranh thu s ung h,
ngun lc tai chnh, h tr ky thut va t vn
chnh sach cua cac t chc trn.
NHNN a chu tr, phi hp vi cac b, nganh
hu quan am phan thanh cng 18 d an,
chng trnh vi WB/ADB vi tng tr gia 1.980,7
triu USD. c bit, trong nm 2008, NHNN a
chu tr va am phan, ky kt thanh cng Chng
trnh Tn dung H tr giam ngheo VII (PRSC VII)
cua WB tr gia 150 triu USD cung 12 khoan
ng tai tr co gia tr khoang 212,6 triu USD.
oan am phan lin nganh do NHNN chu tr
developments in the international financial
markets, strengthening information exchange
with international financial institutions and
other central banks in order to facilitate its
policy making. In addition, being fully aware
that updated information is of great importance
to decision making, especially in the context of
fast and unpredictable developments of
international markets, and Vietnams deep
integration into the world economy, the SBV
established a unit in charge of updating and
reporting developments in the global and
regional markets.
The year 2008 was a milestone to mark the
15th anniversary of the resumption of the
official relationship with international financial
institutions. As Vietnams representative
agency at the international financial
institutions, the SBV had been proactively
strengthening cooperation with IMF/WB/ADB/
MIB/ MBES to capitalize their financial and
technical assistance and support, and policy
advice.
In 2008, in cooperation with other relevant
Ministries, the SBV successfully negotiated 18
projects and programs with WB/ADB worth
around USD1.99 billion in total, which included
USD150 million of the Seventh Poverty
Reduction Support Credit (PRSC VII) and
USD212.6 million of 12 co-financiers. The
WB-financed USD60 million Financial Sector
Modernization and Information Management
System Project was successfully negotiated.
In addition, the SBV had been seeking and
exploring technical assistance for capacity
building of the SBV in monetary policy making
and conducting; banking supervision and
surveillance; improving the banking
institutional framework; and in banking sector
reform.
From the bilateral cooperation perspective, the
SBV continued to develop its multi-facetted
cooperation relationship with other central
banks and bilateral financial institutions; and
49
cung a tin hanh am phan thanh cng vi
WB d an H thng Thng tin Quan ly va
Hin ai hoa ngn hang vi tng vn vay tr
gia 60 triu USD. Bn canh o, NHNN cung
tm kim va khai thac cac h tr ky thut
nhm tng cng nng lc cho NHNN trong
cac lnh vc hoach nh va thc thi chnh
sach tin t; tng cng chc nng thanh
tra, giam sat; hoan thin khun kh th ch
va cai cach ngn hang.
V hoat ng hp tac song phng, NHNN
tip tuc xy dng va phat trin quan h hp
tac nhiu mt vi NHTW cac nc va cac t
chc tai chnh song phng; t chc trao i
cac oan cp cao trong khun kh hp tac
song phng. n ht thang 12/2008, NHNN
a ky kt vn ban hp tac vi c quan quan
ly ngn hang 12 nc ngoai va vung lanh th
gm co Anh, Hng Kng, Han Quc, Trung
Quc, Nga, ai Loan, Australia, Malaysia,
Singapore, Nht Ban, Campuchia va Lao. T
o gop phn cung c, tng cng hoat ng
thanh tra giam sat va an toan hoat ng
ngn hang tai NHNN Vit Nam trong bi
canh hi nhp kinh t quc t. Trong chuyn
thm va lam vic tai Trung Quc thang
11/2008, Thng c NHNN va Thng c
Ngn hang Nhn dn Trung Quc a nht tr
hp tac nhm i pho vi cuc khung hoang
tai chnh toan cu va cac tac ng cua no
n khu vc Chu A bng cach thit lp
nhom cng tac chung gia 2 NHTW trao
i, chia se kinh nghim v iu hanh CSTT,
c ch hp tac va h tr ln nhau trong bi
canh khung hoang tai chnh hin nay. Tch
cc xuc tin qua trnh am phan Hip nh
Hoan i song phng (BSA) vi Nht Ban
va a bao cao Thu tng Chnh phu trin
khai khi ng am phan BSA vi Trung
Quc va Han Quc.
Trong khun kh hp tac ASEAN, NHNN a
tch cc tham gia cac hi ngh cp cao
ASEAN va tham gia cac Nhom hp tac v tai
chnh tin t nhm muc tiu xy dng cng
exchange high-level delegations under the
bilateral cooperation framework. By the end of
December 2008, the SBV had signed MOUs
with 12 banking regulators in England, Hong
Kong, Korea, China, Russia, Taipei China,
Australia, Malaysia, Singapore, Japan,
Cambodia, and Laos, which helped reinforce
banking supervision and safety and soundness
of the banking sector in Vietnam in the context
of deeper international integration. In the official
visit to China in November, the SBV Governor
and the Governor of the People's Bank of
China reached agreement to cooperate in cop-
ing with the global financial crisis and its
impacts on Asia by establishing a Joint
Working Group to exchange views and experi-
ence in conducting monetary policy, and coop-
eration and mutual-support mechanism. In
addition, the SBV had proactively accelerated
the negotiations of the proposed Bilateral Swap
Agreement (BSA) between Japan and Vietnam
and initiated negotiations of the possible BSAs
with China and South Korea.
Under the ASEAN cooperation framework, the
SBV actively participated in ASEAN high-level
meetings and other Monetary and Financial
Cooperation Task Forces toward the ASEAN
Economic Community. The SBV also
participated in FTA negotiations between
ASEAN and such other partners as Australia-
New Zealand, EU, and China. Regarding the
relationship with ASEAN+3 partners, the SBV,
together with the Japanese Ministry of Finance,
successfully chaired meetings of Chiang Mai
Initiative Multilateralization Task Force, which is
the cooperation initiative among ASEAN,
Japan, China and Korea to set up a balance of
payments support mechanism in case of
short-term liquidity difficulties.
Being the lead agency in international integra-
tion of the banking sector, the SBV had
completely and efficiently fulfilled its duties as
assigned in the Governments Beyond WTO
Actions Plan for period 2007-2012, including
50
ng kinh t ASEAN cung phat trin. NHNN
cung tham gia cac phin am phan khu vc
mu dch t do (FTA) gia ASEAN vi cac i
tac Australia-New Zealand, EU va Trung Quc.
V quan h hp tac vi ASEAN + 3, NHNN
cung vi B Tai chnh Nht Ban chu tr thanh
cng cac cuc hop Nhom c trach v a
phng hoa Sang kin Ching Mai (CMIM),
sang kin hp tac gia cac nc ASEAN vi
Nht Ban, Han Quc va Trung Quc nhm tao
ra c ch h tr can cn thanh toan trong ngn
han khi gp rui ro.
Vi vai tro la c quan chu tr trong hi nhp
quc t nganh ngn hang, NHNN a thc hin
y u va hiu qua cac cng vic c giao
trong Chng trnh Hanh ng cua Chnh phu
sau khi Vit Nam gia nhp WTO giai oan 2007
- 2012, trin khai cac hanh ng cu th thc
hin cac cam kt gia nhp WTO va tch cc
phi hp, trin khai cac hoat ng hp tac giai
oan hu gia nhp WTO.
Ngoai ra NHNN a thanh cng trong vic nng
cao vai tro cua mnh khi ln u ng cai cac
Hi ngh Thng c va Pho Thng c ASEAN
vao thang 4/2008, am nhim thanh cng vai
tro ng chu toa tai Hi ngh Thng nin ADB
2008. c bit, tai Hi ngh Thng nin
IMF/WB 2008, Thng c NHNN a c toan
th Hi ng Thng c tn nhim bu gi chc
chu toa Hi ngh Hi ng Thng c IMF/WB
nm 2009.
realizing specific actions to deliver WTO
commitments and actively cooperating and
implementing other activities in the
beyond-WTO period.
Furthermore, the SBV successfully improved
its image after productively hosting for the first
time the ASEAN Central Banks Governors
Meeting in April 2008, and co-chairing the
2008 Annual Meeting of the Asian
Development Bank. Especially, at the IMF/WB
2008 Annual Meetings, the SBV Governor was
selected by the Board of Governors to be the
Chairman of the IMF/WB Board of Governors'
Meetings in 2009.
51
52
Hoan thin h thng phap lut
ap ng yu cu i mi h
thng ngn hang, nm 2008 NHNN
a chu tr hoan thin, trnh Chnh phu 3 d
thao lut: Lut sa i b sung mt s iu
cua B Lut Dn s (phn lin quan n lai
sut huy ng va cho vay vn cua TCTD),
Lut Ngn hang Nha nc Vit Nam (sa
i), Lut Cac t chc tn dung (sa i);
xy dng Lut Bao him tin gi, xin y kin
cac b, nganh, TCTD va cac t chc khac
co lin quan, xy dng cng Lut giam
sat an toan hoat ng ngn hang. Quc hi
Khoa XII a quyt ngh a Lut sa i b
sung mt s iu cua B Lut Dn s va 3
d an Lut Ngn hang Nha nc, Lut Cac
t chc tn dung va Lut Bao him tin gi
vao chng trnh chnh thc Quc hi
cho y kin tai Ky hop th 6 (thang 11/2009)
va a d an Lut Giam sat an toan hoat
ng ngn hang vao chng trnh chun b
cua nm 2009.
Ngoai ra NHNN cung a ban hanh 43 vn
ban quy pham phap lut nh c ch iu
hanh lai sut mi, quy ch mi v ai ly thu
i ngoai t, sa i quy nh v cac ty l
am bao an toan trong hoat ng cua
TCTD.
y nhanh chng trnh tai c
cu, nng cao nng lc hoat
ng va kha nng canh tranh
cua TCTD
Ti p tu c tri n khai k hoa ch c ph n hoa
NHTMNN, tha ng 12/2007, Ngn ha ng Ngoa i
thng Vi t Nam (Vietcombank) a th c hi n
c ph n ho a, pha t ha nh c phi u l n u
(IPO) va chuy n i t NHTM 100% v n Nha
n c sang NHTM c ph n do Nha n c n m
c ph n chi ph i va o tha ng 4/2008. Nga y
25/12/2008, Ngn ha ng Cng thng Vi t
Nam (Vietinbank) cu ng a th c hi n IPO.
Improving legal framework to
meet the needs of reforming
banking sector
In 2008, the SBV (i) submitted to the
Government 3 draft laws: the Law on
Amendment to the Civil Law (with issues relat-
ed to mobilizing and lending interest rates of
credit institutions), the Law on the State Bank
of Vietnam (revised), the Law on Credit
Institutions (revised); (ii) drafted and consulted
with Ministries, credit institutions and other rel-
evant agencies about the Law on Deposit
Insurance; and (iii) developed the drafting plan
of the Law on Prudential Banking Supervision.
The XII National Assembly decided to discuss
the first four draft Laws at its sixth session in
November 2009 and the last one would be list-
ed in the preparing agenda for 2009.
Furthermore, the SBV issued 43 legal docu-
ments on new interest rate management mech-
anism, foreign exchange agent mechanism,
and revised prudential regulations in opera-
tions of credit institutions
Accelerating the restructuring
process and improving capacity
and competitiveness of credit
institutions
State-owned commercial bank (SOCB) equiti-
zation: in December 2007, the Initial Public
Offering (IPO) of Vietcombank was launched
and in April 2008, this fully state-owned bank
transformed into the joint-stock commercial
bank in which the Government still holds major
shares. On December 25, 2008, Vietinbanks
IPO was also launched.
The SBV directed commercial banks of less
than VND1 trillion charter capitals to quickly
raise their capital to the required level before
31/12/2008 in order to comply with Decree
141/2006/N-CP on the legal capital require-
ments of credit institutions. Basically, this
CAC HOAT NG KHAC
53
Cac NHTM co mc vn iu l di 1.000 ty
ng khn trng xy dng va thc hin k
hoach tng vn trc thi im 31/12/2008
nhm am bao tun thu ung quy nh tai Ngh
nh s 141/2006/N-CP v Danh muc mc
vn phap nh cua cac TCTD. V c ban cac
ngn hang co vn iu l di 1.000 ty ng a
hoan thanh k hoach tng vn nhm nng cao
nng lc hoat ng va kha nng canh tranh.
hoat ng co hiu qua, cac giai phap nng
cao nng lc canh tranh cung c ngn hang
trin khai thc hin nh tip tuc tai c cu t
chc va hoat ng, tp trung cung c nng cp
mang li sn co, xy dng va hoan thin h
thng kim tra kim soat, kim toan ni b
nhm nng cao nng lc quan tr rui ro, nng
cao nng lc tai chnh.
regulation was complied by the required banks
to expand their operations and strengthen
competitiveness.
In order to operate efficiently, commercial
banks had taken measures to enhance their
competitiveness such as further restructuring
the organization and operations, upgrading the
existing network, developing the internal con-
trol and audit system to intensify the risk man-
agement and financial capacity.
OTHER ACTIVITIES
TRIN VONG KINH T V M
TOAN CU VA KHU VC VA
ANH HNG N KINH T
VIT NAM
Cac d bao cho thy kinh t th gii nm
2009 tip tuc kho khn va kho co th phuc
hi tc tng trng. Theo d bao cua
IMF, kinh t th gii se suy giam t -0,5%
n -1%, trong o My suy giam -2,6%, khu
vc ng EUR suy giam -3,2%, Nht Ban
suy giam -5,8%. Vic cac u tau kinh t
ng loat suy thoai la tn hiu xu i vi
nn kinh t th gii khin tc tng trng
va nhu cu tiu dung cua ca th gii se tip
tuc giam manh. Thng mai toan cu do
vy se giam va canh tranh xut khu gay
gt hn. Gia nguyn nhin liu c ban nh
du th, cao su, bng, kim loai, vt liu xy
dng co xu hng giam do tng trng va
nhu cu cac nc phat trin giam. Nhiu
nc iu chnh chnh sach thng mai
hng ti th trng ni a, a dang hoa th
trng quc t tranh phu thuc nhiu
vao th trng My va cac nc phat trin.
u t quc t cung se giam do tnh trang
khan him tn dung, cac nha u t co xu
hng rut vn phong nga rui ro, khc
phuc nhng kho khn trong nc do khung
hoang. Tnh hnh nay tac ng tiu cc n
kinh t Vit Nam trn cac lnh vc xut
khu, san xut cng nghip, du lch, u t
nc ngoai...
Trong bi canh tnh hnh kinh t tai chnh
th gii din bin phc tap, kinh t trong
nc nm 2009 se phai i mt vi nhiu
kho khn va thach thc, tc tng trng
kinh t suy giam do tac ng cua khung
hoang tai chnh th gii. Trc tnh hnh o,
GLOBAL AND REGIONAL
MACRO-ECONOMIC
PROSPECTS AND IMPACTS ON
THE VIETNAMESE ECONOMY
It is anticipated that the world economy in
2009 will continue to face difficulties and it will
be hard for the growth rate to be recovered.
The world economy, as forecasted by the
IMF, will decline from -0.5% to -1%, including
the US -2.6%, the EUR zone -3.2% and
Japan -5.8%. The concurrent slump of the
leading economies is a bad signal for the
world economy, making the world growth rate
and expenditure demand continue to
decrease drastically. The global trade hence
will go down and competition in import will be
in critical situation. Price of some key materi-
als and fuels such as crude oil, rubber, cotton,
metal and building materials tends to reduce
due to the decreasing growth and demand in
developed countries. A lot of countries are
adjusting their trade policy toward domestic
market and diversifying their international
markets in order not to be dependent on the
U.S and other developed markets.
International investment will be diminished
because of the lack of credit. Investors tend to
withdraw their capital for the sake of prevent-
ing risks and overcoming home difficulties
after crisis. These situations have made an
adverse impact on the sectors of export,
industrial manufacture, tourism and foreign
investment of the Vietnamese economy.
In the context of seriously unprecedented
global economic and financial crisis, the
Vietnamese economy in 2009 will be experi-
encing many difficulties and challenges. In
particular, the economic growth rate will fall
into a decline posed by the crisis. The
TRIN VONG KINH T V M VA
HOAT NG NGN HANG NM 2009
BAO CAO THNG NIN 2008
54
NGN HANG NHA NC VIT NAM
STATE BANK OF VIETNAM
55
PROSPECTS FOR MACRO-ECONOMY AND
BANKING SECTOR IN 2009
Chnh phu a ban hanh Ngh quyt s
30/2008/NQ-CP ngay 11/12/2008, ra 5
nho m gia i pha p c p ba ch nh m ngn ch n
suy gia m kinh t , duy tr tng tr ng kinh t ,
a m ba o an sinh xa h i. Chnh phu a
th ng nh t trnh Qu c h i i u chnh ch
tiu nh h ng t c tng tr ng kinh t
khoa ng 5%, b i chi Ngn sa ch Nha n c
d i 8% GDP.
Muc tiu iu hanh Chnh sach
tin t
Trong bi canh o, cn c vao cac Ngh
quyt cua Quc hi va cua Chnh phu v
muc tiu, nhim vu phat trin kinh t - xa hi
nm 2009, muc tiu iu hanh CSTT nm
2009 la: iu hanh CSTT linh hoat chu
ng kim soat mc tng TPTTT va d n
tn dung i vi nn kinh t, lai sut va ty gia
mc hp ly, tng kha nng thanh khoan va
an toan thanh toan cua h thng ngn hang
nhm kim soat lam phat, gop phn tch cc
ngn chn suy giam va duy tr tng
trng kinh t, n nh kinh t v m, am
bao an sinh xa hi.
iu hanh chnh sach tin t
iu hanh linh hoat cac cng cu CSTT, ty
gia phu hp vi muc tiu kch cu, khuyn
khch sa n xu t, xu t kh u, n nh kinh t
v m, a m ba o an toa n h th ng. Ph i
h p ng b v i ca c gia i pha p cu a chnh
sa ch ta i khoa , chnh sa ch thng ma i
n nh th tr ng ti n t , tng thanh
khoa n cho ca c TCTD va n n kinh t , la i
su t va ty gia bi n ng phu h p v i ca c
mu c tiu kinh t v m:
iu hanh lai sut theo xu hng phu hp
Vietnamese Government therefore promul-
gated Resolution no 30/2008/NQ-CP dated
11/12/2008 proposing 5 packages of press-
ing solutions for preventing economic slump,
maintaining economic growth, ensuring
social protection. The Government unani-
mously submitted the National Assembly on
adjustment of norm of economic growth rate
at 5% and state budget deficit of less than
8% of GDP.
Monetary policy management
targets
Confronted with this situation, based on res-
olutions promulgated by the National
Assembly and the Government on the tar-
gets and missions of socioeconomic devel-
opment in 2009, the monetary policy man-
agement targets in 2009 are set as follows:
(i) flexibly manage monetary policy in order
to control growth of total liquidity and credit
outstanding for the economy; (ii) manage
interest and exchange rates at the reason-
able levels; (iii) improve solvency and pay-
ment safety of the banking sector in order to
curb inflation, thus contributing to stabilizing
macro-economy and ensuring social protection.
Monetary policy management
Manage monetary policy instruments and
exchange rate in a flexible manner in con-
formity with targets of stimulating demand,
encouraging manufacture and export, stabi-
lizing macro-economy, and ensuring a safe
and sound banking industry.
Comprehensively coordinate with solutions
of the fiscal and trade policies in order to
stabilize the money market; increase liquidity
of credit institutions and the economy;
ANNUAL REPORT 2008
56
vi din bin cua lam phat va muc tiu iu
hanh CSTT: iu chnh linh hoat lai sut c
ban, lai sut tai cp vn va tai chit khu
vi mc hp ly, kt hp vi iu hanh
cung ng tin qua cac knh nghip vu th
trng m, tai cp vn, tai chit khu
tng cung vn cho th trng.
Tip tuc iu hanh ty gia theo hng linh
hoat, phu hp vi din bin cung cu ngoai
t trn th trng, gop phn thuc y xut
khu, han ch nhp siu, kim ch lam phat
va n nh kinh t v m.
iu chnh ty l va sa i c ch DTBB
phu hp vi yu cu kim soat TPTTT;
ng thi, iu chnh lai sut tra cho tin gi
DTBB bng VND phu hp vi vic iu
chnh cac loai lai sut do NHNN cng b.
Tip tuc hoan thin c ch va iu hanh linh
hoat nghip vu th trng m va cac knh
tai cp vn khac tng cung vn cho th
trng.
Kim soat cht che cac NHTM gp kho
khn trong hoat ng ap dung cac bin
phap sp xp va c cu lai mt cach hp ly.
M rng tn dung co hiu qua, phu hp vi
quy nh cua phap lut, ap dung lai sut
hp ly, x ly cac vng mc v tra n vay
va tip cn tn dung ngn hang cua doanh
nghip: Ra soat, sa i cac c ch cp tn
dung, trin khai c ch tn dung bao lanh
i vi doanh nghip nho va va.
Quan ly ngoai hi nm 2009
Trong bi canh kinh t toan cu lm vao
suy thoai va kho co kha nng phuc hi trong
nm 2009, nn kinh t Vit Nam se gp
nhiu kho khn va thach thc, can cn
manage interest and exchange rates in line
with macro-economic targets.
Manage interest rate in line with inflation
developments and monetary policy
management targets: flexibly adjust the base
rate and refinancing and rediscount rates at
a reasonable level in association with money
supply management through such
instruments as open market operations,
refinancing and rediscount in order to provide
more capital to the market.
Continue to manage exchange rate in a
flexible manner in conformity with developments
of supply and demand of foreign
currency in the market, thus contributing to
promoting export, limiting the trade deficit,
containing inflation and stabilizing
macro-economy.
Adjust reserve requirement ratios and reform
reserve requirement mechanism consistent
with requirement of controlling total liquidity;
adjust interest rates of reserve requirement
deposit in VND in line with the adjustment of
interest rates announced by the SBV.
Continue to improve mechanism and flexible
management of open market operations and
other refinancing channels in order to
increase liquidity for the market.
Closely control those commercial banks with
difficulties in operations to make suitable
arrangements and restructurings.
Effectively expand credit consistent with
regulations and laws; apply suitable interest
rates; deal with difficulties in loan repayment
and banking credit access of enterprises:
Review and revise mechanism of credit
extension, implement guaranteed credit
mechanism for small and medium
enterprises.
57
thanh toan d kin se b thm hut do ngun
thu ngoai t suy giam. Bn canh o, cac
khoan thu nhp t u t DTNHNN trn th
trng quc t d kin se giam manh do tac
ng ct giam lai sut hang loat cua cac
nn kinh t ln nh My, Chu u...Do o,
cng tac quan ly DTNHNN phai c thc
hin nghim tuc, cht che vi nguyn tc
hang u la bao am an toan ngun D tr
Ngoai hi quc gia. NHNN tip tuc ban hanh
va trin khai ap dung cac quy nh mi v
quan ly ngoai hi i vi giao dch vn. Tip
tuc thc hin xu hng t do hoa cac giao
dch vang lai, han ch vic s dung ngoai
hi trn lanh th Vit Nam.
Hoat ng cai cach h thng
ngn hang
Nm 2009, NHNN se ti p tu c hoa n thi n m t
b c c ba n th ch pha p lu t v ti n t va
hoa t ng ngn ha ng phu h p v i nh h ng,
chi n l c pha t tri n ngn ha ng va l trnh
th c hi n ca c cam k t qu c t trong lnh v c
ti n t ngn ha ng. Ti p tu c cu ng c , pha t tri n
v ng ch c va nng cao hi u qua cu a ca c
TCTD. y ma nh hi n a i ho a cng ngh
ngn ha ng, h th ng thanh toa n khng du ng
ti n m t, a da ng ho a va a p ng t t hn v
nhu c u dch vu , ca c ti n ch ngn ha ng.
y manh tin xy dng cac lut va vn
ban hng dn tao tnh ng b, nht
quan va hoan chnh cua h thng phap lut
v tin t va hoat ng ngn hang. Tip tuc
ra soat, b sung, chnh sa cac vn ban quy
pham phap lut phu hp vi muc tiu phat
trin nganh va l trnh thc hin cac cam kt
quc t trong lnh vc tin t, ngn hang,
c bit la cac cam kt WTO. Nghin cu,
Foreign exchange management
in 2009
In the context of the global economic reces-
sion and unlikely recovery in 2009, the
Vietnamese economy is foreseen to face
many difficulties and challenges. The bal-
ance of payments is expected to be deficit
due to the decline of foreign currency rev-
enues. In addition, interest incomes from for-
eign reserves deposited in oversea markets
are expected to be sharply decreased by the
impact of interest rate cut in such major
economies as the USA, the EU The offi-
cial foreign reserves should therefore be
strictly managed with priority of ensuring the
safety of the national foreign reserves. The
SBV continues promulgating and implement-
ing new regulations on foreign exchange
management related to capital transactions.
Current transactions continue to be liberal-
ized while the domestic use of foreign cur-
rency in purchase is restricted.
Banking sector reform
In 2009, the SBV continues to improve the
institutional and legal framework of monetary
and banking operations in line with the
development orientation and strategy of the
banking sector and the roadmap of
implementing international commitments in
the monetary and banking fields; enhance
the stable development and improving effi-
ciency of credit institutions; accelerate the
baking technology modernization process
and non-cash settlement system; diversify
and improve banking services and facilities;
accelerate the process of developing laws
58
chnh sa, hoan thin cac quy nh v
ngoai hi, phn loai n, v am bao an
toan phu hp vi thng l, chun mc
quc t va iu kin thc t Vit Nam.
Kh n trng nghin c u, xy d ng, ban
ha nh ca c vn ba n pha p ly lin quan n
hoa t ng thanh tra, gia m sa t ngn ha ng.
n nh b ma y t ch c C quan thanh tra,
gia m sa t ngn ha ng. Tng c ng s l ng,
ch t l ng ca n b la m cng ta c thanh tra,
gia m sa t ngn ha ng. Th c hi n co hi u qua
vi c phn cng ca n b thanh tra theo do i
va chu tra ch nhi m an toa n cu a t ng chi
nha nh, n v TCTD trn a ba n.
Nm 2009, hoa t ng thanh tra, gia m sa t
ngn ha ng se ti p tu c c tri n khai
ma nh, k t h p ch t che gi a cng ta c gia m
sa t t xa va thanh tra ta i ch . Tri n khai
thanh tra, gia m sa t m t ca ch th ng nh t,
co tro ng tm, tro ng i m i v i ca c TCTD.
X ly kin quy t, kp th i ca c sai pha m pha t
hi n qua thanh tra. T ng b c a p du ng S
tay thanh tra trn c s ru i ro ti n ha nh
thanh tra i v i ca c TCTD.
Hoat ng thanh toan
Ti p tu c cu ng c va tri n khai m r ng
h th ng thanh toa n do NHNN qua n ly
(h th ng thanh toan in t lin ngn
hang giai oan II). Cac Ngn hang tip
tuc hin ai hoa cng ngh ngn hang
hin ai; a dang hoa dch vu ngn hang
nht la y manh phat hanh the ngn
hang, nng cao cht lng dch vu va
chm soc khach hang, cung ng cac san
phm dch vu ngn hang hin ai, tin
and their implementing guidelines to create
the synchronicity, consistency, and comple-
tion of the legal system on monetary and
banking operations; review, revise and
update legal documents in line with the
development goal of the banking sector and
the roadmap of implementing international
commitments in the monetary and banking
fields, in particular WTOs commitments;
review, revise and improve regulations on
foreign exchange, loan classification, and
prudential ratios in line with the international
standards and practices and the practical
conditions of Vietnam.
Supervision and Inspection
Accelerate researching, developing and
promulgating of legal documents related to
banking supervision and inspection; making
efforts to complete the organizational struc-
ture of the Banking Supervision Agency;
strengthening quantity and quality of bank-
ing supervision and inspection staffs.
Effectively assign inspectors to be fully
responsible for monitoring operations of
credit institutions and bank branches in their
locations.
In 2009, banking supervision continues to
be accelerated with close coordination of
on-site and off-site supervision; decisively
and promptly deal with violations detected
through inspection; gradually apply
risk-based supervision manual to conduct
inspection of credit institutions.
Banking Settlements
Continue to improve and expand the
settlement system managed by the SBV
59
tin, ap ng nhu cu ngay cang cao cua
nn kinh t.
Tng c ng vai tro qua n ly nha n c trong
lnh v c thanh toa n; Hoa n thi n c s pha p
ly lin quan n hoa t ng cu a ca c h
th ng thanh toa n; a p du ng cng ngh tin
ho c tng c ng hi u qua cu a vi c gia m
sa t hoa t ng cu a ca c h th ng thanh toa n
tro ng y u, nh m gia m thi u ru i ro hoa t
ng, ru i ro thanh khoa n va ngn ch n ru i
ro h th ng.
Ti p tu c tri n khai a n thanh toa n khng
du ng ti n m t giai oa n 2006-2010 va nh
h ng n nm 2020 c ph duy t ta i
Quy t nh 291/2006/Q-TTg nga y
29/12/2006 cu a Thu t ng Chnh phu .
Thu c y pha t tri n thanh toa n i n t trong
khu v c cng va trong khu v c doanh
nghi p tng hi u qua s du ng v n, pha t
tri n thng ma i i n t , khuy n khch m
r ng thanh toa n khng du ng ti n m t trong
khu v c dn c b ng ca c phng ti n thanh
toa n phu h p t ng b c gia m giao dch
ti n m t trong lu thng.
Tng c ng ph i h p ch t che gi a NHNN
v i ca c B , Nga nh trong vi c ch a o, i u
ha nh, qua n ly vi c th c hi n thanh toa n cu a
ca c t ch c, ca nhn trn th tr ng Vi t
Nam theo u ng pha p lu t.
Hoat ng i ngoai
Trong bi canh suy giam kinh t toan cu,
NHNN se tip tuc theo doi sat sao cac din
bin trn cac th trng tai chnh quc t;
tng cng trao i thng tin vi cac t chc
tai chnh tin t quc t, cac i tac a
(Inter-Bank Electronic Payment System
Phase 2). Banks continue to be modernized
by applying new technology in banking oper-
ations; diversify banking services, particularly
accelerate the issuance of bank cards,
improve quality of banking services and care
of customers, provide modern and advanced
banking services and products to meet
higher requirement of the economy.
Strengthen the role of the state management
in settlements; improve the legal framework
for operations of the settlement systems;
apply IT to strengthen the effectiveness of
inspection over the major settlement systems
to minimize operational risks, liquidity risks,
and prevent systematic risks.
Continue to implement the non-cash
payment project in Vietnam in the 2006-2010
period and orientation to 2020 as approved
by the Prime Minister in Decision
291/2006/Q-TTg dated 29/12/2006.
Accelerate e-payment development in the
public and corporate areas to improve the
efficiency of capital utilization; develop e-
commerce; encourage expansion of non-
cash payment in resident area by using
appropriate payment instruments to gradually
reduce cash payment transaction.
Strengthen coordination between the SBV
and concerned ministries and agencies regu-
lating and managing payment operations of
institutions and individuals in compliance
with law.
International Cooperation
In the context of the global economic reces-
sion, the SBV will continue to closely watch
the developments of international financial
markets, enhance information exchange with
60
phng, cac NHTW cac nc hoach
nh va a ra nhng chnh sach kp thi
phu hp. NHNN se tip tuc trin khai cac
cng tac nhm thc hin cac cam kt gia
nhp WTO, tng cng quan h vi cac t
chc IMF/WB/ADB, MIB/MBES, cac i
tac song phng va a phng huy
ng cac ngun h tr v tai chnh, t vn
va ky thut, i thoai chnh sach phuc vu
cho cng cuc phat trin kinh t cua Vit
Nam noi chung va hin ai hoa h thng
ngn hang noi ring. Tip tuc phi hp vi
IMF/WB chun b cho Thng c NHNN
chu tr cac hi ngh cua Hi ng Thng
c IMF/WB.
D kin trong nm 2009, NHNN se phi
hp vi cac b, nganh am phan va ky kt
15 chng trnh/d an vay vn WB vi
tng gia tr 2,096 t USD; am phan 9
chng trnh/d an vay vn ADB vi tng
gia tr 1,3 t USD cung 18 h tr ky thut
trn c s khng hoan lai vi tng gia tr
16,3 triu USD va 5 d an khu vc GMS
vi tng gia tr 5,3 triu USD. c bit,
Vit Nam d kin se am phan vi WB d
an Phat trin Thuy in Trung Sn vay
vn IBRD ln u vi tng vn vay tr gia
300 triu USD.
NHNN se tch cc va chu ng hi nhp
kinh t quc t trong lnh vc ngn hang
theo l trnh va bc i phu hp nh tch
cc chun b ni dung v tai chnh tin t
phuc vu Hi ngh Thng nh cac nc
ASEAN; tham gia Nhom cng tac trong
khun kh hp tac tai chnh tin t ASEAN
va ASEAN + 3; phi hp vi B Tai chnh
chun b cho Hi ngh Thng c va Pho
Thng c ASEAN va Hi ngh B trng
Tai chnh ASEAN d kin t chc vao u
nm 2010.
international financial institutions, multilateral
partners, and other central banks in order to
facilitate its making of timely and appropriate
policies.
The SBV will continue to better work for the
implementation of WTO commitments, to
strengthen the relations with IMF/WB/ADB,
MIB/MBES, and bilateral and other multilateral
partners in order to further mobilize financial,
technical and advisory assistance and contin-
ue policy dialogues aimed at supporting the
socio-economic development of Vietnam in
general and modernization of the banking sec-
tor in particular; continue to coordinate with
IMF/WB in preparation for the SBV Governor
to chair the IMF/WB 2009 Board of Governors'
Meetings.
It is expected that in 2009, the SBV will coordi-
nate with the relevant ministries and agencies
to negotiate and sign 15 programs/projects
funded by WB, with the total amount of USD
2.096 billion; negotiate 9 programs/projects
funded by ADB, with the total amount of USD
1.3 billion, 18 TAs in terms of grants with the
total amount of USD 16.3 million, and 5 GMS
area projects with the total amount of USD 5.3
million. Particularly, Vietnam is going negotiate
with WB on the Project Trung Son hydropow-
er plan, with the total amount of USD 300 mil-
lion funded by IBRD for the first time.
The SBV will proactively take part in the inter-
national economic integration in banking sec-
tor under the appropriate roadmap and the
steps such as preparation for banking and
financial matters for Vietnam to joint the
ASEAN summit, take part in the Task Force in
the framework of financial cooperation of
ASEAN and ASEAN+3; coordinate with the
Ministry of Finance in preparation for ACGM
and ACDM and AFMM which is expected to
be organized at the beginning of 2010.
61
In bilateral cooperation, the SBV continues to
push up its relations with the central banks and
the financial surveillance units of other countries
through the signing of agreements, memoranda,
and letters of exchange of information on bank-
ing supervision; and assist Vietnamese banks to
operate abroad. In addition, the SBV will work
closely with the People's Bank of China to
implement the initiatives of bilateral cooperation,
and continue to push up the BSA negotiation
with Japan.
Trong lnh vc hp tac song phng, NHNN
tip tuc y manh quan h hp tac song
phng vi NHTW va c quan giam sat tai
chnh cac nc thng qua vic ky kt cac
hip nh, bin ban ghi nh, th trao i
thng tin giam sat ngn hang; h tr vic m
rng hoat ng ra nc ngoai cua cac ngn
hang Vit Nam. ng thi, NHNN se phi
hp cht che vi NHTW Trung Quc trin
khai sang kin hp tac gia hai bn, va tip
tuc thuc y am phan BSA vi Nht Ban.
62
1. Bang s liu Tng san phm trong nc (GDP) 1999-2008
2. Bang s liu Ch s gia tiu dung 2003-2008
S liu so cung ky nm trc
S liu so thang trc
S liu so vi thang 12 nm trc
3. Ty gia gia la My va ng Vit Nam nm 2008
S liu theo thang (tnh thi im cui mi thang)
S liu theo thang (tnh trung bnh trong thang)
4. S liu gia vang th trng trong nc nm 2008
S liu theo thang (tnh thi im cui mi thang) mua vao/ban ra
S liu theo thang (tnh trung bnh trong thang) mua vao/ban ra
5. Cac mc lai sut do NHNN cng b nm 2008
6. Ty l d tr bt buc i vi cac TCTD
7. Hoat ng th trng m nm 2008
8. Hoat ng u thu trai phiu - tn phiu nm 2008
CAC CH VIT TT
Chnh sach tin t: CSTT
Ch s gia tiu dung: CPI
Doanh nghip nha nc: DNNN
D tr bt buc: DTBB
Ngn hang Nha nc: NHNN
Ngn hang trung ng: NHTW
Ngn hang Phat trin chu A: ADB
Ngn hang thng mai c phn: NHTMCP
Ngn hang thng mai nha nc: NHTMNN
Ngn hang thng mai: NHTM
Ngn hang Th gii: WB
Quy tin t quc t: IMF
Quy tn dung nhn dn: QTDND
T chc thng mai th gii: WTO
T chc tn dung: TCTD
Tng phng tin thanh toan: TPTTT
Ngn sach Nha nc: NSNN
H thng D tr lin bang: FED
u t trc tip nc ngoai: FDI
PHU LUC
63
1. Gross Domestic Production Index (GDP) 1999-2008
2. Consumer Price Index in 2003-2008
- Compare to same period
- Compare to last month
- Compare to last December
3.USD-VND exchange rate in 2008
- By month (account at the end of each month)
- By month (average of each month)
4. Gold price index 2008
- By month (account at the end of each month) buy/sell
- By month (average of each month) buy/sell
5. Interest rates set by SBV in 2008
6. Required reserve ratio for credit institutions
7. Open-Market Operations in 2008
8. Bond Promissory Note Bidding Activities in 2008
ABBREVIATION
Monetary Policy MP
Consumer Price Index CPI
State-owned Enterprise SOE
Reserve Requirement RR
State Bank of Vietnam SBV
Central Bank CtrB
Asian Development Bank ADB
Joint-Stock Commercial Bank JSCB
State-owned Commercial Bank SOCB
Commercial Bank CB
World Bank WB
International Monetary Fund IMF
People Credit Fund PCF
World Trade Organization WTO
Credit Institution CI
Total Liquidity TL
State Budget SB
Federal Reserve System FED
Foreign Direct Investment FDI
ANNEX
GDP theo gia GDP theo gia Mc tng trng
Nm so sanh 1994 (ty ng) hin hanh (ty ng) GDP (%)
1999 256.272 399.942 5,76
2000 273.666 441.646 6,79
2001 292.535 481.295 6,84
2002 313.247 535.762 7,08
2003 336.242 613.443 7,34
2004 362.435 715.307 7,79
2005 393.031 839.211 8,44
2006 425.373 974.266 8,23
2007 461.443 1.144.015 8,48
2008 490.181 1.478.695 6,18
Ngun s liu: Tng cuc Thng k
ING $AN FHM IPONG NbOC (GDF) 1-2008
PHU LUC
64
GDP at constant price of 1994 GDP at current price GDP growth rate
Year (VND billion) (VND billion) (%)
1999 256,272 399,942 5.76
2000 273,666 441,646 6.79
2001 292,535 481,295 6.84
2002 313,247 535,762 7.08
2003 336,242 613,443 7.34
2004 362,435 715,307 7.79
2005 393,031 839,211 8.44
2006 425,373 974,266 8.23
2007 461,443 1,144,015 8.48
2008 490,181 1,478,695 6.18
Source: General Statistics Office (GSO)
GROSS DOMESTIC PRODUCT (GDP) 1999-2008
APPENDIXES
65
66
Ngun s liu: Tng cuc Thng k
0,9 3,1 2,5 2,5 2,4 2,1 1,8 1,7 1,8 1,6 2,2 3,0
0,9 2,2 -0,6 0,0 -0,1 -0,3 -0,3 -0,1 0,1 -0,2 0,6 0,8
3,9 3,7 3,9 3,8 3,5 3,2 3,0 2,8 2,7 2,2 2,5 3,0
1,1 4,1 4,9 5,4 6,3 7,2 7,7 8,3 8,6 8,6 8,8 9,5
1,1 3,0 0,8 0,5 0,9 0,9 0,5 0,6 0,3 0,0 0,2 0,7
3,2 4,0 5,5 6,0 7,1 8,3 9,1 9,9 10,1 10,1 10,3 9,5
1,1 3,6 3,7 4,3 4,8 5,2 5,6 6,0 6,8 7,2 7,6 8,4
1,1 2,5 0,1 0,6 0,5 0,4 0,4 0,4 0,8 0,4 0,4 0,8
9,7 9,1 8,4 8,5 8,1 7,6 7,5 7,3 7,8 8,3 8,5 8,4
1,2 3,3 2,8 3,0 3,6 4,0 4,4 4,8 5,1 5,4 6,0 6,6
1,2 2,1 -0,5 0,2 0,6 0,4 0,4 0,4 0,3 0,2 0,6 0,5
8,8 8,4 7,7 7,4 7,5 7,6 7,5 7,5 6,9 6,7 6,9 6,6
1,1 3,2 3,0 3,5 4,3 5,2 6,2 6,8 7,3 8,1 9,5 12,6
1,1 2,2 -0,2 0,5 0,8 0,8 0,9 0,5 0,5 0,7 1,2 2,9
6,5 6,5 6,8 7,2 7,3 7,8 8,4 8,6 8,8 9,3 10,0 12,6
2,4 6,0 9,2 11,6 16,0 18,4 19,8 21,7 21,9 21,6 20,7 19,9
2,4 3,6 3,0 2,2 3,9 2,1 1,1 1,6 0,2 -0,2 -0,8 -0,7
14,1 15,7 19,4 21,4 25,2 26,8 27,0 28,3 27,9 26,7 24,2 19,9
Thi gian
So vi thang 12
nm trc
So vi thang
trc
So vi cung ky
nm trc
So vi thang 12
nm trc
So vi thang
trc
So vi cung ky
nm trc
So vi thang 12
nm trc
So vi thang
trc
So vi cung ky
nm trc
So vi thang 12
nm trc
So vi thang
trc
So vi cung ky
nm trc
So vi thang 12
nm trc
So vi thang
trc
So vi cung ky
nm trc
So vi thang 12
nm trc
So vi thang
trc
So vi cung ky
nm trc
T
h
a
n
g

1
T
h
a
n
g

2
T
h
a
n
g

3
T
h
a
n
g

4
T
h
a
n
g

5
T
h
a
n
g

6
T
h
a
n
g

7
T
h
a
n
g

8
T
h
a
n
g

9
T
h
a
n
g

1
0
T
h
a
n
g

1
1
T
h
a
n
g

1
2
n v tnh: %
Nm
2003
2004
2005
2006
2007
2008
CH $ GIA IIb DbNG 2003-2008
PHU LUC
67
Source: General Statistics Office (GSO)
0.9 3.1 2.5 2.5 2.4 2.1 1.8 1.7 1.8 1.6 2.2 3.0
0.9 2.2 -0.6 0.0 -0.1 -0.3 -0.3 -0.1 0.1 -0.2 0.6 0.8
3.9 3.7 3.9 3.8 3.5 3.2 3.0 2.8 2.7 2.2 2.5 3.0
1.1 4.1 4.9 5.4 6.3 7.2 7.7 8.3 8.6 8.6 8.8 9.5
1.1 3.0 0.8 0.5 0.9 0.9 0.5 0.6 0.3 0.0 0.2 0.7
3.2 4.0 5.5 6.0 7.1 8.3 9.1 9.9 10.1 10.1 10.3 9.5
1.1 3.6 3.7 4.3 4.8 5.2 5.6 6.0 6.8 7.2 7.6 8.4
1.1 2.5 0.1 0.6 0.5 0.4 0.4 0.4 0.8 0.4 0.4 0.8
9.7 9.1 8.4 8.5 8.1 7.6 7.5 7.3 7.8 8.3 8.5 8.4
1.2 3.3 2.8 3.0 3.6 4.0 4.4 4.8 5.1 5.4 6.0 6.6
1.2 2.1 -0.5 0.2 0.6 0.4 0.4 0.4 0.3 0.2 0.6 0.5
8.8 8.4 7.7 7.4 7.5 7.6 7.5 7.5 6.9 6.7 6.9 6.6
1.1 3.2 3.0 3.5 4.3 5.2 6.2 6.8 7.3 8.1 9.5 12.6
1.1 2.2 -0.2 0.5 0.8 0.8 0.9 0.5 0.5 0.7 1.2 2.9
6.5 6.5 6.8 7.2 7.3 7.8 8.4 8.6 8.8 9.3 10.0 12.6
2.4 6.0 9.2 11.6 16.0 18.4 19.8 21.7 21.9 21.6 20.7 19.9
2.4 3.6 3.0 2.2 3.9 2.1 1.1 1.6 0.2 -0.2 -0.8 -0.7
14.1 15.7 19.4 21.4 25.2 26.8 27.0 28.3 27.9 26.7 24.2 19.9
Time
Compare to last December
Compare to last month
year on year
year on year
year on year
year on year
year on year
year on year
J
a
n
u
a
r
y
F
e
b
r
u
a
r
y
M
a
r
c
h
A
p
r
i
l
M
a
y
J
u
n
e
J
u
l
y
A
u
g
u
s
t
S
e
p
t
e
m
b
e
r
O
c
t
o
r
b
e
r
N
o
v
e
m
b
e
r
D
e
c
e
m
b
e
r
Unit: %
Year
2003
2004
2005
2006
2007
2008
CONSUMER PRICE INDEX (CPI)
APPENDIXES
IY GIA GIbA IA MY VA NG VII NAM NM 2008
Thi gian
Ngun s liu: Ngn hang Nha nc
n v tnh: ng /USD
Thang 2 16.050 15.930 15.932 16.071 16.057 15.952
Thang 3 15.960 16.120 16.120 16.004 15.899 15.911
Thang 4 15.967 16.120 16.127 15.960 16.112 16.120
Thang 5 16.086 16.247 16.247 16.019 16.178 16.179
Thang 6 16.541 16.842 16.844 16.349 16.526 16.527
Thang 7 16.495 16.034 16.790 16.507 16.791 16.825
Thang 8 16.495 16.750 16.570 16.495 16.588 16.662
Thang 9 16.517 16.500 16.620 16.508 16.591 16.642
Thang 10 16.511 16.570 16.820 16.517 16.666 16.707
Thang 11 16.483 16.790 16.977 16.493 16.932 16.945
Thang 12 16.977 16.975 17.486 16.598 17.065 17.087
Ty gia ngay cui thang Ty gia bnh qun trong thang
Ty gia bnh qun trn
th trng ngoai t
lin ngn hang
Ngn hang ngoai
thng Vit Nam
Ty gia bnh qun trn
th trng ngoai t
lin ngn hang
Ngn hang ngoai
thng Vit Nam
Mua Ban Mua Ban
PHU LUC
Thang 1 16.091 15.970 15.972 16.104 15.983 15.987
68
Source: State Bank of Vietnam
Unit: VND/USD
EXCHANGE RATE BETWEEN VND USD IN 2008
APPENDIXES
Period
February 16,050 15,930 15,932 16,071 16,057 15,952
March 15,960 16,120 16,120 16,004 15,899 15,911
April 15,967 16,120 16,127 15,960 16,112 16,120
May 16,086 16,247 16,247 16,019 16,178 16,179
June 16,541 16,842 16,844 16,349 16,526 16,527
July 16,495 16,034 16,790 16,507 16,791 16,825
August 16,495 16,750 16,570 16,495 16,588 16,662
September 16,517 16,500 16,620 16,508 16,591 16,642
October 16,511 16,570 16,820 16,517 16,666 16,707
November 16,483 16,790 16,977 16,493 16,932 16,945
December 16,977 16,975 17,486 16,598 17,065 17,087
End of month Monthly average
Interbank average
exchange rate
Vietcombank
Interbank average
exchange rate
Vietcombank
Buying Selling Buying Selling
January 16,091 15,970 15,972 16,104 15,983 15,987
69
70
PHU LUC
HOAI NG b IHb IPAI FHIb - IN FHIb NM 2008
Ch tiu
Tn phiu
Kho bac
Nha nc
Trai phiu Chnh phu
u thu trai
phiu chnh phu
Bao lanh trai
phiu chnh phu
Trai phiu
Ngn hang phat
trin Vit Nam
Trai phiu
chnh phu
bao lanh
S phin 31 20 22 16 3
Ky han 364 ngay 2 nm, 3 nm 2 nm, 3 nm
2 nm, 3 nm,
5 nm, 10 nm,
15 nm
5 nm, 15 nm
Khi lng nim yt
(Ty ng)
26.500 19.700 24.820 9.700 2.500
Tng s tin ng ky
u thu hp l
(Ty ng)
59.935 20.550 4.326 1.910
Tng khi lng
trung thu
(Ty ng)
20.730 4.520 18.570 1.816 700
Lai sut ng ky
(%/nm)
8,00 -20,49 8,05- 20,00 8,80 - 20,50 8,98 - 24,00
Lai sut trung thu
(%/nm)
8,38 -15,70 7,68 - 17,50 7,65 - 17,50 9,80 - 15,00 8,99- 16,00
71
APPENDIXES
BONDS AND BILLS AUCTIONS IN 2008
Indicator
State
Treasury
bills
Government bonds
Government
bonds auctions
Government
bonds
underwritting
Vietnam
Development
Bank's bonds
Underwritten
Government
bonds
Number of sessions 31 20 22 16 3
Maturities 364 days 2 years, 3 years 2 years, 3 years
2 years, 3 years,
5 years, 10 years,
15 years
5 years, 15 years
Quoted volume
(billion VND)
26,500 19,700 24,820 9,700 2,500
Volume of eligible
bids (billion VND)
59,935 20,550 4,326 1,910
Volume of winning
bids (billion VND)
20,730 4,520 18,570 1,816 700
Registered interest
rate (%/year)
8.00 - 20.49 8.05 - 20.00 8.80 - 20.50 8.98 - 24.00
Winning interest rate
(%/year)
8.38 - 15.70 7.68 - 17.50 7.65 - 17.50 9.80 - 15.00 8.99- 16.00
Thi gian Thi gian
Ban ra Ban ra
n v tnh: nghn ng/ch
Mua vao Mua vao
Gia ngay cui thang Gia trung bnh thang
Thang 1 1.767 1.762 1.701 1.718
Thang 2 1.866 1.885 1.770 1.786
Thang 3 1.811 1.839 1.848 1.873
Thang 4 1.766 1.782 1.784 1.805
Thang 5 1.775 1.802 1.760 1.779
Thang 6 1.885 1.902 1.842 1.862
Thang 7 1.851 1.874 1.887 1.905
Thang 8 1.735 1.747 1.737 1.762
Thang 9 1.803 1.833 1.713 1.744
Thang 10 1.645 1.675 1.707 1.734
Thang 11 1.676 1.701 1.644 1.670
Thang 12 1.762 1.782 1.692 1.715
GIA VANG IH[ IPbONG IPONG NbOC NM 2008
PHU LUC
72
Date Date
Unit: Thousand VND/Tael
January 1,767 1,762 1,701 1,718
End of month Monthly average
Buying Selling Buying Selling
February 1,866 1,885 1,770 1,786
March 1,873 1,280 1,264 1,271
April 1,766 1,782 1,784 1,805
May 1,775 1,802 1,760 1,779
June 1,885 1,902 1,842 1,862
July 1,851 1,874 1,887 1,905
August 1,735 1,747 1,737 1,762
September 1,803 1,833 1,713 1,744
October 1,645 1,675 1,707 1,734
November 1,676 1,701 1,644 1,670
December 1,762 1,782 1,692 1,715
DOMESTIC MARKET GOLD PRICE IN 2008
APPENDIXES
73
Ghi chu: - T trc thang 2/2008, d tr bt buc ch ap dung i vi
cac loai tin gi di 24 thang
- T thang 2/2008, d tr bt buc ap dung i vi tt cac
loai ky han tin gi
IY I Db IPb 8I 8bC 2004-2008
Ngu n s li u: Ngn ha ng Nha n c
PHU LUC
Thi gian 07-2004 06-2007 02-2008 11-2008 12-2008
NHTM
quc doanh,
NHTMCP
th, Chi nhanh
nc ngoai,
NH lin doanh,
cng ty TC.
VND
Di 12 thang 5 10 11 10 6
T 12T n
di 24 thang
2 4
5 4 2
T 24 thang
tr ln
Ngoai
t
Di 12 thang 8 10 11 9 7
T 12T n
di 24 thang
2 4
5 3 3
T 24 thang
tr ln
Ngn hang
Nng nghip
va Phat trin
nng thn
Vit Nam
VND
Di 12 thang 4 8 8 7 3
T 12T n
di 24 thang
2 4
4 3 1
T 24 thang
tr ln
Ngoai
t
Di 12 thang 8 10 10 8 6
T 12T n
di 24 thang
2 4
4 2 2
T 24 thang
tr ln
NHTM c phn
nng thn,
hp tac, Quy
tn dung nhn
dn TW
VND
Di 12 thang 2 4 4 3 1
T 12T n
di 24 thang
2 4
4 3 1
T 24 thang
tr ln
Ngoai
t
Di 12 thang 8 10 10 8 6
T 12T n
di 24 thang
2 4
4 2 2
T 24 thang
tr ln
n v tnh: %
74
Note: - Before February 2008, reserve requirements were applicable only
to deposits with term of less than 24 months
- Since February 2008, reserve requirements are applicable to all
terms of deposits
RESERVE REQUIREMENT RATIOS IN 2004-2008
Sources: State Bank of Vietnam
APPENDIXES
Period 07-2004 06-2007 02-2008 11-2008 12-2008
State-owned
commercial
banks, urban
joint-stock
commercial
banks,
branches of
foreign banks,
joint venture
banks, finance
companies
VND
< 12 months 5 10 11 10 6
12-<24 months 2 4
5 4 2
24 months
Foreign
currency
< 12 months 8 10 11 9 7
12-<24 months 2 4
5 3 3
24 months
Vietnam Bank
for Agriculture
and Rural
Development
VND
< 12 months 4 8 8 7 3
12-<24 months 2 4
4 3 1
24 months
Foreign
currency
< 12 months 8 10 10 8 6
12-<24 months 2 4
4 2 2
24 months
Rural Joint
Stock
commercial
banks,
cooperative
banks, Central
People's Credit
Fund
VND
< 12 months 2 4 4 3 1
12-<24 months 2 4
4 3 1
24 months
Foreign
currency
< 12 months 8 10 10 8 6
12-<24 months 2 4
4 2 2
24 months
Unit: %
75
76
HOAI NG NGHIF Vb IH[ IPbONG MO NM 2008
PHU LUC
Ch tiu Chao mua Chao ban
S phin
260
133
Ky han (ngay) 7;14;21;28;42 7;182;364
S lt thanh vin 3.125 47
Doanh s t thu (ty ng) 3.905.007 135.772
Doanh s trung thu (ty ng) 947.206 77.005
Lai sut (%/nm):
- Phng thc lai sut thng nht 9,0 - 30,1
- Phng thc khi lng 8,0 - 15,0 4,5 - 10,0
Ngu n s li u: Ngn ha ng Nha n c
OPEN MARKET OPERATIONS IN 2008
Indicator Buying Selling
Number of sessions
260
133
Maturities (days) 7;14;21;28;42 7;182;364
Batch of participants 3,125 47
Bid volume (VND billion) 3,905,007 135,772
Bid winning volume (VND billion) 947,206 77,005
Interest rate (%/year):
- Uniform interest rate-based 9.0 - 30.1
- Volume-based
8.0 - 15.0 4.5 - 10.0
Sources: State Bank of Vietnam

2008

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