The State Bank of Vietnam

What The State Bank of Vietnam does

The State Bank of Vietnam (SBV), established in 1951 and operating under the Law on the State Bank of Vietnam 2010, is the central monetary authority of Vietnam with exclusive jurisdiction over national monetary policy, currency issuance (VND), payment system infrastructure, foreign exchange management, and supervision of all credit institutions. SBV maintains the national foreign exchange reserve, sets the official exchange rate, and enforces a 4.5% inflation target for 2026 alongside a 15% credit growth target for the banking sector.

SBV's core operational technology is the Interbank Payment System (IBPS), which combines a High-Value Settlement System (HVSS) for transactions of 500 million VND and above processed via real-time gross settlement, and a Low-Value Settlement System (LVSS) for sub-500 million VND transactions using net settlement by session. IBPS processes payments in under 10 seconds across a network consisting of one National Payment Center (NPSC) in Hanoi and six Regional Processing Centers in Hanoi, Hai Phong, Da Nang, Ho Chi Minh City, Can Tho, and an NHNN Transaction Office. SBV also operates the CITAD bank identification number system, oversees the Banknetvn and Smartlink domestic card switching networks, and is rolling out biometric customer verification through national ID chips (CCCD) and VNeID—verifying over 120.9 million customer files and 1.2 million organizational records as of July 2025, contributing to a 57% reduction in fraud cases and 47% reduction in accounts receiving fraudulent money year-over-year.

SBV operates on a non-profit basis, with fees regulated by the Governor under Circular 26/2013/TT-NHNN. Revenue streams comprise payment system participation fees (4 million VND one-time per member), annual membership fees (18 million VND per member), transaction-based fees (0.01–0.02% on high-value payments; 2,000 VND per LVSS transaction), and international transfer fees (0.15% outgoing, 0.05% incoming). Its customer base spans the entire Vietnamese banking ecosystem—state-owned commercial banks, joint-stock commercial banks, foreign-owned and joint-venture banks, policy banks, cooperative banks, non-bank financial institutions, microfinance organizations, and securities sector participants—positioning SBV as a systemic utility rather than a commercially competitive enterprise.

Name

The State Bank of Vietnam

Legal name

Ngân hàng Nhà nước Việt Nam

Website

https://sbv.gov.vn

Company type

Private

Founded year

1951

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

The State Bank of Vietnam is Vietnam's central bank, operating the national Interbank Payment System (IBPS) and exercising exclusive authority over monetary policy, currency issuance, foreign exchange management, and supervision of all credit institutions.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (52111), Monetary Authorities-Central Bank (521)

SIC

Finance Services (6199)

akta.pro industry

PRIMARYFSABAJAB

Interbank Clearing (Domestic Clearing Systems)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Correspondent & Clearing Banking

SECONDARYFSAMAFAC

Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant)

Financial & Insurance/Payments & Transaction Processing/Account-to-Account (A2A) & Open Banking Payments

SECONDARYFSABALAH

Treasury & Liquidity Operations (Cash Positioning, Funding, Collateral Ops)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Banking Operations & Shared Services (Back Office, BPO/SSC)

SECONDARYFSABAIAD

Account & Balance Services (Operating accounts, statements, eBAM)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Transaction Banking (Cash Management & Treasury Services)

Keywords

• Central banking services
• Monetary policy management
• Interbank payment systems
• Foreign exchange regulation
• Banking sector supervision

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Payment System Service Fees: Fees for payment services including interbank payment system participation fees (4,000,000 VND per member), annual fees (18,000,000 VND per member), and transaction fees (0.01-0.02% for high-value payments, minimum 2,000 VND per transaction).
2. International Payment Transfer Fees: International payment transfer fees: 0.15% of transfer amount (min 2 USD, max 200 USD per transaction) for outgoing international transfers; 0.05% for incoming transfers (min 1 USD, max 100 USD per transaction).

Pricing tiers

Distribution channels2 records

Core offering

The State Bank of Vietnam is Vietnam's central bank, operating the national payment infrastructure (IBPS, HVSS, LVSS, electronic clearing) and providing interbank payment processing, currency issuance, treasury operations, foreign exchange management, banking supervision, monetary policy execution, and government securities auction services. It also maintains the national biometric customer identification system and supervises all credit institutions in Vietnam.

Product overview

The State Bank of Vietnam (SBV) operates as the central bank of Vietnam, managing the national payment infrastructure and monetary policy. Its core product portfolio consists of the Interbank Payment System (IBPS) - the primary electronic funds transfer platform comprising high-value (HVSS) and low-value (LVSS) payment subsystems, the electronic interbank clearing system, and various payment services including card switching networks (Banknetvn, Smartlink), government securities auction services, and CITAD for interbank account numbering. The SBV also provides currency issuance, treasury operations, foreign exchange management, and statistical data services for the banking sector.

Differentiator

Problem solved

Functional benefit

Products and services

• Interbank Payment System (IBPS) - Hệ thống thanh toán điện tử liên ngân hàng The national electronic interbank payment system providing real-time gross settlement for high-value transactions of 500 million VND and above and net settlement for low-value transactions, with processing time not exceeding 10 seconds. Built to international standards and serves as the fastest payment channel in Vietnam, connecting all credit institutions through one National Payment Center and six Regional Processing Centers.
• Electronic Clearing System - Hệ thống thanh toán bù trừ điện tử Interbank electronic clearing system for low-value payments across 63 provinces and cities, processing 2-3 sessions per day depending on transaction volume.
• Banknetvn - Công ty chuyển mạch tài chính Banknetvn Domestic card switching organization providing interbank ATM/POS transaction processing, electronic funds transfer, international payment network connections (China UnionPay, Union Card, Asia Payment Network), and electronic payment gateway services.
• Smartlink Domestic card switching organization for interbank ATM/POS network connectivity, operating in conjunction with Banknetvn for interbank card transaction processing and settlement.
• CITAD - Mã tổ chức phát hành thẻ Bank identification number (BIN) and card issuer organization code system for domestic payment cards, providing interbank account numbering for the Vietnamese banking sector.
• Treasury Operations - Hoạt động ngân quỹ Currency issuance, cash management, counterfeit money detection, and non-standard currency exchange services for the Vietnamese banking system and public.
• Government Securities Auction System Bidding, issuance, custody, and settlement services for government treasury bills and bonds conducted by NHNN as agent for the State Treasury (Kho bạc Nhà nước).
• Statistical Data Services - Dữ liệu thống kê Balance of payments, money supply, credit statistics, payment activities, and CPI data reporting systems for the banking sector, used by government, researchers, and financial institutions.
• Foreign Exchange Management - Quản lý ngoại hối Foreign exchange rate management, exchange rate regime determination, and forex market regulation services for Vietnam, including management of the national foreign exchange reserves.
• Required Reserve Management - Dự trữ bắt buộc Required reserve ratio management for credit institutions by type of institution and deposit type, used as a monetary policy tool to control liquidity in the banking system.
• Biometric Customer Identification System Biometric customer identification system integrated with national citizen identity cards (CCCD) with chips and VNeID, used by banks to verify customer identity for fraud prevention; resulted in 57% reduction in individual customers being scammed and 47% reduction in fraudulent accounts receiving money compared to the same period in 2024.

Quantifiable outcome

• 57% reduction in fraud cases and 47% reduction in fraudulent accounts receiving money after implementing biometric verification for 120.9 million customers
• +1 more outcomes

Segments8 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability3 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, major and regional.

• BIDV (Ngân hàng TMCP Đầu tư và Phát triển Việt Nam)coreTechnology or Integration · 1 January 2012Designated as the settlement bank for securities transactions at HOSE and HNX exchanges since 2012. Also provides Mastercard domestic settlement services.
• Vietcombank (NHTMCP Ngoại thương Việt Nam)coreTechnology or Integration · 1 January 2007Designated as the clearing bank for domestic Visa card transactions since 2007. Operates VCB-Money multi-currency payment system.
• World Bank - IBPS DevelopmentmajorTechnology or Integration · 1 January 2002With World Bank support, the IBPS was inaugurated in 2002. The World Bank provided technical assistance and funding for banking modernization and payment system development.
• Bank for International Settlements (BIS)majorStrategic or Co-development PartnerCentral bank cooperation for monetary policy research, financial stability, and payment systems development.
• BloombergcoreTechnology or IntegrationVice Governor Pham Thanh Ha received Bloomberg's Asia-Pacific Chairman Bing Li on July 23, 2026. Cooperation in financial data, market information, and economic analysis.
• ASEAN Central BanksmajorStrategic or Co-development PartnerRegional cooperation with ASEAN member central banks on monetary policy coordination and financial stability.
• APECregionalStrategic or Co-development PartnerAsia-Pacific Economic Cooperation forum participation for regional economic and financial cooperation.
• SEACENregionalStrategic or Co-development PartnerSoutheast Asian Central Banks training and research center for central bank capacity building.
• SWIFTcoreTechnology or IntegrationInternational payment messaging system for processing international money transfers and foreign exchange transactions.
• BanknetvncoreTechnology or IntegrationDomestic card switching company providing ATM/POS network switching services for interbank card transactions.
• SmartlinkcoreTechnology or IntegrationDomestic card switching company for interbank payment card processing and settlement.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Others

• SWIFT: Operates the global financial messaging network that SBV uses for international payment transfers (0.15% outgoing, 0.05% incoming). A critical infrastructure partner rather than a competitor, but directly comparable in providing payment system rails.
• Bank for International Settlements (BIS): Bank for central banks; hosts the Committee on Payments and Market Infrastructures (CPMI) and Innovation Hub that shape the standards SBV applies. An institutional peer/partner rather than a competitor, central to SBV's international alignment on payment system design.

Broad incumbents

• People's Bank of China (PBOC): China's central bank; operates CNAPS II RTGS and is piloting the digital yuan (e-CNY). A larger incumbent peer to SBV, with overlapping mandate on monetary policy and payment infrastructure, and a key influence on regional cross-border payment initiatives.
• Bank of Japan (BOJ): Japan's central bank; operates the BOJ-Net and Zengin systems and has run extensive CBDC experimentation. A developed-market central-bank peer, useful for benchmarking RTGS operations and monetary policy frameworks relevant to SBV's longer-term modernization.
• Bank of Korea (BOK): South Korea's central bank; operates BOK-Wire+ and has piloted a CBDC. A more developed-market central-bank peer to SBV, useful for benchmarking RTGS modernization and digital currency research.
• Reserve Bank of India (RBI): India's central bank; operates the RTGS system and the UPI instant payment rail. A large emerging-market central bank with a comparable payment-infrastructure modernization trajectory and a relevant model for biometric-linked digital identity integration.

Direct peers

• Bangko Sentral ng Pilipinas (BSP): Philippines' central bank; operates the Real Time Gross Settlement system (PhilPaSS) and the PESONet and InstaPay instant payment rails. Closely comparable mandate to SBV in a neighboring emerging ASEAN economy with similar digital transformation priorities.
• Bank Indonesia (BI): Indonesia's central bank; operates BI-RTGS, BI-FAST, and the national QR payment system, and sets rupiah policy. Most direct operational peer to SBV in scale, mandate, and ASEAN regional context.
• Monetary Authority of Singapore (MAS): Singapore's central bank and integrated financial regulator; operates FAST/PayNow and SGQR. A regional peer to SBV with a more advanced payments ecosystem but an analogous central-bank-plus-regulator mandate.
• Bank of Thailand (BOT): Thailand's central bank; operates PromptPay and the national RTGS, manages monetary policy and reserves. Direct functional peer to SBV across payment infrastructure, monetary policy, and bank supervision, operating in a neighboring ASEAN economy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The State Bank of Vietnam