• First, the State Bank and Vietnam should be given a clear mandate and greater
autonomy to pursue price stability as its primary policy objective. The Law on the
State Bank of Vietnam, passed in June 2010, did not give it such a clear mandate,
stating in Paragraph 1 of Article 4 that “The operations of the State Bank shall aim at
stabilizing the currency value; ensure the safety of banking activities and the system
of credit institutions; ensure the safety and efficiency of national payment system;
facilitate the socio-economic development in a manner consistent with the socialist
orientation.”