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The State Bank of Vietnam issued plan for implementation of the UKVFTA Agreement


The State Bank of Vietnam (SBV) has just issued Decision No. 1154/QD-NHNN promulgating the implementation plan of the Free Trade Agreement between Vietnam and the United Kingdom of Great Britain and Northern Ireland (UKVFTA) of the State Bank.

Accordingly, the objective of this Plan is to effectively implement the tasks assigned by the Prime Minister in the Implementation Plan of the UKVFTA Agreement promulgated together with Decision No. 721/QD-TTg dated May 18, 2021 by the Prime Minister in the banking industry on the basis of mobilizing the participation of all relevant functional units of the State Bank as well as the system of credit institutions.

At the same time, support agencies, organizations and the public to understand the contents of the UKVFTA Agreement's commitments and how to properly implement the Agreement's commitments in the field of banking and financial services through a clear, effective, consistent and connected implementation plan with relevant agencies and organizations, especially the press and media.

Along with that, effectively use the Agreement's incentives, thereby making the most of the opportunities and minimizing the challenges of the UKVFTA Agreement in the operation of credit institutions, actively contributing to Vietnam's international economic integration process, thereby improving national competitiveness, promoting digital transformation and the country's socio-economic development, creating jobs, and eliminating poverty.

The SBV's UKVFTA implementation plan has set out the main tasks, work and specific assignments for implementing units. Among them are the following main tasks: Promoting communication about the UKVFTA Agreement; the construction and review of institutional laws; improving the competitiveness of the credit institution system according to international standards; controlling inflation, contributing to macroeconomic stability, supporting sustainable economic growth; improving the efficiency of banking inspection and supervision; creating favorable conditions for businesses in accessing bank credit capital; strengthening research, forecast and evaluation; Training and developing human resources.


Kylie Nguyen

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