The State Bank of Vietnam (SBV) has recently submitted a report to the National Assembly regarding the implementation of a related resolution, emphasizing the central bank's efforts in researching Central Bank Digital Currency (CBDC) in Vietnam. According to the SBV, the agency has proactively sought to understand and learn from leading countries in this field by participating in seminars, forums, and specialized training courses with experts from international financial organizations such as the International Monetary Fund (IMF), Bank for International Settlements (BIS), and the World Bank (WB).
Notably, the SBV is currently playing an Observer role in the mBridge pilot project – a cross-border digital currency cooperation initiative among central banks of China, Hong Kong, Thailand, and the United Arab Emirates (UAE). By participating in this project, the SBV has the opportunity to directly access in-depth research, reports, and practical experiments about CBDC being implemented in various countries.
In its role as the Standing Body of the National Digital Currency Research and Advisory Working Group, the SBV has actively collaborated with related ministries and sectors to develop an implementation plan and has submitted a report to the Prime Minister regarding the working group's operational direction. The SBV has also issued a decision on a specific plan to implement the tasks of this working group.
Additionally, the SBV has worked with relevant agencies to analyze and evaluate the digital currency development of countries worldwide and proposed that the Government assign a focal unit to research and deploy appropriately according to Vietnam's conditions. Currently, the SBV continues to implement directives from the Deputy Prime Minister while closely coordinating with related units to refine proposals and content related to researching, testing, and potentially deploying CBDC in the future.
