Vietnam proposes removing Ministry of Finance currency inspection duties

The Government of Vietnam has proposed removing the mandatory annual responsibility of the Ministry of Finance to inspect the printing, minting, and destruction of currency, as well as the management of state foreign exchange reserves. This proposal was discussed by the National Assembly Standing Committee on August 17, 2026, as part of amendments to the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering, and the Law on Credit Institutions.

State Bank of Vietnam Governor Pham Duc An stated that the move aims to reduce overlapping duties, noting that the State Audit Office and the Ministry of Finance have historically performed similar functions. He clarified that while the mandatory annual cycle would be removed, the Ministry of Finance would retain the right to conduct inspections as necessary within its state management functions. The State Bank noted that internal audit systems and other oversight mechanisms are already in place to ensure security.

While the Economic and Finance Committee generally supports the government's proposal, officials have requested further clarification on the independent control mechanisms that will replace these inspections to ensure no regulatory gaps remain in the management of currency and foreign reserves.