Vietnam dissolves National Financial Supervisory Commission

The dissolution follows a comprehensive handover of the commission’s functions, responsibilities, staff, finances, and assets to relevant state bodies, including the Ministry of Finance, the State Bank of Vietnam, the Government Inspectorate, and the Government Office.

Specifically, the Ministry of Finance will take over oversight of the financial market in securities and insurance, coordination of national financial market supervision, and macroeconomic-financial policy consulting.

The finance ministry will also manage systemic risk analysis, macro-financial data collection, and supervision of non-banking financial conglomerates.

Meanwhile, responsibilities related to financial market supervision in the banking sector will be transferred to the State Bank of Vietnam.

Regarding personnel, 51 employees will be transferred to the Ministry of Finance, 25 civil servants to the central bank, and four contract-based staff members to the Government Inspectorate.

All technological assets related to the financial market monitoring information system and those developed under technical assistance projects will be handed over to the Ministry of Finance for management and continued use.

For pending files and tasks, the commission will transfer them to either the Ministry of Finance or the central bank for continued handling in accordance with their designated functions.

Files related to personnel involved in securities and insurance supervision will be managed by the Ministry of Finance, while those involved in banking oversight will be overseen by the central bank.

Personnel files and documentation related to vehicles and contract workers will be managed by the Government Inspectorate.

The dissolution is part of Vietnam’s ongoing major restructuring drive to streamline its public sector, including the merger of ministries and agencies, digital transformation of government services, and investment in smart urban planning.

On June 12, the National Assembly, the country’s lawmaking body, passed a resolution on the reorganization of provincial-level administrative units, reducing the number of provinces and cities from 63 to 34.

On June 16, the National Assembly unanimously approved amendments to the 2013 Constitution, officially eliminating the district-level administrative unit nationwide starting July 1 and restructuring local administrations into a two-tiered system.