Báo cáo Kinh tế Việt Nam năm 2008 và 2009 doc

BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
2
MC LC
LÚÂI TÛÅA CA THƯËNG ÀƯËC
Tr súã chđnh vâ cấc chi nhấnh NHNN tónh, thânh phưë
Ban lậnh àẩo NHNN
Sú àưì tưí chûác ca NHNN
Hïå thưëng tưí chûác ca cấc TCTD
KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM
❖ Kinh tïë thïë giúái
❖ Kinh tïë Viïåt Nam
Sẫn xët
Xët nhêåp khêíu hâng hốa
Lao àưång, viïåc lâm, thu nhêåp
Thu chi Ngên sấch
Cấn cên thanh toấn qëc tïë
DIÏỴN BIÏËN LẨM PHẤT NÙM 2008
DIÏỴN BIÏËN TIÏÌN TÏÅ
❖ Diïỵn biïën tưíng phûúng tiïån thanh toấn
❖ Huy àưång vưën ca hïå thưëng ngên hâng
❖ Tđn dng tiïëp tc tùng trûúãng, àấp ûáng nhu cêìu vưën cho phất triïín kinh tïë
❖ Lậi sët VND vâ ngoẩi tïå
❖ Thõ trûúâng ngoẩi tïå liïn ngên hâng
❖ Hoẩt àưång thõ trûúâng àêëu thêìu tđn phiïëu kho bẩc
HOẨT ÀƯÅNG CA NHNN
ÀIÏÌU HÂNH CHĐNH SẤCH TIÏÌN TÏÅ NÙM 2008
❖ Quẫn l ngoẩi hưëi
❖ Kïët quẫ àiïìu hânh chđnh sấch tiïìn tïå
❖ Hoẩt àưång thanh tra giấm sất
❖ Hoẩt àưång thanh toấn

❖ Hoẩt àưång àưëi ngoẩi
HOẨT ÀƯÅNG KHẤC
TRIÏÍN VỔNG KINH TÏË VƠ MƯ VÂ HOẨT ÀƯÅNG NGÊN HÂNG NÙM 2009
❖ Triïín vổng kinh tïë vơ mư toân cêìu vâ khu vûåc vâ ẫnh hûúãng àïën kinh tïë Viïåt Nam
❖ Mc tiïu àiïìu hânh chđnh sấch tiïìn tïå
❖ Hoẩt àưång thanh tra giấm sất
❖ Hoẩt àưång àưëi ngoẩi
PH LC
4
6
7
8
10
11
11
14
15
16
19
19
19
21
24
24
25
26
27
31
32
34

34
40
42
46
48
49
52
54
54
55
58
59
62
FOREWORD BY THE GOVERNOR
Head Office and Provincial Branches
Management Board of the State Bank of Vietnam
Organization Chart of the State Bank of Vietnam
Credit Institutions System in Vietnam
WORLD AND VIETNAMESE ECONOMY
❖
World economy
❖
Vietnamese economy
Production
Export and import
Labor, employment and income
State Budget revenue and expenditures
International Balance of Payment
INFLATION DEVELOPMENTS IN 2008
MONETARY DEVELOPMENTS

❖
Total liquidity developments
❖ Fund mobilization by banks
❖ Credit continued to grow, meeting the demand of funds for economic development
❖
VND and foreign currency interest rates
❖ Inter-bank foreign exchange market
❖
Market for Treasury bills
STATE BANK OPERATIONS
MONETARY POLICY MANAGEMENT IN 2008
❖ Foreign exchange management
❖ The monetary policy management performance
❖
Banking supervision
❖
Payment systerm
❖
International cooperation
OTHER ACTIVITIES
PROSPECTS FOR MACRO-ECONOMY AND BANKING SECTOR IN 2009
❖
Global and regional macroeconomic prospects and impacts on the Vietnamese economy
❖
Monetary policy management targets
❖
Supervision and inspection
❖
International cooperation
APPENDIXES

5
6
7
8
10
11
11
14
15
16
18
19
19
21
24
24
25
26
27
31
32
34
34
40
42
46
48
49
53
54

54
55
58
60
63
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
3
CONTENTS
N
ùm 2008, thïë giúái cng nhû Viïåt Nam àậ chûáng kiïën diïỵn biïën phûác tẩp vâ nhûäng hêåu quẫ nùång
nïì ca cåc khng hoẫng tâi chđnh toân cêìu. Kinh tïë thïë giúái tùng trûúãng chêåm lẩi, nhiïìu nûúác phất
triïín nhû M, Nhêåt Bẫn, cấc nûúác thåc liïn minh chêu Êu àậ lêm vâo tònh trẩng suy thoấi kinh tïë;
thûúng mẩi toân cêìu, thõ trûúâng chûáng khoấn thïë giúái st giẫm; giấ cẫ qëc tïë biïën àưång bêët thûúâng; hâng
loẩt cấc àõnh chïë tâi chđnh lúán trïn thïë giúái phấ sẫn, giẫi thïí hóåc sấp nhêåp Vúái àưå múã cûãa nïìn kinh tïë
lúán, kinh tïë Viïåt Nam khưng trấnh khỗi chõu tấc àưång búãi nhûäng diïỵn biïën phûác tẩp ca mưi trûúâng kinh tïë
thïë giúái. Trong nûúác, kinh tïë vơ mư phẫi àưëi mùåt vúái nhiïìu ëu tưë khưng thån lúåi nhû tònh trẩng lẩm phất
vâ nhêåp siïu tùng mẩnh trong 6 thấng àêìu nùm; tònh trẩng tùng trûúãng kinh tïë chêåm lẩi, sẫn xët kinh
doanh ca doanh nghiïåp gùåp khố khùn trong 6 thấng cëi nùm do kinh tïë toân cêìu suy giẫm.
Trong bưëi cẫnh àố, Chđnh ph Viïåt Nam àậ trònh Qëc hưåi àiïìu chónh giẫm mc tiïu tùng trûúãng kinh
tïë nùm 2008 tûâ mûác 8,5%-9% xëng 7% vâ chuín sang ûu tiïn kiïím soất lẩm phất lâ mc tiïu hâng àêìu
trong 6 thấng àêìu nùm; bûúác sang nûãa cëi nùm, trûúác tấc àưång bêët lúåi ca cåc khng hoẫng tâi chđnh
vâ nguy cú suy thoấi kinh tïë toân cêìu, Chđnh ph àậ chuín hûúáng mc tiïu chđnh sấch sang ch àưång
ngùn ngûâa suy giẫm kinh tïë. Theo àố, cấc chđnh sấch vâ giẫi phấp àûúåc thûåc hiïån linh hoẩt, àưìng bưå vâ
kõp thúâi, gốp phêìn ưín àõnh kinh tïë vơ mư, duy trò tùng trûúãng kinh tïë úã mûác húåp l, àẫm bẫo an sinh xậ hưåi.
Vúái vai trô lâ cú quan quẫn l nhâ nûúác vïì hoẩt àưång tiïìn tïå, tđn dng vâ ngên hâng, àưìng thúâi lâ ngên
hâng trung ûúng ca nûúác Cưång hoâ Xậ hưåi ch nghơa Viïåt Nam, Ngên hâng Nhâ nûúác Viïåt Nam àậ bấm
sất chó àẩo ca Chđnh ph, linh hoẩt trong àiïìu hânh chđnh sấch tiïìn tïå, tđn dng vâ hoẩt àưång ngên hâng
àïí ưín àõnh thõ trûúâng tiïìn tïå, ngoẩi hưëi, àẫm bẫo hoẩt àưång ca cấc tưí chûác tđn dng an toân, àấp ûáng nhu
cêìu vưën cho cấc tưí chûác vâ cấ nhên àïí sẫn xët kinh doanh, àùåc biïåt àưëi vúái cấc lơnh vûåc sẫn xët, xët

khêíu, nưng nghiïåp, nưng thưn, doanh nghiïåp nhỗ vâ vûâa
Nùm 2009, khng hoẫng tâi chđnh vâ suy thoấi kinh tïë toân cêìu vêỵn tiïëp diïỵn vâ tấc àưång bêët lúåi àïën
tùng trûúãng kinh tïë nûúác ta. Qëc hưåi vâ Chđnh ph Viïåt Nam àậ àùåt ra mc tiïu vâ quët têm cao lâ ngùn
chùån suy giẫm kinh tïë, phông ngûâa lẩm phất, ưín àõnh kinh tïë vơ mư, duy trò tưëc àưå tùng trûúãng kinh tïë úã
mûác húåp l, bïìn vûäng, àẫm bẫo an sinh xậ hưåi. Nhiïåm v ca ngânh Ngên hâng Viïåt Nam nùm 2009 lâ
bẫo àẫm gốp phêìn thûåc hiïån mc tiïu nïu trïn, àưìng thúâi àẫm bẫo hïå thưëng ngên hâng phất triïín an toân,
lânh mẩnh, tiïëp tc khùèng àõnh vai trô trung gian tâi chđnh trong nïìn kinh tïë thõ trûúâng àõnh hûúáng XHCN.
Thưëng àưëc Ngên hâng Nhâ nûúác Viïåt Nam
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
LÚÂI TÛÅA CA THƯËNG ÀƯËC
NGUỴN VÙN GIÂU
4
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
5
NGUYEN VAN GIAU
I
n 2008, either the world or Vietnam did experience complicated developments and severe consequences
of the global financial crisis. World economic growth slowed down; many developed countries such as the
United State of America, Japan, and EU member nations suffered from economic recession; there were
a drop in global trade and worldwide stock markets, an abnormal fluctuation in global prices, and bankrupt-
cy, liquidation or merger of a series of big financial institutions in the world. Because of the wide openness
of the economy, Vietnam could not but avoid impact of complex developments of the world economic envi-
ronment. Domestically, domestic macroeconomy had to face a lot of adverse factors such as the surge in
inflation and trade deficit during the first 6 months of 2008, the slowdown in economic growth, and difficulties
in manufacturing and operations of enterprises in the second half of the year due to global economic slow-
down.
In this context, in the first 6 months, the Government recommended the National Assembly to adjust the
economic growth rate target for 2008 down to 7% from the original range of 8.5% – 9% and aim at the infla-

tion combat as top priority. However, in the second half of 2008, the Government aimed its policy priority to
actively preventing economic downturn amid the financial crisis and risks of global economic recession.
Accordingly, policies and measures were implemented in a flexible, timely, and comprehensive manner,
therefore contributing to stabilizing macroeconomy, maintaining proper economic growth, and ensuring social
protection.
As the state regulator of monetary, credit, and banking operations as well as the central bank of the
Socialist Republic of Vietnam, the State Bank of Vietnam (SBV) has closely followed the Government’s direc-
tives by flexibly managing monetary and credit policies and banking operations so as to stabilize the money
and foreign exchange markets, to maintain safe and sound operations of credit institutions, to meet capital
needs of entities and individuals for their production and business, especially in the fields of production,
export, agriculture, rural areas, and small and medium enterprises, etc.
In 2009, the global financial crisis and economic recession will keep ongoing and cause adverse effects
on Vietnam’s economic growth. The National Assembly and the Government have charted out the objectives
with enormous efforts to prevent economic slowdown, to combat inflation, to stabilize macroeconomy, to
maintain proper and sustainable economic growth, and to ensure social protection. Vietnam’s banking indus-
try will undertake the tasks of contributing to meeting the aforesaid objectives, as well as ensuring the sound
and safe development of the banking sector, and continuing to assert the role of financial intermediation in
the socialist-orientated market economy.
Governor State Bank of Vietnam
FOREWORD BY THE GOVERNOR
BAÁO CAÁO THÛÚÂNG NIÏN 2008
HEAD OFFICE AND PROVINCIAL BRANCHES
NGÊN HAÂNG NHAÂ NÛÚÁC VIÏÅT NAM
6
TRUÅ SÚÃ CHÑNH VAÂ CAÁC CHI NHAÁNH TÓNH, THAÂNH PHÖË
ệng Nguyùợn Vựn Giaõu
Thửởng ửởc - Governor
ệng Trờỡn Minh Tuờởn
Phoỏ Thửởng ửởc thỷỳõng trỷồc
Standing Deputy Governor

ệng Nguyùợn Vựn Bũnh
Phoỏ Thửởng ửởc
Deputy Governor
ệng Nguyùợn Toaõn Thựởng
Phoỏ Thửởng ửởc
Deputy Governor
BAN LANH AO NGấN HANG NHA NC VIẽT NAM
MANAGEMENT BOARD OF THE STATE BANK OF VIETNAM
ệng ựồng Thanh Bũnh
Phoỏ Thửởng ửởc
Deputy Governor
ệng Nguyùợn ửỡng Tiùởn
Phoỏ Thửởng ửởc
Deputy Governor
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
7
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
8
SÚ ÀƯÌ TƯÍ CHÛÁC CA NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
V Thanh toấn
V Tđn dng
V Dûå bấo,
thưëng kï
tiïìn tïå
V Húåp tấc
qëc tïë
V Kiïím
toấn nưåi bưå

V Phấp chïë
V Tâi chđnh -
Kïë toấn
V Tưí chûác
cấn bưå
V/CC CHÛÁC NÙNG, NHIÏÅM V
V Quẫn l
ngoẩi hưëi
V Chđnh
sấch tiïìn tïå
Tham mûu, gip Thưëng àưëc thûåc hiïån chûác nùng quẫn l nhâ
nûúác vïì ngoẩi hưëi vâ hoẩt àưång ngoẩi hưëi theo quy àõnh ca
phấp låt.
Tham mûu gip Thưëng àưëc NHNN thûåc hiïån chûác nùng quẫn
l nhâ nûúác trong viïåc thânh lêåp, hoẩt àưång vâ phất triïín cấc
TCTD (trûâ TCTD húåp tấc) vâ hoẩt àưång ngên hâng ca cấc tưí
chûác khấc nhùçm àẫm bẫo an toân hïå thưëng.
Tham mûu, gip Thưëng àưëc xêy dûång chđnh sấch tiïìn tïå qëc
gia vâ sûã dng cấc cưng c chđnh sấch tiïìn tïå theo quy àõnh
ca phấp låt.
Tham mûu cho Thưëng àưëc NHNN thûåc hiïån quẫn l nhâ nûúác
àưëi vúái cấc TCTD húåp tấc, Qu tđn dng Nhên dên.
Tham mûu, gip Thưëng àưëc thûåc hiïån quẫn l nhâ nûúác vïì lơnh
vûåc thanh toấn trong nïìn kinh tïë qëc dên theo quy àõnh ca
phấp låt.
Tham mûu, gip Thưëng àưëc thûåc hiïån quẫn l nhâ nûúác vïì lơnh
vûåc tđn dng ngên hâng vâ àiïìu hânh thõ trûúâng tiïìn tïå theo
quy àõnh ca phấp låt.
Tham mûu, gip Thưëng àưëc thûåc hiïån cưng tấc dûå bấo, thưëng
kï tiïìn tïå theo quy àõnh ca phấp låt.

Tham mûu, gip Thưëng àưëc thûåc hiïån chûác nùng quẫn l nhâ
nûúác vïì húåp tấc vâ hưåi nhêåp qëc tïë thåc phẩm vi quẫn l
ca Ngên hâng Nhâ nûúác theo quy àõnh ca phấp låt.
Tham mûu, gip Thưëng àưëc thûåc hiïån kiïím toấn nưåi bưå hoẩt
àưång ca cấc àún võ thåc Ngên hâng Nhâ nûúác.
Tham mûu, gip Thưëng àưëc thûåc hiïån quẫn l nhâ nûúác bùçng
phấp låt vâ tùng cûúâng phấp chïë xậ hưåi ch nghơa trong ngânh
Ngên hâng.
Tham mûu, gip Thưëng àưëc thûåc hiïån cưng tấc tâi chđnh, kïë
toấn, àêìu tû xêy dûång cú bẫn ca Ngên hâng Nhâ nûúác vâ
quẫn l nhâ nûúác vïì kïë toấn, àêìu tû xêy dûång cú bẫn ca
ngânh Ngên hâng theo quy àõnh ca phấp låt.
Tham mûu cho Thưëng àưëc, Ban cấn sûå Àẫng Ngên hâng Nhâ
nûúác thûåc hiïån cưng tấc tưí chûác, biïn chïë; quẫn l, sûã dng
cấn bưå, cưng chûác, viïn chûác; chïë àưå tiïìn lûúng vâ cấc chïë àưå
khấc thåc phẩm vi quẫn l ca Ngên hâng Nhâ nûúác theo quy
àõnh ca phấp låt.
V Thi àua -
Khen thûúãng
Tham mûu, gip Thưëng àưëc quẫn l nhâ nûúác vïì cưng tấc thi
àua, khen thûúãng trong ngânh Ngên hâng theo quy àõnh ca
phấp låt.
Thanh tra
ngên hâng
Thûåc hiïån thanh tra chun ngânh vïì ngên hâng vâ gip
Thưëng àưëc thûåc hiïån nhiïåm v quìn hẩn thanh tra trong cấc
lơnh vûåc thåc phẩm vi quẫn l ca NHNN theo quy àõnh ca
phấp låt.
Vùn phông
Tham mûu, gip Thưëng àưëc chó àẩo vâ àiïìu hânh hoẩt àưång

ngên hâng; thûåc hiïån cưng tấc cẫi cấch hânh chđnh ca Ngên
hâng Nhâ nûúác; quẫn l hoẩt àưång thưng tin, tun truìn, bấo
chđ, vùn thû, lûu trûä ca ngânh ngên hâng theo quy àõnh ca
phấp låt; thûåc hiïån cưng tấc hânh chđnh, lïỵ tên, vùn thû, lûu
trûä tẩi Tr súã chđnh Ngên hâng Nhâ nûúác.
V Cấc ngên
hâng vâ tưí chûác
tđn dng phi
ngên hâng
V cấc tưí
chûác tđn
dng húåp tấc
Credit
Department
Monetary
Forecast and
Statistics
Department
International
Cooperation
Department
Internal
Audit
Department
Legal
Department
Accounting and
Finance
Department
Personnel

Department
Emulation and
Rewarding
Department
Foreign
Exchange
Department
Monetary
Policy
Department
Advise and assist the SBV Governor on implementing state
management of foreign exchange and foreign exchange
activities in accordance with law.
Advise and assist the Governor of the State Bank of Vietnam
(SBV) on making national monetary policies and using mon-
etary policy tools in accordance with the law.
Advise and assist the SBV Governor on conducting state
management of cooperative credit institutions, Peoples Credit
Fund
Advise and assist the SBV Governor on implementing state
management of payment system in the economy in accor-
dance with law.
Advise and assist the SBV Governor on conducting state
management of credit operations and managing monetary
market in accordance with law.
Advise and assist the SBV Governor on implementing mone-
tary forecast and statistics in accordance with law.
Advise and assist the SBV Governor on implementing state
management of the international cooperation and integration
tasks of the SBV in accordance with law.

Advise and assist the SBV Governor on conducting internal
audits of entities in the SBV.
Advise and assist the SBV Governor on implementing state
management by law and enhancing socialism legislation in
the banking industry.
Advise and assist the SBV Governor on conducting tasks of financing,
accounting, investment on construction and implementing state manage-
ment of accounting, investment on construction in banking industry in
accordance with law.
Advise and assist the SBV Governor and the Party Committee on
institutional organization, personnel, employees’ salary and other
bonuses of the SBV in accordance with law.
Advise and assist the SBV Governor in implementing state
management functions on emulation and rewarding in the
banking industry in accordance with law.
Banking
Supervision
Conduct professional supervision and advise the SBV Governor on
implementing the powers and responsibilities of supervision in the areas
subject to the management of SBV in accordance with law.
SBV Office
Advise and assist the SBV Governor to manage and implement banking
activities; conduct administrative reform of the SBV; manage informa-
tion, communication, press, administration, archive activities in the
banking system in accordance with law; implement administrative work,
protocols, archive activities at the SBV Headquarters.
Banks and Non-
bank Credit
Institutions
Department

Cooperative
Credit
Institutions
Department
Advise and assist the SBV Governor on implementing state manage-
ment of establishment, operation and development of credit institutions
(excluding cooperative credit institutions) and banking operations of
other institutions in order to ensure the stability of system.
Payment and
Settlement
System
Department
UNITS FUNCTIONS
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
9
ORGANIZATION CHART OF THE STATE BANK OF VIETNAM
Cc phất hânh
vâ kho qu
Cc Quẫn trõ
Súã Giao dõch
Ban quẫn l
cấc dûå ấn tđn
dng qëc tïë
V/CC CHÛÁC NÙNG, NHIÏÅM V
Cc Cưng nghïå
tin hổc
Tham mûu, gip Thưëng àưëc thûåc hiïån quẫn l nhâ nûúác
chun ngânh vïì lơnh vûåc cưng nghïå tin hổc trong phẩm vi
toân ngânh Ngên hâng.

Tham mûu, gip Thưëng àưëc thûåc hiïån chûác nùng quẫn l nhâ
nûúác vâ chûác nùng Ngên hâng Trung ûúng vïì lơnh vûåc phất
hânh vâ kho qu theo quy àõnh ca phấp låt.
Tham mûu, gip Thưëng àưëc quẫn l tâi sẫn, tâi chđnh, cú súã vêåt chêët
k thåt, hêåu cêìn, bẫo vïå an ninh, trêåt tûå an toân cú quan, chùm lo
àúâi sưëng, sûác khỗe cho cấn bưå, cưng chûác, viïn chûác vâ ngûúâi lao
àưång thåc Tr súã chđnh Ngên hâng Nhâ nûúác.
Tham mûu, gip Thưëng àưëc thûåc hiïån cấc nghiïåp v Ngên
hâng Trung ûúng.
Quẫn l vâ thûåc hiïån cấc dûå ấn tđn dng qëc tïë do cấc tưí chûác
tâi chđnh tiïìn tïå qëc tïë, nûúác ngoâi tâi trúå.
Thûåc hiïån nhiïåm v àẩi diïån theo sûå y quìn ca Thưëng àưëc.
Thu nhêån, phên tđch vâ thưng bấo nhûäng thưng tin liïn quan
àïën hoẩt àưång rûãa tiïìn cho cấc cú quan cố thêím quìn theo
quy àõnh, gip Thưëng àưëc NHNN thûåc hiïån cấc nhiïåm v àûúåc
giao nhû ch trò phưëi húåp vúái cấc cú quan hûäu quan xêy dûång
thûåc hiïån chđnh sấch phông, chưëng rûãa tiïìn tẩi Viïåt Nam.
Nghiïn cûáu vâ xêy dûång chiïën lûúåc, quy hoẩch, kïë hoẩch phất
triïín ngânh Ngên hâng; tưí chûác nghiïn cûáu khoa hổc vâ phất
triïín cưng nghïå ngên hâng phc v cho u cêìu quẫn l nhâ
nûúác ca Ngên hâng Nhâ nûúác vïì tiïìn tïå vâ hoẩt àưång ngên
hâng theo quy àõnh ca phấp låt.
Thu nhêån, xûã l, lûu trûä, phên tđch, dûå bấo thưng tin tđn dng
phc v cho u cêìu quẫn l nhâ nûúác ca Ngên hâng Nhâ
nûúác; thûåc hiïån cấc dõch v thưng tin ngên hâng theo quy àõnh
ca Ngên hâng Nhâ nûúác vâ ca phấp låt.
Cấc chi nhấnh
tẩi tónh, thânh
phưë trûåc thåc
trung ûúng

Vùn phông àẩi
diïån tẩi thânh
phưë Hưì Chđ Minh
Trung têm
thưng tin,
phông chưëng
rûãa tiïìn
CẤC ÀÚN VÕ SÛÅ NGHIÏÅP
Viïån Chiïën lûúåc
ngên hâng
Trung têm
Thưng tin
tđn dng
Lâ cú quan ngưn lån, diïỵn àân xậ hưåi vâ lâ cưng c tun
truìn, phưí biïën àûúâng lưëi, ch trûúng ca Àẫng, chđnh sấch,
phấp låt ca Nhâ nûúác vâ hoẩt àưång ca ngânh ngên hâng
theo quy àõnh ca Ngên hâng Nhâ nûúác vâ ca phấp låt.
Thúâi bấo
Ngên hâng
Lâ cú quan ngưn lån, diïỵn àân vïì l lån nghiïåp v, khoa hổc
vâ cưng nghïå ngên hâng; cố chûác nùng tun truìn, phưí biïën
àûúâng lưëi, ch trûúng ca Àẫng, chđnh sấch vâ phấp låt ca
Nhâ nûúác, hoẩt àưång ngên hâng vâ nhûäng thânh tûåu vïì khoa
hổc, cưng nghïå ca ngânh Ngên hâng vâ lơnh vûåc liïn quan
theo quy àõnh ca Ngên hâng Nhâ nûúác vâ ca phấp låt.
Tẩp chđ
Ngên hâng
Cố chûác nùng àâo tẩo, bưìi dûúäng, cêåp nhêåt kiïën thûác, k nùng
quẫn l nhâ nûúác vâ chun mưn nghiïåp v thåc lơnh vûåc
ngên hâng phc v u cêìu phất triïín vâ nêng cao chêët lûúång

àưåi ng cấn bưå, cưng chûác, viïn chûác ca Ngên hâng Nhâ
nûúác vâ ca ngânh Ngên hâng theo quy hoẩch, kïë hoẩch àậ
àûúåc Thưëng àưëc phï duåt.
Trûúâng Bưìi
dûúäng cấn bưå
ngên hâng
Research and develop the banking development strategy and
plan; manage scientific research and technology develop-
ment serving the purpose of state management of SBV on
monetary and banking operation in accordance with the law.
Collect, analyze, forecast, and provide credit information in
banking industry to support the state management of SBV; to
provide banking information service in accordance with regu-
lations of SBV and the law.
OTHER UNITS
Banking
Strategy
Development
Department
Credit
Information
Center
The mouthpiece, the social forum, and the tool of communicating and
disseminating the Partys orientation and guidelines and the States
legislation and policies and operations of the banking industry in
accordance with regulations of SBV and the Law.
Banking
Times
The mouthpiece and the forum on banking theory, science,
and technology; to disseminate the Partys orientation and

guidelines, the States legislation and policies; the banking
activities and science and technology achievements of bank-
ing industry and related sector in accordance with regulations
of SBV and the Law .
Banking
Review
To conduct functions on training and upgrading state manage-
ment knowledge and practice and professional skills in bank-
ing industry serving the purpose of human resource develop-
ment and enhancement, serving the development strategy of
the SBV and the banking sector according to the approved
plan by the Governor.
SBV Training
School
Tham mûu, gip Thưëng àưëc quẫn l Nhâ nûúác vïì tiïìn tïå vâ
hoẩt àưång ngên hâng trïn àõa bân vâ thûåc hiïån mưåt sưë nghiïåp
v Ngên hâng Trung ûúng theo y quìn ca Thưëng àưëc.
Issue and Vault
Department
Administration
Department
Banking
Operations Center
International
Credit Project
Management
Unit
V/CC CHÛÁC NÙNG, NHIÏÅM V
Banking
Information

Technology
Department
Advise the SBV Governor on implementing the state
management of information technology in the banking
industry.
Advise the SBV Governor on implementing state
management and central bank functions on issue and vault
operations in accordance with law.
Conduct and organize administrative and logistic service
for the operations of the SBV headquarters; provide
security services within the SBV system.
Advise and assist the SBV Governor on central bank
operations.
Manage and implement international credit projects
financed by international financial and monetary institutions
and other foreign donors.
Implement the representative functions authorized by the
Governor.
Receive, analyze and communicate information concerning
money laundering activities to competent authority; Assist the
Governor in carrying out the assigned tasks including the for-
mulation and implementation, in coordination with other con-
cerned agencies, of anti-money laundering policies in Vietnam.
Branches of
Provinces and
Cities under the
Central
Government
Representative
Office in HCMC

Anti-Money
Laundering
Information
Center
Advise and assist the SBV Governor to implement state
management functions of monetary and banking operations
in the provinces and central bank operations authorized by
Governor.
HÏÅ THƯËNG TƯÍ CHÛÁC TĐN DNG ÚÃ VIÏÅT NAM
CREDIT INSTITUTION SYSTEM IN VIETNAM
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
Ngoâi hïå thưëng tưí chûác tđn dng nïu trïn, hiïån nay côn cố Ngên hâng phất triïín Viïåt Nam hoẩt àưång khưng vò mc àđch lúåi nhån, thûåc hiïån chđnh sấch tđn
dng àêìu tû phất triïín vâ tđn dng xët khêíu ca nhâ nûúác.
Beside the aforesaid credit institutions, the Vietnam Development Bank is operating as a non – profit institution and implementing the policy on credit for devel-
opment investment and for export.
10
HÏå THƯËNG TƯÍ CHÛÁC TĐN DNG
CREDIT INSTITUTION
SYSTEM
13 Cưng ty Tâi chđnh
13 Leasing Companies
17 Cưng ty Tâi chđnh
17 Finance Companies
Hïå thưëng Qu Tđn dng nhên dên:
- 01 Qu tđn dng nhên dên TÛ
- 1.016 Qu tđn dng cú súã
People’s Credit Fund System:
- 01 Central People’s Credit Fund
- 1,016 Local credit funds

05 Ngên hâng 100% vưën nûúác ngoâi
5 Fully Foreign-owned Banks
39 Chi nhấnh Ngên hâng Nûúác ngoâi
39 Foreign Bank Branches
05 Ngên hâng liïn doanh
5 Joint Venture Banks
40 Ngên hâng Thûúng mẩi Cưí phêìn
40 Joint Stock Commercial Banks
05 Ngên hâng Thûúng mẩi Nhâ nûúác
05 State-owned Commercial Banks (SOCBs)
01 Ngên hâng Chđnh sấch xậ hưåi
1 Social Policy Bank
KINH TÏË THÏË GIÚÁI
Tùng trûúãng kinh tïë thïë giúái nùm 2008 àẩt
3,4%, thêëp hún nhiïìu so vúái mûác 4,9% ca
nùm 2007 vâ cố nhûäng biïën àưång khố lûúâng.
Trong 6 thấng àêìu nùm, sûå gia tùng mẩnh ca
giấ dêìu, giấ lûúng thûåc, sûå giẫm giấ ca thõ
trûúâng bêët àưång sẫn, thõ trûúâng chûáng khoấn
cng vúái nhûäng bêët ưín chđnh trõ àậ gêy ấp lûåc
lẩm phất mang tđnh toân cêìu vâ tùng trûúãng
kinh tïë ca qëc gia gùåp khố khùn. Trong 6
thấng cëi nùm, kinh tïë thïë giúái lẩi chuín tûâ
ấp lûåc lẩm phất cao sang xu hûúáng thiïíu phất
vâ giẫm phất cng vúái suy thoấi kinh tïë toân
cêìu, t lïå thêët nghiïåp tùng cao. Trûúác bưëi cẫnh
àố, Chđnh ph vâ Ngên hâng trung ûúng cấc
nûúác àậ thûåc hiïån cấc giẫi phấp cûáu trúå thõ
trûúâng tâi chđnh vâ nïìn kinh tïë.
M trẫi qua mưåt nùm àêìy khố khùn vâ rúi vâo

suy thoấi, mûác tùng trûúãng bònh qn -0,15%,
lêìn àêìu tiïn trong nhiïìu nùm qua tùng trûúãng
kinh tïë úã mûác êm. Mùåc d Chđnh ph M àậ
àûa ra cấc gối giẫi phấp kđch thđch nïìn kinh tïë,
tuy nhiïn hiïåu quẫ ca cấc gối giẫi phấp nây
chûa à mẩnh àïí vûåc dêåy nïìn kinh tïë. Lẩm
phất liïn tc úã mûác cao vúái mûác tùng bònh
qn 3,8%, cao hún nhiïìu so vúái mûác 2,9%
ca nùm 2007. T lïå thêët nghiïåp tùng àưåt biïën
lïn mûác 7,2%, cao hún nhiïìu so vúái mûác 4,9%
ca nùm 2007.
Khu vûåc àưìng EUR cng chõu ẫnh hûúãng tiïu
cûåc ca cåc khng hoẫng kinh tïë thïë giúái
khiïën tùng trûúãng kinh tïë thêëp, mûác tùng bònh
qn chó àẩt 0,75%, thêëp hún nhiïìu so vúái
mûác 2,6% ca nùm 2007. Lẩm phất bònh qn
tùng lïn mûác 3,3% tûâ mûác 2,1% ca nùm
2007. T lïå thêët nghiïåp úã mûác 8,0%, cao hún
mûác 7,2% ca nùm 2007.
Nhêåt Bẫn tùng trûúãng xëng mûác -0,3%, thêëp
KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM
WORLD AND VIETNAMESE ECONOMY
WORLD ECONOMY
The world economic growth in 2008 reached
3.4%, much lower than that of 4.9% in 2007. In
the first half of 2008, the surge in prices of crude
oil and food as well as the weakening of property
and security markets and political upheavals
caused global inflation pressures and put
difficulties in the economic growth of nations.

During the last 6 months, instead of inflation
pressures, the world economy faced risks of
deflation accompanied by global economic down-
turn and highly increasing unemployment rate. In
this context, Governments and Central Banks all
over the world carried out bail out solutions to
financial markets and economies.
The United States experienced a difficult year
and fell into recession when its average growth
rate was -0.15%, the first negative economic
growth in the past many years. Although the US
Administration deployed economic stimulus
packages, their effects were not strong enough to
recover the economy. Inflation remained at a high
level with the average rate of 3.8%, much higher
than that of 2.9% in 2007. Unemployment rate
unexpectedly went up to 7.2%, much higher than
that of 4.9% in 2007.
Euro zone was also adversely affected by the
world economic crisis, leading to low economic
growth as the average growth rate was 0.75%
only, much lower than that of 2.6% in 2007.
Average inflation rate hiked to 3.3% from 2.1% in
2007. Unemployment rate was at 8%, much
higher than that of 7.2% in 2007.
Japan: Economic growth went down to -0.3%,
much lower than the rate of 2.1% in 2007.
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
11

hún nhiïìu so vúái mûác tùng 2,1% ca nùm
2007. Lẩm phất bònh qn tùng lïn mûác 1,4% tûâ
mûác 0,06% ca nùm 2007. T lïå thêët nghiïåp
tùng lïn mûác 4,4%, cao hún mûác 3,8% ca nùm
2007.
Cấc nûúác àang phất triïín chêu Ấ tùng trûúãng
thûåc sûå ëu ài kïí tûâ thấng 7/2008 khi dêëu hiïåu
suy thoấi tẩi cấc nûúác phất triïín trúã nïn rộ râng
ch ëu do xët khêíu suy giẫm mẩnh. Tưëc àưå
tùng trûúãng ca Trung Qëc giẫm tûâ mûác trïn
10% cấc nùm trûúác àêy xëng 9,0%; Philippines
cng giẫm tûâ mûác 7,2% nùm 2007 xëng côn
4,6%; Singapore chó tùng 1,5% so vúái mûác tùng
mẩnh 7,7% ca nùm 2007
Àiïìu hânh chđnh sấch tiïìn tïå ca
cấc NHTW
Nùm 2008, cấc NHTW trïn thïë giúái gùåp khố
khùn trong àiïìu hânh CSTT khi phẫi lûåa chổn
Average inflation rate increased to 1.4% from
0.06% in 2007. Unemployment rate rose to
4.4%, higher than that of 3.8% in 2007.
Asian developing
countries
: Economic
growth plunged since July, 2008, when
recessional signals in developed countries
became clear due to the strong deterioration of
export. China’s growth rate decreased to 9%
from over 10% in the previous years; the
Philippines’s growth also declined to 4.6% from

7.2% in 2007; Singapore's economy expanded
1.5% only compared to the high growth rate of
7.7% in 2007.
Monetary policy management of
Central Banks
In 2008, Central Banks in the world met with
difficulties in monetary policy management
because they had to make a choice between
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
12
LẬI SËT CHĨ ÀẨO CA CẤC NHTW NÙM 2008
NHT
W
Cëi
2007
M
4,25 3,00
_ 2,25 2,00 _ _ _ _ _ 1,00 _ 0/0,25
KV Euro
4,0 _ _ _ _ _ _ 4,25 _ _ 3,75 3,25 2,50
Nhêåt Bẫn
0,5 _ _ _ _ _ _ _ _ _ 0,3 _ 0,10
Anh
5,5 _ 5,25 _ 5,0 _ _ _ _ _ 4,50 3,0 2,00
Canada
4,25 4,0 _ 3,5 3,0 _ _ _ _ _ 2,25 _ 1,50
Trung Qëc
7,47 _ _ _ _ _ _ _ _ 7,2 6,66 5,58 5,31
Thấi Lan

3,25
_ _ _ _ _ _ 3,5 3,75 _ _ _ 2,75
Indonesia
8,0 _ _ _ _ 8,25 8,5 8,75 9,0 9,25 9,50 _ 9,25
KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM
1 2 3 4 5 6 7 8 9 10 11 12
2008
Àún võ: %
mc tiïu kiïìm chïë lẩm phất hay hưỵ trúå cho tùng
trûúãng kinh tïë. Trong 9 thấng àêìu nùm, CSTT
ca cấc NHTW àûúåc chia thânh 2 nhốm. Tẩi
nhûäng nûúác cố tùng trûúãng kinh tïë suy giẫm,
CSTT àûúåc núái lỗng ngay tûâ àêìu nùm do tấc
àưång ca cåc khng hoẫng nhû M, Anh,
Canada, theo àố lậi sët àûúåc àiïìu chónh giẫm
àïí hưỵ trúå tùng trûúãng kinh tïë. Trong khi àố, tẩi
cấc nûúác cố lẩm phất tiïëp tc tùng cao (ch ëu
tẩi khu vûåc àưìng EUR vâ cấc nûúác àang phất
triïín chêu Ấ), CSTT àûúåc thùỉt chùåt thưng qua
tùng lậi sët hóåc t lïå DTBB àïí ûu tiïn kiïìm
chïë lẩm phất.
Tuy nhiïn, tûâ thấng 9/2008, thõ trûúâng tâi chđnh
bûúác vâo giai àoẩn khng hoẫng sêu khiïën
CSTT ca hêìu hïët cấc NHTW têåp trung vâo
viïåc cûáu thõ trûúâng tâi chđnh vâ nïìn kinh tïë nhû
liïn tc cùỉt giẫm lậi sët, giẫm t lïå DTBB, tùng
cûúâng búm thanh khoẫn vâo hïå thưëng ngên
hâng (nhû cho vay tấi cêëp vưën khêín cêëp, mua
lẩi cấc khoẫn núå xêëu), cho vay tiïu dng…
Lậi sët SIBOR vâ LIBOR tiïëp tc giẫm trong

the objectives of curbing inflation and supporting
economic growth. In the first 9 months, monetary
policy of Central Banks was divided into 2
groups. In the countries with low growth rate
such as the United States, the U.K, and Canada,
because of the effect of the crisis, monetary
policy was loosened right from the beginning of
the year, interest rates were therefore cut down
to support economic growth. In the countries
with high inflation (mostly in Euro zone and
Asian developing countries), monetary policy
was tightened by increasing interest rates and
reserve requirements so as to curb inflation.
However, since September 2008, financial
markets turned to the period of deep recession,
which bolstered monetary policy of Central
B
anks to focus on rescuing financial markets
a
nd economies by continuously cutting down
interest rates, reducing reserve requirements,
strengthening the injection of liquidity into
banking systems (such as urgent refinancing
loans, repurchase of non-performing debts),
consumer lending, etc.
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
13
WORLD AND VIETNAMESE ECONOMY
BENCHMARK RATES OF CENTRAL BANKS IN 2008

Central
Banks
Late
2007
U.S
4.25
3.00
_ 2.25 2.00 _ _ _ _ _ 1.00 _ 0/0.25
Euro zone
4.0 _ _ _ _ _ _ 4.25 _ _ 3.75 3.25 2.50
Japan
0.5 _ _ _ _ _ _ _ _ _ 0.3 _ 0.10
The UK
5.5 _ 5.25 _ 5.0 _ _ _ _ _ 4.50 3.0 2.00
Canada
4.25 4.0 _ 3.5 3.0 _ _ _ _ _ 2.25 _ 1,50
China
7.47 _ _ _ _ _ _ _ _ 7.2 6.66 5.58 5.31
Thailand
3.25
_ _ _ _ _ _ 3.5 3.75 _ _ _ 2.75
Indonesia
8.0 _ _ _ _ 8.25 8.5 8.75 9.0 9.25 9.50 _ 9.25
Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec
2008
Unit: percentage
nhûäng thấng àêìu nùm theo xu hûúáng cùỉt
giẫm lậi sët ca Fed. Tuy nhiïn, tûâ thấng
9/2008 lậi sët LIBOR, SIBOR biïën àưång
mẩnh do thõ trûúâng tâi chđnh thïë giúái bûúác

vâo giai àoẩn khng hoẫng. Lậi sët
SIBOR k hẩn qua àïm tùng lïn mûác cao
nhêët 6,75% vâo ngây 17/9/2008, sau àố
giẫm xëng mûác thêëp nhêët 0,3% vâo ngây
6/11/2008.
KINH TÏË VIÏåT NAM
Kinh tïë Viïåt Nam vâ tấc àưång
àïën àiïìu hânh CSTT
Chõu ẫnh hûúãng ca cåc khng hoẫng tâi
chđnh thïë giúái, úã trong nûúác, giấ xùng dêìu
vâ cấc ngun liïåu àêìu vâo vâ hâng hốa
tiïu dng nhêåp khêíu nhûäng thấng àêìu nùm
tùng vổt, àïën giûäa nùm lẩi cố xu hûúáng
giẫm, tấc àưång lâm giẫm lẩm phất; cåc
khng hoẫng tâi chđnh côn gêy ra tấc àưång
àïën thõ trûúâng chûáng khoấn do têm l lo
ngẩi ca cấc nhâ àêìu tû, dông vưën nûúác
ngoâi àưí vâo thõ trûúâng chûáng khoấn giẫm;
thêm ht cấn cên thûúng mẩi àẩt mûác cao.
Àïí giûä ưín àõnh kinh tïë vơ mư, tẩo nïìn tẫng
cho tùng trûúãng bïìn vûäng, trong 6 thấng
àêìu nùm, Chđnh ph àậ àiïìu chónh tûâ mc
tiïu tùng trûúãng cao sang mc tiïu kiïìm
chïë lẩm phất lâ ûu tiïn hâng àêìu vâ tùng
trûúãng duy trò úã mûác húåp l. Nhûäng thấng
cëi nùm, Chđnh ph àậ àûa ra nhốm giẫi
phấp nhùçm ngùn chùån suy giẫm kinh tïë,
ưín àõnh kinh tïë vơ mư. Tưëc àưå tùng trûúãng
kinh tïë GDP nùm 2008 tđnh theo giấ so
sấnh nùm 1994 àẩt 489,8 nghòn t àưìng,

tùng 6,18% so vúái nùm 2007, trong àố khu
vûåc nưng lêm nghiïåp vâ thy sẫn tùng
4,07%; cưng nghiïåp vâ xêy dûång tùng
6,11%; dõch v tùng 7,18%.
Cú cêëu kinh tïë: so vúái nùm 2007, nùm
2008 t trổng khu vûåc nưng, lêm nghiïåp vâ
In the first months of 2008, SIBOR and LIBOR
interest rates continued to decrease in
consistence with rate cuts implemented by Fed.
However, since September 2008, LIBOR and
SIBOR interest rates witnessed a significant
fluctuation as the world financial markets
commenced the crisis period. Overnight SIBOR
interest rate peaked at 6.75% on Sep 17, 2008,
and then bottomed out at 0.3% on Nov 6, 2008.
VIETNAMESE ECONOMY
Vietnamese economy and its
impact on monetary policy
management
Under the effect of the global financial crisis, in
Vietnam, prices of petroleum, input materials and
imported consumer goods surged in the first
months of 2008, but then trended to decline in the
mid-year period, which helped reduce inflation. In
addition, global financial crisis adversely affected
the securities markets in Vietnam due to the
concern of investors together with the reduction of
foreign capital inflows into the markets, while the
trade deficit remained high. To stabilize the
macroeconomic situation and create momentum

for sustainable development, during the first 6
months, the Vietnamese Government moved from
the objective of high economic growth to that of
curbing inflation as the top priority and maintaining
proper economic growth. In the last months of
2008, the Government introduced a group of
solutions to prevent economic slowdown and
maintain macroeconomic stability. In 2008, GDP
growth in comparative price to 1994 reached VND
489.8 trillion, an increase of 6.18% as compared
to 2007; with agriculture, forestry and fishery
registering a yoy increase of 4.07%, industry and
construction by 6.11%, and the service sector by
7.18%.
Economic structure: Compared to 2007, the
proportion of agriculture, forestry and fishery
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
14
KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM
thy sẫn tùng trong khi t trổng ca khu vûåc
cưng nghiïåp vâ xêy dûång, khu vûåc dõch v àïìu
giẫm. C thïí, nùm 2008 t trổng khu vûåc nưng,
lêm vâ thy sẫn chiïëm 21,99% (nùm 2007:
20,25%); t trổng khu vûåc cưng nghiïåp vâ xêy
dûång giẫm xëng, chiïëm 39,89% (nùm 2007:
41,61%); khu vûåc dõch v chiïëm 38,12% (nùm
2007: 38,14%). Ngun nhên ch ëu do khu
vûåc cưng nghiïåp, xêy dûång vâ dõch v gùåp
nhiïìu khố khùn do bưëi cẫnh kinh tïë suy giẫm,

trong khi khu vûåc nưng, lêm nghiïåp vâ thy sẫn
cố nhûäng thån lúåi nhêët àõnh nhû thúâi tiïët diïỵn
biïën khấ thån lúåi, giấ nưng sẫn thïë giúái tùng
mẩnh trúã thânh àưång lûåc lúán thc àêíy sẫn xët
nưng nghiïåp trong nûúác.
Sẫn xët
Nưng, lêm nghiïåp vâ thy sẫn tùng 4,07% cao
hún mûác tùng 3,41% ca nùm 2007. Trong àố
ngânh nưng nghiïåp tùng 3,9%; lêm nghiïåp tùng
1,4%, cao hún so vúái mûác tùng nùm 2007
(tûúng ûáng lâ 2,34% vâ 1,1%), chó cố ngânh
thy sẫn tùng 9,2% thêëp hún mûác tùng 11,5%
ca nùm 2007.
Cưng nghiïåp-xêy dûång tùng thêëp vúái mûác tùng
6,11% thêëp hún nhiïìu so vúái mûác 10,61% ca
nùm 2007, tưëc àưå tùng chêåm lẩi úã cẫ khu vûåc
cưng nghiïåp vâ xêy dûång. Cưng nghiïåp chïë
biïën tiïëp tc àẩt mûác tùng trûúãng cao 9,9%
nhûng vêỵn thêëp hún mûác tùng 12,79% ca nùm
2007, cưng nghiïåp khai thấc tiïëp tc st giẫm
nùm thûá 2 liïn tiïëp vúái mûác giẫm -3,83% vâ
giẫm mẩnh hún mûác -2,03% nùm 2007 do sẫn
lûúång khai thấc dêìu thư vâ than àấ giẫm mẩnh.
Àưëi vúái ngânh xêy dûång giẫm -0,4%, lâ mûác
thêëp nhêët trong 10 nùm qua, ch ëu do thõ
trûúâng nhâ àêët giẫm mẩnh, cấc àiïìu kiïån tđn
dng chùåt chệ, giấ vêåt liïåu xêy dûång khưng
ngûâng tùng mẩnh trong nûãa àêìu nùm 2008.
Dõch v tùng 7,18%, thêëp hún nhiïìu so vúái
mûác tùng 8,68% ca nùm 2007, ch ëu do tiïu

dng cng nhû cấc hoẩt àưång kinh tïë cú bẫn
increased while proportions of industry,
construction and the service sector
decreased. Specifically, in 2008, the
proportion of agriculture, forestry and fishery
accounted for 21.99% (20.25% in 2007) while
industry and construction was 39.89%
(41.61% in 2007), and the proportion of the
the service sector was at 38.12% (38.14% in
2007). This was mainly due to innumerable
difficulties in industry, construction and the
service sector caused by economic downturn,
while agriculture, forestry and fishery enjoyed
certain advantages such as comfortable
weather and high prices of agricultural
products in the world markets to become a big
momentum for domestic agricultural
production.
Production
Agriculture, forestry and fishery increased by
4.07%, higher than that of 3.41% in 2007.
Specifically, agriculture increased by 3.9%,
forestry increased by 1.4%, higher than 2.34%
and 1.1% respectively in 2007. However,
fishery increased by 9.2% only, lower than the
rate of 11.5% in 2007.
Industry and construction slightly increased by
6.11%, much lower than that of 10.61% in
2007; with lower growth occurring in both
industry and construction. Processing industry

continued to get a high growth rate of 9.9%
but still lower than that of 12.79% in 2007, the
mining industry continued to decrease in the
second consecutive year with the drop of
3.83% and lower than that of 2.03% in 2007
due to the rapid decline in crude oil and coal
output. Construction decreased by 0.4%, the
lowest rate in the past 10 years, mainly due to
the strong weakening of real estate markets,
tight credit conditions, and highly increasing
prices of construction materials in the first half
of 2008.
The service sector increased by 7.18%, much
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
15
WORLD AND VIETNAMESE ECONOMY
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
16
khấc giẫm mẩnh trong bưëi cẫnh giấ cẫ tùng
cao.
Xët, nhêåp khêíu hâng hốa: Tưíng
kim ngẩch xët, nhêåp khêíu hâng hốa àẩt
143,4 t USD, tùng 28,9% so vúái nùm 2007.
Nhêåp siïu cẫ nùm 2008 lâ 18,03 t USD,
tùng 26,8% so vúái mûác nhêåp siïu nùm 2007
vâ bùçng 28,8% tưíng kim ngẩch hâng hốa
xët khêíu.
Vïì xët khêíu

Tưíng kim ngẩch xët khêíu hâng hốa àẩt
62,69 t USD (giấ FOB), tùng 29% so vúái
nùm 2007. Trong àố, cố 11 nhốm mùåt hâng
àẩt kim ngẩch xët khêíu trïn 1 t USD (dêìu
lower than that of 8.68% in 2007, mainly due to the
strong shrinkage in consumption and basic economic
activities amid price hike.
Export and import: Total export – import
turnover reached USD143.4 billion, an increase of
28.9% as compared to 2007. Trade deficit in 2008
was USD18.03 billion, up by 26.8% and accounting
for 28.8% of export turnover.
Export
In 2008, export turnover reached USD62.69 billion
(FOB price, up by 29% against 2007), of which 11
kinds of goods had export turnover of more than
USD1 billion (crude oil, garment, footwear, seafood,
rice, wood and timber products, computer and elec-
KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM
TÙNG TRÛÚÃNG GDP GIAI ÀOẨN 2003-2008
GDP GROWTH RATE, 2003 - 2008
thư, dïåt may, giêìy dếp, hẫi sẫn, gẩo, gưỵ vâ
sẫn phêím gưỵ, mấy vi tđnh vâ sẫn phêím àiïån
tûã, linh kiïån, câ phï, cao su, than àấ, dêy vâ
cấp àiïån), tùng thïm 2 nhốm mùåt hâng so vúái
nùm 2007 (dêy cấp àiïån vâ than àấ). Cấc mùåt
hâng xët khêíu ch lûåc àïìu tùng mẩnh so vúái
nùm 2007, trong àố àûáng àêìu lâ dêìu thư àẩt
10,36 t USD, tùng gêìn 1,87 t USD so vúái
nùm 2007, thûá hai lâ dïåt may àẩt 9,12 t USD,

tùng 1,37 t USD, giêìy dếp àẩt 4,8 t USD,
tùng 774 triïåu USD.
M, EU, Nhêåt Bẫn, Trung Qëc, ASEAN lâ
cấc thõ trûúâng xët khêíu chđnh ca Viïåt Nam,
trong àố kim ngẩch xët khêíu sang thõ trûúâng
Nhêåt Bẫn, Trung Qëc, ASEAN tùng mẩnh,
trong khi hai thõ trûúâng lúán nhêët lâ M vâ EU
chó tùng khấ. M tiïëp tc lâ thõ trûúâng xët
tronic products, spare parts, coffee, rubber, coal,
electric wire and cable). All key exports strongly
increased as compared to 2007, the leader of
which was crude oil at USD10.36
billion, an increase of USD1.87 billion against
2007, followed by garment (USD9.12 billion, an
increase of USD1.37 billion), and footwear
(USD4.8 billion, an increase of USD774 million).
The United States, the EU, Japan, China,
ASEAN were key export markets for Vietnam,
among which, export value to Japan, China, and
ASEAN increased rapidly, while that to the U.S
and the EU just fairly went up. The U.S remained
the largest export market for Vietnam with the
turnover of USD11.87 billion, up by 17.6%
against 2007 and accounting for 18.9% of the
total export turnover. Turnover of export to EU
markets reached USD10.7 billion, an increase of
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
17
WORLD AND VIETNAMESE ECONOMY

CẤN CÊN THÛÚNG MẨI VÂ CẤN CÊN VẬNG LAI CA VIÏÅT NAM NÙM 2005 - 2008
VIETNAM TRADE BALANCE AND CURRENT BALANCE, 2005-2008
khêíu lúán nhêët ca Viïåt Nam, vúái kim ngẩch
11,87 t USD, tùng 17,6% so vúái nùm 2007 vâ
chiïëm 18,9% tưíng kim ngẩch xët khêíu ca cẫ
nûúác. Giấ trõ xët khêíu sang thõ trûúâng EU àẩt
10,7 t USD, tùng 18,6% so vúái nùm 2007.
Xët khêíu sang thõ trûúâng cấc nûúác ASEAN
àẩt gêìn 10,4 t USD, tùng gêìn 30% so vúái nùm
2007. Nhêåt Bẫn lâ thõ trûúâng cố mûác àống gốp
lúán nhêët cho tùng trûúãng xët khêíu, àẩt 8,54 t
USD, tùng 40,7% so vúái nùm 2007. Xët khêíu
ca Viïåt Nam sang Trung Qëc àẩt gêìn 4,54 t
USD, tùng 35% so vúái nùm 2007.
Vïì nhêåp khêíu
Tưíng kim ngẩch nhêåp khêíu theo giấ CIF lâ
80,71 t USD, tùng 28,8% so vúái nùm 2007.
Trong àố, cấc doanh nghiïåp cố vưën àêìu tû trûåc
tiïëp nûúác ngoâi nhêåp khêíu 27,9 t USD, tùng
28,5% so vúái nùm 2007.
Cố 15 nhốm mùåt hâng nhêåp khêíu vúái kim
ngẩch trïn 1 t USD, àùåc biïåt lâ nhốm mùåt
hâng xùng dêìu, mấy mốc thiïët bõ, sùỉt thếp àậ
gốp phêìn gia tùng àấng kïí kim ngẩch nhêåp
khêíu. Dêỵn àêìu vïì kim ngẩch nhêåp khêíu lâ
nhốm mùåt hâng xùng dêìu, àẩt 10,97 t USD,
tùng 3,26 t USD so vúái nùm 2007, tiïëp àïën lâ
nhốm hâng mấy mốc thiïët bõ, àẩt 14 t USD,
tùng 2,87 t USD so vúái nùm 2007, sùỉt thếp
àẩt 6,72 t USD, tùng 1,61 t USD so vúái nùm

2007.
Cú cêëu thõ trûúâng nhêåp khêíu ca Viïåt Nam têåp
trung ch ëu vâo khu vûåc chêu Ấ, mâ nưíi bêåt
lâ 5 thõ trûúâng chđnh: Trung Qëc, Singapore,
Àâi Loan, Nhêåt Bẫn, Hân Qëc. Trung Qëc
tiïëp tc lâ àưëi tấc lúán nhêët cung cêëp hâng hốa
cho Viïåt Nam vúái trõ giấ àẩt 15,65 t USD, tùng
25,1% so vúái nùm 2007 vâ chiïëm hún 19%
tưíng kim ngẩch nhêåp khêíu ca cẫ nûúác. Trõ giấ
hâng hốa nhêåp khêíu tûâ thõ trûúâng Singapore
àẩt 9,39 t USD, tùng 23,5%; thõ trûúâng Àâi
Loan lâ 8,36 t USD, tùng 21%; thõ trûúâng Nhêåt
Bẫn lâ 8,24 t USD, tùng 33,4%; thõ trûúâng Hân
Qëc lâ 7,07 t USD, tùng 33,6% so vúái nùm
2007.
18.6%. Turnover of export to ASEAN
countries was nearly USD10.4 billion, an
increase of 30%. The Japanese market attract-
ed Vietnam’s largest turnover of USD8.54 bil-
lion, an increase of 40.7%. Export turnover to
China reached almost USD4.54 billion, up by
35% against 2007.
Import
In 2008, import turnover reached USD 80.71
billion (CIF price), an increase of 28.8%, of
which, foreign invested enterprises imported as
much as USD27.9 billion, up by 28.5% against
2007.
There were 15 kinds of imports whose turnover
was higher than USD1 billion each, particularly

petroleum, machineries, and steel, which made
a great contribution to the increase in import
turnover. The leader of imports in terms of
turnover was petroleum, which reached
USD10.97 billion, up by USD3.26 billion against
2007, followed by machineries worth USD14
billion, an increase of USD 2.87 billion as com-
pared to 2007, steel worth USD6.72 billion, an
increase of USD 1.6 billion as compared to
2007.
In 2008, Vietnam mostly imported from Asian
markets, of which five main ones were China,
Singapore, Taiwan, Japan, and South Korea.
China continued to be the biggest exporter of
Vietnam with the turnover of USD15.65 billion,
an increase of 25.1%, accounting for more than
19% of Vietnam's total import turnover.
Turnover of import from Singapore reached
USD9.39 billion, an increase of 23.5%, from
Taiwan was USD8.36 billion, up by 21%
against 2007, from Japan was USD8.24
billion, up by 33.4%, and from South Korea was
USD7.07 billion, up by 33.6% against 2007.
Labor, employment, and income
There was a continuing upward trend in external
demand for Vietnamese workers, although in the
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
18
KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM

Lao àưång, viïåc lâm, thu nhêåp
Cêìu nûúác ngoâi àưëi vúái lao àưång Viïåt Nam tiïëp
tc xu hûúáng gia tùng mùåc d tûâ nhûäng thấng
cëi nùm mưåt sưë thõ trûúâng xët khêíu chđnh
ca Viïåt Nam àậ giẫm hóåc ngûâng nhêåp khêíu
lao àưång do ẫnh hûúãng ca suy thoấi kinh tïë.
Nùm 2008 Viïåt Nam àậ xët khêíu 85.000 lao
àưång, cao hún mûác 82.000 ca nùm 2007,
trong àố 4 thõ trûúâng xët khêíu lao àưång trổng
àiïím ca Viïåt Nam lâ Àâi Loan, Hân Qëc,
Malaysia vâ Nhêåt Bẫn.
T lïå thêët nghiïåp úã khu vûåc thânh thõ úã mûác
4,65%, tûúng àûúng mûác 4,64% ca nùm
2007, trong khi cấc nùm trûúác t lïå nây liïn tc
giẫm xëng theo nùm. Àùåc biïåt, trong nhûäng
thấng cëi nùm 2008, tònh trẩng nhiïìu lao àưång
bõ mêët viïåc lâm lâ khấ phưí biïën. Thu nhêåp bònh
qn àêìu ngûúâi ca Viïåt Nam nùm 2008 àẩt
1.024 USD, cao hún mûác bònh qn ca nùm
2007.
Thu chi ngên sấch Nhâ nûúác
Thu ngên sấch Nhâ nûúác nùm 2008 tùng mẩnh
38,6% so vúái mûác tùng 8,9% ca nùm 2007 vâ
tưëc àưå tùng cao úã têët cẫ 3 khoẫn mc chđnh
trong thu ngên sấch gưìm thu trong nûúác
(+37,0%), thu tûâ dêìu thư (+43,1%) vâ viïån trúå
khưng hoân lẩi (+47,1%). Chi ngên sấch Nhâ
nûúác tùng 28,1% cao hún mûác 20,2% ca nùm
2007 ch ëu do chi thûúâng xun tùng cao
39,5%, vûúåt 21,2% so vúái dûå toấn.

Cẫ thu vâ chi ngên sấch àïìu tùng cao hún
nùm 2007 nhûng thu tùng mẩnh hún àậ gip
thu hểp bưåi chi ngên sấch tûâ mûác 4,9%GDP
nùm 2007 xëng côn 4,5%GDP nùm 2008.
Cấn cên thanh toấn qëc tïë
Nùm 2008, cấn cên thanh toấn tưíng thïí tiïëp
tc thùång dû nhûng úã mûác thêëp. Mûác thùång dû
cấn cên thanh toấn qëc tïë nùm 2008 chó bùçng
4,6% so vúái nùm 2007, tûúng àûúng 0,52%
GDP danh nghơa nùm 2008. Thùång dû cấn cên
thanh toấn tưíng thïí giẫm ch ëu do cấn cên
last months of 2008, some main markets for
Vietnam’s migrant workers cut down or
terminated their demand as a result of the adverse
effects of economic recession. In 2008, Vietnam
sent 85,000 workers abroad as
compared to 82,000 in 2007; with 4 main
markets for Vietnam’s migrant workers being
Taipei - China, South Korea, Malaysia, and Japan.
In 2008, unemployment rate in urban areas stood
at 4.65%, almost equivalent to that in 2007, while
in the previous years, the rate decreased
annually. In particular, during the last months of
2008, there was a common fact that a great
number of workers lost their jobs. GDP per capita
in 2008 was USD1,024, higher than that in 2007.
State budget revenues and
expenditures
State budget revenues in 2008 rapidly grew at
the level of 38.6% as compared to the growth

rate of 8.9% in 2007. The significant growth took
place in all the three essential components of
budget revenues which are domestic revenues
(up by 37.0%), oil revenues (43.1%), and foreign
grants (47.1%). Budget expenditures grew by
28.1% in comparison to the rate of 20.2% in
2007 mostly because of the significant growth of
39.5% in current expenditures, 21.2% higher
than expected.
Both state budget revenues and expenditures
were higher than those in 2007; however, thanks
to the more rapid increase in revenues than in
expenditures, state budget deficit in 2008 shrank
to 4.5% of GDP from 4.9% of GDP in 2007.
International balance of payment
In 2008, the overall balance of payment
continued to obtain a surplus but at a low level.
International balance of payment surplus was just
4.6% as much as that in 2007, equivalent to
0.52% of nominal GDP of 2008. The reduction of
overall international balance of payment surplus
was mainly caused by high current account deficit
while capital account surplus strongly declined.
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
19
WORLD AND VIETNAMESE ECONOMY
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
20

KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM
vậng lai thêm ht úã mûác cao, trong khi thùång
dû cấn cên vưën giẫm mẩnh.
Cấn cên thûúng mẩi thêm ht cao hún
23,38% so vúái mûác thêm ht ca nùm 2007,
trong àố xët khêíu theo giấ FOB tùng 29%,
nhêåp khêíu theo giấ FOB tùng 28% so vúái
nùm 2007. Thêm ht cấn cên thûúng mẩi lâ
ngun nhên chđnh dêỵn àïën thêm ht cấn cên
vậng lai tûúng àûúng 9,31% GDP danh nghơa
nùm 2008 (nùm 2007 thêm ht tûúng àûúng
9,87% GDP danh nghơa nùm 2007).
Cấn cên dõch v àûúåc cẫi thiïån hún so vúái
nùm 2007 nhúâ thu dõch v tùng cao hún so
vúái chi dõch v. Thu dõch v tùng 18% so vúái
nùm 2007, trong àố thu tûâ dõch v du lõch
chiïëm khoẫng 56% tưíng thu dõch v. Cấc
ngânh dõch v khấc nhû vêån tẫi, hâng khưng,
bẫo hiïím àïìu cố mûác tùng cao hún cng k.
Chi dõch v tùng 15% so vúái nùm 2007, trong
àố chi phđ vêån tẫi vâ bẫo hiïím chiïëm t trổng
lúán trong tưíng chi dõch v, tùng 39% so vúái
nùm 2007 do nhêåp khêíu hâng hốa tùng cao.
Cấn cên thu nhêåp àûúåc cẫi thiïån vúái mûác
thêm ht bùçng 93% mûác thêm ht ca nùm
2007. Thu nhêåp gưìm thu tûâ lậi tiïìn gûãi ca hïå
thưëng ngên hâng vâ thu tûâ lúåi nhån àêìu tû
ca cấc doanh nghiïåp Viïåt Nam tẩi nûúác
ngoâi tùng 12% so vúái nùm 2007. Chi ca
hẩng mc thu nhêåp àêìu tû giẫm nhể so vúái

nùm 2007 do cấc khoẫn chi trẫ lậi vay núå
nûúác ngoâi giẫm cng vúái xu hûúáng giẫm lậi
sët trïn thõ trûúâng thïë giúái. Trong phêìn chi
thu nhêåp àêìu tû, chi trẫ cưí tûác cho cấc doanh
nghiïåp FDI vêỵn chiïëm t trổng lúán, khoẫng
79% tưíng chi.
Chuín tiïìn mưåt chiïìu tùng 12% so vúái cng
k nùm 2007 ch ëu nhúâ chuín tiïìn tû
nhên tiïëp tc tùng mẩnh. Àêy lâ ngìn ngoẩi
tïå quan trổng, gốp phêìn b àùỉp cho thêm ht
ca cấn cên vậng lai.
Thùång dû cấn cên vưën giẫm 36% so vúái mûác
thùång dû ca nùm 2007. Ngun nhên lâ do
khng hoẫng tâi chđnh toân cêìu khiïën vưën àêìu
tû giấn tiïëp nûúác ngoâi (FII) rông giẫm mẩnh
Trade balance deficit was 23.38% higher than
that in 2007, of which both export and import at
FOB price increased by 29% and 28%
respectively as compared to 2007. Trade
balance deficit was the main cause that made
current account deficit equivalent to 9.31% of
nominal GDP in 2008 (in 2007, current account
deficit was equivalent to 9.87% of nominal
GDP).
There was an improvement in service account
balance since service turnover grew faster than
costs. In 2008, total service turnover increased
by 18%, of which turnover from tourism
accounted for 56%. Other services such as
transportation, aviation, and insurance all had

higher growth as compared to 2007. Service
costs rose by 15%; whose great proportions
were taken by transport and insurance costs
when both grew by 39% due to high growth in
import of commodities.
In 2008, income account balance was improved
given the deficit was equivalent to 93% of the
income account deficit in 2007. Incomes from
interest of deposits of the banking sector and
investment profit of Vietnamese businesses in the
overseas markets increased by 12%. In compari-
sion to 2007, expenditures from investment
income in 2008 slightly decreased due to the
reduction in interest repayment of extrenal loans
in accordance with the downward trend in inter-
ests in global markets. Among components of
expenditures from investment income, share
dividend payment to FDI businesses took a big
proportion, accounting for approximately 79% of
the total expenditures.
One-way transfers in 2008 grew by 12% against
2007, mainly because of the significant jump in
individual transfers. This was an important
source of foreign exchange to finance the cur-
rent account deficit.
Capital account surplus reduced by 36% against
2007 as the global financial crisis made net for-
eign indirect investment (FII) steeply slumped in
comparision with 2007. However, net FDI in
2008 remained at a high level, up by 14%.

so vúái nùm 2007. Tuy nhiïn, vưën àêìu tû trûåc
tiïëp nûúác ngoâi (rông) tiïëp tc úã mûác cao,
tùng 14% so vúái nùm 2007. Lìng vưën vâo
dûúái hònh thûác vay núå nûúác ngoâi tiïëp tc gia
tùng vâ cú cêëu vay núå cố sûå thay àưíi. Vưën vay
ODA tiïëp tc duy trò úã mûác cao, tùng 5% so
vúái nùm 2007. Trong khi àố, vay núå trung vâ
dâi hẩn ca cấc doanh nghiïåp giẫm. Cấc
doanh nghiïåp cố xu hûúáng chuín sang vay
núå ngùỉn hẩn dûúái hònh thûác L/C trẫ chêåm
trong bưëi cẫnh nhêåp khêíu tùng cao vâ tđn
dng trong nûúác thùỉt chùåt.
DIÏỴN BIÏËN LẨM PHẤT NÙM 2008
Trong 6 thấng àêìu nùm 2008 lẩm phất tùng
mẩnh, tûâ thấng 7 giẫm dêìn vâ àẩt mûác êm
vâo 3 thấng qu IV. Tđnh chung cẫ nùm, chó
sưë giấ tiïu dng tùng 19,89%, cao hún nhiïìu
so vúái mûác 12,63% ca nùm 2007, lẩm phất
bònh qn tùng 22,97% (nùm 2007: 8,3%).
Trong àố, cẫ lẩm phất nhốm Lûúng thûåc thûåc
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
21
WORLD AND VIETNAMESE ECONOMY
CẤN CÊN VƯËN CA VIÏÅT NAM NÙM 2005 - 2008
VIETNAM CAPITAL ACCOUNT, 2005 - 2008
Inflows in terms of external loans
continued to rise and had a change in structure.
ODA kept its high level, up by 5%. Meanwhile,
businesses reduced their medium and long term

loans; and they tended to turn to short-term
deferred L/Cs instead amid high import growth
and tight domestic credit operations.
INFLATION DEVELOPMENTS
IN 2008
In 2008, inflation rapidly increased during the
first 6 months, gradually reduced since July,
and reached negative level in Q4. In 2008 as a
whole, CPI grew by 19.89%, much higher than
the rate of 12.63% in 2007. Average inflation
rate increased by 22.97% (as compared to
8.3% in 2007), of which both food and non-food
inflation rates significantly went up from 18.92%
to 31.86% and from 7.8% to 10.05% respective-
ly as compared to 2007. Thus, food price
indices made a great contribution to the growth
of inflation. Main reasons for high inflation rate:
phêím (LTTP) vâ phi LTTP àïìu tùng mẩnh so vúái
nùm 2007, tûúng ûáng tûâ 18,92% lïn 31,86% vâ
tûâ 7,8% lïn 10,05%. Theo àố, nhốm LTTP àậ cố
tấc àưång lúán àïën mûác tùng ca lẩm phất. Lẩm
phất tùng cao do nhiïìu ngun nhên nhûng ch
ëu lâ trong nhûäng thấng àêìu nùm do giấ cẫ thïë
giúái nhû lûúng thûåc, thûåc phêím vâ nhiïìu mùåt
hâng thiïët ëu nhû dêìu thư, phên bốn, gas, sùỉt
thếp tùng cao àậ tẩo sûác ếp lâm tùng mùåt
bùçng giấ trong nûúác; lìng vưën nûúác ngoâi vâo
Viïåt Nam tùng mẩnh, àùåc biïåt sau khi Viïåt Nam
gia nhêåp WTO, hiïåu quẫ sûã dng vưën chûa cao
vâ do ëu tưë têm l.

the surge in prices of world commodities such as
crude oil, fertilizer, gas, and steels during the
first months of 2008 imposed hike pressures on
domestic prices; capital inflows grew
significantly, especially after Vietnam’s WTO
accession with low efficiency of capital
disbursement; and sentiment factor.
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
22
KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM
DIÏỴN BIÏËN LẨM PHẤT NÙM 2006-2008
Àún võ: % tùng, giẫm
CPI
I- Hâng ùn vâ dõch v ùn ëng
1- Lûúng thûåc
2- Thûåc phêím
3- Ùn ëng ngoâi gia àònh
II - Àưì ëng vâ thëc lấ
III- May mùåc, m nốn, giêìy dếp
IV- Nhâ úã, vêåt liïåu xêy dûång
V- Thiïët bõ vêåt dng gia àònh
VI- Dûúåc phêím, y tïë
VII- Phûúng tiïån ài lẩi vâ bûu àiïån
VIII- Giấo dc
IX- Vùn hốa, thïí thao, giẫi trđ
X- Hâng hốa dõch v khấc
Lẩm phất phi LTTP
Bònh qn
CPI

Lûúng thûåc - Thûåc phêím
Phi Lûúng thûåc - Thûåc phêím
6,6
7,9
14,1
5,5
5,2
5,8
5,9
6,2
4,3
4,0
3,6
3,5
6,5
5,1
7,45
8,7
6,1
12,63
18,92
15,40
21,16
6,78
6,70
17,12
5,15
7,05
7,27
1,97

1,69
9,02
7,8
8,3
11,2
6,1
19,89
31,86
43,25
26,53
33.62
13,10
12,90
8,46
12,68
9,43
6,56
6,87
10,33
12,97
10,05
23,0
36,6
12,1
So vúái àêìu nùm
2006
20082007
Ngìn: Tưíng cc Thưëng kï, sưë liïåu vïì lẩm phất phi LT-TP do V CSTT tđnh toấn.
ANNUAL REPORT 2008
STATE BANK OF VIETNAM

23
WORLD AND VIETNAMESE ECONOMY
INFLATION DEVELOPMENTS, 2006-2008
Unit: percentage change
DIẽẻN BIẽậN LAM PHAT CHUNG VA LTTP, PHI LTTP
% TNG, GIAM SO CUNG KY
DEVELOPMENTS OF HEADLINE INFLATION,
FOOD AND EX-FOOD CPI
YEAR-ON-YEAR PERCENTAGE CHANGE
Source: General Statistic Office, non-food inflation rate was calculated by the Monetary Policy
Department, the State Bank of Vietnam.
6.6
7.9
14.1
5.5
5.2
5.8
5.9
6.2
4.3
4.0
3.6
3.5
6.5
5.1
7.45
8.7
6.1
12.63
18.92

15.40
21.16
6,78
6.70
17.12
5.15
7.05
7.27
1.97
1.69
9.02
7.8
8.3
11.2
6.1
19.89
31.86
43.25
26.53
33.62
13.10
12.90
8.46
12.68
9.43
6.56
6.87
10.33
12.97
10.05

23.0
36.6
12.1
CPI
I- Restaurant
1- Foods
2- Food stuffs
3- Outdoor ingest
II - Beverage and cigarette
III- Garment, headwear, and footwear
IV- Housing and construction materials
V- Home appliances
VI- Pharmaceutical products and medicine
VII- Transportation and postal services
VIII- Education
IX- Culture, sports, and entertainment
X- Other goods and services
CPI ex-foods and food stuffs
Average
CPI
Food
Non food
Compared to the beginning of the year
2006 20082007
DIÏỴN BIÏËN TƯÍNG PHÛÚNG TIÏåN
THANH TOẤN
Tưíng phûúng tiïån thanh toấn tđnh àïën
31/12/2008 tùng 20,31% so vúái cëi nùm
2007, thêëp hún nhiïìu so vúái mûác tùng 46,12%
ca nùm 2007. Trong àố tâi sẫn cố nûúác ngoâi

rông chó tùng nhể (tùng 4,51%) so vúái cëi
nùm 2007. Trong khi àố, tưëc àưå tùng ca tâi
sẫn cố trong nûúác rông cng dûâng úã mûác
27,23% so vúái cëi nùm 2007.
Cú cêëu TPTTT thay àưíi tđch cûåc, t trổng tiïìn
mùåt trong TPTTT tiïëp tc giẫm xëng mûác
14,6% (nùm 2007 lâ 16,36% vâ nùm 2006 lâ
17,21%). Àiïìu nây phẫn ấnh thối quen thanh
toấn ca ngûúâi dên àang thay àưíi, thanh toấn
bùçng tiïìn mùåt cố xu hûúáng giẫm mâ thay vâo
TOTAL LIQUIDITY DEVELOPMENTS
As of December 31, 2008, total liquidity increased
by 20.31% against 2007, much lower than the
rate of 46.12% in 2007, of which net foreign
assets slightly increased at the rate of 4.51%
against end 2007, while the growth of net
domestic assets was just at the level of 27.23%
as compared to the end of 2007.
Total liquidity composition changed in a positive
manner as the ratio of cash in total liquidity
continued to reduce to 14.6% (as compared to
that of 16.36% and 17.21% in 2007 and 2006
respectively). This reflected the ongoing change
in the population's payment habit: cash payment
has been increasingly replaced by such
DIÏỴN BIÏËN TIÏÌN TÏÅ
MONETARY DEVELOPMENTS
DIÏỴN BIÏËN TƯÍNG PHÛÚNG TIÏÅN THANH TOẤN
TOTAL LIQUIDITY DEVELOPMENTS
T àưìng

VND Billion
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
24
ANNUAL REPORT 2008
STATE BANK OF VIETNAM
25
MONETARY DEVELOPMENTS

CÚ CÊËU TƯÍNG PHÛÚNG TIÏÅN THANH TOẤN
TOTAL LIQUIDITY COMPOSITION
àố lâ hònh thûác thanh toấn bùçng cấc phûúng
tiïån thanh toấn phi tiïìn mùåt nhû thễ ATM, thễ
tđn dng, thễ trẫ trûúác…, trong khi khưëi lûúång
thanh toấn khưng dng tiïìn mùåt tùng cao.
T trổng tiïìn gûãi trong TPTTT tiïëp tc tùng tûâ
mûác 83,64% ca nùm 2007 lïn mûác 85,4%
trong nùm 2008. Trong àố, t trổng tiïìn gûãi
bùçng VND chiïëm 65,03% trong TPTTT, tùng
nhể so vúái mûác 64,46% ca nùm 2007. T
trổng tiïìn gûãi bùçng ngoẩi tïå chiïëm 20,37%
TPTTT, tùng 1,19% so vúái nùm 2007.
Huy àưång vưën ca hïå thưëng ngên hâng:
Tùng trûúãng huy àưång vưën ca toân hïå thưëng
TCTD àẩt 22,87%, thêëp hún nhiïìu so vúái mûác
tùng trûúãng 47,64% ca nùm 2007. Trong àố,
huy àưång vưën bùçng VND tùng 21,38%, giẫm
mẩnh so vúái mûác tùng trûúãng 53,99% ca nùm
2007. Huy àưång bùçng ngoẩi tïå tùng 27,74%,
giẫm nhể so vúái mûác 29,66% ca nùm 2007.

Huy àưång vưën ca khưëi NHTMNN tùng
18,78%, huy àưång ca khưëi NHTMCP, ngên
hâng liïn doanh, chi nhấnh ngên hâng nûúác
ngoâi vâ cấc TCTD phi ngên hâng tùng
29,92%.
non-cash means of payment as via ATM, credit
and debit cards, etc, while the volume of
non-cash payments significantly soared.
The ratio of deposits in total liquidity continued
to increase to 85.4% from 83.64% in 2007.
Specifically, VND deposits accounted for
65.03% of the total liquidity, a slight increase
from 64.46% in 2007, and foreign currency
deposits accounted for 20.37%, or up by 1.19%
as compared to 2007.
Fund mobilization by banks: The growth rate
of fund mobilization by credit institutions as a
whole reached 22.87%, much lower than that of
47.64% in 2007, of which VND fund raising
increased by 21.38%, a sharp decrease as
compared to the rate of 53.99% in 2007.
Foreign currency mobilization increased by
27.74%, a slight decrease from 29.66% of the
previous year. Fund mobilization by state-owned
commercial banks (SOCBs) was up by 18.78%,
while that of joint-stock commercial banks
(JSCBs), joint-venture banks, foreign bank
branches, and non-bank credit institutions
combined was 29.92%.
Tđn dng tiïëp tc tùng trûúãng, àấp ûáng nhu

cêìu vưën cho phất triïín kinh tïë: Nùm 2008, dû
núå cho vay ca toân hïå thưëng ngên hâng tùng
25,43%, thêëp hún so vúái mûác tùng 53,89% ca
nùm 2007. Trong àố, tùng trûúãng tđn dng bùçng
VND àẩt 27,56% vâ tùng trûúãng tđn dng bùçng
ngoẩi tïå àẩt 17,61%.
Tùng trûúãng tđn dng ca cấc khưëi ngên hâng
àïìu àẩt mûác khấ. Trong àố, mûác tùng trûúãng tđn
dng nùm 2008 so vúái nùm 2007 ca khưëi
NHTMNN, khưëi NHTMCP, khưëi NH liïn doanh vâ
nûúác ngoâi, khưëi TCTD khấc lêìn lûúåt lâ 19,25%,
22,49%, 46,55%, 46,27%.
Vïì cú cêëu tđn dng, tđn dng ngên hâng phc v
phất triïín nưng thưn (gưìm ngânh nưng- lêm- thy
sẫn) chiïëm t trổng cao nhêët trong cú cêëu cho
vay theo ngânh ca hïå thưëng ngên hâng, àẩt
28,84%. T trổng cho vay ngânh thûúng nghiïåp
chiïëm 18,67%, cao hún mûác 18,24% ca nùm
2007. T trổng cho vay cấc ngânh cưng nghiïåp;
xêy dûång; vêån tẫi, kho bậi, thưng tin liïn lẩc vïì cú
bẫn vêỵn duy trò ưín àõnh nhû nùm 2007, chiïëm
25,81%; 13,76%; 5,29% tưíng dû núå cho vay
toân ngânh.
Credit continued to grow, meeting the
demand of funds for economic development:
In 2008, the loan outstanding of the banking
sector as a whole increased by 25.43%, lower
than the growth of 53.89% of 2007, of which
VND and foreign currency credit grew at 27.56%
and 17.61%, respectively.

Credit growth by all types of banks was relatively
high, of which the year-on-year credit growth of
the SOCBs, JSCBs, joint-venture banks and
foreign bank branches, and other credit
institutions was 19.25%, 22.49%, 46.55%, and
46.27%, respectively.
By composition, bank credit for agricultural
development (including farming, forestry and
fishery) took the biggest share of 28.84%.
Lending to the trade sector accounted for
18.67%, higher than the ratio of 18.24% of 2007.
The ratios of credit to such sectors as industry,
construction, and transportation, warehouse, and
communication in the total credit outstanding
basically kept unchanged as compared to 2007,
at 25.81%; 13.76%; and 5.29%, respectively.
HUY ÀƯÅNG VƯËN TÛÂ NÏÌN KINH TÏË
CAPITAL MOBILIZATION FROM THE ECONOMY
T àưìng
DIÏỴN BIÏËN TIÏÌN TÏÅ
BẤO CẤO THÛÚÂNG NIÏN 2008
NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM
26