The State Bank of Vietnam (NHNN) is undergoing significant personnel restructuring, aligning its operations with new government directives aimed at optimizing administrative efficiency. The restructuring, led by Governor Nguyễn Thị Hồng, includes the reduction of the number of administrative units, reallocation of roles, and adjustments to the staff across its network.
On February 24, 2025, NHNN announced the establishment of its Party Committee and detailed new organizational structures during a nationwide online conference led by Governor Hồng. The restructuring reflects the government’s commitment to streamline operations, resulting in the reduction of administrative units from 25 to 20, representing a 20% decrease. When provincial branches are included, the reduction amounts to 52 units, roughly 60% of the total.
This intensive reorganization is part of NHNN's efforts to comply with the directives laid out by the Central Government and the Prime Minister's Office. Over the past years, NHNN has been focused on reevaluations and adjustments to unify its operational framework under Decree No. 26/2025/NĐ-CP, which will be effective as of March 1, 2025. This decree replaces earlier regulations from 2022.
Governor Hồng emphasized the importance of these changes during the conference. She noted, “This restructuring is not just about cutting back; it’s about enhancing overall productivity and creating more responsive pathways within our operations.”
To facilitate this transition, there were also announcements related to personnel movements, including the appointment and reassignment of key leaders within the NHNN framework. Five unit heads were put forward for consideration, alongside 15 deputy directors and various managerial positions across the organization, ensuring continuity and leadership during the transition.
Since starting the restructuring process, NHNN has indicated its commitment to reducing the overall number of departments. Reports confirm plans to decrease from 391 to 212 units. This 46% reduction demonstrates the bank’s commitment to aligning its staffing structure with the demands of the modern economic environment.
The restructuring initiative has prompted responses from the workforce, with reports showing 653 NHNN staff members expressing intentions to retire or resign, accounting for approximately 12.93% of the workforce. Among these requests, 316 belong to employees seeking early retirement as of March 1, 2025, including 45 who currently hold managerial positions.
“We are grateful for the dedication of our long-standing employees who are transitioning out,” said Governor Hồng. “Their contributions have been invaluable, and we hope to recognize their efforts appropriately.”
This major reduction also aims to promote younger talent within the NHNN ranks, giving them more opportunities for advancement. The focus on younger, skilled administrators is part of NHNN's strategy to rejuvenate its workforce and adapt to contemporary banking challenges.
Governor Hồng's statement underlined the delicate balance the NHNN aims to strike: “While we must reduce our numbers to stay effective, we equally need to cultivate and maintain the skill set of those who remain. This transition shouldn't hamper our commitment to service but should strengthen our capabilities as we face economic changes.”
Moving forward, NHNN is tasked with not only overseeing these transitions but also ensuring the smooth integration of remaining staff with the new framework guidelines. The leadership has vowed to support employees throughout this restructuring process to maximize operational efficacy and morale.
With these significant adjustments, the NHNN is positioning itself to meet banking needs more effectively. It seeks to open paths to innovation and responsiveness, addressing the rapid changes facing Vietnam’s economic environment. Adjusting to these new norms sets the stage for NHNN to bolster its role as pivotal to the nation's financial health.
Through careful planning and execution, as emphasized by its leadership, the restructuring reflects NHNN's determination to stay relevant and efficient, paving the way for future growth and adaptivity.