Deputy Prime Minister Ho Duc Phoc chaired the meeting of the Anti-Money Laundering Steering Committee.
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The implementation of anti-money laundering tasks has shown positive progress.
On October 15, Deputy Prime Minister Ho Duc Phoc, Head of the National Anti-Money Laundering Steering Committee, chaired a meeting of the Anti-Money Laundering Steering Committee.
Deputy Prime Minister Ho Duc Phoc emphasized that the meeting aimed to review the results of the implementation of the National Action Plan to fulfill Vietnam’s government commitments on anti-money laundering, counter-terrorist financing, and counter-proliferation financing of weapons of mass destruction. The review assessed completed tasks, identified ongoing challenges, and determined future tasks and solutions to ensure compliance with international recommendations and lay the foundation for sustainable development.
The Deputy Prime Minister requested representatives from ministries and agencies to engage in open discussions, provide detailed analyses, and propose specific solutions to effectively implement anti-money laundering tasks as planned.
According to the State Bank of Vietnam’s report, as of October 1, 2025 (marking the end of the 5th Progress Report cycle under the Financial Action Task Force – FATF commitments), the implementation of the National Action Plan achieved the following results: 1 out of 17 actions fully completed (Action 9); 1 out of 17 actions largely completed (Action 14); 10 out of 17 actions partially completed (Actions 1, 2, 3, 7, 8, 10, 11, 12, 13, and 17); and 5 out of 17 actions with no progress (Actions 4, 5, 6, 15, 16).
The State Bank of Vietnam noted that during the Steering Committee meeting on December 12, 2024 (after Vietnam completed the 2nd Progress Report), the results were “very limited,” with only 1 out of 17 actions “partially completed” and 16 out of 17 actions showing no progress. By today’s meeting, after nearly one year of implementation (with 3 Progress Reports), 12 actions have been upgraded to “partially completed.”
This progress indicates that Vietnam’s implementation is moving in a positive direction. The Financial Action Task Force (FATF) acknowledged these advancements as the result of a rigorous process of learning, effort, and increasing cooperation among relevant agencies and units in executing the action plan.
Prioritizing resources for three key anti-money laundering action groups
To complete the National Action Plan and remove Vietnam from the Grey List, the State Bank of Vietnam’s report analyzed objective and subjective causes of existing issues and proposed solutions to improve implementation in the future.
The State Bank of Vietnam suggested solutions such as supplementing human resources, enhancing staff training, improving action plan implementation methods, and collecting and providing data.
The State Bank emphasized that, given limited resources, a strategic roadmap is necessary to prioritize resources for three key action groups: actions related to legal framework improvements (Actions 12 and 5); actions with potential for positive evaluation if addressed decisively (Actions 1, 2, 7); and actions requiring quantifiable results (Actions 4, 11, 13).
At the meeting, representatives from various ministries and agencies (Ministry of Finance, Ministry of Public Security, Ministry of Industry and Trade, Ministry of Construction, Ministry of Justice, Government Office, Ministry of Foreign Affairs, Ministry of National Defense, Supreme People’s Procuracy, Supreme People’s Court, Government Inspectorate, Ministry of Culture, Sports and Tourism, and Ministry of Home Affairs) expressed strong agreement with the State Bank of Vietnam’s central report.
Representatives also reported on the implementation of tasks assigned by the Prime Minister in the National Action Plan, highlighting achievements, ongoing challenges, and areas lacking results. They analyzed causes, trends, and remediation measures, outlining tasks and solutions for effective future implementation with urgency, determination, and close coordination to remove Vietnam from the Grey List.
 The Deputy Prime Minister directed efforts to develop and improve legal documents on anti-money laundering, counter-terrorist financing, and counter-proliferation financing of weapons of mass destruction. He also emphasized implementing anti-money laundering measures in real estate and virtual currency transactions. Photo: VGP/Tran Manh
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Anti-money laundering efforts are a critical ongoing task
Concluding the meeting, Deputy Prime Minister Ho Duc Phoc stressed that anti-money laundering efforts are a critical ongoing task, essential not only for preventing corruption, smuggling, and illegal activities but also for promoting transparent and sustainable economic development.
Praising the comprehensive and specific input from ministries and agencies, the Deputy Prime Minister asked the State Bank of Vietnam to incorporate the meeting’s feedback into the report. The revised report should highlight achievements with specific data, outline tasks, solutions, work details, and implementation timelines, and be submitted to Steering Committee members and government leaders.
The Deputy Prime Minister requested that ministries and agencies promptly prepare reports on completed tasks and planned future activities as assigned by the Prime Minister, detailing specific solutions and submitting them to the State Bank of Vietnam. They should focus on developing and improving legal documents related to anti-money laundering, counter-terrorist financing, and counter-proliferation financing of weapons of mass destruction, and implement key tasks as planned. Additionally, they should prioritize anti-money laundering measures in real estate and virtual currency transactions.
The Deputy Prime Minister tasked the State Bank of Vietnam with collaborating with relevant agencies to develop an anti-money laundering communication program, enhance legal explanations and public awareness, and clarify permissible and prohibited actions to improve public understanding.
Deputy Prime Minister Ho Duc Phoc requested that, following the meeting, the Government Office issue a conclusion notice with an appendix detailing each ministry and agency’s future tasks to ensure timely plan implementation.
– 08:15 16/10/2025
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