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The Republic of Vietnam, 1955-1975Vietnamese Perspectives on Nation Building$
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Tuong Vu and Sean Fear

Print publication date: 2020

Print ISBN-13: 9781501745126

Published to Cornell Scholarship Online: May 2020

DOI: 10.7591/cornell/9781501745126.001.0001

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The Birth of Central Banking, 1955–1956

The Birth of Central Banking, 1955–1956

(p.25) Chapter Two The Birth of Central Banking, 1955–1956
The Republic of Vietnam, 1955-1975

Vũ Quốc Thúc

Cornell University Press

This chapter discusses the experiences and challenges faced by the former governor of the National Bank of Vietnam. It also describes his experiences prior to the bank's establishment, as Vietnam negotiated with France in the Four-Party Conference on the various issues related to the transfer of sovereignty. During this time, Vietnam had inherited from the French government an empty treasury, a disheartened French business community, and a bureaucracy entrenched in antiquated colonial methods. It was against this gloomy backdrop that American aid began to arrive, first to help Northerners resettle in their new land, and later, to fund the import of American consumer goods for general public consumption, an initiative known as the Commercial Import Program. The chapter also discusses the 1956 Banknote Exchange Scandal, which highlighted the flaws inherent in the banknote counting process.

Keywords:   central banking, National Bank of Vietnam, Four-Party Conference, sovereignty transfer, American aid, Banknote Exchange Scandal, Commercial Import Program, banking

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