History of State Bank in Vietnam

Before the Vietnam war, Vietnam was in a revolution because they did not want to be ruled by France. Vietnam wanted to be independent right after World War II ended in 1945. Japan had control of them, when Japan surrendered to the Allies the French never left Vietnam and claimed it as a territory(Mintz).

The French colonization of Vietnam was the long term cause of the 1945 Declaration of Independence because it challenged Vietnamese freedom, violating their national pride and depriving them of a cultural and national identity. France colonized Vietnam for a variety of reasons, while there were extensive economic opportunities; control over Vietnam established them and a major colonizing power in Southeast Asia. Vietnam had a wealth of natural resources that

“Colonial officials and French companies transformed Vietnam’s thriving subsistence economy into a proto-capitalist system, based on land ownership,

Secondly, out of the twenty-five stockholders of the Bank, five of these were government owned. Thus showing support of the Bank by subscribing to one-fifth of its $35 million (Schlesinger 74). In addition, among the Bank’s functions was to hold all government money, sell all government bonds, and make commercial loans. However, no voters could dictate its policies or reign in its power, due to its privately owned status (Roughshod 2). Finally, the government also allowed bank notes to be used as payment for taxes.

In response to this panic, a committee was established to find the flaws of the current banking system. This committee, the National Monetary Commission, found there were two main flaws dominating the system. First, the currency was not responsive to changes in demand. (Born...13). This meant that the bank had a fixed amount of currency, regardless of the

As a result of Congress not re-instating the Bank of the United States, the new state charter banks were able to issue more currency than previously done by the Bank of the United States and the state banks while it was around. By 1815, “there were 256 state chartered banks and almost $70 million in their bank notes in circulation.” (Shmoop, 2008) which in comparison to the Bank of the United States who back in 1809 only had $6 million in circulation in their bank notes. Later the Bank of the United States was re-instated but only took over some of the nation’s money supply, and even after its reinstatement the value of the circulating bank notes reduced to $45 million which was still a vast improvement to the $6million before the new state chartered banks. The state chartered banks made capital available to a larger audience than ever before and had such a critical impact on the American

Vietnam is a southeastern Asian country that has been occupied by the French since the early 19th Century. During War War II Japanese forces invaded Vietnam. In order for the native Vietnamese to fight off both the French Colonial Administration and the invading Japanese, political leader Ho Chi Minh inspired by Soviet Communism, established the League of Independence of Vietnam. After Japan’s defeat in World War II in 1945, the Japanese withdrew their forces from Vietnam. The French educated Emperor Bao Dai was now back in control of Vietnam. Ho Chi Minh saw this as an opportunity to finally gain control and almost immediately took control of the northern city of Hanoi. Ho Chin Minh declared himself as president. In hopes to regain control of Hanoi, France backed Emperor Bao and created the state of Vietnam in 1949. Although both sides wanted the same goal of uniting Vietnam, their government views were drastically different. Ho and his followers wanted the nation to be modeled after other communist countries. While Bao and his followers wanted their country to be in close ties with democratic countries in the west. These causes led to a civil war for the sole control of Vietnam.

During the twenty years it was in place the First Bank did change the economic downturn of the country after the war. The First Bank had branches in eight influential port cities and had a wide geographic existence. It influenced the lending policies of the state banks’ lending practices. The First Bank was like the state banks in that it made business loans, accepted deposits, and issued notes that circulated as currency and were convertible into gold or silver. But it differed from the state banks because its

Vietnam has a very rich history that often goes unnoticed and unaccounted for, this is most likely due to the war being such a big landmark in the history of Vietnam. Before the war many events transpired that would eventually lead up to the war. In the late 19th century Vietnam was considered to be a French colony. The French built their own standing infrastructure, they began to build railways and roads and bridges. All of this building meant heavy taxation on the Vietnamese. This was all good and progressive for vietnam however “Naturally the Vietnamese wanted independence.” (http://www.localhistories.org/viethist.html) From there Ho Chi Minh founded a revolution and within 20 years Vietnam came under Ho Chi Minh rule.

Beginning in the late Eighteenth Century, the French established colonies at key ports in Vietnam (American Academic Encyclopedia 1980b, 583). The French maintained their imperialist grip over Vietnam until 1940, where as part of their World War II stratagem, the Japanese invaded and subsequently occupied the region (Polansky 2013, 12-13). The Vietnamese multitude had long been primed for a national liberation movement, and the environs of political and societal turbulence concurrent with the Japanese advent in Vietnam fomented the burgeoning of nationalistic fervor. The

According to the staff of History.com, Vietnam, a small Southeastern Asian nation, was controlled under French colonial rule since the 19th century. Following Japan’s defeat by the Viet Minh in World War II, there was a split in Vietnamese ideas. The nation as a whole wanted Vietnam to come together as a unified populace, but different regions had different ideas for how they wished to be governed. The northern region believed that the best idea for government would be that of one modeled after communism, but the southern region believed the exact

“The Communist Party of Vietnam [CPV], became the ruling party, in the northern part of Vietnam, after defeating the French, at Dien Bien Phu, in 1954 and across the nation, since 1976, following the collapse of the American-backed southern regime. The next decade saw the CPV’s rationalist installation of a Stalinist-style centrally planned economy” (Nguyen, 2016, p. 33). The social structure of Vietnam based on total control, Nguyen’s family like many others found it impossible to adjust to the tyranny imposed by the Communist regime, therefore, they fled Vietnam!

For centuries Vietnam had been under Chinese rule. The Vietnamese people were an oppressed society and were exploited by the Chinese. Forced labour was brought upon the Vietnamese people, and there were many tyrannical Chinese governers along with constant demands of tribute for the Chinese rulers. There had been many revolts by

I will start off with the year 1945; In 1945 Mr. Ho Chi Mihn a revolutionary Communist leader declares Vietnam’s independence from France. Ho Chi Minh forms the Viet Minh to arrange a rebellion in Vietnam. The Viet Ming seized major cities across Vietnam and blatant Vietnam

Profit gains acted as the main factor triggering French colonization of Indochina to be in their presence. The French companies and the colonial officials engaged in the transformation of the Vietnam subsistence economy to a system that is proto-capitalist on the bases of low wages and exports, increased production, and land ownership (Kolko 7). Thus, the Vietnamese never worked for their profits, but for the benefit of the colonies of the French.