The research tries to systemize basic problems with implementation of monetary policy, give an overall estimate of the implementation of this policy by the SBV over periods, test and measure monetary policy transmission to identify major regulatory instruments, and suggest measures to maximize effects of the transmission mechanism of the monetary policy up in the period from now up to 2020 when Vietnam makes efforts to integrate into the world economy. The research combines descriptive statistics and VAR for each specific target in the period from 1990 up till now. The results show that the SBV has changed to employment of indirect instruments instead of direct ones, and reduced commands or directions as an administrative body.