Consolidated Document number 01/VBHN-NHNN guiding foreign currency transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange.

CIRCULAR

Guidelines for foreign currency transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange

Circular No. 26/2021/TT-NHNN dated December 31, 2021, issued by the Governor of the State Bank of Vietnam guiding foreign currency transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange, effective from February 15, 2022, has been amended and supplemented by:

1. Circular No. 12/2023/TT-NHNN dated October 12, 2023, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of legal documents governing the implementation of state foreign exchange reserve management tasks, effective from November 27, 2023.

2. Circular No. 54/2024/TT-NHNN dated December 17, 2024, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021, issued by the Governor of the State Bank of Vietnam guiding foreign currency transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange, effective from February 5, 2025.

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law Amending and Supplementing Certain Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Foreign Exchange Regulations dated December 13, 2005 and the Decree Amending and Supplementing Certain Provisions of the Foreign Exchange Regulations dated March 18, 2013;

Pursuant to Decree No. 70/2014/NĐ-CP dated July 17, 2014, of the Government detailing the implementation of certain provisions of the Foreign Exchange Law and the Law Amending and Supplementing Certain Provisions of the Foreign Exchange Law;

Pursuant to Government Decree No. 16/2017/NĐ-CP dated February 17, 2017 on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Trading Department;

The Governor of the State Bank of Vietnam issues this Circular guiding foreign currency transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange[1]^, [2].

Chapter I. GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

This Circular guides foreign currency transactions between the State Bank of Vietnam (hereinafter referred to as the State Bank) and credit institutions permitted to operate in foreign exchange.

Article 2. Activities of the State Bank on the domestic foreign exchange market

The State Bank conducts foreign currency transactions on the domestic foreign exchange market with credit institutions permitted to operate in foreign exchange according to intervention plans decided by the State Bank for each period.

Article 3. Explanation of Terms

In this Circular, the following terms shall be understood as follows:

1. Credit institution permitted to operate in foreign exchange is a credit institution, foreign bank branch permitted to engage in and provide foreign exchange services (hereinafter referred to as the credit institution permitted).

2. Spot foreign currency buying and selling transaction (hereinafter referred to as spot transaction) is a transaction where both parties buy and sell a certain amount of foreign currency at the spot rate prevailing at the time of the transaction and settle within two consecutive working days following the transaction date.

3. Forward foreign currency buying and selling transaction (hereinafter referred to as forward transaction) is a transaction where both parties commit to buy and sell a certain amount of foreign currency at a predetermined exchange rate at the time of the transaction, with the settlement date being at least three consecutive working days following the transaction date.

4. Foreign currency swap transaction (hereinafter referred to as swap transaction) is a transaction between two parties, including one buying transaction and one selling transaction of the same quantity of one currency against another currency at exchange rates determined at the time of the transaction, with different settlement dates for the two transactions. A swap transaction includes two spot transactions or two forward transactions or one spot transaction and one forward transaction.

5. Foreign currency option buying and selling transaction (hereinafter referred to as option transaction) is a transaction between two parties, wherein the buyer pays the seller an option premium to have the right but not the obligation to buy or sell one currency against another within an agreed period at an execution rate determined at the time of the transaction and settled on a future date. If the buyer chooses to exercise the right, the seller must fulfill the commitment. In an option transaction, the option to sell one currency simultaneously is the option to buy the other currency.

6. Option premium is the amount that the buyer must pay the seller to purchase a foreign currency call option or put option in an option transaction.

7. Expiration date of an option transaction is the last day when the buyer may choose to exercise the right, but not later than two working days before the settlement date.

8. Transaction date is the date when the State Bank and the credit institution permitted establish a transaction agreement in accordance with this Circular.

9. Settlement date is the date when the State Bank and the credit institution permitted transfer the agreed amount of purchased or sold currency in the foreign currency transaction established on the transaction date.

Internal regulations on procedures for conducting foreign currency transactions with the State Bank are documents issued by the credit institution permitted, specifying the responsibilities and authorities of relevant individuals and departments and guiding the conduct of foreign currency transactions with the State Bank.

Standard payment instructions are payment guidelines registered by the credit institution permitted with the State Bank, clearly identifying the payment account to be used in foreign currency transactions with the State Bank.

Article 4. Registration for Establishing Foreign Exchange Transaction Relationships

1. Credit institutions permitted to establish foreign exchange transaction relationships with the State Bank shall submit directly or through postal service to the State Bank one (1) set of registration dossier for establishing foreign exchange transactions in accordance with the provisions stipulated at Article 5 of this Circular.

2. The State Bank confirms the establishment of foreign exchange transaction relationships with credit institutions permitted based on reviewing the dossier to ensure completeness and accuracy.

3. For each credit institution permitted, the State Bank will only establish a foreign exchange transaction relationship with one (1) representative headquarter or branch registered by the credit institution permitted with the State Bank.

Article 5. Dossier for Registration for Establishing Foreign Exchange Transaction Relationships

The dossier for registration for establishing foreign exchange transaction relationships includes:

1. Application for registering foreign exchange transaction relationships with the State Bank according to Respectfully submitted to: The State Bank of Vietnam Branch in the Region ... promulgated together with this Circular.

2. Internal regulations on procedures for conducting foreign exchange transactions with the State Bank.

3. Standard payment instructions for foreign exchange transactions with the State Bank according to DIRECTOR OF THE STATE BANK OF VIETNAM promulgated together with this Circular.

4. A description of the means of foreign exchange transactions of the credit institution permitted ensuring the ability to conduct transactions with the State Bank in accordance with the transaction methods prescribed in Clause 1, Article 10 of this Circular.

Article 6. Acceptance and Processing of Dossiers for Registration for Establishing Foreign Exchange Transaction Relationships

Within seven (7) working days from the date of receiving the complete dossier for registration for establishing foreign exchange transaction relationships, the State Bank will notify in writing to the credit institution permitted about its agreement or disagreement to establish the foreign exchange transaction relationship (in case of disagreement, the State Bank will clearly state the reasons).

In cases where the dossier needs to be amended or supplemented, the State Bank will notify in writing to the credit institution permitted within four (4) working days from the date of receipt of the dossier for registration for establishing foreign exchange transactions. The credit institution permitted must amend and supplement the dossier and send it to the State Bank within ten (10) working days from the date of receipt of the notification.

Chapter II. SPECIFIC PROVISIONS

Article 7. Transaction Currency, Buying and Selling Rates, and Option Purchase Price

1. The State Bank conducts buying and selling transactions of Vietnamese Dong and US Dollar with credit institutions permitted that have foreign exchange transaction relationships with the State Bank. In cases of conducting buying and selling transactions of Vietnamese Dong and other foreign currencies, the State Bank will notify the credit institutions permitted that have foreign exchange transaction relationships.

2. The buying rate, selling rate for each type of transaction, the price of purchasing call options, and the price of purchasing put options for foreign currencies are determined and announced by the State Bank to the credit institutions permitted that have foreign exchange transaction relationships.

Article 8. Types of Transactions

The State Bank conducts foreign exchange transactions with credit institutions permitted that have foreign exchange transaction relationships through the following types of transactions:

1. Spot transactions.

2. Forward transactions.

3. Swap transactions.

4. Option transactions.

5. Other types of transactions decided by the State Bank during specific periods.

Article 9. Tenor of Transactions

The tenor of forward transactions, forward transactions within swap transactions, and option transactions according to the announcement of the State Bank in the foreign exchange intervention plan stipulated at clause 1 Article 12 of this Circular.

Article 10. Means and Languages of Transactions

1. The State Bank shall conduct transactions with authorized credit institutions through the electronic transaction system of Refinitiv, Bloomberg, via telephone, or other means of transaction determined by the State Bank for each period.

2. Foreign currency transactions confirmed on the means of transaction specified in Clause 1 of this Article shall be considered irrevocable commitments. Any changes or cancellations must be agreed upon by both parties to the transaction.

3. In cases where foreign currency transactions are conducted via telephone, authorized credit institutions must ensure that the telephone has recording, storage, and retrieval functions for the content of the transaction agreement. After agreeing over the phone, within the day of the transaction, the State Bank and the authorized credit institution must reconfirm in writing (paper or electronic document) signed and approved by the competent authority.

4. The language used in transactions through the means of transaction shall be Vietnamese or English.

Article 11. Transaction Time

1. The official time for foreign currency transactions between the State Bank and authorized credit institutions is during the administrative working hours of the State Bank on working days of the week.

2. In cases where foreign currency transactions occur outside the time specified in Clause 1 of this Article, authorized credit institutions must organize smooth, safe transactions and ensure risk management.

Article 12. Transaction Procedures

1. The State Bank shall notify its intervention in foreign currencies to authorized credit institutions with which it conducts foreign currency transactions through one of the following means:

a) The State Bank's electronic information portal;

b) The means of transaction specified in Clause 1, Article 10 of this Circular.

 2. Authorized credit institutions wishing to conduct foreign currency transactions shall send their requests to the State Bank through the means of transaction specified in Clause 1, Article 10 of this Circular, and simultaneously submit the foreign currency transaction request document according to Tel: issued together with this Circular to the State Bank (National Office of Official Foreign Exchange Reserve Management[3]) no later than 16:00 on the transaction date (except in cases where the State Bank issues a different notice). The foreign currency transaction request document of the authorized credit institution sent to the State Bank must be either the original or a scanned copy (scan) of the original via email. If the authorized credit institution sends a scanned copy (scan) via email, the original document must be sent to the State Bank no later than five (5) working days from the transaction date.

The foreign currency transaction request document of the authorized credit institution must be signed and approved by an authorized person listed with the State Bank according to Respectfully submitted to: The State Bank of Vietnam Branch in the Region ... issued together with this Circular.

3. Based on the foreign currency transaction request of the authorized credit institution and the State Bank's intervention plan, the State Bank will consider, agree, and establish transactions with the authorized credit institution through one of the means of transaction specified in Clause 1, Article 10 of this Circular.

4. After the transaction is established between the two parties through one of the means of transaction as stipulated in Clause 1, Article 10 of this Circular, the transaction confirmation must be sent through the SWIFT system (Society for Worldwide Interbank and Financial Telecommunication) or other means determined by the State Bank.

Article 13. Payment for Transactions

1. Payment for foreign currency transactions must be carried out in accordance with the standard payment guidelines registered by credit institutions with the State Bank of Vietnam as stipulated in Clause 3, Article 5 of this Circular. Clause 3 of Article 5 of this Circular.

2. In cases where the payment date coincides with a weekly holiday or a public holiday of the Vietnamese foreign exchange market and/or the settlement market for the foreign currency involved in the transaction, the payment date shall be postponed to the next working day.

3. In cases where payment is delayed compared to the transaction agreement between the State Bank and the authorized credit institution, the party making the late payment shall bear the following penalty rate:

3. In cases where payment is delayed compared to the agreement between the State Bank of Vietnam and the credit institution, the party responsible for the delay shall bear the penalty as follows:

a) If the penalty is in foreign currency, the maximum penalty rate shall be 150% of the overnight interest rate applied by the clearing bank of the delayed party on the standard foreign currency receiving account at the time of occurrence, calculated based on the amount and number of days of delay.

Article 14. Suspension of transactions, cancellation of transaction relationships

b) If the penalty is in Vietnamese Dong, the maximum penalty rate shall be 150% of the refinancing interest rate of the State Bank of Vietnam at the time of occurrence of the delayed payment, calculated based on the amount and number of days of delay.

a) Failure to submit reports or submitting reports not in accordance with the time limit or content as prescribed in Clause 1, Article 15 of this Circular Article 14. Suspension of Transactions, Termination of Transaction Relationships 1. The State Bank of Vietnam may suspend foreign currency transactions with credit institutions for a period of three (3) months in the following cases:);

a) Failure to submit reports or submission of reports not in accordance with the deadline or content as prescribed in Clause 3, Article 15 of this Circular from three (3) times or more within one (1) quarter (except for the case prescribed in Clause 3, Article 15 of this Circular). Clause 2 of Article 15 of this Circular.

2.[4] b) Credit institutions failing to comply with the provisions set forth in Clause 2, Article 15 of this Circular.

a) Suspension of foreign currency transactions as provided for in the Special Control Decision;

2. The State Bank of Vietnam will suspend foreign currency transactions with credit institutions in the event that the credit institution is subject to:

a) Suspension of foreign currency transactions pursuant to the Special Control Decision;

4. The State Bank shall notify in writing the authorized credit institution specifying the reasons for the suspension or cancellation of transaction relationships.

b) Suspension of foreign exchange activities.

1. Authorized credit institutions that have foreign currency transaction relationships with the State Bank must report to the State Bank (National Office of Foreign Exchange Reserve Management)[5]3. The State Bank of Vietnam will terminate the foreign currency transaction relationship with credit institutions in the event that the credit institution has had its license revoked according to the Law on Credit Institutions.

a) In cases where the Refinitiv trading system is not used, reporting on foreign currency transactions with other credit institutions must be carried out according to the current reporting regulations of the State Bank;

b)[6] 4. The State Bank of Vietnam shall notify credit institutions in writing specifying the reasons for the suspension or termination of the transaction relationship.

From the moment the foreign currency transaction through the Refinitiv trading system is completed, authorized credit institutions must report transactions conducted on the Refinitiv trading system within 15 minutes. In cases where the parties do not conduct transactions through the Refinitiv trading system, the authorized credit institutions must report the transactions on the Refinitiv trading system within 45 minutes.

Article 15. Reporting System[7]Credit institutions having foreign currency transaction relationships with the State Bank of Vietnam must report to the State Bank of Vietnam (National Office of Foreign Exchange Reserve Management Respectfully submitted to: The State Bank of Vietnam Branch in the Region ... and DIRECTOR OF THE STATE BANK OF VIETNAM promulgated together with this Circular.

3. ) in accordance with the following regulations: a) In cases where the Refinitiv trading system is not used, credit institutions must report their foreign currency transactions with other credit institutions in accordance with the current reporting regime of the State Bank of Vietnam; in the event of the following force majeure incidents:

b) In cases where the Refinitiv trading system is used, credit institutions must report in accordance with the guidelines issued by the State Bank of Vietnam regarding the reporting process for foreign currency transactions through the Refinitiv trading system.

From the moment foreign currency transactions are completed via the Refinitiv trading system, credit institutions must report transactions conducted on the Refinitiv trading system within fifteen (15) minutes. In cases where transactions are not conducted on the Refinitiv trading system, credit institutions must report such transactions on the Refinitiv trading system within forty-five (45) minutes.

c) Power outages caused by objective reasons or the electricity provider;

2. Credit institutions must notify the State Bank of Vietnam (National Office of Foreign Exchange Reserve Management

) in writing about any changes to information previously registered with the State Bank of Vietnam at

4. Immediately after the incident referred to in Clause 3 of this Article is resolved, the authorized credit institution shall be responsible for reporting completed transactions to the State Bank (National Office of Foreign Exchange Reserve Management)[8]Credit institutions are exempted from complying with the reporting time requirements as stipulated in Point b, Clause 1, Article 15 of this Circular in the event of the following force majeure situations:

Chapter III. a) Network connection errors from the data reporting system of the credit institution to the State Bank of Vietnam caused by the network service provider;

Article 16. Permitted Credit Institutions

1. Permitted credit institutions shall be responsible for:

a) Transactions conducted by transaction officers of permitted credit institutions through registered transaction means with the State Bank; the authenticity of the authority of individuals involved in foreign currency transactions with the State Bank;

b) The completeness, accuracy, legality, and compliance with time requirements for documents, files, and reports submitted to the State Bank.

2. Permitted credit institutions shall be responsible for complying with current regulations on activities in the foreign exchange sector and must ensure:

a) Having strict risk management processes and internal control systems for foreign currency transactions with the State Bank;

b) Adhering to foreign currency status regulations and other safety regulations in foreign exchange business operations as stipulated by the State Bank.

Article 17. National Foreign Exchange Reserve Management Department

1. Processing applications, reviewing, and confirming with permitted credit institutions regarding their registration to establish foreign currency transaction relationships.

2. Notifying interventions and conducting foreign currency transactions with permitted credit institutions that have foreign currency transaction relationships with the State Bank; announcing reference exchange rates according to the State Bank's regulations during each period.

3. Determining penalty interest rates and handling delayed payments at Clause 3, Article 13 of this Circular based on the impact assessment of each case of delayed payment by permitted credit institutions.

4. Implementing temporary suspension of transactions and cancellation of transaction relationships with permitted credit institutions as prescribed in Article 14 of this Circular.

Clause 5

6. Serving as the point of contact for resolving issues arising from foreign currency transactions between the State Bank and permitted credit institutions.

Article 18. Monetary Policy Department

1. Notifying the approved intervention plan of the State Bank to the National Foreign Exchange Reserve Management Department[10].

2. Cooperating with the National Foreign Exchange Reserve Management Department[11] to resolve issues arising from foreign currency transactions between the State Bank and permitted credit institutions.

Article 19. Banking Inspection and Supervision Authority

1. Providing copies (certified true copies or certified duplicates) of the establishment and operation licenses of credit institutions or foreign bank branch establishment licenses in Vietnam and documents proving that permitted credit institutions are authorized to provide foreign exchange services in the domestic market issued by the State Bank within two working days from receiving the request from the National Foreign Exchange Reserve Management Department[12].

2. Promptly notifying the National Foreign Exchange Reserve Management Department[13] when permitted credit institutions with foreign currency transaction relationships with the State Bank are placed under special supervision; suspended from foreign exchange operations; violating provisions of this Circular.

Chapter IV. IMPLEMENTING PROVISIONS[14]^,[15]

Article 20. Effective Date

1. This Circular takes effect from February 15, 2022.

2. Repealing the following Circulars:

a) Circular No. 02/2012/TT-NHNN dated February 27, 2012, guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions, foreign bank branches;

b) Circular No. 27/2013/TT-NHNN dated December 5, 2013, amending and supplementing certain articles of Circular No. 02/2012/TT-NHNN dated February 27, 2012, guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions, foreign bank branches;

c) Circular No. 45/2014/TT-NHNN dated December 29, 2014, amending and supplementing certain articles of Circular No. 02/2012/TT-NHNN dated February 27, 2012, guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions, foreign bank branches.

Article 21. Transitional Provisions

Permitted credit institutions that established foreign exchange transaction relationships with the State Bank before the effective date of this Circular continue to conduct foreign currency transactions with the State Bank according to the provisions of this Circular without having to re-register with the State Bank.

Article 22. Implementation organization

The Head of the Office, the Director of the Trading Department, the Heads of units under the State Bank, permitted credit institutions, and foreign bank branches operating foreign exchange activities are responsible for implementing this Circular.

ANNEX 1

APPLICATION FOR ESTABLISHING FOREIGN EXCHANGE TRANSACTION RELATIONSHIP
WITH THE STATE BANK OF VIETNAM (*)

Respected: State Bank of Vietnam

(National Foreign Exchange Reserve Management Department[16])

Name of Permitted Credit Institution:

Fax:

Email/Website:

Main office or representative branch for transactions:

Fax:

Email/Website:

Registered transaction means:

Transaction system:

Transaction code (code):

Transaction phone number:

Establishment and operation license number ...             date ....

List of persons authorized in foreign currency transactions with the State Bank as follows:

*) Permitted credit institutions must update changes compared to the initial application for establishing a foreign exchange transaction relationship with the State Bank after establishing such a relationship (changes are made using this Appendix and titled Application for Information Change).

(**) Confirm transactions in cases of telephone transactions.

(Permitted credit institution) hereby applies to establish a foreign exchange transaction relationship with the State Bank and commits to comply with the provisions of Circular No. .../2021/TT-NHNN on guiding foreign exchange transactions between the State Bank of Vietnam and permitted credit institutions engaged in foreign exchange activities.         

ANNEX 2

GUIDELINES FOR PAYMENTS IN FOREIGN EXCHANGE TRANSACTIONS WITH THE STATE BANK OF VIETNAM

Respected: State Bank of Vietnam
(National Foreign Exchange Reserve Management Department[17])

ANNEX 3

REQUEST FOR FOREIGN EXCHANGE TRANSACTIONS WITH THE STATE BANK OF VIETNAM

Respected: State Bank of Vietnam

(National Foreign Exchange Reserve Management Department[19])

1. Purpose, reason for buying/selling foreign currency:

2. Total foreign currency status on the working day before requesting to buy/sell foreign currency with the State Bank of Vietnam (According to the State Bank of Vietnam's regulations on foreign currency status at each period):

3. Quantity registered for buying/selling foreign currency:

4. Type of transaction

5. Other information (if any)

[1] Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve is based on the following grounds:

“Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Foreign Exchange Law dated December 13, 2005; the Ordinance Amending and Supplementing Certain Provisions of the Foreign Exchange Law dated March 18, 2013;

Pursuant to Decree No. 50/2014/NĐ-CP dated May 20, 2014 of the Government on managing the national foreign exchange reserve;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Department of Foreign Exchange Management;

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve."

[2] Circular No. 54/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange business is based on the following grounds:

“Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Foreign Exchange Decree dated December 13, 2005 and the Decree Amending and Supplementing Certain Articles of the Foreign Exchange Decree dated March 18, 2013;

Pursuant to Decree No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing and guiding the implementation of certain provisions of the Foreign Exchange Ordinance and the Ordinance Amending and Supplementing Certain Provisions of the Foreign Exchange Ordinance;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Upon the proposal of the Director of the Department of National Foreign Exchange Reserve Management;

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange business."

[3] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[4] This clause has been amended pursuant to Clause 1 of Article 1 of Circular No. 54/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange business, which takes effect from February 5, 2025.

[5] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[6] This point has been amended pursuant to Clause 2 of Article 1 of Circular No. 54/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange business, which takes effect from February 5, 2025.

[7] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[8] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[9] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[10] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[11] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[12] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[13] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[14] Article 12, Article 13, and Article 14 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal regulatory documents governing the implementation of state foreign exchange reserve management tasks shall take effect from November 27, 2023, and are stipulated as follows:  

“Article 12. Responsibility for Implementation

The Director of the Office, the Director of the State Foreign Exchange Reserve Management Department, and the Heads of units under the State Bank of Vietnam shall be responsible for organizing the implementation of this Circular.

Article 13. Transitional Provisions

The Trading Department shall continue to perform the accounting tasks related to state foreign exchange reserves until the Governor decides on the allocation of accounting responsibilities between the State Foreign Exchange Reserve Management Department and the Trading Department.

Article 14. Implementation clause

1. This Circular takes effect from November 27, 2023.

2. This Circular abolishes the following provisions:

a) Clause 2, Clause 11, Clause 12, Clause 14, and Clause 15 of Article 1 of Circular No. 01/2020/TT-NHNN dated December 31, 2020, issued by the Governor of the State Bank of Vietnam, amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, guiding the organization and implementation of state foreign exchange reserve management activities;

b) Clause 2 and Clause 3 of Article 1 of Circular No. 12/2015/TT-NHNN dated August 28, 2015, amending and supplementing certain provisions of Circular No. 06/2013/TT-NHNN dated March 12, 2013, guiding the activities of buying and selling gold bars in the domestic market of the State Bank of Vietnam;

c) Clause 1 of Article 1 of Circular No. 37/2018/TT-NHNN dated December 25, 2018, amending and supplementing certain provisions of Circular No. 39/2013/TT-NHNN dated December 31, 2013, stipulating the determination, provision, management, and utilization of risk reserve funds of the State Bank of Vietnam.

[15] Article 2 and Article 3 of Circular No. 54/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021, issued by the Governor of the State Bank of Vietnam, guiding foreign currency transactions between the State Bank of Vietnam and authorized credit institutions in foreign exchange operations, shall take effect from February 5, 2025, and are stipulated as follows:

“Article 2. Responsibility for Implementation

The Director of the Office, the Director of the State Foreign Exchange Reserve Management Department, the Heads of units under the State Bank of Vietnam, authorized credit institutions, and branches of foreign banks permitted to conduct foreign exchange operations shall be responsible for organizing the implementation of this Circular.

Article 3. Implementation Provisions

This Circular takes effect from February 5, 2024.

[16] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[17] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[18] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.

[19] The term "Trading Center" is replaced by the term "Department of National Foreign Exchange Reserve Management" pursuant to Article 3 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the national foreign exchange reserve, which takes effect from November 27, 2023.