Circular No. 02/2025/TT-NHNN on the issuance of domestic deposit certificates by credit institutions and foreign bank branches.

CIRCULAR

Regulations on the issuance of domestic deposit certificates by credit institutions,

foreign bank branches

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 Decree No. 26/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Article 1.

The Governor of the State Bank of Vietnam issues this Circular regulating the issuance of domestic deposit certificates by credit institutions and foreign bank branches.

Article 1. Scope of Regulation

This Circular regulates the issuance of domestic deposit certificates by credit institutions and foreign bank branches within the territory of Vietnam.

Article 2. Issuance Objectives for Deposit Certificates

Credit institutions and foreign bank branches issue deposit certificates according to their establishment and operation licenses, including:

1. Commercial banks.

2. Cooperative banks.

3. Comprehensive financial companies and specialized financial companies.

4. Foreign bank branches.

Article 3. Purchasers of Deposit Certificates

1. Purchasers of deposit certificates issued by commercial banks, cooperative banks, and foreign bank branches are organizations (including credit institutions and foreign bank branches), Vietnamese individuals, and foreign organizations and individuals.

2. Purchasers of deposit certificates issued by comprehensive financial companies and specialized financial companies are Vietnamese organizations (including credit institutions and foreign bank branches) and foreign organizations.

Article 4. Definitions

In this Circular, the following terms are understood as follows:

Deposit Certificate is a form of deposit in the form of negotiable instruments and is evidence confirming the obligation of credit institutions and foreign bank branches to repay the purchaser of the deposit certificate within a specified period, interest payment conditions, and other conditions.

Article 5. Currency for Issuance and Settlement

Deposit certificates are issued and settled in Vietnamese dong.

Article 6. Interest Rates

1. The interest rate on deposit certificates issued by credit institutions and foreign bank branches is determined in accordance with the interest rate regulations of the State Bank of Vietnam (hereinafter referred to as the State Bank) during each period.

2. The method of calculating interest on deposit certificates is implemented in accordance with the regulations of the State Bank.

Article 7. Term, Issue Date, and Due Date of Deposit Certificates

1. The term, issue date, and due date of deposit certificates issued by credit institutions and foreign bank branches are determined by the issuing credit institution or foreign bank branch.

2. In cases where the purchaser is another credit institution or foreign bank branch, the credit institution or foreign bank branch may only issue deposit certificates with a term of less than 12 months.

Article 8. Face Value of Deposit Certificates

The face value of deposit certificates is VND 100,000 (one hundred thousand) or multiples thereof. The specific face value of deposit certificates is determined by the issuing credit institution or foreign bank branch or agreed upon between the issuing credit institution or foreign bank branch and the purchaser.

Article 9. Methods of Issuance

1. Credit institutions and foreign bank branches directly issue deposit certificates to the purchaser at legitimate transaction locations within the domestic network of the issuing credit institution or foreign bank branch (hereinafter referred to as the transaction location) or through electronic means.

2. In cases of issuance through electronic means, the credit institution or foreign bank branch issues an electronic ownership certificate to the purchaser.

3. In cases of issuance of deposit certificates to purchasers at transaction locations, the credit institution or foreign bank branch issues the deposit certificate in the form of a certificate to the purchaser. The credit institution or foreign bank branch must design and print the certificate to ensure high anti-counterfeiting capabilities.

4. In cases where non-residents are organizations or individuals and residents are foreign individuals purchasing deposit certificates, the credit institution or foreign bank branch may only issue deposit certificates to the purchaser at transaction locations.

Article 10. Contents of the Deposit Certificate

1. A Deposit Certificate in the form of a certificate or electronic ownership certificate must include the following contents:

a) The name of the credit institution or foreign bank branch issuing the certificate;

b) The name of the deposit certificate;

c) The issuance code or series number;

d) Face value, term, issuance date, maturity date for payment;

đ) Interest rate, interest payment method, interest payment date;

e) Transaction settlement location for principal and interest or the account of the buyer receiving principal and interest payments;

g) Name of the buyer, individual identification number or valid passport number (if the buyer is an individual); name of the organization buying, establishment license number or business code (if the buyer is an organization); address of the buyer;

h) Measures for the buyer to access information about the deposit certificate;

i) Signature of the authorized representative of the credit institution or foreign bank branch issuing the certificate;

k) Specifically, for Deposit Certificates issued by consolidated financial companies or specialized financial companies, it must clearly state that the buyer can only transfer ownership to organizations.

2. Other contents of the Deposit Certificate issued by credit institutions or foreign bank branches shall be regulated but must not contravene current laws.

Article 11. Using Deposit Certificates as Collateral

Deposit Certificates may be used as collateral according to the guidelines of credit institutions or foreign bank branches in compliance with the provisions of the law on guaranteeing obligations.

Article 12. Transfer of Ownership of Deposit Certificates and Handling Other Risk Situations

1. Deposit Certificates may be transferred through purchase, sale, gift, exchange, inheritance, and other forms in accordance with legal regulations.

2. Procedures for transferring ownership of Deposit Certificates, handling cases of damage, tearing, loss of Deposit Certificates, and other risk situations shall be regulated by credit institutions or foreign bank branches in compliance with relevant legal provisions, business characteristics, and conditions of credit institutions or foreign bank branches, ensuring the legitimate rights of Deposit Certificate buyers and the safe operation of credit institutions or foreign bank branches.

Procedures for non-resident individuals and organizations, and resident foreign individuals to accept the transfer of ownership of Deposit Certificates must be carried out directly at the transaction location of the issuing credit institution or foreign bank branch.

3. Deposit Certificates issued by consolidated financial companies or specialized financial companies can only be transferred between organizations.

Article 13. Measures for Information Retrieval and Notification of Changes in Deposit Certificate Information

1. Credit institutions or foreign bank branches must provide at least one measure for buyers to retrieve information about purchased Deposit Certificates.

2. Credit institutions or foreign bank branches and buyers may agree on additional measures beyond those stipulated in Clause 1 of this Article for buyers to retrieve information about purchased Deposit Certificates and for credit institutions or foreign bank branches to notify buyers of changes in Deposit Certificate information.

3. Credit institutions or foreign bank branches must ensure the retention of all relevant information regarding the issuance, payment of Deposit Certificates, related information on using Deposit Certificates as collateral (if applicable), and the transfer of ownership of Deposit Certificates, in compliance with legal requirements, to meet buyers' needs for reviewing and checking Deposit Certificate information and resolving disputes.

Article 14. Payment of Deposit Certificates

1. Credit institutions and foreign bank branches shall be responsible for fully and timely paying the principal and interest on deposit certificates to the purchasers of deposit certificates in accordance with agreements that comply with this Circular and relevant laws.

2. The methods for paying the principal and interest on deposit certificates shall be determined by credit institutions and foreign bank branches in compliance with relevant legal provisions and shall be communicated to the purchasers of deposit certificates before issuing the deposit certificates.

3. The procedures for early payment of deposit certificates at the request of the purchaser shall be stipulated by credit institutions and foreign bank branches to ensure the safe operation of such institutions. The interest rate applicable in cases of early payment of deposit certificates shall comply with the State Bank's regulations on applying interest rates for early withdrawal of deposits from credit institutions and foreign bank branches.

4. In cases where non-resident individuals or organizations and resident foreign individuals purchase deposit certificates in cash, credit institutions and foreign bank branches may only pay the corresponding principal and interest in cash.

Article 15. Issuance and Payment Procedures for Deposit Certificates

1. The issuance and payment procedures for deposit certificates, including those for electronic issuance and payment of deposit certificates (if any), shall be established by credit institutions and foreign bank branches in compliance with this Circular, regulations on account opening and usage, information security and cybersecurity regulations, electronic transaction regulations, anti-money laundering regulations, and other relevant legal provisions; they should also align with the characteristics and management models of credit institutions and foreign bank branches; ensuring accurate issuance and payment of deposit certificates; ensuring the safe operation of credit institutions and foreign bank branches; and safeguarding the assets of deposit certificate purchasers.

2. Credit institutions and foreign bank branches must provide full information to deposit certificate purchasers regarding their rights and obligations, the issuance and payment procedures between the purchaser and the credit institution or foreign bank branch.

Article 16. Issuance and Payment of Deposit Certificates via Electronic Means

1. The issuance and payment of deposit certificates via electronic means shall be guided by credit institutions and foreign bank branches in compliance with this Circular and relevant legal provisions.

2. For the method of issuing deposit certificates via electronic means, the transfer of funds for purchasing and receiving payments for deposit certificates shall be conducted through the buyer’s settlement accounts at credit institutions and foreign bank branches; or through the buyer’s settlement accounts at the State Bank if the buyer is a credit institution or foreign bank branch.

3. Credit institutions and foreign bank branches shall display to the purchaser at least the information about the contents of the deposit certificate as stipulated in Article 10 of this Circular and shall have technical solutions to enable the purchaser to confirm that they have read all the contents of the deposit certificate.

Article 17. Internal regulations

Based on the provisions of the Law on Credit Institutions, this Circular, and relevant laws, credit institutions and foreign bank branches shall issue internal regulations on the issuance and settlement of deposit certificates, including regulations on the issuance and settlement of deposit certificates through electronic means (if any), consistent with their management models, characteristics, business conditions, and ensuring safe operations for credit institutions and foreign bank branches. The internal regulations must clearly define the responsibilities and obligations of each department and individual involved in the issuance of deposit certificates.

Article 18. Effective Date

1. This Circular takes effect from June 16, 2025.

2. This Circular abolishes:

a) Circular No. 01/2021/TT-NHNN dated March 31, 2021, issued by the Governor of the State Bank of Vietnam regarding the issuance of promissory notes, bills of exchange, deposit certificates, and domestic bonds by credit institutions and foreign bank branches;

b) Clause 2, Article 6 of Circular No. 12/2021/TT-NHNN dated July 30, 2021, issued by the Governor of the State Bank of Vietnam regarding the purchase and sale of promissory notes, bills of exchange, deposit certificates, and domestic bonds issued by other credit institutions and foreign bank branches.

3. For deposit certificates that have been issued and still have balances on the date this Circular takes effect, credit institutions and foreign bank branches and purchasers of deposit certificates shall continue to implement the agreed contents until the deposit certificates are fully settled.

Article 19. Implementation

The Director of the Office, the Head of the Monetary Policy Department, the Heads of units under the State Bank of Vietnam; credit institutions and foreign bank branches are responsible for implementing this Circular./.