Circular No. 04/2026/TT-NHNN Guiding Certain Matters Concerning Deposit Insurance Activities

Based on the Law on Vietnam State Bank No. 46/2010/QH12;

Based on the Law on Deposit Insurance No. 111/2025/QH15;

Based on Decree No. 26/2025/NĐ-CP of the Government, which stipulates the functions, tasks, powers, and organizational structure of the Vietnam State Bank;

In accordance with the proposal by the Director of the System Safety Department of Credit Institutions;

THE STATE BANK OF VIETNAM ISSUES THIS CIRCULAR TO PROVIDE GUIDANCE ON CERTAIN MATTERS CONCERNING DEPOSIT INSURANCE ACTIVITIES

CHAPTER I

GENERAL PROVISIONS.

Article 1. Scope of Application

This Circular provides detailed provisions for Articles 14(5), 19(1), 19(8), and 29(3), 33(3) of the Deposit Insurance Law; and related provisions concerning: deposit insurance premium, payment of insurance compensation, opening and use of accounts by the Vietnam Deposit Insurance Corporation at payment service providers, and planned inspection activities as assigned by the State Bank of Vietnam (hereinafter referred to as the State Bank).

Article 2. Applicability

This Circular applies to the following entities:

1. The Vietnam Deposit Insurance Corporation.

2. Entities participating in deposit insurance, including: commercial banks, foreign branches of banks, cooperative banks, people's credit funds, and microfinance organizations.

3. Beneficiaries of deposit insurance.

4. Other entities and individuals related to deposit insurance activities.

CHAPTER II

DEPOSIT INSURANCE ACTIVITIES

Article 3. Time for Payment of Deposit Insurance Premiums

1. The deposit insurance premium is calculated and paid on a quarterly basis during the financial year. Entities participating in deposit insurance must pay the deposit insurance premium to the Vietnam Deposit Insurance Corporation by the 20th day of the first month of the quarter from which the premium is due. In case the last day for payment falls on a holiday, public holiday, or weekend, entities participating in deposit insurance may pay on the next working day following such holiday, public holiday, or weekend.

2. Within 15 days from the end of the period for payment of the deposit insurance premium as specified in paragraph 1 above, the Vietnam Deposit Insurance Corporation shall notify in writing the entities participating in deposit insurance regarding the calculation and payment of the deposit insurance premium, specifying any additional or reduced amounts (if applicable). Entities participating in deposit insurance are responsible for paying any shortfall in premiums, while the Vietnam Deposit Insurance Corporation is responsible for refunding any overpaid amount within a maximum period of 15 days from the date of notification.

3. In case of discovery of inaccuracies in the calculation and payment of the deposit insurance premium, the Vietnam Deposit Insurance Corporation shall act in accordance with Article 20(2) of the Deposit Insurance Law.

Article 4. Calculation of Deposit Insurance Premiums

1. The deposit insurance premium is calculated on the average balance of insured deposits at participating entities according to the following rates:

a) 0.15% per annum, except as provided in points b and c below;

b) 0.1% per annum for people's credit funds;

c) Other rates determined by the Governor of the State Bank under paragraph 11 of this Article.

2. The basis for calculating the deposit insurance premium for the quarter from which the premium is due is the total average balance of insured deposits at participating entities in the immediately preceding quarter.

3. The amount of the deposit insurance premium to be paid for the quarter from which the premium is due is calculated using the following formula:

Where:

- P: is the amount of the deposit insurance premium to be paid for the quarter from which the premium is due.

- S0: is the average balance of insured deposits at the beginning of the first month of the quarter immediately preceding the quarter from which the premium is due.

- S1, S2, S3: are the average balances of insured deposits at the end of each of the first, second, and third months of the quarter immediately preceding the quarter from which the premium is due.

- m: is the rate of deposit insurance premium to be paid as provided in paragraph 1 above.

4. In case an entity participating in deposit insurance calculates and pays the premium for its first quarter of participation, it shall apply the following formula:

Where:

- P: is the amount of the deposit insurance premium to be paid for the first quarter from which the premium is due.

- Si: is the average balance of insured deposits on day i (i = 1 → n; S1 is the average balance of insured deposits at the end of the first day receiving deposits; Sn is the average balance of insured deposits at the end of the quarter immediately preceding the first quarter from which the premium is due).

- m: is the rate of deposit insurance premium to be paid as provided in paragraph 1 above.

5. In case there is a special supervision decision, the amount of the deposit insurance premium to be paid shall be calculated using the formula specified in paragraph 4 above; where Si is the average balance of insured deposits on day i (i = 1 → n); S1 is the average balance of insured deposits at the end of the first day that the special supervision decision becomes effective; Sn is the average balance of insured deposits at the end of the last day before the special supervision decision becomes effective.

6. In case there is a decision to terminate special supervision and return to normal operations, the amount of the deposit insurance premium to be paid shall be calculated using the formula specified in paragraph 4 above; where Si is the average balance of insured deposits on day i (i = 1 → n); S1 is the average balance of insured deposits at the end of the day immediately following the date that the decision to terminate special supervision becomes effective; Sn is the average balance of insured deposits at the end of the last day of the quarter in which the decision to terminate special supervision becomes effective.

7. After a merger or consolidation, participating entities shall apply the formula for calculating deposit insurance premiums as specified in paragraph 3 above, where S0 is the total average balance of insured deposits at the beginning of the first month of the quarter immediately preceding the quarter from which the premium is due for all participating entities involved in the merger or consolidation; S1, S2, S3 are the total average balances of insured deposits at the end of each of the first, second, and third months of the quarter immediately preceding the quarter from which the premium is due for all participating entities involved in the merger or consolidation, as well as the entity resulting from the merger or consolidation.

8. In case a participating entity terminates special supervision and undergoes a merger or consolidation within the same quarter, the entity resulting from the merger or consolidation shall apply the formula P = P1 + P2 + P3.

Where:

- P: is the amount of the deposit insurance premium to be paid for the first quarter from which the premium is due.

Wherein:

P1 is calculated by the formula specified in Clause 4 of this Article; where S1 is the insured deposit balance at the end of the day immediately following the effective date of the decision to terminate special control over the insurance-deposit participating organization placed under special control; Sn is the insured deposit balance at the end of the day immediately preceding the effective date of the merger or consolidation decision for the insurance-deposit participating organization placed under special control.

P2 is calculated by the formula specified in Clause 4 of this Article; where S1 is the insured deposit balance at the end of the first day of the quarter immediately preceding the fee collection quarter for the insurance-deposit participating organization not placed under special control and participating in merger or consolidation; Sn is the insured deposit balance at the end of the day immediately preceding the effective date of the merger or consolidation decision for the insurance-deposit participating organization not placed under special control and participating in merger or consolidation.

P3 is calculated by the formula specified in Clause 4 of this Article; where S1 is the insured deposit balance at the end of the day on which the merger or consolidation decision becomes effective for the insurance-deposit participating organization after the merger or consolidation; Sn is the insured deposit balance at the end of the quarter immediately preceding the fee collection quarter for the insurance-deposit participating organization after the merger or consolidation.

9. In the case where an insurance-deposit participating organization is established following a split and applies the formula for calculating insurance fees specified in Clause 4 of this Article; where S1 is the insured deposit balance at the end of the day on which operations commence, Sn is the insured deposit balance at the end of the quarter immediately preceding the first fee payment quarter after operations commence.

10. In the case where an insurance-deposit participating organization is established following a split, the insurance fee is calculated according to the formula P = P1 x T + P2. Where:

P1 is calculated by the formula specified in Clause 4 of this Article; where S1 is the insured deposit balance at the end of the first day of the quarter immediately preceding the fee collection quarter for the insurance-deposit participating organization before the split; Sn is the insured deposit balance at the end of the day immediately preceding the day on which the insurance-deposit participating organization established after the split commences operations.

T is the ratio between the insured deposit balance of the insurance-deposit participating organization established after the split and the insured deposit balance of the insurance-deposit participating organization before the split at the time of the split.

P2 is calculated by the formula specified in Clause 4 of this Article; where S1 is the insured deposit balance at the end of the day on which operations commence for the insurance-deposit participating organization established after the split; Sn is the insured deposit balance at the end of the quarter immediately preceding the fee collection quarter for the insurance-deposit participating organization established after the split.

11. In the case where the Vietnam Deposit Insurance Corporation borrows specially from the State Bank of Vietnam to pay deposits, the Governor of the State Bank of Vietnam shall examine and decide on increasing the insurance fee based on the fee increase proposal submitted by the Vietnam Deposit Insurance Corporation in accordance with Clause 3 of Article 19 of the Deposit Insurance Law.

Article 5. Postponement of Payment of Deposit Insurance Premium1. Upon receipt of a decision placing a credit institution under special control or an extension of the period of special control, the Vietnam Deposit Insurance Corporation requests the insurance-deposit participating organization to calculate the amount of unpaid, late-paid deposit insurance premiums and any arrears (if applicable) that have accrued prior to the effective date on which the insurance-deposit participating organization is placed under special control.

2. Within ten working days from the receipt of the request from the Vietnam Deposit Insurance Corporation, the insurance-deposit participating organization shall submit a document to the Vietnam Deposit Insurance Corporation regarding the amount of unpaid, late-paid deposit insurance premiums and any arrears (if applicable) that have accrued prior to the effective date on which the insurance-deposit participating organization is placed under special control.

3. Within five working days from receipt of the document from the insurance-deposit participating organization, the Vietnam Deposit Insurance Corporation shall confirm the amount of the deposit insurance premium for the insurance-deposit participating organization that has been postponed.

4. The insurance-deposit participating organization under special control is responsible for developing a plan to fully repay the amount temporarily postponed in the restructuring scheme submitted for approval by the competent authority and sending the approved plan to the Vietnam Deposit Insurance Corporation.

4. Special supervision insured deposit organizations are responsible for developing a plan to fully repay the temporarily suspended amount in the restructuring scheme approved by the competent authority and submitting the approved plan to the Vietnam Deposit Insurance Corporation.

Article 6. Insurance Amount to be Paid

1. The insurance amount to be paid shall cover all insured deposits of a person at an institution participating in deposit insurance, including principal and interest up to the time when the obligation to pay the insurance amount arises, but not exceeding the payout limit for insurance amounts as specified in Article 22 of the Deposit Insurance Law. In cases where multiple individuals jointly hold insured deposits, the payment of insurance shall be made in accordance with the provisions of Paragraph 2 of Article 23 of the Deposit Insurance Law.

2. Where a person participating in deposit insurance has an outstanding debt to the institution participating in deposit insurance, the amount of the insured deposit is the remaining balance after deducting such debt (including principal and accrued interest).

Article 7. Procedure for Payment of Insurance Amount

1. Within five working days from the time when the obligation to pay the insurance amount arises, the institution participating in deposit insurance shall submit an application for payment of the insurance amount to the Vietnam Deposit Insurance Corporation (VDIC). The application for payment of the insurance amount shall be signed by a duly authorized representative of the institution participating in deposit insurance and shall include:

a) A request for payment of the insurance amount as per the model form prescribed by the VDIC;

b) A list of insured persons as per the model form prescribed by the VDIC, indicating the amount of each insured deposit and any outstanding debt (including principal and accrued interest) owed to the institution participating in deposit insurance by each insured person up to the date when the obligation to pay the insurance amount arises at the institution participating in deposit insurance; the proposed insurance amount for each insured person.

2. Within five working days from the receipt of a complete application for payment of the insurance amount as per the provisions of Paragraph 1, the VDIC shall conduct verification of documents and records to determine the amount to be paid out.

The institution participating in deposit insurance is responsible for providing any required documentation or records to the VDIC to facilitate the verification and determination of the payout amount.

In case the verification of documents and records to determine the payout amount reveals signs of violations beyond the authority of the VDIC, the VDIC shall report and recommend to the State Bank of Vietnam for examination, inspection, and enforcement.

Based on the results of the VDIC's verification and the application for payment submitted by the institution participating in deposit insurance, the VDIC shall prepare a list of persons entitled to receive the insurance amount and the respective amounts to be paid to each person.

3. Within ten working days from the conclusion of the verification as per Paragraph 2, the VDIC must formulate a plan for payment of the insurance amount to insured persons; publicly announce the location, time, and method of payment on three consecutive issues of a national newspaper, a local newspaper where its headquarters is located, branches of the institution participating in deposit insurance, and an electronic newspaper of Vietnam, the VDIC's website, and other forms as determined by the VDIC.

Article 8. Opening and Utilization of Payment Account of the Vietnam Deposit Insurance Corporation at a Payment Service Provider The Vietnam Deposit Insurance Corporation may open a payment account with a payment service provider in accordance with the provisions of the State Bank of Vietnam regarding the opening and utilization of payment accounts by such providers, for use exclusively in facilitating payments related to its operations. In the case of an account opened at the State Bank of Vietnam, the VDIC shall comply with the provisions of Paragraph 9 of this Circular.

Article

. Opening of Account of the Vietnam Deposit Insurance Corporation at the State Bank of Vietnam 91. The Vietnam Deposit Insurance Corporation may open an account at the State Bank of Vietnam to receive special loans from the State Bank of Vietnam and deposit funds in accordance with the provisions of point b, paragraph 1 and paragraph 2 of Article 29 of the Deposit Insurance Law. The VDIC's account shall be entitled to interest rates as determined by the Governor of the State Bank of Vietnam for each period.

2. The procedure for opening an account at the State Bank of Vietnam for the Vietnam Deposit Insurance Corporation is similar to the procedures for opening a payment account for credit institutions and foreign branches of banks with the State Bank of Vietnam.

2. The procedures for opening an account at the State Bank of Vietnam by the Vietnam Deposit Insurance Corporation shall be carried out in a manner similar to the procedures for opening a payment account for a credit institution or a foreign bank branch at the State Bank of Vietnam.

CHAPTER III

INVESTMENT METHODS, CONTROL, AND RISK MANAGEMENT IN INVESTMENT ACTIVITIES

Article 10. Investment Methods

1. The Deposit Insurance Corporation shall directly invest in the investment activities specified in Clause 1 of Article 29 of the Deposit Insurance Law.

2. The Deposit Insurance Corporation may be entrusted to invest in the following investment activities:

a) Purchase and sale of government bonds;

b) Purchase and sale of bonds issued by commercial banks where the State holds more than 50% of the capital, or commercial banks where state-owned enterprises hold more than 50% of the capital.

3. In cases of entrusted investment, the Deposit Insurance Corporation must clearly specify in its annual investment plan approved by the Board of Directors at least the following contents:

a) The necessity of investing through an entrusted method;

b) Principles and criteria for selecting the organization to receive entrusted investments, where such organizations are fund management companies, securities firms, commercial banks with the function of receiving entrusted investments as prescribed by relevant laws;

c) Entrusted contents: scope, investment products; rights, obligations, and commitments of all parties; term of entrustment; entrusted costs; dispute resolution and other contents;

d) Plan for handling situations where the organization receiving entrusted investments fails to fulfill the entrusted contents;

e) Measures for management to ensure control over activities within the scope of the entrusted party's operations;

f) Other contents (if any).

4. The Deposit Insurance Corporation decides on the selection of investment organizations and signs a contract. The contract must include the contents specified in Clauses c and d of this Article.

Article 11. Risk Control and Management

1. The Deposit Insurance Corporation shall issue investment regulations, risk management regulations for investment activities, internal audit regulations according to the provisions of Paragraph 12 of this Circular and other regulations as required for risk control and management in investment activities.

2. The Deposit Insurance Corporation shall invest according to the annual investment plan and six-month investment plan approved; it shall frequently evaluate the implementation status to take measures within its authority and report to the Board of Directors for adjustment or supplementation (as necessary).

3. The Deposit Insurance Corporation shall frequently update information on market conditions, investment situations, reconcile invested amounts, maturity recovery amounts, and balances of each investment item to serve risk control and management.

4. The Deposit Insurance Corporation must have a mechanism for controlling risks in investment activities to promptly identify, propose preventive measures, and handle risks.

5. The Deposit Insurance Corporation shall establish provisions for setting aside a risk reserve fund according to the financial regulations for deposit insurance organizations.

Article 12. Business Regulations

1. Investment regulations include at least the following contents: investment portfolio criteria; entrusted investment business; process for constructing an investment structure and measures to achieve such structure; annual investment plan and six-month investment plan construction process; investment procedures, documentation for each investment item specified in Clause 1 of Article 29 of the Deposit Insurance Law; reporting system; responsibilities of relevant units and individuals.

2. Investment risk management regulations include at least the following contents: types of risks affecting investment activities; identification, prevention, handling of each type of risk; methods, frequency of self-audit, control for various types of risks; process for handling when a risk arises; responsibilities of relevant units and individuals.

3. Internal audit regulations include at least the following contents: scope, method, procedures, frequency of internal audits for investment activities; cooperation responsibilities of units and individuals in organizing internal audits, processes for handling internal audit findings, reporting procedures.

Article 13. Internal Audit of Investment Activities

Periodically on an annual basis or at the request of management, the Deposit Insurance Corporation of Vietnam shall conduct internal audit of investment activities to evaluate compliance with laws, annual investment plans and relevant business procedures, processes.

CHAPTER IV

SUPPLY OF INFORMATION AND AUDIT ACTIVITIES OF THE DEPOSIT INSURANCE CORPORATION OF VIETNAM

Article 14. Supply of Information

1. Entities participating in deposit insurance shall be responsible for establishing, updating, maintaining complete and accurate information as specified in Appendices I and II attached to this Circular.

2. The Deposit Insurance Corporation of Vietnam shall ensure the safety and confidentiality of information and data in accordance with legal provisions.

3. On a monthly or quarterly basis, entities participating in deposit insurance shall provide information to the Deposit Insurance Corporation of Vietnam as specified in Appendix II attached to this Circular, except for Mau Bieu 02b/BHTG, 02b1/BHTG, 02b2/BHTG which are provided under specific circumstances as stipulated in Appendix II.

4. In the event of preparation for payment insurance or other cases related to the payment of insurance at the request of the Deposit Insurance Corporation of Vietnam, entities participating in deposit insurance shall be responsible for providing detailed lists of customers and relevant data according to Appendix I attached to this Circular. The deadline for providing information is no more than five working days from the date of receiving the request.

5. Entities participating in deposit insurance shall provide information on sudden deposits insured upon written request by the Deposit Insurance Corporation of Vietnam.

6. In cases where it serves audit work, entities participating in deposit insurance shall be responsible for providing information as requested in writing by the Deposit Insurance Corporation of Vietnam. Entities participating in deposit insurance may refuse to provide information not related to the content of the inspection.

7. The Deposit Insurance Corporation of Vietnam shall guide entities participating in deposit insurance on the methods and forms of providing information.

Article 15. Audit of Participating Entities as Directed by the State Bank

1. The Deposit Insurance Corporation of Vietnam is responsible for conducting audits of participating entities according to plans, contents assigned by the State Bank in accordance with paragraph 10 of Article 14 of the Deposit Insurance Law, specifically as follows:

a) The Deposit Insurance Corporation of Vietnam shall be responsible for developing, issuing, amending, and supplementing inspection regulations for participating entities according to the provisions at point b of this paragraph and seek comments from the State Bank before such regulation is issued or amended. Within seven working days from the date of issuance or amendment, the Deposit Insurance Corporation of Vietnam must send the inspection regulations to the State Bank, participating entities.

b) The inspection regulations for participating entities shall be approved by the Board of Directors and must include at least the following contents:

(i) Inspection principles;

(ii) Inspection procedures;

(iii) Responsibilities of the team leader, members of the inspection team; each department of the Deposit Insurance Corporation of Vietnam and relevant parties.

2. Within seven working days from the date of the inspection results as stipulated in paragraph 1 above:

(i) Report the inspection results of foreign banks to the State Bank branch responsible for micro-supervision;

(ii) Report the inspection results of credit cooperatives to the State Bank branch where the credit cooperative is located;

(iii) Report the inspection results of other participating entities to the Banking Supervision Department.

3. The Deposit Insurance Corporation of Vietnam shall cooperate with the State Bank in developing plans and contents for inspecting participating entities.

4. By January 30th each year, the State Bank assigns inspection plans and contents for participating entities to the Deposit Insurance Corporation of Vietnam. The inspection plan includes at least the following contents:

a) List of participating entities to be inspected;

b) Inspection content;

c) Inspection period, deadline for reporting inspection results;

d) Guidance on conducting inspections (if necessary).

Chapter V

IMPLEMENTATION ARRANGEMENTS

Article 16Responsibilities of Units under the State Bank of Vietnam

1. Credit Management and Supervision Department:

a) Monitor the Deposit Insurance Corporation's compliance with deposit insurance laws;

b) Coordinate with relevant units to advise the Governor of the State Bank of Vietnam on reviewing and deciding on the increase in deposit insurance fees as provided for in paragraph 11 of Article 4 of this Circular;

c) Cooperate with the State Bank of Vietnam's Inspectorate to perform the tasks specified at point c, paragraph 2 of this Article.

2. State Bank of Vietnam's Inspectorate:

a) Inspect, supervise, handle violations and resolve complaints and reports related to deposit insurance in accordance with the Deposit Insurance Law;

b) Inspect and supervise the Deposit Insurance Corporation's compliance with deposit insurance laws;

c) Coordinate with the Governor of the State Bank of Vietnam to delegate the Deposit Insurance Corporation to conduct inspections of organizations participating in deposit insurance; provide comments and receive the inspection regulations for organizations participating in deposit insurance as provided for in Article 15 of this Circular.

3. Monetary Policy Department:

Coordinate with relevant units to advise the Governor of the State Bank of Vietnam on determining the interest rates on deposits at the Deposit Insurance Corporation at the State Bank of Vietnam.

4. Trading Office:

Guide the Deposit Insurance Corporation in performing deposit and purchase of Central Bank bills at the State Bank of Vietnam as provided for in this Circular and other legal provisions.

5. Regional Branches of the State Bank of Vietnam:

a) Inspect, supervise, handle violations and resolve complaints and reports related to deposit insurance within their jurisdiction;

b) Cooperate with the State Bank of Vietnam's Inspectorate to perform the tasks specified at point c, paragraph 2 of this Article.

Article 17. Implementation Provisions

1. This Circular shall take effect from May 1, 2026, except as provided in paragraph 2 of this Article.

2. The deposit insurance fee for credit cooperatives as specified at point b, paragraph 1 of Article 4 of this Circular shall be implemented starting from the fourth quarter of 2026.

3. From the date this Circular takes effect, the Circular No. 24/2014/TT-NHNN dated September 6, 2014, issued by the Governor of the State Bank of Vietnam to guide certain aspects of deposit insurance activities shall cease to be in force.

Article 18Implementation Responsibilities

Heads of units under the State Bank of Vietnam, organizations participating in deposit insurance, and the Deposit Insurance Corporation are responsible for implementing this Circular.