Circular No. 07/2021/TT-NHNN Amending and Supplementing Certain Articles of Circular No. 27/2016/TT-NHNN dated September 28, 2016, issued by the Governor of the State Bank of Vietnam guiding the procedures and formalities for drafting and promulgating normative legal documents of the State Bank of Vietnam

CIRCULAR

Amending and supplementing some articles of Circular No. 27/2016/TT-NHNN dated September 28, 2016, issued by the Governor of the State Bank of Vietnam guiding the procedures and formalities for drafting and promulgating regulatory legal documents of the State Bank of Vietnam.

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

Pursuant to the Law on Legislative Regulatory Documents dated June 22, 2015 and the Law Amending and Supplementing Certain Provisions of the Law on Legislative Regulatory Documents dated June 18, 2020;

Pursuant to Decree No. 34/2016/NĐ-CP dated May 14, 2016, of the Government detailing some provisions and measures to implement the Law on Legislative Regulatory Documents and Decree No. 154/2020/NĐ-CP dated December 31, 2020, of the Government amending and supplementing some articles of Decree No. 34/2016/NĐ-CP.

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 Legal Department;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing some articles of Circular No. 27/2016/TT-NHNN dated September 28, 2016, issued by the Governor of the State Bank of Vietnam guiding the procedures and formalities for drafting and promulgating regulatory legal documents of the State Bank of Vietnam (hereinafter referred to as Circular No. 27/2016/TT-NHNN).

Article 1. Amending and supplementing some articles of Circular No. 27/2016/TT-NHNN

1. Amend and supplement Clause 3 of Article 1 as follows:

"3. The procedures and formalities for drafting and promulgating resolutions of the National Assembly, resolutions of the Standing Committee of the National Assembly, which are primarily drafted by the State Bank of Vietnam; joint circulars between the Governor of the State Bank of Vietnam (hereinafter referred to as the Governor) and the President of the Supreme People's Court, the Procurator General of the Supreme People's Procuracy, and the Auditor General shall be implemented according to the provisions of the Law on Legislative Regulatory Documents (as amended and supplemented), Decree No. 34/2016/NĐ-CP dated May 14, 2016, of the Government detailing some provisions and measures to implement the Law on Legislative Regulatory Documents, and Decree No. 154/2020/NĐ-CP dated December 31, 2020, of the Government amending and supplementing some articles of Decree No. 34/2016/NĐ-CP (hereinafter referred to as Decree No. 34/2016/NĐ-CP)."

2. Supplement Clause 4 to Article 1 as follows:

"4. In cases where regulatory legal documents contain provisions on administrative procedures, the solicitation of opinions on such administrative procedures and other matters concerning administrative procedure control shall be carried out in accordance with the laws on administrative procedure control."

"Article 10. Point calculation for urban classification

  “Article 10. Request for drafting decree

1. Based on their functions and tasks, units under the State Bank of Vietnam may propose to draft decrees or be assigned by the Governor to take the lead in drafting decrees for the decrees specified in Clause 2, Article 19 of the Law on Legislative Regulatory Documents:

a) Implement the activities stipulated in Clause 1 and Clause 2 of Article 85 of the Law on Legislative Regulatory Documents;

b) Prepare the dossier for requesting to draft a decree in accordance with the provisions of Clause 1 of Article 87 and Clause 3 of Article 89 of the Law on Legislative Regulatory Documents (as amended and supplemented);

c) Submit to the Governor (or Deputy Governor in charge if delegated by the Governor) for submission to the Prime Minister for consideration and approval of the request to draft a decree.

2. Based on their functions and tasks, units under the State Bank of Vietnam may propose to draft decrees or be assigned by the Governor to take the lead in drafting decrees for the decrees specified in Clause 3, Article 19 of the Law on Legislative Regulatory Documents:

a) Implement the activities stipulated in Clause 1, Clause 2, and Clause 3 of Article 85 of the Law on Legislative Regulatory Documents (as amended and supplemented), Articles 5, 6, 7, and 8 of Decree No. 34/2016/NĐ-CP;

b) Prepare the dossier for requesting to draft a decree in accordance with the provisions of Clause 2 of Article 87 of the Law on Legislative Regulatory Documents (as amended and supplemented);

c) Submit to the Governor (or Deputy Governor in charge if delegated by the Governor) for soliciting opinions on the request to draft a decree in accordance with the provisions of Article 86 of the Law on Legislative Regulatory Documents, Articles 10 and 11 of Decree No. 34/2016/NĐ-CP; study, adopt, and explain comments; complete the dossier for requesting to draft a decree and send it to the Legal Department for review before sending it to the Ministry of Justice for examination;

d) Submit to the Governor (or Deputy Governor in charge if delegated by the Governor) to send the dossier for requesting to draft a decree to the Ministry of Justice for examination in accordance with the provisions of Clause 2 of Article 88 of the Law on Legislative Regulatory Documents (as amended and supplemented); study, adopt, and explain the examination opinions of the Ministry of Justice; complete the dossier in accordance with the provisions of Clause 2 of Article 89 of the Law on Legislative Regulatory Documents (as amended and supplemented);

đ) Submit to the Governor (or Deputy Governor in charge if delegated by the Governor) to submit the proposal to draft a decree to the Government for consideration and approval.

3. Units specified in Clauses 1 and 2 of this Article shall send copies of the request to draft a decree to the Office after it has been approved and agreed upon for consolidation into the work program of the State Bank of Vietnam and the Government's work program.

If there is a need to adjust the request to draft a decree, the unit shall make the adjustment in accordance with the regulations on adjusting the Government's work program and send a copy to the Office for monitoring, urging, and consolidating reports.

4. During the process of preparing the request to draft a decree, if the request contains complex content and differing opinions, the unit preparing the request shall report to the Governor to seek opinions from the leadership of the State Bank of Vietnam.

5. For decrees belonging to the list of detailed regulations of laws and ordinances, the units shall not follow the procedures for preparing requests to draft decrees stipulated in Clauses 1, 2, 3, and 4 of this Article, but shall follow the provisions in Section 3 of this Chapter.

4. Amend and supplement Article 11 as follows:

“Article 11. Proposals for drafting laws, ordinances, decrees that propose amendments or supplements to industries or trades subject to conditional business operations or business conditions shall include proposals to amend or supplement such industries or trades subject to conditional business operations or business conditions.

In addition to the contents prescribed in the regulations on drafting proposals for laws, ordinances, and decrees as stipulated in Articles 7, 8, and 10 of this Circular, for proposals for laws, ordinances, and decrees that propose amendments or supplements to industries or trades subject to conditional business operations or business conditions, the preparation of such proposals must also comply with the provisions regarding proposals to amend or supplement industries or trades subject to conditional business operations and business conditions as detailed and guiding the implementation of certain articles of the Investment Law as provided by the Government.

5. Amend Clause 3 of Article 15 as follows:

“3. Within fifteen days from the date the law or ordinance is passed, the Legal Affairs Department shall study, incorporate, and perfect the draft list of detailed regulatory documents for submission to the Governor for signature and transmission to the Ministry of Justice.”

6. Add Article 17a as follows:

“Article 17a. Responsibilities for monitoring and urging the issuance of detailed regulatory documents for decrees and decisions of the Prime Minister drafted primarily by the State Bank

1. The unit entrusted with the primary responsibility for drafting decrees and decisions of the Prime Minister which include content assigning the State Bank to issue detailed regulatory documents shall be responsible for:

a) Drafting the list of detailed regulatory documents, including the proposed assignment of the primary drafting unit and sending it for comments from relevant units within the State Bank.

Units receiving comments shall be responsible for providing written responses within a maximum of two working days from the date of receipt of the request for participation in the review;

b) Within five working days from the date of the decree or decision of the Prime Minister, the primary drafting unit shall study, incorporate, and perfect the draft list of detailed regulatory documents for submission to the Governor for approval and notification to the assigned units for their knowledge and implementation.

2. The unit entrusted with the primary responsibility for drafting detailed regulatory documents shall be responsible for coordinating with the Office of General Coordination to integrate the work program of the State Bank and the Government's work program (if applicable); coordinating with the Legal Affairs Department to register the draft circulars in the State Bank’s circular drafting program.

3. The unit entrusted with the primary responsibility for drafting decrees and decisions of the Prime Minister which include content assigning other ministries, equivalent agencies, provincial People's Councils, or People's Committees to issue detailed regulatory documents shall be responsible for:

a) Within five days from the date the decree or decision of the Prime Minister is signed and issued, the primary drafting unit shall submit to the Governor (or Deputy Governor designated by the Governor) for signing a notification document informing the ministries, equivalent agencies, provincial People's Councils, or People's Committees about the contents of the decree or decision of the Prime Minister assigning the Ministers, Heads of equivalent agencies, provincial People's Councils, or People's Committees to issue detailed regulatory documents;

b) Monitoring and urging the drafting and issuance of detailed regulatory documents;

c) Upon receiving a written notification from the competent authority issuing detailed regulatory documents regarding issues arising during the drafting process, the primary drafting unit shall compile and report to the Governor (or Deputy Governor designated by the Governor) for reporting to the Government and the Prime Minister for consideration and decision.”

7. Amend Clause 1 of Article 19 as follows:

“1. Prepare an impact assessment report of new policies (if applicable) in accordance with Clause 3 of Article 31 of Decree No. 34/2016/NĐ-CP for cases where circulars are being drafted pursuant to Clause 2 of Article 24 of the Law on Enacting Regulatory Legal Documents.”

8. Add Article 19a as follows:

“Article 19a. Procedure for drafting circulars under expedited procedures

1. In cases where a circular is issued urgently to address emerging issues in practice as stipulated in Clause 1, Article 146 of the Law on Enacting Legal Normative Documents (as amended and supplemented), the leading unit shall submit the draft document for the Governor's signature to send it to the Ministry of Justice for comments. The document seeking comments shall include the contents prescribed in Clause 4, Article 37 of Decree No. 34/2016/NĐ-CP.

After receiving the comments from the Ministry of Justice, the leading unit shall report to the Governor to submit to the Prime Minister for a decision to issue the Circular under expedited procedures.

2. In cases where a circular is issued under Clauses 2 and 4 of Article 146 of the Law on Enacting Legal Normative Documents (as amended and supplemented), the unit assigned to lead the drafting process shall submit to the Governor for a decision on applying expedited procedures.

3. Procedure for building a Circular under expedited procedures:

a) Drafting the Circular in accordance with the provisions of Article 20 of this Circular;

b) When drafting a Circular under expedited procedures, the leading unit may organize the collection of opinions from entities directly affected by the document, relevant agencies, organizations, and individuals regarding the draft document. If collecting opinions in writing, the time limit for collecting opinions shall not exceed 20 days;

c) Reviewing the draft Circular in accordance with the provisions of Clauses 1, 2a, 3, 4, 5, 6, 7, 8, 9, and 10 of Article 24 of this Circular;

d) Submitting for signing and issuing the Circular in accordance with the provisions of Article 25 of this Circular."

9. Amend and supplement Point b, Clause 2, Article 21 as follows:

"b) The entity soliciting opinions shall be responsible for replying in writing within a maximum period of seven working days from the date of receipt of the request for participation in the opinion.

In case of necessity and with the consent of the Governor (or Deputy Governor in charge if delegated by the Governor), the leading unit may set a shorter time limit for collecting opinions than the above-mentioned period, but it must be at least three working days. The entity soliciting opinions shall be responsible for replying according to the deadline stated in the letter requesting opinions;"

10. Add Clause 4 to Article 23 as follows:

"4. In cases where the Vietnam Fatherland Front implements social feedback on draft legal normative documents, the leading unit shall advise the Governor to reply in writing to the social feedback opinions of the Vietnam Fatherland Front;"

11. Add Clause 2a to Article 24 as follows:

"2a. The dossier for reviewing the circular issued under expedited procedures includes:

a) A letter requesting review;

b) Draft proposal in accordance with Point c, Clause 1, Article 20 of this Circular;

c) The draft circular;

d) Summary of opinions, explanation of the adoption or non-adoption of opinions from units, organizations, and individuals (if any); copies of opinions (if any);

đ) Explanation of the contents of the draft circular or comparison and explanation of differences between the draft circular and the document being amended, supplemented, or replaced (in case of drafting an amendment, supplementation, or replacement document);

e) Report on the impact assessment of new policies in accordance with Clause 1, Article 19 of this Circular (if any); report on administrative procedure impact assessment and report on integrating gender equality issues (if any);

g) Other related documents (if any)."

12. Amend and supplement Clause 6, Article 24 as follows:

"6. Time limit for review: Within a maximum period of ten days from the date of receipt of the complete dossier for review, the Department of Legal Affairs shall send the review document to the leading unit.

In urgent cases or when issuing a Circular under expedited procedures, the Department of Legal Affairs shall be responsible for reviewing the draft circular within seven days from the date of receipt of the complete dossier for review."

13. Amend and supplement Point c, Clause 1, Article 25 as follows:

"c) Summary, explanation, and adoption of opinions from units, organizations, and individuals and the social feedback document of the Vietnam Fatherland Front (if any) on the content of the draft circular;"

14. Amend and supplement Clause 2, Article 26 as follows:

"2. The leading unit shall be responsible for sending the electronic version of the circular to the Office and the Department of Legal Affairs and shall be responsible for the accuracy of the electronic version; sending the Department of Communication a press release about the issuance of the circular; coordinating with the Office to ensure timely and accurate printing and distribution of the circular;"

15. Add Clause 2a to Article 27 as follows:

"2a. The Department of Communication shall cooperate with relevant units to publish the circular and press releases about the issuance of the circular on the Central Electronic Information Portal of the State Bank;"

16. Amend and supplement Article 32 as follows:

a) Supplementing point d into Clause 1 as follows:

"d) By the latest on December 31 each year, the leading units shall submit a written report on the results of the construction of circulars for that year to the Department of Legal Affairs for consolidation and reporting to the Governor;"

b) Amend and supplement Points b, d, đ, Clause 2 as follows:

"b) Monitor and urge units to implement the Circular Construction Program of the State Bank, the Law and Ordinance Construction Program, and detailed regulations on laws and resolutions of the National Assembly, ordinances, and resolutions of the Standing Committee of the National Assembly in accordance with the schedule; report to the Governor any issues arising during the monitoring and urging of the implementation of these documents by units;"

"d) By the latest on the 25th of each month, the Department of Legal Affairs shall be responsible for updating electronic information on the implementation of the Law and Ordinance Construction Program and the situation of constructing detailed regulations on laws, resolutions of the National Assembly, ordinances, and resolutions of the Standing Committee of the National Assembly and send them to the Ministry of Justice;"

đ) By the latest on the fifth day of the first quarter each year, the Department of Legal Affairs shall be responsible for submitting a written report on the implementation of the Law and Ordinance Construction Program and the situation of constructing detailed regulations on laws, resolutions of the National Assembly, ordinances, and resolutions of the Standing Committee of the National Assembly to the Ministry of Justice;"

c) Amending and supplementing Clause 3 as follows:

"3. The Office shall be responsible for: Monitoring and urging units to construct decrees and decisions of the Prime Minister in accordance with the schedule; reporting on the situation, progress of constructing decrees and decisions of the Prime Minister, and difficulties and obstacles encountered during the drafting of the decrees and decisions of the Prime Minister in accordance with the reporting system for implementing programs in the Government's work program."

Article 2. Replacing and abolishing certain phrases, points, and clauses of Circular No. 27/2016/TT-NHNN

1. Replacing the phrase in the following articles:

a) Replacing the phrase "Section 3. Establishing a list of detailed regulatory documents for laws and ordinances" with the phrase "Section 3. Establishing a list of detailed regulatory documents" in Chapter II.

b) Replacing the phrase "or Deputy Governor in charge" at point c, d, đ, e, clause 1, Article 8; clause 2, Article 12; clause 2, Article 13; clause 1, point a, clause 3, clause 5, Article 21; clause 2, Article 23; clause 7, clause 9, Article 24 and the phrase "or Deputy Governor" at clause 2, clause 3, Article 28; clause 2, clause 3, Article 29 with the phrase "(or Deputy Governor in charge if assigned by the Governor)"

c) Replacing the phrase "Law on promulgating regulatory legal documents" with the phrase "Law on promulgating regulatory legal documents (amended and supplemented)" at point b, clause 1, Article 8 and clause 2, Article 18.

2. Removing the phrase "or Deputy Governor in charge" at clause 2, Article 8 and Article 22.

3. Abolishing point d, clause 2, Article 21 and point c, clause 2, Article 27.

This Circular takes effect from December 25, 2025/.

The Director of the Office, the Head of the Legal Department, and the Heads of units under the State Bank shall be responsible for organizing the implementation of this Circular.

Article 4. Implementation Provisions

1. This Circular takes effect from August 15, 2021.

2. This Circular abolishes Circular No. 16/2017/TT-NHNN dated November 10, 2017 amending and supplementing certain provisions of Circular No. 27/2016/TT-NHNN./.