Consolidated Document number 14/VBHN-NHNN stipulates the dossier and procedures for issuing the first license to commercial banks, foreign bank branches, and foreign representative offices.

 

CIRCULAR

Provisions on People's Credit Funds

 

Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam stipulates provisions on people's credit funds, effective from July 1, 2024, amended and supplemented by:

1. Circular No. 08/2025/TT-NHNN dated June 6, 2025 of the Governor of the State Bank of Vietnam amending and supplementing several articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Viettel Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, effective from July 1, 2025.

2. Circular No. 63/2025/TT-NHNN dated December 31, 2025 of the Governor of the State Bank of Vietnam amending and supplementing several articles of certain circulars on people's credit funds, effective from February 16, 2026.

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 Law on Cooperatives dated June 17, 2023;

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 Banking Inspection and Supervision;

The Governor of the State Bank of Vietnam issues this Circular stipulating provisions on people's credit funds ^{[1] , [2]} .

Chapter I. GENERAL PROVISIONS

 

Article 1. Scope of Regulation

This Circular stipulates certain contents regarding governance, management, organization, and operation of people's credit funds.

Article 2. Applicability

4. Deposit Insurance Corporation of Vietnam.

2. Cooperative banks.

3. Organizations and individuals related to governance, management, organization, and operation of people's credit funds.

Article 3. Explanation of Terms

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

1. Members of people's credit funds are individuals, households, legal entities meeting the conditions prescribed in this Circular and agreeing to the Charter, voluntarily participating in contributing capital to the people's credit fund.

2. Capital contribution for establishing membership status is the minimum amount of capital contribution required to establish membership status when joining the people's credit fund.

3. Additional capital contribution is additional capital contributed by members beyond the capital contribution for establishing membership status, for the people's credit fund to carry out business activities..

Article 4. Term of Operation

The term of operation of people's credit funds recorded in the License for Establishment and Operation (hereinafter referred to as the License) shall not exceed 50 years.

Article 5. Nature and Objectives of Operation

People's credit funds operate based on the principles of voluntariness, autonomy, and responsibility for the results of their operations, with the main objective being mutual assistance among members to effectively implement production and business activities and improve living standards.

Article 6. Name of People's Credit Funds

1. The name of people's credit funds must be written in Vietnamese, may include numbers and symbols, must be pronounceable, and must have at least two components in the following order:

a) People's Credit Funds;

b) The specific name must be set in accordance with legal regulations.

2. The name of people's credit funds must be displayed at the headquarters and dependent units of the people's credit funds. The name of the people's credit funds must be printed or written on transaction documents, files, and materials issued by the people's credit funds.

Article 7. Operating Area

1. People's credit funds operate within the administrative unit of a commune (hereinafter referred to as the commune). ^[3] People's credit funds shall not expand their operating area to other communes outside the commune where the headquarters is located, except in cases provided for in Clause 2 of this Article.

2. People's credit funds may operate in adjacent communes to the commune where the headquarters of the people's credit funds is located within the scope of a province or centrally-administered city due to the division or separation of administrative boundaries according to the decision of the competent state authority.

The dossier, procedures for requesting amendments and supplements to the License of people's credit funds concerning the operating area shall be implemented in accordance with the regulations of the Governor of the State Bank of Vietnam on changes that require approval by the State Bank of Vietnam for cooperative credit organizations.

Chapter II. SPECIFIC PROVISIONS

 

Section 1. MEMBERS

Article 8. Conditions for Becoming a Member

1. For individuals:

a) Vietnamese citizens aged 18 or older, with full capacity for civil acts, who have permanent residence registration or temporary residence registration within the operational area of the people's credit cooperative. In cases of temporary residence registration, individuals must be engaged in production or business activities or be workers operating within the operational area of the people's credit cooperative and must provide evidence thereof;

b) Staff members working at organizations or agencies whose main offices are located within the operational area of the people's credit cooperative;

c) Not being under criminal investigation, serving a prison sentence; undergoing administrative measures at compulsory drug rehabilitation centers or compulsory education centers; prohibited from holding certain positions or engaging in specific professions by a court decision; or having been convicted of serious crimes or worse without having had their criminal records expunged.

2. For households:

a) A household consisting of members with permanent residence registration within the operational area of the people's credit cooperative; members of the household share assets to serve the household's production and business activities;

b) Members of the household must appoint one member of the household to act as a representative to exercise the rights and fulfill the obligations of a member of the people's credit cooperative. The household representative must be authorized in writing by all members of the household according to the provisions of the law and must meet the conditions stipulated in Clause 1 of this Article.

3. For legal entities:

a) Legal entities (excluding Social Funds and Charity Funds) that are legally operating and have their main office located within the operational area of the people's credit cooperative;

b) The representative of the legal entity participating as a member of the people's credit cooperative is either the legal representative of the legal entity or an individual authorized by the legal representative of the legal entity to participate.

4. Individuals, households, and legal entities must submit a voluntary application to become members of the people's credit cooperative according to the forms attached as Appendix No. 01, Appendix No. 02, and Appendix No. 03 issued along with this Circular, agree to the Charter, and contribute sufficient capital contributions as prescribed in Article 10 of this Circular.

5. Each subject specified in Clauses 1, 2, and 3 of this Article may only join as a member of one (1) people's credit cooperative.

6. The Board of Directors decides on the admission of members and compiles the list of admitted members for reporting at the nearest General Assembly meeting.

7. The people's credit cooperative must specify in its Charter the conditions and procedures for admitting members.

Article 9. Termination of Member Status

1. A member of the people's credit cooperative terminates their member status when they fall into one of the following situations:

a) Situations where member status is automatically lost:

(i) The member is an individual who has died or gone missing;

(ii) The member is a legal entity that has ceased to exist;

(iii) The member no longer meets the conditions to become a member as prescribed in Article 8 of this Circular, except for the case stipulated in point c(i) of this clause;

(iv) The member has transferred all their capital contributions to another party in accordance with the law and the Charter of the people's credit cooperative;

b) Voluntary termination: The member voluntarily terminates their membership and receives approval from the Board of Directors;

c) Expulsion: The member is expelled from the people's credit cooperative by the General Assembly due to:

(i) Not maintaining sufficient capital contributions as prescribed in Clause 1 of Article 10 of this Circular;

(ii) Engaging in fraudulent or deceptive behavior regarding membership documentation;

(iii) Other circumstances as prescribed in the Charter of the people's credit cooperative.

2. The Board of Directors decides on the termination of member status and compiles the list for reporting at the nearest General Assembly meeting.

3. The handling of capital contributions by members upon termination of member status as prescribed in Clause 1 of this Article shall be carried out as follows:

a) In the case of termination of member status as prescribed in points a(i), a(ii), and a(iii) of Clause 1 of this Article:

(i) The capital contribution can be transferred in accordance with Clause 1 of Article 12 of this Circular or refunded in accordance with Clause 3 of Article 12 of this Circular;

(ii) If the member is an individual who has died, gone missing, lost capacity for civil acts, or is limited in capacity for civil acts: the rights and obligations of the member shall be handled in accordance with the Civil Law;(iii) If the member is a legal entity that has ceased to exist: it shall be handled in accordance with the laws on organizational restructuring, dissolution, or bankruptcy;

b) In the case of termination of member status as prescribed in point b of Clause 1 of this Article: The member can transfer their capital contribution in accordance with Clause 1 of Article 12 of this Circular or have their capital contribution refunded in accordance with Clause 3 of Article 12 of this Circular;

c) In the case of termination of member status as prescribed in point c of Clause 1 of this Article: The member cannot transfer their capital contribution. The refund of the capital contribution shall be carried out in accordance with Clause 3 of Article 12 of this Circular.

4. Members terminating their member status shall enjoy benefits (if any) as decided by the General Assembly after fulfilling all financial obligations as prescribed by law and the Charter of the people's credit cooperative.

4. A member who ceases membership shall be entitled to benefits (if any) pursuant to the decision of the General Meeting of Members after fully discharging all financial obligations as prescribed by law and the Charter of the People's Credit Fund.

Article 10. Capital Contribution of Members

1. The capital contribution of members includes the initial capital contribution to establish member status and additional capital contributions:

a) The minimum level of initial capital contribution to establish member status is 300,000 VND and is specified in the Charter.

b) The level of additional capital contributions is implemented according to the provisions in the Charter..

2. The maximum total capital contribution of a single member of a People's Credit Fund shall not exceed 10% of the charter capital of the People's Credit Fund or another lower ratio as stipulated in the Charter.

3. The General Assembly of Members decides specifically on the level of initial capital contribution, the level of additional capital contributions, payment methods, and the maximum total capital contribution of a single member as prescribed in Clause 1 and Clause 2 of this Article.

4. Recording the capital contribution of members as prescribed in Clause 1 of this Article into the charter capital is carried out as follows:

a) The initial capital contribution to establish member status is recorded into the charter capital after the Board of Directors decides to admit new members.

b) Additional capital contributions are recorded into the charter capital after members have completed their capital contributions.

5. Based on the actual capital contributions of members as prescribed in Clause 1 and Clause 2 of this Article, the People's Credit Fund shall implement:

a) Issuing Membership Cards according to the model guided uniformly across the entire system of People's Credit Funds by the cooperative bank, and Capital Contribution Books according to Model 04 attached to this Circular for new members after being decided by the Board of Directors to admit new members.

b) Updating changes in the level of capital contributions into the Capital Contribution Books for members after members have completed additional capital contributions.

6. The People's Credit Fund must maintain records of capital contributions; transfers, acquisitions of capital contributions, and refunds of capital contributions of members.

Article 11. Distribution of Profits to Members

Members of a People's Credit Fund are entitled to profit distribution based on the degree of use of products and services, the proportion of capital contributions of members at the People's Credit Fund, and decisions made by the General Assembly of Members of the People's Credit Fund, in accordance with the provisions of the law.

Article 12. Transfer and Refund of Capital Contributions

1. Members may transfer all or part of their capital contributions to other members. The transfer of capital contributions by members must be approved by the Board of Directors and comply with the following requirements:

a) The remaining level of capital contribution (in cases of partial transfer of capital contributions) must meet the regulations on the level of capital contributions of members prescribed in Clause 1 and Clause 2 of Article 10 of this Circular.

b) The transfer of all capital contributions can only be carried out after the member has fulfilled their obligations to repay loans and other financial liabilities to the People's Credit Fund as prescribed by law and the Charter of the People's Credit Fund.

c) The member receiving the transferred capital contribution must meet the regulations on the maximum total capital contribution of a single member prescribed in Clause 2 of Article 10 of this Circular.

2. The People's Credit Fundshall refund the capital contribution to the member when terminating the member's status or refunding the capital contribution exceeding the maximum total capital contribution of the member as prescribed in Clause 2 of Article 10 of this Circular and the Charter of the People's Credit Fund.

3. The refund of capital contributions to members must satisfy the following conditions fully:

a) For members: Members have fulfilled all financial obligations to the People's Credit Fund, including:

(i) All debts (principal and interest) of the member;

(ii) Losses that the member is responsible for compensating;

(iii) Business losses and risks corresponding to the proportion of capital contributions that the member shares responsibility for according to the decision of the General Assembly of Members.

b) For the People's Credit Fund:

(i) Not reducing the actual value of the charter capital of the People's Credit Fund below the statutory capital;

(ii) Not violating the regulations on the minimum capital safety ratio, the ratio of deposits from members, purchases, and investments in fixed assets of the People's Credit Fund before and after refunding capital contributions to members;

(iii) The amount of capital contribution refunded to members in cases of full refund of capital contributions is determined according to the following formula:

A = B - C

Where:

A: The amount of capital contribution refunded to the member.

B: The total initial capital contribution and additional capital contributions made according to the provisions of Clause 1 of Article 10 of this Circular.

C: The financial obligations of the member as stipulated in point a of this clause.

4. The refund of capital contributions when a member terminates their status as prescribed in point c of Clause 1 of Article 9 of this Circular must be approved by the General Assembly of Members.

The refund of capital contributions when a member terminates their status as prescribed in points a(i), a(ii), a(iii), and b of Clause 1 of Article 9 of this Circular is decided by the Board of Directors and reported to the General Assembly of Members at the nearest General Assembly meeting.

5. Monthly, no later than the 5th day of the following month, the People's Credit Fund must report to the State Bank branch in the areas where the People's Credit Fund is headquartered (hereinafter referred to as the State Bank branch) about the transfer of capital contributions for members with a capital contribution ratio from 5% to 10% of the charter capital of the People's Credit Fund. ^[4] The main office of the People's Credit Fund (hereinafter referred to as the State Bank Branch) regarding the transfer of share capital contributions from members with a shareholding ratio from 5% to 10% of the charter capital of the People's Credit Fund.

Article 13. Amendment of Registered Capital

1. The Board of Directors decides on increasing or decreasing the registered capital and reports to the Member Assembly at the nearest Member Assembly meeting in the following cases:

a) Receiving contributions from members due to admitting new members or additional contributions from existing contributing members;

b) Returning contributions to members who cease their membership status according to points a(i), a(ii), a(iii), and b of Clause 1, Article 9 of this Circular.

2. The General Assembly of Members decides on increasing or decreasing the level of charter capital in the following case:

a) Using the supplementary capital reserve fund, other funds as prescribed by law, and other lawful sources to supplement the registered capital;

b) Returning contributions to members who cease their membership status according to point c of Clause 1, Article 9 of this Circular.

3. Monthly, no later than the fifth day of the following month, the people's credit cooperative must report to the State Bank branch regarding the number of newly admitted members, the number of members removed from membership, the total contributions made by members, and the total contributions returned during the month for management and supervision purposes.

4. The procedure and dossier for requesting amendments to the license of the people's credit cooperative concerning the registered capital shall be implemented in accordance with the Governor of the State Bank's regulations on changes that must be approved by the State Bank for credit institutions that are cooperatives.

Section 2. MEMBER ASSEMBLY

Article 14. Summoning the Member Assembly

1. The Board of Directors shall convene the annual Member Assembly within four months from the end of the fiscal year.

2. The Member Assembly may be organized in the form of a General Meeting of Members or a Representative Meeting of Members (collectively referred to as the Member Assembly). The General Meeting of Members or the Representative Meeting of Members have the same duties and powers.

3. The number of representatives attending the Representative Meeting of Members is stipulated in the Charter of the people's credit cooperative but must not be less than 100 representatives.

4. The criteria for representatives and the procedures for electing representatives to attend the Representative Meeting of Members are stipulated in the Charter of the people's credit cooperative. The election of representatives to attend the Member Assembly must be based on the principles of democracy and equality among members. Representatives elected cannot delegate others to attend the Member Assembly. Representatives attending the Representative Meeting must express the opinions, wishes, and have the responsibility to inform all members they represent about the results of the meeting.

5. An extraordinary Member Assembly may be convened in the following circumstances:

a) The Board of Directors convenes to resolve issues exceeding its authority;

b) The Board of Directors convenes upon the request of the Supervisory Board or at least one-third of the total number of members of the people's credit cooperative;

c) The Board of Directors convenes upon the request of the State Bank branch in case of events affecting the safety of the operations of the people's credit cooperative;

d) The Chairman of the Board of Directors convenes if it is not possible to hold a regular meeting of the Board of Directors after two consecutive calls;

đ) Other cases as stipulated in the Charter of the people's credit cooperative.

The people's credit cooperative must report to the State Bank branch about the reasons, contents, time, and form of organization of the extraordinary Member Assembly at least ten days before the planned date of organization.

6. The summoning of an extraordinary Member Assembly for the cases specified in points b and c of Clause 5 of this Article shall be carried out as follows:

a) Within fifteen days from the date of receiving the request of the Supervisory Board or at least one-third of the total number of members of the people's credit cooperative or upon the request of the State Bank branch, the Board of Directors must convene an extraordinary Member Assembly;

b) If the Board of Directors does not convene an extraordinary Member Assembly within fifteen days from the date of receiving the request of the Supervisory Board or at least one-third of the total number of members of the people's credit cooperative or upon the request of the State Bank branch, or if the Board of Directors does not convene the annual Member Assembly within four months from the end of the fiscal year, then the Supervisory Board has the right to convene an extraordinary Member Assembly;

c) Within fifteen days from the date the Supervisory Board has the right to convene but does not convene an extraordinary Member Assembly as stipulated in point b of this clause, the member representing at least one-third of the total number of members of the people's credit cooperative has the right to convene the Member Assembly. The appointment of the representative member must be recorded in a minutes book and signed by all members proposing to convene the Member Assembly.

7. In the event that the Board of Directors does not convene the Member Assembly as stipulated in Clause 1 and point a of Clause 6 of this Article, the Board of Directors must compensate for any losses incurred by the people's credit cooperative according to the provisions of the law and the Charter of the people's credit cooperative.

In the event that the Supervisory Board does not convene the Member Assembly as stipulated in point b of Clause 6 of this Article, the Supervisory Board must compensate for any losses incurred by the people's credit cooperative according to the provisions of the law and the Charter of the people's credit cooperative.

8. The Member Assembly is chaired by the convener, except when the Member Assembly decides to elect another member to chair.

9. The Member Assembly can proceed when at least 75% of the total number of members or member representatives summoned attend, but not fewer than 100 representatives (for the Representative Meeting); if the number of members is insufficient, the organization of the Member Assembly must be postponed.

In the case where the first Member Assembly does not meet the conditions for proceeding, the second Member Assembly shall be convened within thirty days from the planned date of the first Member Assembly. In this case, before proceeding, the convener must send a written report to the State Bank branch explaining the reasons for not being able to organize the first Member Assembly and the expected date of organizing the second Member Assembly. The second Member Assembly can proceed when at least 50% of the total number of members or member representatives summoned attend.

In case the second General Meeting of Members does not meet the conditions for convening, the third meeting shall be convened within twenty days from the date planned for the second meeting. In this case, before proceeding, the convener must send a written report to the State Bank branch explaining the reasons why the second General Meeting of Members could not be held and the expected time for the third General Meeting of Members. The third General Meeting of Members shall be conducted regardless of the number of members or member representatives attending.

10. The General Meeting of Members may be organized in the form of an in-person meeting, an online meeting, or a combination of both. The choice of meeting format is carried out according to the Articles of Association of the People's Credit Fund.

11. The General Meeting of Members must be recorded in minutes, which can also be audio or video recorded to provide to members if requested. The minutes must have the signatures of the chairperson and secretary. If the chairperson and secretary refuse to sign, the minutes will be valid if more than 50% of the attending members agree to approve the content of the minutes; the minutes must clearly state the refusal of the chairperson and secretary to approve the content of the minutes. Those signing the minutes are jointly responsible for the accuracy and truthfulness of the minutes.

Article 15. Preparing the General Meeting of Members

1. The convener of the General Meeting of Members must prepare a list of members and representatives with the right to attend; prepare the agenda, content, documents, and draft resolutions; send a notice of convening to each member at least seven days before the opening of the annual General Meeting of Members or five days before the opening of the extraordinary General Meeting of Members. The content of the notice of convening must clearly specify the time, place, form, and program of the meeting. The notice of convening is sent by paper copy, electronic version, or other methods prescribed by the Articles of Association of the People's Credit Fund.

2. The content of the meeting program may be changed when at least one-third of the total number of members propose in writing to adjust the same content. The proposal must clearly state the name of the member and the content of the proposal.

The content of the proposal must be sent to the convener of the General Meeting of Members at least three days before the organization of the General Meeting of Members.

For the extraordinary General Meeting of Members, in cases where there are proposals on the content, the convener will consider supplementing into the program of the extraordinary General Meeting of Members or including it in the program of the next extraordinary General Meeting of Members.

3. The convener of the General Meeting of Members only has the right to reject the proposal provided for in Clause 2 of this Article if it falls under one of the following circumstances:

a) The proposal was sent beyond the deadline;

b) The content of the proposal does not fall within the decision-making authority of the General Meeting of Members;

c) Other cases as prescribed by the Articles of Association of the People's Credit Fund.

4. In case of rejecting a proposal, the convener must report to the General Meeting of Members before voting to approve the program of the General Meeting of Members.

Article 16. Participation and Voting in the General Meeting of Members

1. A member or representative is considered to participate and vote at the General Meeting of Members in the following cases:

a) Participating and voting directly at the meeting;

b) Participating and voting through an online form.

2. The following contents shall be approved by the General Meeting of Members when at least 75% of the total number of votes cast by participating members and representatives agree:

a) Amending and supplementing the Articles of Association of the People's Credit Fund;

b) Approving investment, purchase, or sale of fixed assets of the People's Credit Fund where the level of investment, purchase price forecast, or original cost in the case of selling fixed assets is equal to or exceeds 20% of the charter capital of the People's Credit Fund as recorded in the audited financial report most recently issued or the latest financial report in the case where the People's Credit Fund is not required to be audited or a lower ratio as prescribed by the Articles of Association of the People's Credit Fund;

c) Deciding on the organizational structure of the People's Credit Fund;

d) Splitting, dividing, merging, consolidating, or voluntary dissolution.

3. Contents not covered in Clause 2 of this Article shall be approved when more than 50% of the total number of votes cast by participating members and representatives agree.

4. Each member attending the general assembly has one vote of equal value, regardless of their share capital contribution or position. Each representative attending the representative assembly has the number of votes equal to the number of members who elected that representative to attend the representative assembly.

5. Ballots and tally sheets at the General Meeting of Members must be stored.

Section 3. BOARD OF MANAGEMENT

Article 17. Term of Office of the Chairman of the Board of Management and Members of the Board of Management

1. The Chairman of the Board of Management shall hold office for no more than two consecutive terms.

2. The term of office of the Chairman of the Board of Management and members of the Board of Management shall be in accordance with the term of the Board of Management.

Article 18. Meetings of the Board of Management

1. The Board of Management shall convene regular meetings in accordance with the provisions of the Charter and must ensure the full performance of its duties as prescribed by law at least once a month.

2. The Board of Management shall convene extraordinary meetings when requested by any of the following entities:

a) The Chairman of the Board of Directors;

b) General Director;

c) The Head of the Supervisory Board;

d) At least one-third of the total number of members of the Board of Management.

3. The meeting of the Board of Management shall be conducted as follows:

a) A meeting of the Board of Management shall be held when at least two-thirds of the total number of members of the Board of Management attend. Decisions of the Board of Management shall be adopted on the principle of majority voting, each member having one vote of equal value. In case of a tie, the content approved by the Chairman of the Board of Management or the person authorized by the Chairman to chair the meeting shall prevail;

b) In the event that a regular meeting of the Board of Management is convened but does not have enough members attending, the Chairman of the Board of Management shall convene a second meeting within fifteen days from the date of the first scheduled meeting. In this case, the meeting shall proceed if more than fifty percent of the members of the Board of Management attend;

c) In the event that a second meeting of the Board of Management is still unable to gather enough members, the Chairman of the Board of Management shall convene an extraordinary general meeting of members within thirty days from the date of the second scheduled meeting. The Chairman of the Board of Management shall report to the extraordinary general meeting of members to review the status of the Board of Management members who did not attend the previous two meetings and propose measures to address the situation;

d) The meeting of the Board of Management must be recorded in minutes, which may also be audio or video recorded upon request. The minutes of the meeting must bear the signatures of the chairperson and the secretary. Members of the Board of Management have the right to reserve their opinions and have them recorded in the minutes. If the chairperson or secretary refuse to sign, the minutes shall be valid if signed by more than fifty percent of the attendees; the minutes shall clearly state the refusal of the chairperson and secretary to sign. Those signing the minutes shall be jointly liable for the accuracy and truthfulness of the minutes.

4. In the event that the content adopted by the Board of Management contravenes the provisions of the law, resolutions of the general meeting of members, or the Charter and causes damage to the people's credit cooperative, the members who agreed to the content shall jointly bear personal responsibility and compensate for the damage to the people's credit cooperative in accordance with the law; opposing members shall be exempted from liability and have the right to request the court to suspend implementation or revoke such content.

Article 19. Conditions and Standards for the Chairman of the Board of Management and Members of the Board of Management

1. Members of the Board of Management must meet the following conditions and standards:

a) For people's credit cooperatives with total assets under 200 billion VND:

(i) Being an individual member or the representative of the capital contribution of a corporate member;

(ii) Residing in the operational area of the people's credit cooperative;

(iii) Having sufficient health to meet the requirements of work;

(iv) Not falling under the circumstances stipulated in Articles 42 and 43 of the Law on Credit Organizations;

(v) Having professional ethics;

(vi) Having at least one year of experience as a manager or executive of a credit organization or at least two years of experience as a manager of a business operating in the financial, banking, accounting, auditing industry or at least three years of direct work in the finance, banking, accounting, auditing departments;

(vii) Having a college degree in one of the fields of finance, banking, accounting, auditing, business administration, law and holding a certificate proving completion of training in the operations of people's credit cooperatives according to the training program of the State Bank of Vietnam or having an associate degree in one of the fields of finance, banking, accounting, auditing, business administration, law or having a bachelor's degree or higher;

b) For people's credit cooperatives with total assets from 200 billion VND to less than 500 billion VND:

(i) Meeting the conditions and standards specified in points a(i), a(ii), a(iii), a(iv) and a(v) of this clause;

(ii) Having at least two years of experience as a manager or executive of a credit organization or at least three years of experience as a manager of a business operating in the financial, banking, accounting, auditing industry or at least four years of direct work in the finance, banking, accounting, auditing departments;

(iii) Having an associate degree in one of the fields of finance, banking, accounting, auditing, business administration, law or having a bachelor's degree or higher;

c) For people's credit cooperatives with total assets of 500 billion VND or more:

(i) Meeting the conditions and standards specified in points a(i), a(ii), a(iii), a(iv) and a(v) of this clause;

(ii) Having at least three years of experience as a manager or executive of a credit organization or at least four years of experience as a manager of a business operating in the financial, banking, accounting, auditing industry or at least five years of direct work in the finance, banking, accounting, auditing departments;

(iii) Having a bachelor's degree or higher.

2. The Chairman of the Board of Management must meet the following conditions and standards, except in cases provided for in Clause 3 of this Article:

a) For people's credit cooperatives with total assets under 200 billion VND:

(i) Being an individual member of the people's credit cooperative;

(ii) Meeting the conditions and standards specified in points a(ii), a(iii), a(iv) and a(v) of Clause 1 of this Article;

(iii) Having at least two years of experience as a manager or executive of a credit organization or at least three years of experience as a manager of a business operating in the financial, banking, accounting, auditing industry or at least four years of direct work in the finance, banking, accounting, auditing departments;

(iv) Having an associate degree in one of the fields of finance, banking, accounting, auditing, business administration, law or having a bachelor's degree or higher.

b) For people's credit cooperatives with total assets from 200 billion VND to less than 500 billion VND:

(i) Satisfy the conditions and standards specified in points a(i) and a(ii) of this clause;

(ii) Having at least three years of experience as a manager or executive of a credit organization or at least four years of experience as a manager of a business operating in the financial, banking, accounting, auditing industry or at least five years of direct work in the finance, banking, accounting, auditing departments;

(iii) Have a bachelor's degree or higher;

c) For people's credit cooperatives with total assets of 500 billion VND or more:

(i) Satisfy the conditions and standards specified in points a(i) and a(ii) of this clause;

(ii) Have at least three years as a manager or executive of a credit institution or have at least five years as a manager of a business operating in the financial, banking, accounting, or auditing industry, or have at least five years of direct work experience in the financial, banking, accounting, or auditing departments;

(iii) Having a bachelor's degree or higher.

3. The State Bank branch shall coordinate with the People's Committee of the commune where the people's credit fund is headquartered to designate personnel to hold the position of Chairman of the Board of Management of the people's credit fund according to the following regulations:

a) Situations for designation:

(i) The people's credit fund fails to elect a Chairman of the Board of Management within the time limit prescribed in Clause 2, Article 87 of the Law on Credit Institutions;

(ii) The people's credit fund is subject to special supervision;

(iii) Other situations as required by the State Bank branch when the people's credit fund poses a risk of causing instability in its operations;

b) Conditions and standards for designated personnel:

(i) Having good reputation and a strong sense of compliance with the law;

(ii) Holding a bachelor's degree or higher, or a certificate of secondary vocational education or higher for commune-level cadres;

(iii) Having held a managerial or executive position for at least one year in a unit in one of the fields of banking, finance, accounting, or auditing according to the Charter or equivalent document of that unit, or having at least three years of direct work experience in the financial, banking, accounting, or auditing departments, or being a commune-level cadre.

Section 4. AUDIT COMMITTEE

Article 20. Audit Committee

1. The number of members of the Audit Committee shall be implemented as follows:

a) The Audit Committee of a people's credit fund with total assets under VND 50 billion must have at least one member. If the Audit Committee has only one member, that member shall concurrently serve as the Head of the Audit Committee;

b) The Audit Committee of a people's credit fund with total assets from VND 50 billion to less than VND 200 billion must have at least two members;

c) The Audit Committee of a people's credit fund with total assets of VND 200 billion or more must have at least three members.

2. The Head of the Audit Committee may not hold office for more than two consecutive terms.

3. Members of the Audit Committee may directly perform internal audit tasks.

Article 21. Conditions and Standards for the Head of the Audit Committee and Members of the Audit Committee

1. Members of the Audit Committee must meet the following qualifications and conditions:

a) For people's credit cooperatives with total assets under 200 billion VND:

(i) Meet the conditions and standards specified in points a(i), a(ii), a(iii), a(iv), and a(v) of Clause 1 of this Circular;

(ii) Have at least one year of direct work experience in the financial, banking, accounting, or auditing departments;

(iii) Have a diploma or higher in one of the fields of finance, banking, accounting, auditing, business administration, or law, and have a certificate (or certification) proving training in the operational skills of people's credit funds according to the training program for operational skills of people's credit funds issued by the State Bank, or have an associate degree in one of the fields of finance, banking, accounting, auditing, business administration, or law, or have a bachelor's degree or higher;

b) For people's credit cooperatives with total assets from 200 billion VND to less than 500 billion VND:

(i) Meet the conditions and standards specified in points a(i), a(ii), a(iii), a(iv), and a(v) of Clause 1 of this Circular;

(ii) Have at least two years of direct work experience in the financial, banking, accounting, or auditing departments;

(iii) Having an associate degree in one of the fields of finance, banking, accounting, auditing, business administration, law or having a bachelor's degree or higher;

c) For people's credit cooperatives with total assets of 500 billion VND or more:

(i) Meet the conditions and standards specified in points a(i), a(ii), a(iii), a(iv), and a(v) of Clause 1 of this Circular;

(ii) Have at least three years of direct work experience in the financial, banking, accounting, or auditing departments;

(iii) Having a bachelor's degree or higher.

2. The Head of the Audit Committee must meet the following qualifications and conditions:

a) For people's credit cooperatives with total assets under 200 billion VND:

(i) Being an individual member of the people's credit cooperative;

(ii) Meet the conditions and standards specified in points a(ii), a(iii), a(iv), and a(v) of Clause 1 of this Circular;

(iii) Have at least two years of direct work experience in the field of finance, banking, accounting, or auditing;

(iv) Having an associate degree in one of the fields of finance, banking, accounting, auditing, business administration, law or having a bachelor's degree or higher.

b) For people's credit funds with total assets of VND 200 billion or more:

(i) Satisfy the conditions and standards specified in points a(i) and a(ii) of this clause;

 (ii) Have at least three years of direct work experience in the field of finance, banking, accounting, or auditing;

(iii) Having a bachelor's degree or higher.

Section 5. CONDITIONS AND STANDARDS FOR THE DIRECTOR, DEPUTY DIRECTORS, CHIEF ACCOUNTANTS, AND BRANCH MANAGERS

Article 22. Conditions and standards for the Director

1. For people's credit funds with total assets under 200 billion VND, except in cases provided for in Clause 4 of this Article:

a) In the case of appointing a member of the Board of Management as the Director:

(i) Being an individual member of the people's credit cooperative;

(ii) Having a college degree in one of the fields of finance, banking, accounting, auditing, business administration, or law, or having a bachelor’s degree or higher;

b) In the case where the Director is a hired individual:

(i) Meeting the conditions and standards stipulated at points a(iii), a(iv), and a(v) of Clause 1 of Article 19 of this Circular;

(ii) Having a bachelor’s degree or higher;

(iii) Registering permanent residence or temporary residence in the province or city where the people's credit fund has its main office during the term of office;

(iv) Having at least one year of experience as a manager or executive of a financial institution, or at least two years of experience as a manager of a business operating in the field of finance, banking, accounting, or auditing, or at least three years of direct work in a department related to finance, banking, accounting, or auditing.

2. For people's credit funds with total assets from 200 billion VND to less than 500 billion VND, except in cases provided for in Clause 4 of this Article:

a) In the case of appointing a member of the Board of Management as the Director:

(i) Being an individual member of the people's credit cooperative;

(ii) Having a bachelor’s degree or higher;

b) In the case where the Director is a hired individual:

(i) Meeting the conditions and standards stipulated at points b(i), b(ii), and b(iii) of Clause 1 of this Article;

(ii) Having at least two years of experience as a manager or executive of a financial institution, or at least three years of experience as a manager of a business operating in the field of finance, banking, accounting, or auditing, or at least four years of direct work in a department related to finance, banking, accounting, or auditing.

3. For people's credit funds with total assets of 500 billion VND or more, except in cases provided for in Clause 4 of this Article:

a) In the case of appointing a member of the Board of Management as the Director:

Meeting the conditions and standards stipulated at points a(i) and a(ii) of Clause 2 of this Article;

b) In the case where the Director is a hired individual:

(i) Meeting the conditions and standards stipulated at points b(i), b(ii), and b(iii) of Clause 1 of this Article;

(ii) Having at least three years of experience as a manager or executive of a financial institution, or at least four years of experience as a manager of a business operating in the field of finance, banking, accounting, or auditing, or at least five years of direct work in a department related to finance, banking, accounting, or auditing.

4. The State Bank branch shall coordinate with the People's Committee of the commune where the people's credit fund has its main office and the cooperative bank to designate personnel to hold the position of Director of the people's credit fund according to the following regulations:

a) Situations for designation:

(i) The people's credit fund does not have a Director within the time limit specified in Clause 3 of Article 95 of the Law on Credit Institutions;

(ii) The people's credit fund is placed under special supervision.

(iii) Other situations as required by the State Bank branch when the people's credit fund poses a risk of causing instability in its operations;

b) Conditions and standards for designated personnel:

(i) Having good reputation and a strong sense of compliance with the law;

(ii) Holding a bachelor's degree or higher, or a certificate of secondary vocational education or higher for commune-level cadres;

(iii) Having held a managerial or executive position for at least one year in a unit in one of the fields of banking, finance, accounting, or auditing according to the Charter or equivalent document of that unit, or having at least three years of direct work experience in the financial, banking, accounting, or auditing departments, or being a commune-level cadre.

Article 23. Conditions and standards for Deputy Directors, Chief Accountants, and Branch Managers

Deputy Directors, Chief Accountants, and Branch Managers must meet the following conditions and standards:

1. For people's credit funds with total assets under 200 billion VND:

a) Not falling into the cases provided for in Articles 42 and 43 of the Law on Credit Institutions;

b) Registering permanent residence or temporary residence in the province or city where the people's credit fund has its main office during the term of office;

c) The Chief Accountant must meet the conditions and standards prescribed by the law on accounting;

d) Having one of the following conditions: Having a degree from a junior college or higher in one of the fields of finance, banking, business administration, law, auditing, or another relevant field, or having a degree from a college or higher in another field and at least three years of direct work in a department related to finance, banking, or the relevant field.

2. For people's credit funds with total assets from 200 billion VND to less than 500 billion VND:

a) Meeting the conditions and standards stipulated at points a, b, and c of Clause 1 of this Article;

b) Having one of the following conditions: Having a degree from a college or higher in one of the fields of finance, banking, business administration, law, auditing, or another relevant field, or having a degree from a bachelor’s level or higher in another field and at least three years of direct work in a department related to finance, banking, or the relevant field.

3. For people's credit funds with total assets of 500 billion VND or more:

a) Meeting the conditions and standards stipulated at points a, b, and c of Clause 1 of this Article;

b) Having one of the following conditions: Having a bachelor’s degree or higher in one of the fields of finance, banking, business administration, law, auditing, or another relevant field, or having a bachelor’s degree or higher in another field and at least four years of direct work in a department related to finance, banking, or the relevant field.

Section 6. ACTIVITIES OF RURAL CREDIT FUNDS

Article 24. Capital Mobilization

1. Receive demand deposits, term deposits, and savings deposits from members, organizations, and individuals in Vietnamese dong.

2. The total amount of deposits received from members of rural credit funds operating within one commune shall be at least 50% of the total amount of deposits received by the rural credit fund.

The total amount of deposits received from members of rural credit funds operating across multiple communes shall be at least 60% of the total amount of deposits received by the rural credit fund.

The total amount of deposits received from members of rural credit funds with total assets of 500 billion Vietnamese dong or more shall be at least 70% of the total amount of deposits received by the rural credit fund.

3. Borrow from cooperative banks.

4. Borrow from credit institutions and foreign bank branches. Rural credit funds shall not lend to or deposit money with each other.

5. Receive entrusted capital for lending from organizations and individuals within the country.

Article 25. Blank Savings Books

1. Rural credit funds may only use blank savings books according to the model issued and provided by the cooperative bank to receive savings deposits from customers as stipulated in Clause 1, Article 24 of this Circular.

2. Rural credit funds shall have the responsibility to:

a) Develop internal regulations on the management and use of blank savings books and submit them to the State Bank branch within ten days from the date of issuance or amendment. Internal regulations on the management and use of blank savings books must include the following contents:

(i) Specific procedures for registering purchases, managing, and using blank savings books, ensuring strict control over the quantity and quality of blank savings books during storage, receipt, transfer, preservation, transportation, management, and use; monthly inventory checks and reconciliations; handling lost or damaged blank savings books. Blank savings books must be managed strictly like valuable papers and can only be stored at the headquarters of the rural credit fund;

(ii) Responsibilities of the Management Board, Chairman of the Management Board, Director (Deputy Director), Supervisory Board, and related individuals and departments in managing and using blank savings books; checking and reconciling blank savings books and handling lost or damaged blank savings books;

(iii) Procedures for handling responsibilities of individuals and departments involved in managing and using blank savings books and for losing blank savings books. Upon receiving blank savings books from the cooperative bank, the rural credit fund must immediately stamp the part of the book given to customers and the part kept for record on all blank savings books or on the blank savings book itself;

b) Report to the State Bank branch and the cooperative bank immediately upon discovering lost blank savings books to take appropriate measures, and simultaneously post a list of lost blank savings books including their serial numbers at the main office, transaction offices, and the People's Committee office within the operational area of the rural credit fund upon discovery of lost blank savings books;

c) Publicize the model of blank savings books issued and provided by the cooperative bank at the main office, transaction offices, and through village, town communication channels; facilitate customers who have deposited savings at the rural credit fund to compare with the model of blank savings books and switch to new models when requested by customers;

d) ^[5] Regularly, quarterly, return unused blank savings books to the cooperative bank and open a tracking ledger;

d) Before the tenth day of each month or upon request, compile and report the situation of using blank savings books of the previous month according to the form specified in Appendix No. 05 issued together with this Circular and send it to the State Bank branch.

Article 26. Lending Activities

1. The lending activities of the People's Credit Fund mainly aim to assist among members for effectively implementing production, business activities, and improving the living standards of the members of the People's Credit Fund.

2. The People's Credit Fund lends in Vietnamese dong according to the regulations of the State Bank on lending by credit institutions to customers and bears responsibility for its decisions. The People's Credit Fund shall not lend secured by Membership Contribution Books of members.

3. The People's Credit Fund lends to member legal entities, non-member customer legal entities, and individuals who have deposits at the People's Credit Fund based on guarantees by deposit balances at the same People's Credit Fund and the loan term shall not exceed the remaining term of the deposit contract or savings book at the same People's Credit Fund.

4. The People's Credit Fund lends to poor households' members registered as permanent residents within the operating area of the People's Credit Fund when such poor households are not members of the People's Credit Fund. In cases where multiple members of a poor household borrow funds, all members of the poor household must sign or authorize one member of the poor household to sign the loan agreement with the People's Credit Fund. Poor households must be approved by the People's Committee with competent authority. ^[6] The procedures, formalities, and loan application documents for poor household members shall be implemented according to the loan regulations applicable to members.

5. The People's Credit Fund shall not lend to customers for purchasing or investing in securities.

6. The People's Credit Fund jointly lends with cooperative banks to People's Credit Fund members according to the provisions of the Law on Credit Institutions.

Article 27. Internal Regulations on Lending and Loan Management

The People's Credit Fund must issue internal regulations on lending and loan management according to the State Bank's regulations on lending by credit institutions and foreign bank branches to customers, categorized by the types of customers of the People's Credit Fund, including: individual members, household members, legal entity members; non-member customers as stipulated in Clause 3 and Clause 4 of Article 26 of this Circular.

  Article 28. Other Activities

1. Implementing activities as prescribed in Clause 3 of Article 126 and Points b, d, đ, e, and h of Clause 4 of Article 126 of the Law on Credit Institutions.

2. Depositing money at cooperative banks to regulate capital.

3. Insurance agency as follows:

a) When the license issued by the State Bank to the People's Credit Fund includes insurance agency activities, the People's Credit Fund may carry out insurance agency activities for various types of insurance as prescribed by the Insurance Business Law;

b) When carrying out insurance agency activities, the People's Credit Fund must comply with the laws on insurance business and other relevant laws.

Chapter 7. RIGHTS AND OBLIGATIONS OF THE PEOPLE'S CREDIT FUND

Article 29. Rights of the People's Credit Fund

1. To receive support from cooperative banks in developing products and services; vocational training.

2. To receive support from cooperative banks in banking activities as prescribed by law.

3. To receive support from cooperative banks in conducting internal audits as prescribed by the State Bank regarding cooperative banks.

4. To accept financial assistance from the State, domestic and foreign organizations, and individuals.

5. To request borrowers to provide documents on their production, business, service, and living conditions related to the loan and other information as prescribed by law.

6. To refuse requests from organizations and individuals that contravene the law.

7. To exercise other rights as prescribed by law.

Article 30. Obligations of People's Credit Funds

1. Conduct business activities in accordance with the content specified in the License already issued.

2. Contribute capital to cooperative banks in accordance with the provisions of the law.

3. Deposit money at cooperative banks to regulate capital in accordance with the regulations of the State Bank on cooperative banks.

4. Participate in the Safety Assurance Fund for People's Credit Funds in accordance with the provisions of the law.

5. Provide reports to cooperative banks for the purpose of regulating capital, inspection, supervision, internal audit, and management of the Safety Assurance Fund for People's Credit Funds in accordance with internal regulations issued by cooperative banks in accordance with the regulations of the State Bank on cooperative banks.

6. Be subject to inspection, supervision, and internal audit by cooperative banks in accordance with the regulations of the State Bank on cooperative banks.

7. The People's Credit Fund must post and retain information prescribed in Clause 1 of Article 49 of the Law on Credit Organizations at its main office and submit written reports to the State Bank branch within seven working days from the date the People's Credit Fund receives the provided information. Annually, the People's Credit Fund shall disclose the information prescribed in Points a, b, and d of Clause 1 of Article 49 of the Law on Credit Organizations to the Members' General Meeting of the People's Credit Fund.

Chapter III. TRANSITIONAL PROVISIONS

 

Article 31. Transitional Provisions for Management Personnel, Operating Personnel, and Supervisory Board Members of People's Credit Funds

Chairmen and members of the Board of Directors, Heads and members of the Supervisory Board, Directors, Deputy Directors, Chief Accountants, and Branch Managers of People's Credit Funds appointed before this Circular takes effect who do not meet the requirements stipulated in Articles 19, 21, 22, and 23 of this Circular may continue to hold their positions until the end of their term or until the end of their appointment period.

Article 32. Transitional Provisions for Areas of Operation

1. ^[7] People's Credit Funds operating across villages that are adjacent to the village where the People's Credit Fund's headquarters is located within the same province or centrally administered city shall maintain their current areas of operation if they are rated as good or better annually by the State Bank branch.

2. For People's Credit Funds whose areas of operation are intervened early and those under special supervision, the implementation of remediation plans, recovery plans, merger plans, consolidation plans, and the transfer of all equity contributions approved shall be carried out.

3. People's Credit Funds operating in specific industries or serving individual enterprises as prescribed in Circular No. 06/2007/TT-NHNN dated November 6, 2007, amending and supplementing Circular No. 08/2005/TT-NHNN dated December 30, 2005, guiding the implementation of Decree No. 48/2001/NĐ-CP dated August 13, 2001, on the organization and operation of People's Credit Funds, and Decree No. 69/2005/NĐ-CP dated May 26, 2005, amending and supplementing certain articles of Decree No. 48/2001/NĐ-CP dated August 13, 2001, on the organization and operation of People's Credit Funds, shall continue to operate in their existing areas upon approval by the State Bank branch.

4. People's Credit Funds operating in villages not adjacent to the village where their headquarters is located and having state-owned capital prior to the effective date of this Circular shall implement the following provisions:

a) People's Credit Funds shall maintain their areas of operation approved by the State Bank branch until all state-owned capital is withdrawn. During this period, People's Credit Funds shall not admit new members in non-adjacent villages;

b) After fully withdrawing state-owned capital, People's Credit Funds must develop a plan to cease operations in non-adjacent villages in accordance with the provisions of Clause 7 of this Article;

c) The State Bank branch shall coordinate with ^[8] the People's Committee of the commune where the People's Credit Fund's headquarters is located in managing and supervising the operations of People's Credit Funds operating in areas as prescribed in Clause 4 of this Article.

5. ^[9] As of June 15, 2026, People's Credit Funds operating across villages that are adjacent to the village where the People's Credit Fund's headquarters is located within the same province or centrally administered city and failing to meet the conditions prescribed in Clause 1 of this Article must develop a resolution plan to ensure compliance with the conditions for cross-village operations. The development of the resolution plan must comply with the following requirements:

a) Within a maximum period of 60 days from receiving the ranking result notification from the State Bank branch, the People's Credit Fund must submit to the State Bank branch a resolution plan, which must include at least the following contents:

(i) Current status of cross-village operations;

(ii) Clearly identify indicators and reasons leading to the failure to meet the conditions prescribed in Clause 1 of this Article;

(iii) Plan and measures to address the situation quarterly and commit to ensuring compliance with the conditions for cross-village operations prescribed in Clause 1 of this Article within a maximum period of 12 months from the date of receipt of the ranking result notification;

b) Quarterly, before the first day of each quarter, the People's Credit Fund must submit a written report on the progress of implementing the resolution plan as prescribed in Point a of Clause 5 of this Article, either directly or through postal service to the State Bank branch.

6. ^[10] After the maximum resolution period prescribed in Point a(iii) of Clause 5 of this Article, if the People's Credit Fund fails to meet the conditions for cross-village operations as prescribed in Clause 1 of this Article, it must develop a resolution plan to cease operations in adjacent villages according to the following provisions:

a) Within a maximum period of 60 days from the maximum processing deadline specified in point a(iii) of Clause 5 of this Article, the people's credit fund must submit to the State Bank branch a plan for handling, which must include at least the following contents:

(i) Current status of cross-village operations;

(ii) A quarterly plan and measures for handling, with a commitment to ensure completion within a maximum period of 24 months from the end date of the handling plan specified in point a(iii) of Clause 5 of this Article, the people's credit fund must cease operations in adjacent communes and adjust its activities to the commune where its headquarters is located;

b) Quarterly, before the first day of the month of the next quarter, the people's credit fund must submit a written report on the progress of implementing the handling plan specified in point a of Clause 6 of this Article, either directly submitted or sent through postal service to the State Bank branch;

c) During the implementation of the handling plan, the people's credit fund shall not admit new members or provide new loans in the commune that must cease operations.

7. ^[11] People's credit funds operating in communes that are not adjacent to the commune where their headquarters is located or operating across adjacent communes outside the scope of one province or centrally-administered city due to administrative boundary adjustments must develop a handling plan to cease operations in non-adjacent communes and communes outside the scope of one province or centrally-administered city according to the following provisions:

a) Within a maximum period of 60 days from the effective date of the administrative boundary adjustment document issued by the competent state agency or 60 days from the date when all state capital has been withdrawn from the people's credit fund, the people's credit fund must submit to the State Bank branch a handling plan, which must include at least the following contents:

(i) The current situation regarding the operation across communes of the people's credit fund;

(ii) A quarterly plan and measures for handling, including restructuring under the form of division or separation as prescribed by law, with a commitment to ensure cessation of operations in non-adjacent communes and communes outside the scope of one province or centrally-administered city within a maximum period of 36 months from the effective date of the administrative boundary adjustment document issued by the competent state agency or from the date when all state capital has been withdrawn from the people's credit fund;

b) Within a maximum period of 14 days from the date of receipt of the handling plan of the people's credit fund as stipulated in point a of this clause, the State Bank branch may issue a written request for the people's credit fund to amend and supplement the handling plan if it does not meet the requirements. In case the State Bank branch requests amendments and supplements to the handling plan, within a maximum period of 30 days from the date the State Bank branch issues the request for amendment and supplementation, the people's credit fund must complete and resubmit the amended and supplemented handling plan to the State Bank branch. Within a maximum period of 14 days from the date of receipt of the handling plan (including cases of amendment and supplementation), the State Bank branch will issue a written approval of the handling plan of the people's credit fund.

Quarterly, before the first day of the month of the next quarter, the people's credit fund must submit a written report on the progress of implementing the handling plan approved by the State Bank branch, either directly submitted or sent through postal service to the State Bank branch;

c) During the implementation of the handling plan, the people's credit fund shall not admit new members or provide new loans in the commune that must cease operations.

8. ^[12] Within five working days from the completion date of the handling plan as stipulated in Clause 6 and Clause 7 of this Article, the people's credit fund must submit a written report on the completion of the handling plan and a request for amendment and supplementation of the Operating Permit regarding the operational area to the State Bank branch.

Within ten days from the date of receipt of the request document from the people's credit fund, the State Bank branch will issue a Decision to amend and supplement the Operating Permit regarding the operational area of the people's credit fund.

9. ^[13] If the people's credit fund fails to submit the handling plan within the maximum period specified in Clause 5, Clause 6, and Clause 7 of this Article, or fails to resubmit the handling plan required to be amended and supplemented according to the State Bank branch's request within the period specified in Clause 7 of this Article, or fails to implement the handling plan within the period specified in Clause 6 and Clause 7 of this Article, depending on the nature and severity of the violation, the State Bank branch will apply the following measures:

a) Downgrade the classification level when conducting annual classification of people's credit funds;

b) Administrative penalty;

c) Apply credit growth restrictions;

d) Implement mandatory restructuring;

đ) Revoke the Operating Permit.

10. ^[14] The submission of the handling plan as stipulated in Clause 7 of this Article; the submission of a written report on the completion of the handling plan and a request for amendment and supplementation of the Operating Permit regarding the operational area as stipulated in Clause 8 of this Article shall be carried out in one of the following forms:

a) Directly submitting at the One-Stop Service Desk of the State Bank branch;

b) Send through postal service;

c) Submitting online through the National Public Service Portal.

When submitting documents online through the National Public Service Portal, electronic documents must use digital signatures as prescribed by laws on administrative procedures in the electronic environment. Documents in the electronic dossier are scanned copies or original files (PDF format).

In case the National Public Service Portal encounters technical issues or errors preventing the acceptance and exchange of electronic information, the submission of documents, acceptance, issuance of results, exchange, and feedback of information shall be conducted through postal service or directly at the One-Stop Service Desk of the State Bank branch.

The State Bank branch will issue the result of the administrative procedure prescribed in this Circular through online means, postal service, or directly at the One-Stop Service Desk of the State Bank branch.

11. ^[15] As of February 16, 2026, people's credit funds currently implementing the handling plan to cease operations in adjacent communes already approved by the State Bank branch shall continue to implement the handling plan as approved.

Article 33. Transitional Provisions for Loan Activities to Purchase and Invest in Securities; Savings Books

1. For loan contracts to purchase and invest in securities signed before this Circular takes effect and which comply with the legal provisions at the time of signing, credit unions and customers may continue to implement the agreements already signed until the end of the loan contract term. 

2. Savings books issued by credit unions to customers before January 1, 2020 can continue to be used until the maturity date of the savings deposit (except in cases where the savings deposit matures but the customer does not conduct transactions at the credit union), or the customer may request to exchange the old savings book for a new model. Upon maturity of the savings deposit, if the customer wishes to continue depositing funds, the credit union must recover the old savings book and use the new savings book issued and provided by the cooperative bank. In cases where the savings deposit matures but the customer does not conduct transactions at the credit union, the old savings book may continue to be used until the credit union recovers the old savings book issued to the customer.

Chapter IV. IMPLEMENTING PROVISIONS ^{[16] , [17]}

 

Article 34. Responsibilities of Relevant Units

1. Department of Management and Supervision of Credit Institutions ^[18] :

a) Take the lead in coordinating with Departments and Bureaus under the State Bank of Vietnam to submit to the Governor of the State Bank of Vietnam for consideration issues related to the organization and operation of credit unions within the Governor's authority;

b) Receive reports from the State Bank of Vietnam branches in the Regions as specified in Clause 2 of this Article. ^[19] 2. State Bank of Vietnam branches in the Regions

a) Manage, inspect, supervise, examine, and handle violations by credit unions in the province or city in implementing the provisions of this Circular and relevant laws; ^[20] :

b) Direct and guide credit unions in implementing transitional provisions and post-transition handling as stipulated in Articles 31, 32, and 33 of this Circular. Quarterly, within the first 15 days of the first month of each quarter, submit a report to the State Bank of Vietnam (Department of Management and Supervision of Credit Institutions) on the implementation of transitional provisions by credit unions in their jurisdiction;

c) Consider suspending or temporarily suspending the rights and obligations of the Chairman and members of the Board of Directors, Heads and members of the Supervisory Board, General Director, Deputy General Director, Chief Accountant, and Branch General Director of credit unions who violate the provisions of Article 43 and Clause 10 of Article 48 of the Law on Credit Organizations or other relevant legal provisions during the performance of assigned duties or failing to meet the standards and conditions stipulated in Articles 19, 21, 22, and 23 of this Circular; request competent authorities to remove, dismiss, elect, appoint, or designate replacements if deemed necessary; ^[21] d) Notify credit unions in their jurisdiction about lost blank savings books immediately upon receiving reports from credit unions;

e) Receive internal regulations of credit unions regarding the management and use of blank savings books.

a) Circular No. 04/2015/TT-NHNN dated March 31, 2015 of the Governor of the State Bank of Vietnam on credit unions;

b) Circular No. 06/2017/TT-NHNN dated July 5, 2017 of the Governor of the State Bank amending and supplementing certain articles of Circular No. 03/2014/TT-NHNN dated January 23, 2014 of the Governor of the State Bank of Vietnam on the fund for ensuring the safety of the credit union system and Circular No. 04/2015/TT-NHNN dated March 31, 2015 of the Governor of the State Bank of Vietnam on credit unions;

Article 35. Effective Date

1. This Circular takes effect from July 1, 2024.

2. This Circular abolishes:

c) Article 2, Clause 1 of Article 6 of Circular No. 21/2019/TT-NHNN dated November 14, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circulars regulating cooperative banks, credit unions, and the fund for ensuring the safety of the credit union system;

d) Circular No. 01/2023/TT-NHNN dated March 1, 2023 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 04/2015/TT-NHNN dated March 31, 2015 of the Governor of the State Bank of Vietnam on credit unions;

e) Article 2 of Circular No. 24/2023/TT-NHNN dated December 29, 2023 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circulars related to the submission, presentation, and provision of information and documents on household registration when performing administrative procedures in the banking sector.

Heads of units under the State Bank of Vietnam, Governors of State Bank of Vietnam branches, cooperative banks, and credit unions are responsible for organizing the implementation of this Circular./. Appendix No. 01

Model Application for Individual Membership

Article 36. Implementation Organization

^[22] (Annexed to Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam)

 

……., day….. month….. year……

APPLICATION FOR MEMBERSHIP

(For Individuals)

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
---------------

Respected Board of Directors of the Credit Union …..

1. Individual Applying for Membership
- Full Name (written in capital letters).

- Identity Card Number or Personal Identification Number.

- Current Address (if different from registered permanent residence or temporary residence).

- Occupation, workplace, and current position.

- Position of the person to whom the card was issued: Team Leader, Deputy Team Leader, Group Leader, or staff member of the team.

- Phone number.

After studying the Charter of the Credit Union ….. and relevant legal provisions, I hereby apply to become a member of the Credit Union ….. with a contribution amount of … VND.

2. Commitment

I hereby commit:

a) To contribute the registered capital and make contributions according to the schedule stipulated by the Credit Union ….;

b) To bear responsibility for the legality of the contributed capital to the Credit Union ….;

c) To comply with the provisions of the Charter of the Credit Union ….. and relevant legal provisions;

d) To bear responsibility for the truthfulness and accuracy of the accompanying documents as required.

Applicant for Membership

Appendix No. 02

Model Application for Household Membership

 

 

1. Individual Representative of the Household Applying for Membership

Application form for membership for family households

(For Individuals)

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
---------------

Respected Board of Directors of the Credit Union …..

1. Individual Applying for Membership
(For family households)

- Identity Card Number or Personal Identification Number.

1. The individual representing the family household applying to join as a member

- Occupation, workplace, and current position.

- Position of the person to whom the card was issued: Team Leader, Deputy Team Leader, Group Leader, or staff member of the team.

- Phone number.

After studying the Charter of the Credit Union ….. and relevant legal provisions, I hereby apply to become a member of the Credit Union ….. with a contribution amount of … VND.

2. Commitment

I hereby commit:

After studying the Charter of the People's Credit Fund... and relevant legal provisions, I have been appointed by the members of my household to register to become a member of the People's Credit Fund... with a capital contribution of... VND.

b) To bear responsibility for the legality of the contributed capital to the Credit Union ….;

We hereby commit:

a) To fully contribute the registered capital and make contributions within the time limit stipulated by the People's Credit Fund...;

b) To be responsible for the legality of the contributed capital to the People's Credit Fund...;

c) To comply with the provisions of the Charter of the People's Credit Fund and relevant legal provisions;

Model Application for Household Membership

(Attached is the power of attorney from the members of the household)

 

 

Appendix No. 03

Model Application Form for Corporate Membership

(For Individuals)

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
---------------

Respected Board of Directors of the Credit Union …..

1. Individual Applying for Membership
(For corporate entities)

- Identity Card Number or Personal Identification Number.

1. Corporate entity applying for membership

- Name of corporate entity (full name, trading name if any, in uppercase letters).

- Business registration number or establishment decision number or other equivalent document issued on... date... month... year...

- Registered capital.

- Main office address.

- Telephone number. Fax number.

2. Legal representative

- Occupation, workplace, and current position.

- Position of the person to whom the card was issued: Team Leader, Deputy Team Leader, Group Leader, or staff member of the team.

- Phone number.

After studying the Charter of the Credit Union ….. and relevant legal provisions, I hereby apply to become a member of the Credit Union ….. with a contribution amount of … VND.

- Position held.

I hereby commit:

3. Authorized representative at the People's Credit Fund

- Occupation, workplace, and current position.

- Position of the person to whom the card was issued: Team Leader, Deputy Team Leader, Group Leader, or staff member of the team.

- Phone number.

After studying the Charter of the Credit Union ….. and relevant legal provisions, I hereby apply to become a member of the Credit Union ….. with a contribution amount of … VND.

- Position held.

I hereby commit:

4. Capital contribution and shareholding in other organizations

- Name of organization or enterprise where the corporate entity has capital contribution or shareholding.

- Amount of capital contribution or shareholding; ratio compared to the total registered capital of the organization or enterprise.

After studying the Charter of the People's Credit Fund... and relevant legal provisions, (name of corporate entity) registers to become a member of the People's Credit Fund... with a capital contribution of... VND.

5. Commitments

d) To bear responsibility for the truthfulness and accuracy of the accompanying documents as required.

b) To have sufficient financial capacity to contribute capital to the People's Credit Fund... in accordance with the regulations of the State Bank of Vietnam; not to use entrusted funds or loans from other organizations or individuals to contribute capital; to be responsible for the legality of the contributed capital to the credit fund;

c) To comply with the provisions of the Charter of the People's Credit Fund... and relevant legal provisions;

d) To be responsible for the truthfulness and accuracy of the accompanying documents.

 

 

Annex No. 04

Model Capital Contribution Book

(For Individuals)

Front Side

 

Back Side

Where:

Column (3): Amount of capital contribution, transfer of capital contribution, receipt of transferred capital contribution.

Column (4): Name of individual, household, or corporate entity receiving the transferred capital contribution.

Column (5): Residential address (for individual or household transferring capital contribution); main office address (for corporate entity transferring capital contribution).

Column (6): Name of individual, household, or corporate entity transferring capital contribution to the member.

Column (7): Residential address (for individual or household receiving transferred capital contribution); main office address (for corporate entity receiving transferred capital contribution).

 

Appendix No. 05

Report on the Distribution and Usage of White Savings Books of Credit Cooperative Organizations

(Issued together with Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam)

Reporting unit….

REPORT ON THE DISTRIBUTION AND USAGE OF WHITE SAVINGS BOOKS OF CREDIT COOPERATIVE ORGANIZATIONS

(Month... Year...)

Respectfully submitted to: The State Bank of Vietnam Branch...;

Instructions for preparing the report:

- Data entry rule: If the value of the indicator is 0, enter 0; if there is no occurrence, enter "00" (do not leave the data blank).

- Columns (4), (6), (8): Enter the serial number of all savings books, each serial number separated by a comma or enter from serial number to serial number if they are consecutive.

- Column (9): Total number of white savings books received by the People's Credit Fund from the Credit Cooperative cumulatively up to the end of the reporting month (from when the People's Credit Fund started receiving white savings books from the Credit Cooperative) = Number of white savings books received from the Credit Cooperative - Number of white savings books returned to the Credit Cooperative.

 

 

 

^{__________________________________________}

[1] Circular No. 08/2025/TT-NHNN amending and supplementing some articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal branch offices under Viettel Commercial Joint Stock Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks are 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;

Based on the Law on Cooperatives dated June 20, 2023;

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;

At the proposal of the Director of the Credit Institution System Safety Department;

The Governor of the State Bank of Vietnam issues Circular amending and supplementing some Articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks.

[2] Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds is based on the following grounds:

"Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12;

Pursuant to the Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Law on Cooperatives No. 17/2023/QH15;

Pursuant to Decree No. 26/2025/NĐ-CP 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 Credit Institution System Safety Department;

The Governor of the State Bank of Vietnam issues Circular amending and supplementing some Articles of several Circulars on people's credit funds.

[3] The phrase "one commune, one ward, one town (hereinafter referred to collectively as commune)" shall be replaced with the phrase "one administrative unit at the commune level (hereinafter referred to as commune)" as stipulated in point a, Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing some Articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[4] The phrase "State Bank branch in provincial and centrally-run city" shall be replaced with the phrase "State Bank branch in the Areas" as stipulated in point b, Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing some Articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[5] This Point is amended according to the provisions of Article 1 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[6] The phrase "People's Committee at district level" shall be replaced with the phrase "People's Committee with competent authority" as stipulated in point d, Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing some Articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[7] This Clause is amended according to the provisions of Clause 1, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[8] The phrase "People's Committee at district level and" shall be abolished according to the provisions of point đ(i), Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing some Articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[9] This Clause is amended according to the provisions of Clause 2, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[10] This Clause is amended according to the provisions of Clause 3, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[11] This Clause is amended according to the provisions of Clause 4, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[12] This Clause is amended according to the provisions of Clause 5, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[13] This Clause is amended according to the provisions of Clause 6, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[14] This Clause is amended according to the provisions of Clause 7, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[15] This Clause is added according to the provisions of Clause 8, Article 2 of Circular No. 63/2025/TT-NHNN amending and supplementing some Articles of several Circulars on people's credit funds, which shall take effect from February 16, 2026.

[16] Article 4 and Article 5 of Circular No. 08/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks shall take effect from July 1, 2025 and are stipulated as follows:

“The Head of the Ministry’s Office, Heads of Departments, Director of the Vietnam Registration Agency, Heads of agencies, units, and individuals related to this Circular shall be responsible for its enforcement.

Heads of units under the State Bank of Vietnam, commercial banks, cooperative banks, people's credit funds, and related organizations and individuals are responsible for organizing the implementation of this Circular.

Article 5. Implementation Provisions

1. This Circular takes effect from July 1, 2025.

2. Transitional provisions:

a) Commercial banks are not required to adjust the number of branches and transaction offices established before the effective date of this Circular. In cases of newly establishing network units, they must comply with the provisions of Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks and this Circular (except for the provision at point b, Clause 2, Article 3 of this Circular).

b) Commercial banks that have submitted written requests for approval to establish branches, transaction offices, representative offices, and public service units within the country to the State Bank of Vietnam and have received written comments from the People's Committee of provinces and centrally-administered cities and the State Bank branch as stipulated at points a and b, Clause 3, Article 14 of Circular No. 32/2024/TT-NHNN before the effective date of this Circular are not required to re-obtain opinions from the State Bank branch as stipulated at point d, Clause 1, Article 3 of this Circular and the People's Committee of provinces and centrally-administered cities.

3. This Circular abolishes Clause 1 and point a, Clause 5, Article 1 of Circular No. 27/2022/TT-NHNN dated December 31, 2022 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circulars on the delegation of administrative procedures in the field of establishment and operation of banks.

4. This Circular abolishes Clause 1 and Clause 2, Article 1 of Circular No. 11/2023/TT-NHNN dated August 31, 2023 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank.

[17] Article 15 and Article 16 of Circular No. 63/2025/TT-NHNN amending and supplementing certain provisions of several Circulars on people's credit funds shall take effect from February 16, 2026 and are stipulated as follows:

“Article 15. Implementation Provisions

1. This Circular takes effect from February 16, 2026.

2. This Circular abolishes the provision at Clause 1, Article 2 of Circular No. 08/2025/TT-NHNN dated June 6, 2025 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks.

Article 16. Responsibility for Organization and Implementation

Heads of units under the State Bank of Vietnam, cooperative banks, and people's credit funds are responsible for organizing the implementation of this Circular.

[18] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Institution Management and Supervision Department" according to the provision at point c, Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[19] The phrase "State Bank branch in provincial and centrally-run city" shall be replaced with the phrase "State Bank branch in the Areas" as stipulated in point b, Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing some Articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[20] The phrase "State Bank branch in provincial and centrally-run city" shall be replaced with the phrase "State Bank branch in the Areas" as stipulated in point b, Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing some Articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[21] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Institution Management and Supervision Department" according to the provision at point c, Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.

[22] The phrase "Director of the Office, Director of Bank Inspection and Supervision," is abolished according to the provision at point d(ii), Clause 2, Article 2 of Circular No. 08/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam on people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam on the network operations of commercial banks, which shall take effect from July 1, 2025.