Circular No. 15/2015/TT-NHNN guiding foreign currency transactions on the inter-bank foreign exchange market by credit institutions permitted to operate in foreign exchange.

CIRCULAR

Guidelines for foreign currency transactions on the foreign exchange market

specialized agency under the People's Committee of the province/city.of credit organizations permitted to operate foreign exchange

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Pursuant to the Law on the State Bank of Vietnam No.No. 46/2010/Article 24on day H12 16 June 2010;

Based on the Law on Credit Institutions No.No. 47/2010/Article 24H1on June 16, 202010;

CamendPursuant to the Ordinance lexchange regulationNo.ãNo. Ordinance No. 28/2005/PL-UBTVQH11 dated December 13, 2005 and the Ordinance amending and supplementing some articles of the Foreign Exchange Ordinance, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPi, amending and supplementing some articles of the Foreign Exchange OrdinanceNo. Ordinance No. 06/2013/PL-UBTVQH13 dated March 18, 2013;

Pursuant to DecreeNo. Decision No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing the implementation of certain provisions of the Ordinance on Foreign ExchangeNo. INDUSTRIAL EXPLOSIVES - TNP1 EXPLOSIVESonnance OrdinanceNo.dinance Ordinance and the Ordinance amending and supplementing some articles of the Foreign Exchange Ordinance;onmonth 2013 of the Government

Based on Decree No. 156/2013/NĐ-CP dated November 11, 2013 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam; 11 The Governor of the State Bank of Vietnam issued Circular guiding foreign currency transactionsy on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;âstate of Vietnam;

Article 1.

This Circular guides foreign currency transactions on the domestic foreign exchange market between credit organizations permitted to operate foreign exchange with each other and between credit organizations permitted to operate foreign exchange and customers.êforeign exchange market of credit organizations permitted to operate in foreign exchange.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

Credit organization permitted to operate foreign exchange means banks, non-bank credit institutions and foreign bank branches engaged in foreign exchange business and services (hereinafter referred to as credit organizations permitted).

Article 2. Foreign currency transactions between credit institutions authorized to operate in foreign exchange and the State Bank of Vietnam (hereinafter referred to as the State Bank) shall be carried out in accordance with separate regulations of the State Bank.

Article 2. Interpretation of Terms

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

Economic organization means an organization established and operating in accordance with Vietnamese laws, including enterprises, cooperatives, cooperative unions and other organizations conducting investment and business activities, except for credit organizations permitted.

2. Customers include:

a) Resident individuals are economic organizations (including authorized credit institutions), other organizations, and individuals;

b) Non-resident individuals are organizations and individuals.

Other organization means an organization established and operating in accordance with Vietnamese laws, except for those specified in Clause 1 and Clause 3 of this Article.

Foreign currency transaction includes: spot foreign currency purchase and sale transactions; forward foreign currency purchase and sale transactions; foreign currency swap transactions and foreign currency option purchase and sale transactions.

The term "foreign currency transaction" in this Circular is synonymous with the term "foreign exchange transaction" defined in other regulatory documents issued by the Governor of the State Bank of Vietnam.

Spot foreign currency purchase and sale transaction (hereinafter referred to as spot transaction) is a transaction where both parties buy and sell a certain amount of foreign currency against Vietnamese Dong or another foreign currency at the spot rate determined on the transaction date.

Forward foreign currency purchase and sale transaction (hereinafter referred to as forward transaction) is a transaction where both parties commit to buy and sell a certain amount of foreign currency against Vietnamese Dong or another foreign currency at the forward rate determined on the transaction date. The term of the transaction shall be implemented in accordance with Article 6 of this Circular.

Foreign currency swap transaction (hereinafter referred to as swap transaction) is a transaction between two parties, including one purchase transaction and one sale transaction of the same amount of foreign currency against Vietnamese Dong or another foreign currency, in which the payment dates of the two transactions are different and the rates of the two transactions are determined on the transaction date.

Swap transaction includes two spot transactions or two forward transactions or one spot transaction and one forward transaction. A swap transaction between Vietnamese Dong and foreign currency must have at least one transaction as a forward transaction.

Foreign currency option purchase and sale transaction (hereinafter referred to as option transaction) is a transaction between two parties, in which the buyer pays the seller an option purchase price or option sale price to have the right but not the obligation to buy or sell a certain amount of foreign currency against another foreign currency within an agreed period according to the rate determined on the transaction date. If the buyer chooses to exercise its option to buy or sell foreign currency, the seller is obliged to sell or buy that amount of foreign currency at the agreed rate.

Option purchase price is the amount of money that the buyer of the option must pay to the seller of the option to purchase the right to buy or sell a certain amount of foreign currency in the option transaction. The option purchase price is agreed upon by the parties.

Transaction date is the date when the two parties participating in the transaction complete the transaction agreement stipulated in Article 7 of this Circular.

The implementation of foreign currency transactions must comply with the provisions of this Circular, the scope of foreign exchange operations of each credit organization, and foreign bank branch approved by the State Bank of Vietnam in the establishment and operation license or Decision amending and supplementing the license in accordance with current laws. For foreign currency transactions that credit organizations, foreign bank branches are not allowed to engage in by the State Bank of Vietnam, credit organizations, foreign bank branches shall conduct foreign currency transactions provided by credit organizations permitted as economic organizations in accordance with this Circular.

Article 3. Principles of Transaction Implementation

The parties participating in foreign currency transactions must conduct transactions based on the principles of honesty, transparency, and fully responsible for their decision to participate in the transaction.

Credit organizations permitted may directly or authorize a branch to conduct foreign currency transactions with other credit organizations permitted.

3. A credit institution permitted may directly or authorize a branch to conduct foreign currency transactions with another permitted credit institution.

Chapter II

SPECIFIC PROVISIONS

Article 4. Scope of Transactions

1. Permitted credit institutions may conduct spot transactions, forward transactions, swap transactions, and option transactions with other permitted credit institutions.

2. Authorized credit institutions may conduct spot transactions, forward transactions, swap transactions, and option transactions (excluding call option transactions) with economic organizations.

3. Authorized credit institutions may conduct spot transactions, forward transactions, and option transactions (excluding call option transactions) with resident organizations and individuals.

4. Authorized credit institutions may conduct spot transactions with non-resident organizations and individuals.

Article 5. Transaction Currency and Exchange Rates

1. Authorized credit institutions shall specify the types of foreign currencies for transactions at credit institutions.

2. The spot exchange rate between the Vietnamese Dong and the US Dollar for spot transactions and spot transactions within swap transactions shall be determined based on the average interbank foreign exchange market rate published by the State Bank of Vietnam and within the range decided by the State Bank of Vietnam.

3. The forward exchange rate between the Vietnamese Dong and the US Dollar in forward transactions and forward transactions within swap transactions shall be agreed upon by the parties involved but shall not exceed the rate determined based on:

a) The spot exchange rate on the transaction date;

b) The difference between the two current interest rates, namely the rediscount rate published by the State Bank of Vietnam and the Federal Funds Target Rate of the Federal Reserve System of the United States.

c) The term of the transaction.

4. The exchange rate between the Vietnamese Dong and other foreign currencies other than the US Dollar, and between foreign currencies in foreign currency transactions shall be agreed upon by the parties.

5. Authorized credit institutions must publicly display the types of foreign currencies for transactions and the exchange rates between the Vietnamese Dong and foreign currencies in transactions with customers.

Article 6. Term of Transactions

1. Except as provided in Clause 2 of this Article, the term of foreign currency transactions shall be agreed upon by the parties.

2. The term of forward transactions and forward transactions within swap transactions between the Vietnamese Dong and foreign currencies shall be a minimum of three working days to three hundred sixty-five days from the transaction date.

Article 7. Transaction Agreement

1. Foreign currency transaction agreements must be in writing and must include the following main contents:

a) Names of the parties involved in the transaction;

b) Date of transaction;

c) Type of transaction;

d) Currency of transaction;

đ) Quantity of foreign currency;

e) Exchange rate;

g) Payment date;

h) Call option price (for option transactions).

2. In addition to the contents specified in Clause 1 of this Article, the transaction agreement between authorized credit institutions must also include the following contents:

a) Representative conducting the transaction;

b) Payment instructions;

c) Transaction means;

d) Form of transaction confirmation, person authorized to confirm the transaction for foreign currency transactions conducted via electronic means and telephone.

3. In addition to the contents prescribed in Clauses 1 and 2 of this Article, the parties may agree on other contents in accordance with this Circular and other relevant laws.

4. The transaction agreement prescribed in Clauses 1, 2, and 3 of this Article may be established in the form of a framework agreement and/or specific agreement.

5. The foreign currency transaction agreement executed by both parties is a commitment that cannot be changed unless both parties reach a written agreement to amend or terminate the transaction.

Article 8. Means of Transaction

1. Foreign currency transaction agreements may be conducted through electronic and telephonic means as agreed by the parties and at their own responsibility. In cases where foreign currency transactions are conducted through electronic means, these means must have the function of storing information for use when necessary.

2. Foreign currency transactions conducted through electronic means must comply with the provisions of the Law on Electronic Transactions and other relevant laws.

Article 9. Confirmation of Transactions

1. For foreign currency transactions conducted through electronic means, telephone, etc., the parties must establish and send to each other transaction confirmations.

2. Transaction confirmations must include at least the following contents:

a) Names of the parties involved in the transaction;

b) Date of transaction;

c) Type of transaction;

d) Currency of transaction;

đ) Quantity of foreign currency;

e) Exchange rate;

g) Payment date;

h) The purchase price of the option (for option transactions);

i) The signature of the authorized person confirming the transaction.

3. Transaction confirmations must be established in writing. In cases where transaction confirmations are sent via fax, within five (5) working days from the date of the transaction, both parties must send to each other original copies (paper documents) signed by the authorized person.

4. Transaction confirmations must be established on the same day as the transaction.

5. Transaction confirmations must be stored in accordance with the provisions of the law and be retrievable if they are established through electronic means.

Article 10. Settlement of Transactions

1. The settlement date for spot transactions, spot transactions in swap transactions shall be agreed upon by the parties but shall not exceed two (2) working days from the date of the transaction.

2. The settlement date for forward transactions, forward transactions in swap transactions shall be the last day of the transaction period.

3. In case the settlement date falls on a weekend or public holiday, it shall be moved to the next working day.

Article 11. Transaction Fees

Authorized credit institutions are not allowed to charge fees for foreign currency transactions.

Article 12. Documents in Transactions

1. A permitted credit institution when conducting foreign currency transactions with another permitted credit institution does not need to present documents proving the purpose of using foreign currency.

2. Customers must present papers and documents providing full information about the purpose, quantity, type of foreign currency, payment term, money transfer according to current regulations on foreign exchange management when conducting the following foreign currency transactions with a permitted credit institution:

a) Purchasing foreign currency in spot transactions, forward transactions, swap transactions;

b) Purchasing call options on foreign currency.

3. A permitted credit institution when conducting foreign currency transactions with customers has the responsibility to review, check, and retain relevant papers and documents corresponding to actual transactions to ensure that foreign currency transactions are carried out for the intended purpose and comply with the law.

Article 13. Sale of Foreign Currency for Transactions Not Yet Due for Payment

1. Except for cases stipulated in Article 9 of Decree No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing the implementation of certain provisions of the Foreign Exchange Ordinance and the Ordinance amending and supplementing certain provisions of the Foreign Exchange Ordinance, for customer requests to purchase foreign currency in advance before the payment due date as specified in the documents and certificates stipulated in Clause 2 of this Circular for three (3) working days or more, a permitted credit institution may only sell forward foreign currency.

2. The last day of the period in the forward transaction stipulated in Clause 1 of this Article shall not precede the payment due date of the customer's documents and certificates by two (2) working days.

Chapter III

RESPONSIBILITIES OF PERMITTED CREDIT INSTITUTIONS AND UNITS UNDER THE STATE BANK

AND OTHER UNITS UNDER THE STATE BANK

Article 14. Responsibilities of Permitted Credit Institutions

1. Issuing internal regulations on procedures for implementing foreign currency transactions in compliance with this Circular and related laws, which must include at least the following contents:

a) Regulations on the responsibilities and authorities of individuals and departments involved in foreign currency transactions. Setting and controlling limits in foreign currency transactions to mitigate risks;

b) Separating tasks, specifying independent functions between trading departments and support departments;

c) Internal regulations on risk management procedures, including at least the following contents: Potential risks, management processes, and measures to address these risks.

2. Adhering to the State Bank’s regulations on limits and safety ratios for credit institutions and foreign bank branches, regulations on foreign currency status, and other related legal provisions.

3. Informing and guiding customers to understand and comply with the provisions of this Circular and other foreign exchange management regulations when conducting foreign currency transactions with customers.

4. Implementing statistical reporting systems as prescribed by the State Bank for credit institutions and foreign bank branches.

Article 15. Responsibilities of units under the State Bank

1. The Monetary Policy Department serves as the focal point for handling issues arising from the implementation of foreign currency transactions during the implementation of this Circular.

2. Banking inspection and supervision agencies, State Bank of Vietnam branches in provinces and centrally-administered cities have the responsibility to:

a) Inspect, audit, and supervise the implementation of this Circular's provisions and handle violations in accordance with the law;

b) Reporting to the Monetary Policy Department regarding the issuance of Licenses for establishment and operation, Decisions to amend and supplement Licenses for establishment and operation, approvals for foreign exchange activities, or other documents related to foreign exchange activities issued by the State Bank to credit institutions and foreign bank branches.

3. The Financial Accounting Department is responsible for guiding accounting entries for foreign currency transactions of permitted credit institutions.

4. Based on their assigned functions and tasks, units under the State Bank have the responsibility to provide opinions on handling issues arising from the implementation of this Circular as requested by the Monetary Policy Department.

Chapter IV

IMPLEMENTING PROVISIONS

Article 16. Preambleệnto effecitselffor implementation

1. This Circular takes effect from October 5, 2015.

2. The following documents cease to be effective:

a) Decision No. 1452/2004/QĐ-NHNN dated November 10, 2004 of the Governor of the State Bank on foreign exchange transactions of credit institutions permitted to operate in foreign currency;

b) Decision No. 101/1999/QĐ-NHNN13 dated March 26, 1999 of the Governor of the State Bank on the issuance of the Regulation on the organization and operation of the inter-bank foreign exchange market;

c) Decision No. 401/1999/QĐ-NHNN10 dated November 12, 1999 of the Governor of the State Bank on amending certain provisions of Circular No. 07/TT-NH1 dated December 27, 1996 and Decision No. 101/1999/QĐ-NHNN13 dated March 26, 1999 of the Governor of the State Bank;

d) Decision No. 206/2000/QĐ-NHNN13 dated July 11, 2000 of the Governor of the State Bank on amending Clause 2, Article 9 "Regulation on the organization and operation of the inter-bank foreign exchange market" issued together with Decision No. 101/1999/QĐ-NHNN13 dated March 26, 1999 of the Governor of the State Bank;

đ) Decision No. 648/2004/QĐ-NHNN dated May 28, 2004 of the Governor of the State Bank on amending and supplementing certain provisions of Decision No. 679/2002/QĐ-NHNN dated July 1, 2002 on the issuance of certain regulations related to foreign currency transactions of credit institutions permitted to engage in foreign currency business.

Article 17. Transitional Provisions

For foreign currency transaction agreements that have been signed and become effective before this Circular takes effect, credit institutions, branches of foreign banks, and customers may continue to implement them according to the signed agreements. Any amendments or supplements to these agreements after this Circular takes effect shall only be carried out if the amended or supplemented contents comply with the provisions of this Circular.

Article 18. Implementation Organization

The Heads of the Office, Department Heads of the Monetary Policy Department, and Heads of units under the State Bank, Governors of the State Bank Branches in provinces and centrally administered cities, Chairmen of the Management Boards, Chairmen of the Board of Members, General Directors (Directors) of credit institutions, and branches of foreign banks are responsible for organizing the implementation of this Circular.