Circular No. 17/2026/TT-NHNN Amending and Supplementing Certain Articles of Several Circulars in the Field of Foreign Exchange Management Related to Delegation, Simplification of Administrative Procedures

AMENDING AND ENRICHING CERTAIN ARTICLES OF SEVERAL CIRCULATIONS IN THE FIELD OF FOREIGN EXCHANGE MANAGEMENT RELATING TO DELEGATION AND SIMPLIFICATION OF ADMINISTRATIVE PROCEDURES

BASED ON

THE LAW ON VIETNAM NATIONAL BANK No. 46/2010/QH12

BASED ONTHE LAW ON CREDIT INSTITUTIONS No. 32/2024/QH15;

AMENDED AND ENRICHED BY THE LAW No.96/2025/QH15BASED ONFOREIGN EXCHANGE LAWFULITY NO. 28/2005/PL-UBTVQH11;

AMENDED AND ENRICHED BY THE LAWFULITY No.06/2013/UBTVQH13BASED ON CIRCULAR No.26/2025/NĐ-CP;

OF THE GOVERNMENT REGULATING THE FUNCTION, MISSION, POWERS, AND ORGANIZATIONAL STRUCTURE OF VIETNAM NATIONAL BANK;ACCORDING TO THE RECOMMENDATION OF THE DIRECTOR OF THE FOREIGN EXCHANGE MANAGEMENT OFFICE;THE GOVERNOR OF THE VIETNAM NATIONAL BANK ISSUES THIS CIRCULAR AMENDING AND ENRICHING CERTAIN ARTICLES OF SEVERAL CIRCULATIONS IN THE FIELD OF FOREIGN EXCHANGE MANAGEMENT RELATING TO DELEGATION AND SIMPLIFICATION OF ADMINISTRATIVE PROCEDURES.

CHAPTER I

AMENDMENT AND ENRICHMENT OF CERTAIN ARTICLES OF CIRCULATION NO.

22/2013/TT-NHNN GUIDING THE REGISTRATION, CHANGE OF FOREIGN LOAN ACCOUNTS, AND INTERNATIONAL BOND ISSUANCE GUARANTEED BY THE GOVERNMENT IS AMENDED AND ENRICHED BY CIRCULATION No. 78/2025/TT-NHNN

ARTICLE 1.

Amendment and enrichment of Article 3

“Article 3. Procedures for registering foreign loans, international bond issuances guaranteed by the government1. Application documents for registration of foreign loan or international bond issuance:

a) Application form for foreign loan (Annex 1A to this Circular) or Application form for international bond issuance (Annex 1B to this Circular);

b) Letter of guarantee from the Ministry of Finance;

c) Approval document from the competent authority in accordance with the law on investment projects or business operation plans using funds raised through foreign loans or international bond issuances;

d) Foreign loan agreement already signed or related agreements to the issuance of international bonds (according to the structure of the issuance).

2. Procedures for confirming registration of foreign loans, international bond issuances:

a) Within thirty (30) days from the date of signing the letter of guarantee and before drawing down funds from the foreign loan or issuing international bonds, the borrower or issuer sends one copy of the application documents as stipulated in paragraph 1 to the State Bank;

b) Within five (5) working days from the receipt of a complete and valid application, the State Bank issues a confirmation document to the borrower or issuer regarding the registration of foreign loans or international bond issuances.

The confirmation document issued by the State Bank includes the following main contents: the borrower or issuer of international bonds, lender (for bilateral foreign loans, foreign loans with capital contribution not using representative lenders) or representative of the lender (for foreign loans with capital contribution, international bond issuances using representative lenders, representatives of creditors); related agents for foreign loans and international bond issuances (if any); basic conditions of foreign loans and international bond issuances (loan amount, total value of international bond issuance; purpose of loan funds, funds from international bond issuance; interest rate; penalty interest; fees; guarantee form; loan term; repayment plan for principal and interest); credit institutions or foreign bank branches where the borrower or issuer may open accounts to draw down funds and repay foreign loans or international bond issuances (if any). In case of refusal to confirm registration, the State Bank issues a written document stating the reasons;

c) For incomplete application documents, within four (4) working days from the receipt of the application, the State Bank sends a written notice to the borrower or issuer requesting additional and complete documentation. The processing period is recalculated from the date when all required documents are received. If the borrower or issuer fails to complete the documentation within sixty (60) days after the notification, the One-Stop Service Department of the State Bank closes the application for registration of foreign loans or international bond issuances.”

The contents of the document confirming the registration of foreign borrowing or international bond issuance by the State Bank include: the borrower or issuer of international bonds, the lender (for bilateral foreign borrowing or capital participation loans not involving a representative of the lender) or the representative of the lender (for capital participation loans and international bond issuances using a representative of the lender); related agents for foreign borrowing or international bond issuance (if any); basic conditions of foreign borrowing or international bond issuance (amount of borrowing, total value of international bond issuance; purpose of utilizing foreign borrowing funds, proceeds from international bond issuance; interest rate; penalty interest; fees; guarantee form; loan term; repayment plan for principal and interest); credit institutions and foreign bank branches permitted to open accounts for the borrower or issuer of international bonds to withdraw funds and repay foreign borrowing or international bond issuance and other contents related to foreign borrowing or international bond issuance (if any). In case of refusal to confirm registration, the State Bank shall issue a written document stating the reasons.

c) For applications that do not meet the processing conditions, within four (4) working days from the date of receipt of the application, the State Bank shall notify in writing the borrower or issuer of international bonds requesting additional information and completion. The processing period is recalculated from the start after receiving a complete set of documents. After sixty (60) days from the notification, if the borrower or issuer of international bonds has not completed the completion process, the customs clearance department staff of the State Bank shall close the application for registration confirmation of foreign borrowing and international bond issuance.

Article 2.Add Article 4a after Article 4

“Article 4a. Authority to confirm registration, confirm change of foreign loan and international bond issuance guaranteed by the Government 1. The authority to confirm registration, confirm change of foreign loan and international bond issuance guaranteed by the Government as provided in this Circular is the Director of the Regional Branch of the State Bank of Vietnam where the borrower or issuer of international bonds is headquartered.

2. In case of a change in the principal place of business of the borrower or issuer of international bonds to another province or city, or a change in the borrower or issuer of international bonds to an enterprise with its principal place of business in another province or city, thereby changing the authority with jurisdiction over confirmation of registration and confirmation of changes to foreign loans and international bond issuances as provided for in paragraph 1 of this Article:

a) The borrower or issuer of international bonds shall be responsible for submitting the application for change of foreign loan and international bond issuance to the new administrative procedure handling authority as provided for in paragraph 1 of this Article;

b) The authority that last confirmed registration, confirmation of changes to foreign loans and international bond issuances shall cooperate by providing information and transferring documents related to foreign loans and international bond issuances upon request from the new administrative procedure handling authority. The transfer of documents (original or electronic copy) shall be completed within two working days from the date of receipt of the request.

Article 3. Replace the term, Appendix

1. Replace the phrase “State Bank of Vietnam (Foreign Exchange Management Department)” with “State Bank of Vietnam (Foreign Exchange Management Department) and Regional Branch of the State Bank of Vietnam where the borrower or issuer of international bonds is headquartered” in Article 5.2. Replace Appendices 1A, 1B, 2A, 2B issued along with Circular No. 22/2013/TT-NHNN with Appendices 1A, 1B, 2A, 2B in Appendix I issued along with this Circular.

Chapter II

AMEND AND SUPPLEMENT CERTAIN ARTICLES OF CIRCULAR NO. 37/2013/TT-NHNN GUIDING CERTAIN CONTENTS ON FOREIGN EXCHANGE MANAGEMENT FOR FOREIGN LOAN ISSUANCE AND RECOVERY OF GUARANTEED DEBT BY NON-CITIZENS TO BE AMENDED AND SUPPLEMENTED BY CIRCULAR NO. 78/2025/TT-NHNN

Article 4.

Add Article 5a after Article 5

"Article 5a. Authority to confirm registration, confirm change of foreign loan and recovery of guaranteed debt by economic organizations1. Authority to confirm registration, confirm change of foreign loan:

a) Director of the Foreign Exchange Management Department: for loans with an agreed amount exceeding 10 million USD (or equivalent in another currency);

b) Director of the Regional Branch of the State Bank of Vietnam where the lender is headquartered: for loans with an agreed amount up to 10 million USD (or equivalent in another currency).

2. The authority to confirm registration, confirm change of recovery of guaranteed debt as provided in this Circular is the Director of the Regional Branch of the State Bank of Vietnam where the guarantor is headquartered.

3. In case of an increase or decrease in the agreed amount of loan, a change in the currency of the loan, a change in the principal place of business of the lender, or a change in the lender to an enterprise with its principal place of business in another province or city, thereby changing the authority with jurisdiction over confirmation of registration and confirmation of changes to foreign loans:

a) The lender shall be responsible for submitting the application for change of foreign loan registration to the new administrative procedure handling authority as provided for in paragraph 1 of this Article;

b) The authority that last confirmed registration, confirmation of changes to foreign loan registrations shall cooperate by providing information and transferring documents related to foreign loans according to the request of the new administrative procedure handling authority. The transfer of documents (original or electronic copy) shall be completed within two working days from the date of receipt of the request.

4. The exchange rate used to determine the authority with jurisdiction over confirmation of registration and confirmation of changes to foreign loans as provided for in paragraph 1 of this Article is the accounting exchange rate published by the Ministry of Finance applicable at the time of signing the foreign loan agreements or related agreements on changes to foreign loans concerning the agreed amount of the most recent foreign loan agreement."

b) The registration confirming authority, which confirms the registration or change in overseas lending amount for the most recent time, cooperates to provide information, transfer registration or change application documents as required by the competent authority handling the matter. Transfer of documents (original or electronic copy) is completed within two (2) working days from the receipt of the request.

4. The exchange rate used to determine the competent authority for confirming registration and changes in overseas lending amounts according to the provisions of Clause 1 of this Article is the accounting exchange rate announced by the Ministry of Finance applicable at the time of signing the foreign lending agreements or the change agreements related to the amount lent under the most recent agreement.

Article 5.Amendment and Supplement to Article 12

“Article 12. Procedure for Registering Recovery of Guarantee Debt by Economic Organization

1. After obtaining approval from the Prime Minister for an economic organization to provide a guarantee for a non-resident, within sixty (60) days from the date of transferring funds to fulfill the guarantee obligation, the guarantor shall directly submit one (01) set of documents to the Single Window Department of the State Bank of Vietnam or send it via postal service to the State Bank of Vietnam, except where the guarantor has fully recovered all guarantee debt within thirty (30) days from the date of transferring funds to fulfill the guarantee obligation.

2. Within seven (7) working days from the receipt of a complete and valid application from the guarantor, the State Bank of Vietnam shall issue a confirmation letter to the guarantor registering the recovery of guarantee debt including the following main contents: the guarantor; the beneficiary; the recipient; basic conditions of the recovery of guarantee debt: guarantee limit, amount guaranteed, purpose of guarantee, interest rate on recovery of debt, penalty interest, fees, repayment plan; credit institution providing account services and other relevant information regarding the recovery of guarantee debt (if applicable). In case of refusal to confirm registration of the recovery of guarantee debt, the State Bank of Vietnam shall issue a written notice specifying the reasons.

3. If the application is not in compliance with the conditions for processing, within five (5) working days from receipt of the application, the State Bank of Vietnam shall issue a letter requesting the guarantor to supplement and complete the application. The processing period will be recalculated from the start after receiving a complete set of documents. After sixty (60) days from notification, if the guarantor fails to complete the application process, the staff at the Single Window Department of the State Bank of Vietnam shall close the registration file for recovery of guarantee debt by the economic organization.”

Article 6.Amendment and Supplement to Article 14

“Article 14. Procedure for Registering Change in Recovery of Guarantee Debt by Economic Organization

1. Within thirty (30) days from signing the agreement to change recovery of guarantee debt, the guarantor shall directly submit one (01) set of documents to the Single Window Department of the State Bank of Vietnam or send it via postal service to the State Bank of Vietnam in accordance with the provisions of Article 13 of this Circular.

2. Within five (5) working days from receipt of a complete and valid application from the guarantor, the State Bank of Vietnam shall issue a confirmation letter to the guarantor registering the change in recovery of guarantee debt. In case of refusal to confirm registration of the change in recovery of guarantee debt, the State Bank of Vietnam shall issue a written notice specifying the reasons.

3. If the application is not in compliance with the conditions for processing, within four (4) working days from receipt of the application, the State Bank of Vietnam shall issue a letter requesting the guarantor to supplement and complete the application. The processing period will be recalculated from the start after receiving a complete set of documents. After sixty (60) days from notification, if the guarantor fails to complete the application process, the staff at the Single Window Department shall close the registration file for change in recovery of guarantee debt by the economic organization.”

Article 7.Replacement of Annex

1. Replace the phrase “State Bank of Vietnam (Foreign Exchange Management Department)” with the phrase “State Bank of Vietnam (Foreign Exchange Management Department) and State Bank of Vietnam Branch in the Region where the Lender has its principal office” at Clause 1 of Article 18.

2. Replace the phrase “State Bank of Vietnam (Foreign Exchange Management Department)” with the phrase “State Bank of Vietnam (Foreign Exchange Management Department) and State Bank of Vietnam Branch in the Region where the Guarantor has its principal office” at Clauses 1 and 2 of Article 19.

3. Replace the phrase “Director of the Foreign Exchange Management Department” with the phrase “Director of the Foreign Exchange Management Department” and replace the phrase “Director of the State Bank of Vietnam Branch in Province, Municipality directly under Central Government” with the phrase “Director of the State Bank of Vietnam Branch in Region” at Article 23.

4. Replace Annexes No. 1, No. 2, No. 3, No. 4, No. 5, No. 6, and No. 7 issued with Circular No. 37/2013/NHNN by Annexes No. 1, No. 2, No. 3, No. 4, No. 5, No. 6, and No. 7 of Annex II attached to this Circular.

Chapter III

AMENDMENTS AND ADDITIONS TO CERTAIN ARTICLES OF CIRCULAR NO.

10/2016/TT-NHNN GUIDING CERTAIN CONTENTS REGULATED IN DECREE NO. 135/2015/NĐ-CP DATED 31 DECEMBER 2015 BY THE GOVERNMENT ON FOREIGN INDIRECT INVESTMENT

Article 8.Amend and add certain points of Clause 2, Article 6

1. Amend and add point b of Clause 2, Article 6 as follows:

"b) The period for checking the completeness of the file is three (3) working days from the date when the Single Window Department of the State Bank of Vietnam receives the file through direct submission or postal service.

Within five (5) working days from the receipt of a complete and valid file, the State Bank of Vietnam shall seek comments from the Ministry of Finance and relevant industry management departments;"

2. Amend and add point c of Clause 2, Article 6 as follows:

"c) Within ten (10) working days from the receipt of a complete and valid file, the State Bank of Vietnam shall compile comments from the authorities specified in this clause and submit them to the Prime Minister for examination and decision;"

Article 9.Amend and add Clause 2, Article 15

"2. Procedures and process for issuing a certificate of registration for engaging in indirect foreign investment:

a) Commercial banks with the need to carry out the activity of accepting entrusted investments shall submit one (1) set of application documents as prescribed in Clause 1, Article this Circular directly or by post to the State Bank of Vietnam.

The period for checking the completeness of the file is three (3) working days from the date when the Single Window Department of the State Bank of Vietnam receives the file through direct submission or postal service.

In case the file does not meet the conditions for processing, within ten (10) working days from the receipt of the file, the State Bank of Vietnam shall issue a written request to the commercial bank to supplement and complete the file;

b) Within fifteen (15) working days from the receipt of a complete and valid file, the State Bank of Vietnam shall examine and decide whether to issue or refuse to issue a certificate of registration for engaging in indirect foreign investment. In case of refusal, the State Bank of Vietnam shall notify by written communication and specify the reasons."

Article 10.Replace certain phrases

1. Replace "Foreign Exchange Management Department" with "Foreign Exchange Management Bureau" in the basis for issuance, Article 29, Article 31, Article 38.

2. Replace "Director" with "Bureau Director" in the basis for issuance, Article 38.

3. Replace "Banking Supervision and Inspection Authority" with "Supervisory Bureau of Credit Institutions, Banking Supervision and Inspection Department of the State Bank of Vietnam" in Article 31.

4. Replace "Director of the State Bank of Vietnam Branch in Provinces Directly Under Central Government" with "Director of the State Bank of Vietnam Regional Office" in Article 38.

Chapter IV

AMENDMENTS AND ADDITIONS TO CERTAIN ARTICLES OF CIRCULAR NO.

39/2025/TT-NHNN ON THE OPENING AND USE OF FOREIGN CURRENCY ACCOUNTS ABROAD BY RESIDENT ORGANIZATIONS

Article 11.Amend and add Article 8

“Article 8. Authority for Issuance, Revocation, Amendment, and Supplement of Licenses

1. The Bureau Director of the Foreign Exchange Management Bureau shall examine and decide on the issuance, revocation, amendment, and supplement of licenses in respect of foreign currency accounts abroad as provided in paragraphs 1, 2, 4, and 5 of Article 3 of this Circular.

2. For cases provided for in paragraph 3 of Article 3 of this Circular, the authority for issuance, revocation, amendment, and supplement of licenses shall be exercised as follows:

a) The Bureau Director of the Foreign Exchange Management Bureau shall issue, revoke, amend, and supplement licenses in the following cases:

a.1) A foreign currency account abroad to implement short-term foreign borrowing;

a.2) A foreign currency account abroad to implement foreign borrowing that requires registration or change of registration with the State Bank of Vietnam according to current regulations guiding foreign exchange management for foreign borrowing and repayment, where the amount borrowed is over 20 million USD (or an equivalent amount in another currency);

a.3) A foreign currency account abroad to implement multiple foreign borrowings including one or more foreign borrowings with an amount borrowed over 20 million USD (or an equivalent amount in another currency);

b) The Director of the State Bank of Vietnam Regional Office where the organization is headquartered shall issue, revoke, amend, and supplement licenses outside the cases specified in point a of paragraph 2 of this Article.

c) In case changes in borrowing amounts, currency, headquarters location, or organizational change to an enterprise with its headquarters located in another province result in a change in the authority for issuing Decision on amendment and supplementation of license as provided in points a and b of this paragraph:

c.1) The organization shall submit the application for issuance of Decision on amendment and supplementation of license to the competent administrative procedure handling authority according to the provisions of points a and b of this paragraph;

Article 12.Amend and supplement Clause 1 of Article 9

“1. Organizations (except organizations permitted under Clauses 1, 2 of Paragraph 2 of this Circular) when having the need to open a foreign currency account abroad shall submit one set of documents to the State Bank of Vietnam in accordance with the authority specified in Article 8 of this Circular.”

Article 13.Amend and supplement Clause 1 of Article 12

“1. Organizations (except organizations permitted under Clauses 1, 2 of Paragraph 2 of this Circular) when having the need to amend or supplement content in the License, shall submit one set of documents to the State Bank of Vietnam in accordance with the authority specified in Article 8 of this Circular.”

Article 14.Amend and supplement Clauses 3 and 4 of Article 16

“3. The State Bank of Vietnam shall send a Decision on Revocation of License to the organization for implementation; copy such Decision to the State Bank of Vietnam branch in the region where the organization is headquartered or to the State Bank of Vietnam (Foreign Exchange Management Department) and permitted foreign exchange bank where the organization conducts foreign currency transfers abroad, for coordination and monitoring.

4. Within thirty days from the effective date of the Revocation Decision, the organization shall be responsible for:

a) Closing the account and transferring all remaining balance back to the country;

b) Reporting with confirmation from the foreign bank regarding the closure of the account to the State Bank of Vietnam (Foreign Exchange Management Department) and the State Bank of Vietnam branch in the region where the organization is headquartered;

c) Surrendering the original License, any Decision amending or supplementing the License (if applicable) to the State Bank of Vietnam in accordance with the authority specified in Article 8 of this Circular.”

Article 15.Amend and supplement Clauses 1 and 2 of Article 17

“1. Responsibilities of the Foreign Exchange Management Department:

a) Receive, examine, issue, and revoke Licenses and Decisions amending or supplementing Licenses within its authority;

b) Receive, compile reports related to the opening and use of foreign currency accounts abroad by organizations;

c) Monitor, inspect, and coordinate with relevant units to handle any issues arising during the implementation of this Circular.

2. Responsibilities of the State Bank of Vietnam branch in the region:

a) Receive, examine, issue, and revoke Licenses and Decisions amending or supplementing Licenses within its authority;

b) Conduct inspections, supervision, and handle violations related to the opening and use of foreign currency accounts abroad by organizations on its jurisdiction according to its authority;

c) Receive, monitor implementation of reports related to the opening and use of foreign currency accounts abroad by organizations in its jurisdiction according to its authority;

d) Urge and remind organizations within its jurisdiction to comply with reporting requirements under this Circular.”

Article 16.Replace Appendix

Chapter V

AMEND AND SUPPLEMENT SOME ARTICLES OF CIRCULAR NO.

26/2021/TT-NHNN GUIDING FOREIGN EXCHANGE TRANSACTIONS BETWEEN THE STATE BANK OF VIETNAM AND PERMITTED FOREIGN EXCHANGE BUSINESSES

Article 17.

Amend and supplement Article 6“Article 6. Receipt and processing of foreign currency transaction registration application

Within four working days from the receipt of a complete and valid foreign currency transaction registration application, the State Bank of Vietnam shall notify in writing to the permitted foreign exchange business whether it agrees or disagrees with establishing the foreign currency transaction relationship (in case of disagreement, the State Bank of Vietnam specifies the reasons).

In cases where the application requires modification or supplementation, the State Bank of Vietnam shall notify in writing to the permitted foreign exchange business within four working days from the receipt of the foreign currency transaction registration application. The permitted foreign exchange business shall modify and supplement the application and submit it to the State Bank of Vietnam within fifteen working days from the receipt of the notification.”

In case of documents that need to be revised or supplemented, within four (4) working days from the date of receipt of the application for establishing a foreign currency transaction relationship, the State Bank shall notify in writing the permitted credit institution. The permitted credit institution may revise and supplement the documents and submit them to the State Bank within fifteen (15) working days from the date of receiving the notification.

Chapter VI

PROVISIONS FOR IMPLEMENTATION

Article 18.Effective Date of Implementation

1. This Circular shall take effect from July 25, 2026.

2. The provisions set forth in paragraph 3 of Article 4, Article 11, Article 13, Article 14, Article 16 and Article 19 of Circular No. 78/2025/TT-NHNN, which amend, supplement, and repeal certain regulations on foreign exchange management for capital transactions to implement the scheme of reduction and simplification of administrative procedures, are hereby repealed.

Article 19.Transitional Provisions

1. For foreign loans, international bond issuances guaranteed by the Government, overseas lending, and recovery of guaranteed debts from economic organizations that have been registered or registered for changes prior to the effective date of this Circular, the authority to register such changes shall be determined in accordance with Circular No. 22/2013/TT-NHNN as amended by Circular No. 78/2025/TT-NHNN and Circular No. 37/2013/TT-NHNN as amended by Circular No. 78/2025/TT-NHNN.

2. In the case where an entity has submitted a procedure application in accordance with regulations prior to the effective date of this Circular, the People's Bank of Vietnam shall continue to consider and process the administrative procedures in accordance with the provisions of the effective circulars at the time of submission.

Article 20.Responsibility for Implementation

The heads of units under the People's Bank of Vietnam, credit institutions, foreign branches of banks, enterprises, cooperatives, and cooperative associations shall be responsible for organizing the implementation of this Circular./.