Circular No. 20/2025/TT-NHNN guiding the procedures and documents for approving the list of proposed personnel of commercial banks, foreign bank branches, and non-bank financial institutions

CIRCULAR

Guidelines on the dossier and procedures for approving the list of proposed personnel of commercial banks, foreign bank branches, and non-bank credit institutions and non-bank credit institutions

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

The Governor of the State Bank of Vietnam hereby promulgates this Circular amending and supplementing certain provisions of Circular No. 16/2021/TT-NHNN dated November 10, 2021 issued by the Governor of the State Bank of Vietnam on the organization of credit institutions and foreign bank branches purchasing and selling corporate bonds.

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 this Circular guiding the dossier and procedures for approving the list of proposed personnel of commercial banks, foreign bank branches, and non-bank credit institutions.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Circular guides the dossier and procedures for approving the list of proposed individuals to be elected or appointed as members of the Board of Directors, members of the Board of Members, members of the Supervisory Board, General Director (Director) (hereinafter referred to as personnel) of commercial banks, foreign bank branches, and non-bank credit institutions; stipulates standards and conditions regarding professional ethics for personnel, proposed individuals to be elected or appointed as personnel of commercial banks, non-bank credit institutions, and foreign bank branches; stipulates the notification of information about the legal representative of commercial banks, non-bank credit institutions, and the General Director (Director) of foreign bank branches to the business registration authority to update into the national system of enterprise and cooperative registration.

2. The approval of the list of proposed personnel of state-owned commercial banks; the approval of the list of proposed personnel for those personnel appointed or recommended by the state owner to serve as members of the Board of Directors, members of the Supervisory Board, and General Director of state-owned commercial joint-stock banks with more than 50% of the charter capital shall be carried out according to the documents on cadre work issued by the Governor of the State Bank of Vietnam.

Article 2. Applicability

1. Commercial banks, foreign bank branches (hereinafter referred to as banks).

2. Non-bank credit institutions.

3. Organizations and individuals related to the dossier and procedures for approving the list of proposed personnel of banks and non-bank credit institutions.

Article 3. Principles of dossier preparation and submission

1. The dossier requesting approval of the list of proposed personnel of banks and non-bank credit institutions must be prepared according to the following principles:

a) The dossier must be prepared in Vietnamese. In cases where documents are issued, notarized, or certified by competent authorities of foreign countries, they must be legalized according to Vietnamese law (except in cases exempted from legalization under Vietnamese law on legalization) and translated into Vietnamese;

b) Translations from foreign languages into Vietnamese must be certified by the translator according to Vietnamese law;

c) Copies of dossiers and documents of proposed personnel to be elected or appointed must be copies from original books or certified copies from originals according to Vietnamese law;

d) Documents prepared by proposed personnel to be elected or appointed must be certified according to Vietnamese law.

2. Documents of banks and non-bank credit institutions requesting the State Bank of Vietnam (hereinafter referred to as the State Bank) to approve the list of proposed personnel:

a) For commercial banks and non-bank credit institutions: Documents signed by the legal representative.

In cases where commercial banks and non-bank credit institutions lack a legal representative, the request document of commercial banks and non-bank credit institutions is a document of the Board of Directors or the Board of Members signed by the Chairman of the Board of Directors or the Chairman of the Board of Members.

In cases where the legal representative authorizes another person to sign or in cases where the Chairman of the Board of Directors or the Chairman of the Board of Members authorizes another member of the Board of Directors or another member of the Board of Members to sign or in cases where the authorized representative of the Owner authorizes another person to sign, the authorization must be carried out according to Vietnamese law and the dossier must include an authorization document established in accordance with Vietnamese law;

For commercial banks and non-bank credit institutions that are limited liability companies lacking a legal representative, without a Chairman of the Board of Members, and the Board of Members of commercial banks and non-bank credit institutions does not have the minimum number of members or has only one member, the request document for approving the list of proposed personnel of commercial banks and non-bank credit institutions must be signed by the authorized representative of the Owner.

b) For foreign bank branches: Documents signed by the General Director (Director). In cases where the General Director (Director) authorizes another person to sign, the dossier must include an authorization document established in accordance with Vietnamese law. In cases where foreign bank branches lack a General Director (Director), the authorized representative of the foreign bank signs the request document.

3. Dossier requesting approval of the list of proposed personnel of banks and non-bank credit institutions submitted directly at the One-Stop Service Center or sent through postal service to the State Bank or the State Bank branch in the region according to the jurisdiction specified in Article 4 of this Circular or submitted online through the National Public Service Portal.

4. In cases where the dossier is submitted online through the National Public Service Portal, the electronic dossier uses digital signatures according to Vietnamese law on administrative procedures in the electronic environment.

In cases where the National Public Service Portal encounters technical issues or errors preventing the reception and exchange of electronic information, the declaration, submission, receipt, issuance of results, exchange, and feedback of information will be conducted through postal services or directly at the One-Stop Service Center of the State Bank.

5. Documents in the electronic dossier are scanned electronic versions of the original or original documents (PDF format files).

6. Banks, non-bank credit institutions, and proposed personnel to be elected or appointed must bear legal responsibility for the completeness, accuracy, and truthfulness of the dossier.

Article 4. Competence to Approve Lists of Proposed Personnel for Commercial Banks, Branches of Foreign Banks, and Non-Bank Credit Institutions

1. The Governor of the State Bank of Vietnam shall examine and approve lists of proposed personnel for commercial banks.

2. The Director of the Department of Credit Institution Management and Supervision shall examine and approve lists of proposed personnel for non-bank credit institutions and branches of foreign banks under the micro-prudential supervision authority of the Department of Credit Institution Management and Supervision.

3. The Director of the Regional Branch of the State Bank of Vietnam shall examine and approve lists of proposed personnel for branches of foreign banks located within their jurisdiction, which fall under the inspection and micro-prudential supervision authority of the Regional Branch of the State Bank of Vietnam.

Article 5. Validity Period of Approval Documents for Lists of Proposed Personnel

Documents of the State Bank of Vietnam approving lists of proposed personnel for banks and non-bank credit institutions shall be valid for a period of six months from the date of signing. If the election or appointment of personnel for banks and non-bank credit institutions is not completed beyond this period, the approval document of the State Bank of Vietnam for the proposed personnel of banks and non-bank credit institutions shall automatically become invalid.

Article 6. Regarding Professional Ethics Assessment

1. Individuals falling into any of the following cases shall be assessed as not meeting professional ethics requirements:

a) A person who must bear responsibility according to the conclusion of inspections and audits leading to the credit institution or branch of a foreign bank being administratively sanctioned at the highest fine level for violations concerning licenses, governance, management, shareholding, stocks, capital contribution, purchasing shares, granting credit, purchasing corporate bonds, safety ratios, as stipulated in laws on administrative sanctions in the monetary and banking sector;

b) A person who must bear responsibility according to the conclusion of inspections and audits leading to the credit institution or branch of a foreign bank being administratively sanctioned in the monetary and banking sector within six months from the date of completing the administrative sanction decision;

c) A person who has been administratively sanctioned for violations in the monetary and banking sector within one year from the date of completing the administrative sanction decision;

d) A person who must bear individual responsibility for violations concerning licenses, governance, management, shareholding, stocks, capital contribution, purchasing shares, granting credit, purchasing corporate bonds, safety ratios, asset classification, off-balance sheet commitments, provision establishment and utilization for risk handling, as stipulated in laws mentioned in the conclusions of inspections, audits conducted by competent state agencies, where recommendations related to these violations have not yet been evaluated by competent state agencies as having completed rectification and correction;

2. For individuals not covered by Clause 1 of this Article, during their employment at credit institutions or branches of foreign banks, they must comply with internal rules and ethical standards established by the credit institution or branch of a foreign bank itself, in accordance with the State Bank of Vietnam's regulations on internal control systems, except in cases where the license is granted for the first time without establishing such rules and standards;

3. For individuals with work experience at foreign credit institutions, they must comply with internal rules and ethical standards established by the foreign credit institution itself (if any).

Chapter II
DOCUMENTS AND PROCEDURES FOR APPROVAL OF LISTS OF PROPOSED PERSONNEL FOR BANKS AND NON-BANK CREDIT INSTITUTIONS

Article 7. Documents for requesting approval of the proposed list of personnel of commercial banks and non-bank credit institutions

1. The document of the commercial bank or non-bank credit institution requesting the State Bank to approve the proposed list of personnel, which must include at least the following contents:

a) Reasons for electing or appointing personnel;

b) Proposed list of personnel, including full name, position, current workplace; proposed position to be elected or appointed at the commercial bank or non-bank credit institution; name of individual or organization nominating; shareholding ratio or capital contribution that the proposed personnel will represent on behalf of the nominating organization (if applicable);

c) Structure and list of members of the Board of Directors, Board of Members, Supervisory Board of the commercial bank or non-bank credit institution before and after the election or appointment (in case the proposed personnel is to be elected or appointed to the Board of Directors, Board of Members, or Supervisory Board), including:

(i) For commercial banks or non-bank credit institutions that are joint-stock companies: specify the number of Board of Directors members, independent members, non-executive members, related members, and Supervisory Board members;

(ii) For commercial banks or non-bank credit institutions that are limited liability companies: specify the number of Board of Members members and Supervisory Board members;

d) Evaluation on whether the proposed personnel meet the required qualifications and conditions stipulated in the Law on Credit Institutions, specifically evaluating compliance with each condition;

đ) Commitment to bear legal responsibility for the proposed personnel not being in situations where they are not eligible to hold positions as prescribed in the Law on Credit Institutions;

2. Document approving the proposed list of personnel of the commercial bank or non-bank credit institution (for the Board of Directors, Board of Members, and Supervisory Board, the term of office must be specified), specifically:

a) For commercial banks or non-bank credit institutions that are joint-stock companies: Resolution of the Board of Directors;

b) For commercial banks or non-bank credit institutions that are single-member limited liability companies: Document of the Owner or authorized representative of the Owner;

c) For commercial banks or non-bank credit institutions that are multi-member limited liability companies:

(i) In case of proposing to appoint members of the Board of Members or Supervisory Board: Document of the authorized representative of the contributing members;

(ii) In case of proposing to appoint General Director (Director): Resolution of the Board of Members;

3. Personal history of the proposed personnel for election or appointment according to the form attached as Appendix I to this Circular;

4. Criminal record certificate of the proposed personnel for election or appointment:

a) For proposed personnel with Vietnamese citizenship: Criminal record certificate issued by the criminal record management authority, which must contain complete information about criminal records (including erased and unerased records) and information about prohibition from holding positions, establishing, and managing enterprises or cooperatives;

b) For proposed personnel without Vietnamese citizenship: Criminal record certificate or equivalent document (containing complete information about criminal records; information about prohibition from holding positions, establishing, and managing enterprises or cooperatives) must be issued by the competent authority of Vietnam or the competent authority of a foreign country according to regulations. If the criminal record certificate or equivalent document issued by a foreign authority does not contain information about prohibition from holding positions, establishing, and managing enterprises or cooperatives, then the owner (for commercial banks or non-bank credit institutions that are single-member limited liability companies), contributing member (for commercial banks or non-bank credit institutions that are multi-member limited liability companies), shareholder, group of shareholders, Board of Directors, or Supervisory Board (for commercial banks or non-bank credit institutions that are joint-stock companies) nominating the proposed personnel must provide an explanatory document regarding the lack of such information from the issuing authority and commit to bear legal responsibility for the proposed personnel not being in situations where they are not eligible to hold positions as prescribed in the Law on Credit Institutions;

c) The criminal record certificate or equivalent document prescribed in points a and b of this clause must be issued by the competent authority no later than six months prior to the submission of the application for approval of the proposed list of personnel by the commercial bank or non-bank credit institution;

The proposed personnel must present the electronic criminal record certificate obtained through the VNeID identity verification application or submit the electronic criminal record certificate in accordance with the law;

5. Declaration of related parties as prescribed in the Law on Credit Institutions of the proposed personnel for election or appointment according to the form attached as Appendix II to this Circular;

6. Copies of certificates proving the professional qualifications of the proposed personnel for election or appointment, including certificates of Vietnamese citizens issued by foreign educational institutions which must be recognized by the Ministry of Education and Training according to relevant laws;

7. Documents proving compliance with the requirements for personnel proposed to hold the position of Board of Directors member or Board of Members member of commercial banks or non-bank credit institutions as stipulated in point d of Clause 1, Article 41 of the Law on Credit Institutions, specifically:

a) For the condition "having at least three years as a manager or executive of a credit institution": A document from the authorized representative of the credit institution where the candidate has or is currently working, confirming the position and duration of holding the position (including confirmation that the candidate is a manager or executive) of the candidate, or a copy of a document proving the position and duration of holding the position at the credit institution of the candidate.

b) For the condition "having at least five years as a manager of a business operating in the financial, accounting, auditing industry or another business with minimum capital equal to the statutory capital for the corresponding type of credit institution":

(i) The contents of the Articles of Association of the business specifying the manager or internal regulations of the business if the Articles of Association do not specify the manager;

(ii) For the case of another business with minimum capital equal to the statutory capital for the corresponding type of credit institution: A copy of the audited financial report by an independent auditing organization of the business where the candidate has or is currently a manager. In cases where the business is not required to have its annual financial reports audited, it must provide the financial report submitted to the tax authority as prescribed by law;

(iii) A document from the authorized representative of the unit where the candidate has or is currently working, confirming the position (including confirmation that the candidate is a manager) and the duration of holding the position of the candidate, or a copy of a document proving the position and the duration of holding the position at the unit of the candidate.

c) For the condition "having at least five years of direct work experience in departments related to finance, banking, accounting, or auditing": A document from the authorized representative of the unit where the candidate has or is currently working, confirming that the candidate has directly worked in departments related to finance, banking, accounting, or auditing and the duration of the candidate's work in these departments, or copies of documents proving the department of work, the duration of assuming duties of the candidate in this department.

d) For the condition "having at least five years of direct work experience in departments of credit institutions or foreign bank branches": A document from the authorized representative of the credit institution or foreign bank branch where the candidate has or is currently working, confirming that the candidate has directly worked in departments of credit institutions or foreign bank branches and the duration of the candidate's work in these departments, or copies of documents proving the department of work, the duration of assuming duties of the candidate in this department.

8. Documents proving compliance with the standards and conditions for candidates to hold the position of General Director (Director) of commercial banks or non-bank credit institutions as stipulated in point c, Clause 4, Article 41 of the Law on Credit Institutions, specifically:

a) For the condition "having at least five years as an executive of a credit institution": A document from the authorized representative of the credit institution where the candidate has or is currently working, confirming the position and duration of holding the position of the candidate, or a copy of a document proving the position and duration of holding the position at the credit institution of the candidate.

b) For the condition "having at least five years as General Director (Director) or Deputy General Director (Deputy Director) of a business with minimum capital equal to the statutory capital for the corresponding type of credit institution and having at least five years of direct work experience in the financial, banking, accounting, or auditing field":

(i) Copies of the audited financial reports by an independent auditing organization of the business where the candidate has or is currently holding the position of General Director (Director) or Deputy General Director (Deputy Director);

(ii) A document from the authorized representative of the business where the candidate has or is currently working, confirming the position and duration of holding the position of the candidate, or a copy of a document proving the position and duration of holding the position at the business of the candidate;

(iii) A document from the authorized representative of the unit where the candidate has or is currently working, confirming that the candidate has directly worked in the financial, banking, accounting, or auditing field and the duration of the candidate's work in this field, or copies of documents proving the field of work, the duration of assuming duties of the candidate in this field.

c) For the condition "having at least ten years of direct work experience in the financial, banking, accounting, or auditing field": A document from the authorized representative of the unit where the candidate has or is currently working, confirming that the candidate has directly worked in the financial, banking, accounting, or auditing field and the duration of the candidate's work in this field, or copies of documents proving the field of work, the duration of assuming duties of the candidate in this field.

9. Documents proving compliance with the standard and condition "having at least three years of direct work experience in the financial, banking, accounting, or auditing field" for candidates to hold the position of member of the Supervisory Board of commercial banks or non-bank credit institutions as stipulated in point c, Clause 3, Article 41 of the Law on Credit Institutions: A document from the authorized representative of the unit where the candidate has or is currently working, confirming that the candidate has directly worked in the financial, banking, accounting, or auditing field and the duration of the candidate's work in this field, or copies of documents proving the field of work, the duration of assuming duties of the candidate in this field.

10. For personnel proposed for election or appointment under the exceptional cases stipulated in point c, clause 1, points đ and e, clause 2, Article 42 of the Law on Credit Institutions: Documents from the competent authority appointing the proposed personnel to represent the State's equity interest in credit institutions where the State holds at least 50% of the charter capital; appointing, designating, or appointing the proposed personnel to participate in management, operation, and supervision of credit institutions or credit institutions declared bankrupt as required by the mission.

11. Documentation proving compliance with "professional ethics":

a) Content of the assessment and commitment of the proposed personnel regarding compliance with "professional ethics" as prescribed in Article 6 according to the model attached as Appendix I to this Circular;

b) Evaluation document of the credit institution or foreign bank branch where the proposed personnel have worked, according to the model set forth in Appendix IV attached to this Circular, except for credit institutions or foreign bank branches that have been dissolved, declared bankrupt, merged, or absorbed.

Article 8. Application dossier for approval of the proposed appointment of the General Director (Director) of a foreign bank branch

1. Document of the foreign bank branch requesting the State Bank to approve the proposed appointment of the General Director (Director) of the branch in Vietnam, which must include at least the following contents:

a) Reasons for the appointment of the General Director (Director) of the foreign bank branch;

b) Full name; current position and place of work; identification number or personal identification number (for individuals with Vietnamese citizenship), personal identification number (for Vietnamese origin individuals who have not determined their nationality but reside in Vietnam and meet the conditions to be issued an identity card under the law on identity cards), passport number or substitute travel document, date of issue, issuing authority (for individuals without Vietnamese citizenship) of the proposed General Director (Director);

c) Assessment on whether the proposed General Director (Director) meets the qualifications and conditions as prescribed in the Law on Credit Institutions, including specific assessments on each condition.

2. Document of the authorized representative of the foreign bank approving the proposed appointment of the General Director (Director) of the foreign bank branch in Vietnam.

3. Criminal record certificate of the proposed appointee:

a) For proposed personnel with Vietnamese citizenship: Criminal record certificate issued by the criminal record management authority, which must contain complete information about criminal records (including erased and unerased records) and information about prohibition from holding positions, establishing, and managing enterprises or cooperatives;

b) For proposed personnel without Vietnamese citizenship: A criminal record certificate or equivalent document (containing full information about criminal records; information about prohibition from holding positions, establishing, managing enterprises, cooperatives) must be issued by the competent authority in Vietnam or abroad according to regulations. In case the criminal record certificate or equivalent document issued by the competent authority abroad does not contain information about prohibition from holding positions, establishing, managing enterprises, cooperatives, the foreign bank must provide an explanation document regarding the absence of such information from the issuing authority and commit to bear responsibility under the law for ensuring that the proposed personnel do not belong to the prohibited categories as stipulated in the Law on Credit Institutions;

c) The criminal record certificate or equivalent document prescribed in points a and b of this clause must be issued by the competent authority before the deadline for the foreign bank branch to submit the application dossier for approval of the proposed personnel list, not exceeding six months.

The proposed personnel must present the electronic criminal record certificate obtained through the VNeID identity verification application or submit the electronic criminal record certificate in accordance with the law;

4. Dossiers and documents prescribed in clauses 3, 5, 6, 8, 10, and 11 of Article 7 of this Circular.

Article 9. Procedures for Approval of the Proposed Personnel List of Commercial Banks, Branches of Foreign Banks, and Non-Bank Financial Institutions

1. Commercial banks, branches of foreign banks, and non-bank financial institutions shall prepare one set of documents in accordance with Articles 7 and 8 of this Circular and submit to the State Bank of Vietnam for entities specified in Clause 1 and 2, Article 4 of this Circular, or to the State Bank of Vietnam Regional Branch for entities specified in Clause 3, Article 4 of this Circular. In case the submitted documents are incomplete or invalid, within seven working days from the date of receipt of the documents, the State Bank of Vietnam, the Department of Credit Institution Management and Supervision, or the State Bank of Vietnam Regional Branch shall issue a document requesting commercial banks, branches of foreign banks, and non-bank financial institutions to supplement the documents.

2. Commercial banks, branches of foreign banks, and non-bank financial institutions shall complete the supplementary documents according to the request of the State Bank of Vietnam, the Department of Credit Institution Management and Supervision, or the State Bank of Vietnam Regional Branch within a maximum period of forty-five working days from the date the State Bank of Vietnam, the Department of Credit Institution Management and Supervision, or the State Bank of Vietnam Regional Branch issues the document requesting supplementary documents. Beyond this deadline, commercial banks, branches of foreign banks, and non-bank financial institutions must resubmit the set of documents in accordance with this Circular for the State Bank of Vietnam, the Department of Credit Institution Management and Supervision, or the State Bank of Vietnam Regional Branch to review and approve.

Chapter III
RESPONSIBILITIES OF RELATED UNITS

Section 1
RESPONSIBILITIES OF FINANCIAL INSTITUTIONS AND BRANCHES FOREIGN BANKS

Article 10. Implementation of Review of Personnel Standards and Conditions

1. Banks and non-bank financial institutions must review and assess whether the proposed personnel meet all standards and conditions as prescribed by law and bear legal responsibility for the completeness, accuracy, and truthfulness of the documents and materials provided to the State Bank of Vietnam.

2. Financial institutions and branches of foreign banks where the proposed personnel have previously worked shall be responsible for evaluating their compliance with the "professional ethics" criteria as stipulated in Appendix IV attached to this Circular.

Article 11. Implementation of Procedures Related to the Election and Appointment of Personnel

1. Banks and non-bank financial institutions shall prepare and complete the documents as required and implement procedures to request the State Bank of Vietnam's approval of the proposed personnel list in accordance with this Circular and relevant laws.

2. Banks and non-bank financial institutions shall conduct elections and appointments of personnel in accordance with the provisions of the law and based on the approved proposed personnel list by the State Bank of Vietnam.

Article 12. Implementation of notification and reporting regime

1. Banks and non-bank financial institutions shall promptly notify in writing to the State Bank of Vietnam about changes related to meeting the standards and conditions for personnel expected to be elected or appointed during the process of the State Bank of Vietnam reviewing the application for approval of the proposed personnel list or from the date the State Bank of Vietnam issues a written approval of the proposed personnel list until such personnel are elected or appointed as provided below:

a) For banks and non-bank financial institutions specified in Clause 1 and 2, Article 4 of this Circular: submit to the Credit Institution Management and Supervision Department;

b) For foreign bank branches specified in Clause 3, Article 4 of this Circular: submit to the State Bank of Vietnam branch in the region where the foreign bank branch is located.

2. Within ten days from the date of electing or appointing the positions of Chairman and members of the Board of Directors, Chairman and members of the Board of Members, Head and members of the Supervisory Board, General Director (Director), banks and non-bank financial institutions must issue a written notification to the State Bank of Vietnam in accordance with point a and b, Clause 1 of this Article regarding the list of persons elected or appointed according to the model attached as Appendix III to this Circular.

3. Commercial banks and non-bank financial institutions shall notify the State Bank of Vietnam in accordance with point a, Clause 1 of this Article regarding the notification of the legal representative as stipulated in Clause 3, Article 11 of the Law on Credit Institutions and in cases of changing information about the legal representative.

Foreign bank branches shall notify the State Bank of Vietnam in accordance with point a and b, Clause 1 of this Article within ten days from the date of appointing information about the appointment of the General Director (Director) of the foreign bank branch and in cases of changing information about the General Director (Director) of the foreign bank branch.

Section 2
RESPONSIBILITIES OF UNITS UNDER THE STATE BANK OF VIETNAM

Article 13. Responsibilities of the Credit Institution Management and Supervision Department

1. The Credit Institution Management and Supervision Department shall be responsible for being the focal point for evaluating the compliance of the application, standards, and conditions of the proposed personnel of banks and non-bank financial institutions falling under the scope specified in Clause 1 and 2, Article 4 of this Circular in accordance with the Law on Credit Institutions and this Circular; seek opinions from relevant units; compile and report to the Governor of the State Bank of Vietnam for review, and issue a written approval or disapproval of the proposed personnel of commercial banks as stipulated in Clause 1, Article 4 of this Circular; issue a written approval or disapproval of the proposed personnel of non-bank financial institutions and foreign bank branches as stipulated in Clause 2, Article 4 of this Circular.

2. Receive notifications from banks and non-bank financial institutions as stipulated in Clause 1, Article 12 of this Circular; examine the compliance of the standards and conditions of the proposed personnel and take measures (if necessary).

3. Receive and review notifications from banks and non-bank financial institutions as stipulated in Clause 2, Article 12 of this Circular and take measures (if necessary).

4. Within five days from the date banks and non-bank financial institutions issue a written notification to the State Bank of Vietnam in accordance with Clause 3, Article 12 of this Circular, the Credit Institution Management and Supervision Department shall be responsible for issuing a written notification to the provincial or centrally-administered city business registration agency where the bank or non-bank financial institution is located to update into the national enterprise registration information system.

Article 14. Responsibilities of The State Bank of Vietnam Branch for the Region

1. The State Bank of Vietnam Branch for the Region shall be responsible for evaluating the compliance of the proposed personnel of foreign bank branches with the requirements set forth in the Law on Credit Institutions and this Circular; soliciting opinions from relevant units; issuing a written approval or disapproval of the proposed personnel of foreign bank branches.

2. The State Bank of Vietnam Branch for the Region shall be responsible for providing written comments (in accordance with the form attached as Appendix V to this Circular) based on the request of the Credit Institution Management and Supervision Department within five working days from the date of receipt of the request.

3. Receiving notifications from foreign bank branches as stipulated in Clause 1, Article 12 of this Circular; examining the compliance of the proposed personnel with the requirements and taking measures (if necessary).

4. Receiving and reviewing notifications from foreign bank branches as stipulated in Clause 2, Article 12 of this Circular and taking measures (if necessary).

5. Within five days from the date when the foreign bank branch issues a notification to the State Bank of Vietnam in accordance with Clause 3, Article 12 of this Circular, the State Bank of Vietnam Branch for the Region shall be responsible for notifying in writing the provincial or centrally-administered city business registration authority where the foreign bank branch is located to update the national business registration information system.

Article 15. Responsibilities of Relevant Units under the State Bank of Vietnam

Relevant units under the State Bank of Vietnam shall be responsible for providing written comments based on the request of the Credit Institution Management and Supervision Department and the State Bank of Vietnam Branch for the Region within five working days from the date of receipt of the request.

Chapter IV
IMPLEMENTING PROVISIONS

Article 16. Effective Date

1. This Circular takes effect from August 10, 2025.

2. The following Circulars shall cease to be effective from the date this Circular takes effect:

a) Circular No. 22/2018/TT-NHNN guiding procedures and documents for approving the list of proposed personnel of commercial banks, non-bank credit institutions, and foreign bank branches;

b) Circular No. 10/2024/TT-NHNN amending and supplementing some articles of Circular No. 22/2018/TT-NHNN dated September 5, 2018, guiding procedures and documents for approving the list of proposed personnel of commercial banks, non-bank credit institutions, and foreign bank branches.

3. Abolishing Clause 3, 4, 5, 6, and 11 of Article 2 of Circular No. 13/2019/TT-NHNN amending and supplementing some articles of related Circulars concerning the issuance of licenses, organization, and operation of credit institutions and foreign bank branches.

Article 17. Transitional Provisions

1. Applications for approval of the list of proposed personnel of commercial banks, foreign bank branches, and non-bank credit institutions submitted fully to the State Bank of Vietnam before the effective date of this Circular shall be processed according to the provisions of Circular No. 22/2018/TT-NHNN amended and supplemented by Circular No. 13/2019/TT-NHNN and Circular No. 10/2024/TT-NHNN.

2. The credit institution's, foreign bank branch's written assessment of professional ethics according to Form 04 issued together with Circular No. 10/2024/TT-NHNN, issued before the effective date of this Circular, may continue to be used when requesting the State Bank of Vietnam to approve the list of proposed personnel at other commercial banks, foreign bank branches, and non-bank credit institutions in accordance with this Circular.

Article 18. Implementation Organization

Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches are responsible for implementing this Circular./.