Circular No. 23/2015/TT-NHNN amending and supplementing certain Articles of the Compulsory Reserve Regulation for credit institutions issued together with Decision No. 581/2003/QĐ-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam.

CIRCULAR

Amending and supplementing certain Articles of Article 24Forced reserve regime for credit institutions

Circular No. 04/2017/TT-BGDĐT dated January 25, 2017 Article 24Decision No. 581/2003/QĐ-NHNN dated June 9, 2003

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Pursuant to the Law on the State Bank of Vietnam No.No. Pursuant to Law No. 46/2010/QH12 dated June 16, 2010;

On the basis of the Law on Credit Institutions, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP organizationsNo. 47/2010/QH12 dated June 16, 2010;

On the basis of Decree No. 156/2013/NĐ-CP dated November 11, 2013 of the Government stipulating functions, tasks, organization and operationonof the State Treasury;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP các ngành kinh tế

/2013/QĐ-TTgNo. Decision No. 48/2013/QĐ-TTg dated August 1, 2013 of the Prime MinisterJune 2024;regarding capital contributionon purchaseNo.shares, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP required, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP credit institutions that aredevelopmentunder special supervision;

On the basis of Decision No. 255/QĐ-TTg dated March 1, 2012 of the Prime Minister supplementing some restructuring solutions for the credit institution system during the period 2011-2015;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP Article, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP of the Forced Reserve Regime for credit institutions issued together with Decision No. 581/2003/QĐ-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam.

At the proposal of the Director of the Department of Tax Policy,"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."monetary policy;

(Circular No. 36/2014/TT-NHNN)., amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPPursuant to the Law on Public Investment dated November 29, 2024;No. Article 1. Amend and supplement some articles of the Forced Reserve Regime for credit institutions issued together with Decision No. 581/2003/QĐ-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam (hereinafter referred to as the Forced Reserve Regime) as follows:y 1. Article 3 shall be amended as follows:No. The Forced Reserve Regime applies to credit institutions and foreign bank branches established and operating under the Law on Credit Institutions (hereinafter referred to as credit institutions).”

The State Bank of Vietnam decides the interest rate on mandatory reserves and excess reserves deposits for each type of credit institution and each type of deposit in each period.”

3. Article 8 shall be amended as follows:

“Article 3. 1. Announcing mandatory reserves and paying interest on mandatory reserves and excess reserves deposits denominated in foreign currency shall be carried out by the State Bank of Vietnam's Trading Center.

2. Article 6 shall be amended as follows:

“Article 6. 2. Announcing mandatory reserves and paying interest on mandatory reserves and excess reserves deposits denominated in Vietnamese dong shall be carried out by the State Bank of Vietnam's branch in the province or city where the credit institution's main office is located (except in cases where the credit institution chooses the State Bank of Vietnam's Trading Center to carry out such activities and notifies the State Bank of Vietnam's Trading Center and the State Bank of Vietnam's branch in the province or city where the credit institution's main office is located in writing).”

1. For credit institutions under special supervision, the Governor of the State Bank of Vietnam may consider and decide to reduce the mandatory reserve ratio for such credit institutions to a minimum of 0%.

“Article 8.

2. For credit institutions implementing approved restructuring plans, participating in the restructuring of weak credit institutions according to designation, the Governor of the State Bank of Vietnam may consider and decide to reduce the mandatory reserve ratio specifically for each credit institution.”

5. Article 16 shall be amended as follows:

4. Article 10 shall be amended and supplemented as follows:

“Article 10.

Handling credit institutions that fail to maintain mandatory reserves.

The State Bank of Vietnam shall apply forms and measures to handle credit institutions that fail to maintain mandatory reserves in accordance with current laws on administrative penalties in the field of currency and banking and other relevant laws.”

6. Article 19 shall be amended as follows:

“Article 16. The State Bank of Vietnam's Trading Center shall be responsible for:

1. Within three working days at the beginning of each month, based on the balance of settlement accounts of credit institutions transmitted by the State Bank of Vietnam's branches in provinces and cities, aggregate and calculate the average balance of settlement accounts denominated in Vietnamese dong of credit institutions at the State Bank of Vietnam during the previous mandatory reserve maintenance period; transmit the average balance of settlement accounts denominated in Vietnamese dong of credit institutions at the State Bank of Vietnam during the previous mandatory reserve maintenance period to the State Bank of Vietnam's branch in the province or city where the credit institution's main office is located.

2. Within five working days at the beginning of each month, based on reports on the average balance of deposits required to be reserved during the determination period sent by credit institutions, conduct verification, calculation, and notify the amount of mandatory reserves required during the current mandatory reserve maintenance period and the implementation status of mandatory reserves during the previous mandatory reserve maintenance period to credit institutions under its management according to Appendix 2.

“Article 19. 3. Within seven working days at the beginning of each month, based on the average balance of settlement accounts of credit institutions at the State Bank of Vietnam during the previous mandatory reserve maintenance period and the notification of the implementation status of mandatory reserves during the previous mandatory reserve maintenance period, pay interest on mandatory reserves and excess reserves during the previous mandatory reserve maintenance period to credit institutions under its management in accordance with this Regulation.

4. Within ten working days at the beginning of each month, aggregate the compliance status of mandatory reserves during the previous mandatory reserve maintenance period of credit institutions under its management and credit institutions reported by the State Bank of Vietnam's branches in provinces and cities, and report to the Governor of the State Bank of Vietnam and simultaneously send to the Banking Supervision Agency and the Department of Monetary Policy according to Appendix 3.”

7. Article 20 shall be amended as follows:

The State Bank of Vietnam's branch in the province or city where the credit institution's main office is located shall be responsible for:

1. Within five working days at the beginning of each month, based on reports on the average balance of deposits required to be reserved during the determination period sent by credit institutions, conduct verification, calculation, and notify the amount of mandatory reserves required in Vietnamese dong during the current mandatory reserve maintenance period and the implementation status of mandatory reserves in Vietnamese dong during the previous mandatory reserve maintenance period to credit institutions under its management according to Appendix 2.

2. Within seven working days at the beginning of each month, based on the average balance of settlement accounts denominated in Vietnamese dong of credit institutions at the State Bank of Vietnam during the previous mandatory reserve maintenance period transmitted by the State Bank of Vietnam's Trading Center and the notification of the implementation status of mandatory reserves in Vietnamese dong during the previous mandatory reserve maintenance period, pay interest on mandatory reserves and excess reserves in Vietnamese dong during the previous mandatory reserve maintenance period to credit institutions under its management in accordance with this Regulation.

“Article 20. The State Bank branch in the province or city where the credit organization's main office is located shall be responsible for:

1. Within five working days at the beginning of each month, based on the report on the average balance of deposits required to be compulsorily reserved during the period submitted by the credit organization, carry out verification, calculation, and notify the amount of compulsory reserves in Vietnamese dong that must be maintained during the reserve maintenance period and the implementation status of the compulsory reserves in the previous reserve maintenance month to the credit organizations under its management according to Annex 2 attached hereto.

2. Within seven working days at the beginning of each month, based on the average balance of settlement accounts in Vietnamese dong of the credit organization at the State Bank during the previous reserve maintenance month transmitted by the State Bank Trading Department and the notification of the implementation status of compulsory reserves in Vietnamese dong during the previous reserve maintenance month, implement the payment of interest on compulsory reserve deposits and excess reserve deposits in Vietnamese dong during the previous reserve maintenance month to the credit organizations under its management in accordance with this Regulation.

3. Within seven working days at the beginning of each month, compile the situation regarding the compliance with the mandatory reserve requirements for the previous month's maintenance period for credit institutions under management, and submit to the State Bank of Vietnam (the State Bank Trading Department) according to attached Table 3.

8. Article 22 shall be amended as follows:

“Article 22. The Monetary Policy Department shall be responsible for:

1. Based on the monetary policy objectives, submit to the Governor of the State Bank of Vietnam for consideration and decision:

a) The mandatory reserve ratio for each type of credit institution and each type of deposit during each period;

b) The interest rate on mandatory reserve deposits and the interest rate on deposits exceeding the mandatory reserve requirement for each type of credit institution and each type of deposit during each period.

2. On the basis of the proposal from the Banking Inspection and Supervision Authority, submit to the Governor of the State Bank of Vietnam for decision the mandatory reserve ratio applicable to credit institutions under special control, credit institutions implementing approved restructuring plans, and credit institutions participating in the restructuring of weak credit institutions as designated.

9. Article 24 is amended and supplemented as follows:

“Article 24. The Banking Inspection and Supervision Authority shall be responsible for:

1. Based on the consolidation plan for organizational structure and operations, and the restructuring plan of credit institutions, propose to the Monetary Policy Department to reduce the mandatory reserve ratio for credit institutions under special control, credit institutions implementing approved restructuring plans, and credit institutions participating in the restructuring of weak credit institutions as designated, including specific proposals on the applicable mandatory reserve ratio, the start date of the mandatory reserve maintenance period, and the duration of application.

2. Within fifteen working days from the date of receiving the report from the State Bank Trading Department on the compliance with the mandatory reserve requirements of credit institutions, handle according to authority or recommend the Governor of the State Bank of Vietnam to take measures against credit institutions failing to meet the mandatory reserve requirements as stipulated. Report to the Governor of the State Bank of Vietnam, and send copies to the Monetary Policy Department and the State Bank Trading Department regarding decisions on handling credit institutions failing to meet the mandatory reserve requirements.

3. Inspect and supervise credit institutions in their compliance with the provisions of this Regulation; handle according to authority or recommend the Governor of the State Bank of Vietnam to take measures against credit institutions violating the provisions as stipulated.

Article 2.

1. Repeal Article 21 and Article 26 of the Mandatory Reserve Regulation.

2. Replace the term "settlement deposit account" with the term "settlement account" in the Mandatory Reserve Regulation.

3. Replace the term "excess mandatory reserve" with the term "over mandatory reserve" in the Mandatory Reserve Regulation.

4. Replace Table 2 issued together with the Mandatory Reserve Regulation with Table 2 issued together with this Circular.

Article 3. Effectiveness

1. This Circular takes effect from January 28, 2016.

2. From the date this Circular takes effect, the following provisions shall cease to be effective:

a) Decision No. 923/QĐ-NHNN dated July 20, 2004 of the Governor of the State Bank of Vietnam on the interest rate for mandatory reserve deposits for credit institutions;

b) Decision No. 1130/2005/QĐ-NHNN dated August 1, 2005 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of the Mandatory Reserve Regulation for credit institutions issued pursuant to Decision No. 581/2003/QĐ-NHNN dated June 9, 2003 of the Governor of the State Bank of Vietnam.

Article 4. Organization a) Report to the Ministry of Natural Resources and Environment on the results of training and upgrading, including listing the teaching staff participating in teaching, evaluating the participation of trainees in the training process, the results of organizing examinations for completing the training and upgrading program on land valuation business, the issuance of Certificates and the use of Certificate codes, summarizing the feedback from trainees on the quality of the training and upgrading program on land valuation business, and other relevant matters.

The Director of the Office, the Head of the Monetary Policy Department, the Heads of relevant units under the State Bank, the Governors of the State Bank branches in provinces and centrally governed cities, the Chairmen of the Management Boards, the Chairmen of the Board of Members, and the General Directors (Directors) of credit organizations and foreign bank branches shall be responsible for organizing the implementation of this Circular./.