Circular No. 23/2022/TT-NHNN amends and supplements certain provisions of legal documents to decentralize the handling of administrative procedures in foreign exchange management.

CIRCULAR

Amending and supplementing certain provisions of legal normative documents to 分级

处理程序 行政手续处理程序在外汇管理领域 

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010; the Law Amending and Supplementing Certain Articles of the Law on Credit Institutions dated November 20, 2017;

On the basis of the Foreign Exchange Law dated December 13, 2005; the Ordinance Amending and Supplementing Certain Articles of the Foreign Exchange Law dated March 18, 2013;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Department of Foreign Exchange Management;

The Governor of the State Bank of Vietnam promulgates this Circular 修改和补充某些法律规范性文件，以 分级处理 行政手续处理程序在外汇管理领域.

Article 1. Amending and supplementing certain provisions of Circular No. 21/2014/TT-NHNN dated August 14, 2014 issued by the Governor of the State Bank of Vietnam guiding the scope of foreign exchange activities, conditions, procedures, and formalities for approving foreign exchange activities of credit institutions, branches of foreign banks (referred to as Circular No. 21/2014/TT-NHNN)

1. Supplementing Clause 4a as follows:

"Clause 4a. Authority to approve foreign exchange activities
1. The Governor of the State Bank of Vietnam has the authority to approve and extend approval for foreign exchange activities for the following entities:
a) Commercial banks, cooperative banks, policy banks, comprehensive financial companies, factoring financial companies, consumer finance companies, leasing financial companies;
b) Branches of foreign banks that are subject to micro-prudential supervision by the Banking Supervision Agency.

2. The Director of the State Bank of Vietnam branch in provinces and centrally-administered cities has the authority to approve and extend approval for foreign exchange activities for branches of foreign banks located within their jurisdiction, except for those branches of foreign banks specified in point b, Clause 1 of this Article."

2. Amending and supplementing Clause 1 of Article 12 (which has been amended and supplemented by Clause 12 of Article 1 of Circular No. 28/2016/TT-NHNN dated October 5, 2016 issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 21/2014/TT-NHNN (referred to as Circular No. 28/2016/TT-NHNN)) as follows:

"1. When there is a need to carry out foreign exchange activities on the domestic market or international market, commercial banks shall prepare one set of documents in accordance with Clause 11 of this Circular and send them through postal service or directly to the One-Stop Service Department of the State Bank of Vietnam. In case the documents are incomplete, the State Bank of Vietnam shall issue a written request to the commercial bank to supplement the documents within ten working days from the date of receipt of the documents."

3. Amending and supplementing Article 19 (which has been amended and supplemented by Clause 18 of Article 1 of Circular No. 28/2016/TT-NHNN) as follows:

"Article 19. Documents, procedures, and formalities for requesting approval for basic foreign exchange activities on the domestic market and international market

A branch of a foreign bank wishing to carry out basic foreign exchange activities on the domestic market or international market shall prepare one set of documents and send them through postal service or directly to the One-Stop Service Department of the State Bank of Vietnam or the State Bank of Vietnam branch in provinces and centrally-administered cities (hereinafter referred to as the State Bank of Vietnam branch in provinces and centrally-administered cities) according to the authority stipulated in Clause 4a of this Circular. The documents, procedures, and formalities for requesting approval for basic foreign exchange activities on the domestic market and international market shall be carried out in accordance with the regulations for commercial banks as stipulated in Clause 1, 2, and 3 of Article 11 and Article 12 of this Circular."

4. Amending and supplementing Article 20 (which has been amended and supplemented by Clause 19 of Article 1 of Circular No. 28/2016/TT-NHNN) as follows:

"Article 20. Documents, procedures, and formalities for requesting approval for other foreign exchange activities on the domestic market and international market

A branch of a foreign bank wishing to carry out other foreign exchange activities on the domestic market or international market shall prepare one set of documents and send them through postal service or directly to the One-Stop Service Department of the State Bank of Vietnam or the State Bank of Vietnam branch in provinces and centrally-administered cities according to the authority stipulated in Clause 4a of this Circular. The documents, procedures, and formalities for requesting approval and extension of approval for other foreign exchange activities on the domestic market and international market shall be carried out in accordance with the regulations for commercial banks as stipulated in Clause 1, 4, and 5 of Article 11 and Article 12 of this Circular."

5. Amending and supplementing Article 36 (which has been amended and supplemented by Clause 35 of Article 1 of Circular No. 28/2016/TT-NHNN) as follows:

a) Amend and supplement Clause 1 as follows:

"1. The Banking Supervision Agency:
a) Shall act as the focal point for receiving and sending documents to relevant units under the State Bank of Vietnam for comments, reviewing, and submitting to the Governor of the State Bank of Vietnam for applications for approval and extension of approval for foreign exchange activities of credit institutions and branches of foreign banks as stipulated in Clause 1 of Clause 4a of this Circular;

b) Shall act as the focal point for handling issues related to the approval and extension of approval for foreign exchange activities of credit institutions and branches of foreign banks as stipulated in Clause 1 of Clause 4a of this Circular."

b) Supplement Clause 6 as follows:

"6. The State Bank of Vietnam branch in provinces and centrally-administered cities:
a) Shall receive and send documents to relevant units (if necessary), review applications for approval and extension of approval for foreign exchange activities of branches of foreign banks as stipulated in Clause 2 of Clause 4a of this Circular;

b) Shall act as the focal point for handling issues related to the approval and extension of approval for foreign exchange activities of branches of foreign banks as stipulated in Clause 2 of Clause 4a of this Circular."

6. Replacing Appendix No. 01, 04 promulgated together with Circular No. 21/2014/TT-NHNN with Appendix No. 01, 02 promulgated together with this Circular.

Article 2. Amend and supplement some articles of the Payment Rules for the purchase and sale, exchange of goods and commercial services in the Vietnam-Cambodia border area issued together with Decision No. 17/2004/QĐ-NHNN dated January 5, 2004 of the Governor of the State Bank of Vietnam.

1. Amend and supplement Clause 1, Article 8 (which has been amended and supplemented by Article 3 of Circular No. 29/2015/TT-NHNN dated December 22, 2015 of the Governor of the State Bank of Vietnam amending and supplementing certain legal documents of the State Bank of Vietnam on the components of files containing certified true copies of documents) as follows:

"1. The use of freely convertible foreign currency in cash for payment in transactions of purchasing and selling, exchanging goods and commercial services in the border area between Vietnamese and Cambodian traders shall only be applied in cases where the traders from both sides cannot settle through banks, and shall only apply to Vietnamese traders receiving payment in foreign currency cash through the sale of goods and provision of services to Cambodian traders, not applying to Vietnamese traders using foreign currency cash to pay for imported goods and services from Cambodia.

When there is a need to collect foreign currency in cash, Vietnamese traders shall prepare one set of documents to send via postal service or directly to the One-Stop Service Unit of the State Bank of Vietnam branch in the province or city where the trader's headquarters is located to obtain a permit to collect foreign currency in cash from exports to Cambodia. The application for a permit includes:

- An application form for collecting foreign currency in cash from exports to Cambodia according to Form 01 attached to this Circular;

- A copy of the document approved by the competent authority for cases of temporarily suspended export goods and conditionally exported goods;

- A copy of the signed commercial contract with Cambodian traders agreeing to payment by freely convertible foreign currency in cash (with confirmation by the authorized representative of the enterprise).

Within seven working days from the date of receipt of complete and valid documents, the State Bank of Vietnam branch in the province or city shall issue a permit to collect foreign currency in cash from exports to Cambodia for Vietnamese traders according to the permit form at Form 02 attached to this Circular. In case of refusal, the State Bank of Vietnam branch in the province or city shall reply in writing and specify the reasons.

Vietnamese traders must deposit the collected foreign currency in cash into their foreign currency deposit account at a permitted bank within three working days from the date the foreign currency in cash is brought back into the country as confirmed by the customs office. After depositing the collected foreign currency in cash into their foreign currency deposit account, the trader must submit a copy of the cash deposit slip to the State Bank of Vietnam branch that issued the permit to collect foreign currency in cash.

When depositing foreign currency in cash into the account, in addition to the permit to collect foreign currency in cash, Vietnamese traders must submit the following documents to the commercial bank:

- The original customs declaration form (confirmed by the customs office regarding the amount of foreign currency brought from abroad);

- A copy of the export goods declaration form (submitted after the goods have been exported)."

2. Replace Appendix No. 01 issued together with Decision No. 17/2004/QĐ-NHNN dated January 5, 2004 of the Governor of the State Bank of Vietnam on the issuance of the Payment Rules for the purchase and sale, exchange of goods and commercial services in the Vietnam-Cambodia border area with Appendix No. 03 issued together with this Circular.

This Circular takes effect from December 25, 2025/.

The Head of the Office, Heads of Departments under the State Bank of Vietnam, Heads of units under the State Bank of Vietnam, credit organizations, branches of foreign banks, and Vietnamese traders are responsible for implementing this Circular.

Article 4. Implementation provisions

1. This Circular takes effect from February 15, 2023.

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

a) Article 3 of Circular No. 29/2015/TT-NHNN dated December 22, 2015 of the Governor of the State Bank of Vietnam amending and supplementing certain legal documents of the State Bank of Vietnam on the components of files containing certified true copies of documents;

b) Clause 18, Clause 19 of Article 1, Clause 1 of Article 2 of Circular No. 28/2016/TT-NHNN dated October 5, 2016 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 21/2014/TT-NHNN of the Governor of the State Bank of Vietnam guiding the scope of foreign exchange activities, conditions, procedures, and formalities for approving foreign exchange activities of credit institutions and branches of foreign banks./.