Consolidated Document number 24/VBHN-NHNN on cooperatives banks, the contribution, management and use of the Fund for Ensuring Safety of Credit Cooperative Systems

SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness __________________

 

CIRCULAR

Regulations on cooperative banks, the contribution, management, and use of the fund for ensuring the safety of the people's credit union system

 

Circular No. 27/2024/TT-NHNN dated June 28, 2024, of the Governor of the State Bank of Vietnam on cooperative banks, the contribution, management, and use of the Fund for Ensuring the Safety of the People's Credit Union System, shall take effect from July 1, 2024, amended and supplemented by:

Circular No. 28/2025/TT-NHNN dated September 30, 2025, of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the contribution, management, and use of the Fund for Ensuring the Safety of the People's Credit Union System, which shall take effect from November 15, 2025.

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

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Based on the Law on Cooperatives dated June 20, 2023;

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 Banking Inspection and Supervision;

The Governor of the State Bank of Vietnam issues this Circular on cooperative banks, the contribution, management, and use of the Fund for Ensuring the Safety of the People's Credit Union System[1].

PART I

GENERAL PROVISIONS

 

Article 1. Scope of Regulation

This Circular stipulates certain contents regarding the License; organization, governance, management, operation of cooperative banks, and the contribution, management, and use of the Fund for Ensuring the Safety of the People's Credit Union System.

Article 2. Applicability

1. Cooperative banks.

2. People's Credit Unions.

3. Organizations and individuals related to the scope of regulation prescribed in Article 1 of this Circular.

Article 3. Nature and Objectives of Operation

A cooperative bank is a type of credit institution organized according to the cooperative model operating in the banking sector with the main objective being to link and ensure the safety of the system through financial support and monitoring activities within the people's credit union system, balancing capital, and conducting banking operations for members that are people's credit unions.

Article 4. Definitions

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

1. Member contributions include membership establishment contributions and annual contributions.

2. Membership establishment contributions are the amount of contributions decided by the General Assembly of Members to establish membership status at the cooperative bank.

3. Annual contributions are the annual amount that members must contribute to maintain their membership status at the cooperative bank.

4. The Fund for Ensuring the Safety of the People's Credit Union System (hereinafter referred to as the Safety Fund) is a financial fund of the cooperative credit institution system (cooperative banks and people's credit unions) jointly owned by members based on fees contributed by cooperative banks and member people's credit unions, located at the cooperative bank, managed and used by the cooperative bank in accordance with this Circular.

Article 5. Term of Operation and Operating Area

1. The term of operation of a cooperative bank is recorded in the License for Establishment and Operation (hereinafter referred to as the License), with a maximum duration of 99 years.

2. The operating area of a cooperative bank: within the territory of Vietnam.

Article 6. License for Establishment and Operation

1. The activities and term of operation of a cooperative bank are recorded in the License. The form of the License is prescribed atAppendix No. 01 promulgated together with this Circular.

2. In case the License of a cooperative bank is lost, torn, or damaged, the cooperative bank must submit a written statement explaining the reason directly or through postal service to the State Bank (One-Stop Service Department) requesting consideration for issuance of a copy of the License from the original book according to the provisions of the law. Within two working days from the date of receipt of the request, the State Bank of Vietnam (hereinafter referred to as the State Bank) will consider and issue a copy from the original book to the cooperative bank.

Chapter II

SPECIFIC PROVISIONS

 

Section 1. STANDARDS AND CONDITIONS FOR THE MANAGEMENT, OPERATING PERSONNEL, AND MEMBERS OF THE AUDIT BOARD OF COOPERATIVE BANKS

Article 7. Standards and Conditions for the Chairman and Members of the Board of Directors

1. The Chairman of the Board of Directors must meet the following standards:

a) Not falling under the cases stipulated in Clause 1, Article 42 and Article 43 of the Law on Credit Organizations;

b) Having professional ethics;

c) Having at least five years of work experience in the banking sector;

d) Having at least two years of experience in a management or operating position at an organization operating in the banking sector;

đ) Having a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking, or law.

2. Members of the Board of Directors must meet the following standards:

a) The standards and conditions specified in points a, b, and đ of Clause 1 of this Article;

b) Having at least two years of work experience in the banking sector;

c) Having at least one year of experience in a management or operating position at an organization operating in the banking sector.

3. The State Bank shall appoint representatives to manage the state support capital at cooperative banks who meet the standards and conditions set forth in this Circular, except for the provisions in point c of Clause 1, point c of Clause 2 of this Article, and point c of Clause 1 of Article 9 of this Circular to be elected by the General Assembly of Members into positions as members of the Board of Directors, Chairman of the Board of Directors, and members of the Board of Directors concurrently serving as General Director of the cooperative bank.

Article 8. Standards and Conditions for the Head of the Audit Board and Members of the Audit Board

1. The Head of the Audit Board must meet the following standards and conditions:

a) The standards and conditions stipulated in Clause 2 of this Article;

b) Residing in Vietnam during the term of office.

2. Members of the Audit Board must meet the following standards and conditions:

a) Not falling under the cases stipulated in Clause 1, Article 42 and Article 43 of the Law on Credit Organizations;

b) Having professional ethics;

c) Having at least three years of work experience in one of the fields of accounting, auditing, finance, or banking;

d) Having a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking.

Article 9. Standards and Conditions for the General Director, Deputy General Director, Chief Accountant, and Branch Manager of Cooperative Banks

1. The General Director must meet the following standards and conditions:

a) Not falling under the cases stipulated in Clause 1, Article 42 and Article 43 of the Law on Credit Organizations;

b) Having professional ethics;

c) Having at least three years of experience in a management or operating position at an organization operating in the banking sector;

d) Having a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking, business administration, or law;

đ) Residing in Vietnam during the term of office.

2. The Deputy General Director must meet the following standards and conditions:

a) Not falling under the cases stipulated in Clause 1, Article 42 and Article 43 of the Law on Credit Organizations;

b) Meeting one of the following conditions: having a bachelor's degree or higher in one of the fields of finance, banking, economics, business administration, law, accounting, auditing, or another field related to the specialized area they will be responsible for; having a bachelor's degree or higher in another field and at least three years of direct work experience in the field of finance, banking, or the specialized area they will be responsible for;

c) Residing in Vietnam during the term of office.

3. The Chief Accountant must meet the following standards and conditions:

a) Not falling under the cases prohibited from assuming the position as stipulated in Clause 2 and Clause 3 of Article 42 of the Law on Credit Organizations;

b) The standards and conditions specified in points b and c of Clause 2 of this Article;

c) The standards and conditions prescribed by the laws on accounting.

4. The Branch Manager of a cooperative bank must meet the following standards and conditions:

a) Not falling under the cases stipulated in Clause 2 of Article 42 of the Law on Credit Organizations;

b) The standards and conditions specified in points b and c of Clause 2 of this Article.

Section 2. MEMBERS, TERMINATION OF MEMBER STATUS, CONTRIBUTED CAPITAL, TRANSFER AND REPAYMENT OF CONTRIBUTED CAPITAL BY MEMBERS

Article 10. Conditions for Becoming a Member

1. For people's credit funds: The people's credit fund becomes a member of the cooperative bank from the date it is granted a License.

2. For other legal entities: Engaging in profitable business operations in the year immediately preceding the year in which they apply to become members and submitting an application to join.

3. The subjects specified in Clauses 1 and 2 of this Article must contribute their subscribed capital as prescribed in Article 12. This Circular and appoint a lawful representative to participate.

Article 11. Termination of Member Status

Members of the cooperative bank shall terminate their member status in the following cases:

1. The member ceases to exist as a legal entity.

2. The member, being another legal entity, has transferred its entire share of contributed capital to another legal entity in accordance with the provisions of Article 14 of this Circular.

3. The member, being another legal entity, requests to withdraw from the cooperative bank and is approved by the Board of Directors of the cooperative bank in accordance with the law and the Charter of the cooperative bank.

4. The member, being another legal entity, is expelled from the cooperative bank by the General Assembly of Members in the following cases:

a) Not having a representative meeting the conditions prescribed by law and the Charter of the cooperative bank;

b) Not contributing the annual capital as required by Article 12. This Circular;

c) Other cases prescribed by law or the Charter of the cooperative bank.

Article 12. Contributed Capital

1. Members may not use entrusted capital or borrowed capital in any form to contribute capital to the cooperative bank and must commit to and be responsible for the legality of the source of contributed capital.

2. Contributed capital establishing member status and annual contributed capital are made in Vietnamese dong.

3. The level of contributed capital establishing member status when joining the cooperative bank is decided by the General Assembly of Members but must not be less than 10 million Vietnamese dong.

4. The level of annual contributed capital for members of the cooperative bank is decided by the General Assembly of Members but must not be less than 1 million Vietnamese dong. The Board of Directors of the cooperative bank reviews and decides on the exemption or reduction of annual contributed capital for members that are people's credit funds under special supervision or subject to early intervention. Annual contributed capital must be completed at the latest within thirty days from the end of the General Assembly of Members.

5. The total contributed capital establishing member status, annual contributed capital, and maximum transferred capital of a member according to the Charter of the cooperative bank, but not exceeding 30% of the charter capital of the cooperative bank at the time of contribution or transfer, except for the portion of state capital in the cooperative bank.

Article 13. Change in Charter Capital

1. The Board of Directors of the cooperative bank decides on increasing or decreasing the level of charter capital and reports to the General Assembly of Members at the nearest General Assembly of Members in the following cases:

a) Receiving contributions from new members or members contributing annual capital;

b) Repaying contributed capital to dissolved, bankrupt members or repaying contributed capital to members terminating their member status as prescribed in Clause 3, Article 11 of this Circular.

2. The General Assembly of Members decides on increasing or decreasing the level of charter capital in the following case:

a) Using reserve funds and other legal sources of capital to supplement charter capital as prescribed by law;

b) Repaying contributed capital to members terminating their member status as prescribed in Clause 4, Article 11 of this Circular.

c)[2] Supplementing charter capital from state support capital.

3. Quarterly, no later than the third day of the following month, the cooperative bank must report to the State Bank about changes in the level of charter capital (if any).

4. The procedure and documents for requesting amendments and supplements to the License regarding the level of charter capital of the cooperative bank shall be implemented in accordance with the regulations of the Governor of the State Bank on changes that must be approved by the State Bank for credit cooperatives.

Article 14. Transfer and Repayment of Capital Contribution

1. The transfer of capital contribution shall be carried out as follows:

a) A member that is a people's credit cooperative may only transfer part of its capital contribution (but must maintain the level of capital contribution establishing membership status and annual capital contribution as stipulated in Clause 3 and Clause 4, Article 12 of this Circular) to other legal entities meeting the conditions specified inArticle 10 of this Circular b) Members that are not people's credit cooperatives may transfer their entire or partial capital contributions to other legal entities meeting the conditions specified again;

. In the case of transferring part of the capital contribution, the member must maintain the level of capital contribution establishing membership status and annual capital contribution as prescribed in b) Members that are not people's credit cooperatives may transfer their entire or partial capital contributions to other legal entities meeting the conditions specified again2. When ceasing membership status according to the provisions at Article 12. This Circular.

, the member may transfer its capital contribution, rights, and obligations to another legal entity or be repaid its capital contribution, interest on capital contribution (if any), and other benefits as stipulated in Clause 3 of this Article. Article 11 of this Circular3. The repayment of capital contribution and interest on capital contribution (if any) to members must be based on the financial situation of the cooperative bank at the time of the decision to repay and can only be considered when the following conditions are met:

a) Not reducing the charter capital of the cooperative bank below the statutory capital requirement;

b) Not leading to a violation of the minimum capital adequacy ratio as prescribed by the State Bank;

c) Ensuring liquidity at the time of the decision to repay;

d) The member has settled all financial obligations towards the cooperative bank including:

(i) Fully repaying all loan amounts (principal, interest, and fees);

(ii) Fully compensating all losses for which it is responsible or jointly liable;

(iii) Processing business losses and risks corresponding to the proportion of capital contribution that the member is responsible for according to the decision of the Member Assembly.

4. The transfer of capital contribution

between a member and a non-member legal entity can only be carried out after the Board of Directors approves the admission of the new member. The transfer of capital contribution must comply with the total amount of capital contribution regulations at Clause 5, Article 12 of this Circular 5. The full repayment of capital contribution to members ceasing membership status according to the provisions at.

must be approved by the Member Assembly. The full repayment of capital contribution to members ceasing membership status according to the provisions at Clause 4, Article 11 of this Circular Clause 1 and Clause 3, Article 11 of this Circular must be approved by the Board of Directors of the cooperative bank. Section 3. THE MEMBER ASSEMBLY OF THE COOPERATIVE BANK

Article 15. Organization of the Member Assembly

1. The Member Assembly convenes annually once a year, convened by the Board of Directors within four months from the end of the fiscal year.

2. The Member Assembly can be organized in the form of a general assembly or a representative assembly. The general assembly of members or the representative assembly of members of the cooperative bank have the same duties and powers. Based on actual circumstances, the Board of Directors decides on the method of organizing the Member Assembly, the method of election, and the number of representatives attending the Member Assembly in each session.

3. The Member Assembly is deemed valid when at least two-thirds of the members called to attend (for a general assembly) or the number of representatives as stipulated in the Charter of the cooperative bank but not less than 100 representatives (for a representative assembly) are present.

4. If the number of members (representative members) attending does not meet the requirements set forth in Clause 3 of this Article, the Board of Directors must postpone the Member Assembly and reconvene within thirty days from the date of postponement. For the annual Member Assembly, the temporary postponement and reconvening period shall not exceed the deadline for organizing the Member Assembly stipulated in Clause 1 of this Article.

5. Decisions to amend and supplement the Charter, dissolve, or declare bankruptcy of the cooperative bank can only be passed when at least more than three-quarters of the total number of members or representatives present at the Member Assembly vote in favor.

6. Decisions on other issues are passed when more than half of the representatives present at the Member Assembly vote in favor.

7. Voting at the Member Assembly is not dependent on the amount of capital contribution or the position of the member in the cooperative bank. Each member has only one voting ballot. The voting ballot of a representative member corresponds to the number of members represented by the representative member.

7. Voting at the Member Assembly does not depend on the amount of capital contribution or the position of the member in the cooperative bank. Each member has only one vote. The proxy member's ballot corresponds to the number of members that the proxy member represents.

Article 16. Notice of the Members' Congress Summoning

The summoning agency of the Members' Congress must send a meeting invitation notice to each member or member representative at least seven working days before the opening date if the cooperative bank's charter does not specify a time limit. The meeting invitation notice must include the time, location, agenda, and discussion materials.

Section 4. ACTIVITIES OF THE COOPERATIVE BANK

Article 17. Activities with Member Credit Cooperatives

1. Accepting deposits for capital adjustment and providing loans for capital adjustment to member credit cooperatives according to the Capital Adjustment Regulation. The construction and content of the Capital Adjustment Regulation must ensure the following principles:

a) Member credit cooperatives depositing funds without term or with term at the cooperative bank for capital adjustment. In case of early withdrawal, the credit cooperative must notify the cooperative bank in advance;

b) Member credit cooperatives may be provided with loans for capital adjustment by the cooperative bank when there is a need for capital to expand credit;

c) The interest rate mechanism for deposits must ensure supportiveness, and the interest rate for capital adjustment loans must be clear, transparent, not aimed at profit, and reflect the linkage between the cooperative bank and member credit cooperatives;

d) Specific provisions on loan limits, objects, procedures, relevant documents related to accepting deposits for capital adjustment and providing capital adjustment loans;

đ) The Capital Adjustment Regulation is established by the cooperative bank, soliciting opinions from all member credit cooperatives and must be approved by the Members' Congress of the cooperative bank. After promulgating the Capital Adjustment Regulation, the cooperative bank organizes training and dissemination to member credit cooperatives. Any amendments or supplements to the Capital Adjustment Regulation must be approved by the Members' Congress of the cooperative bank.

Within seven working days from the date of issuance or amendment of the Capital Adjustment Regulation, the cooperative bank has the responsibility to submit the Regulation and its amended content to the State Bank for inspection and supervision work.[3] The Regulation and the content of amendments or supplements shall be submitted to the State Bank for inspection and supervision work.

2. Opening settlement accounts and providing payment means to member credit cooperatives. Providing domestic account-based payment services to member credit cooperatives including: checks, payment orders, direct debit mandates, collection mandates, payment mandates, money transfers, collection and disbursement services.

3. Lending to member credit cooperatives to address temporary liquidity difficulties. Providing special loans to member credit cooperatives in accordance with the Governor of the State Bank's regulations on special lending to supervised credit institutions.

4. Building, supporting development, and applying new products and services in the activities of member credit cooperatives to meet the needs of credit cooperative members and serve community development interests in the area.

5.[4] Inspecting credit cooperatives according to the requirements of the State Bank regarding the objects, contents, scope, and deadlines for inspections as follows:

a) The cooperative bank is responsible for establishing, issuing, amending, and supplementing the Credit Cooperative Inspection Regulation in accordance with this provision and submitting it to the State Bank for comments before issuance or amendment. Within seven working days from the date of issuance or amendment, the cooperative bank must submit the Credit Cooperative Inspection Regulation to the State Bank.

b) The Credit Cooperative Inspection Regulation must be approved by the Board of Directors and must include at least the following contents:

(i) Objects subject to inspection;

(ii) Scope, content, purpose, and principles of inspection;

(iii) Inspection implementation process;

(iv) Inspection deadline;

(v) Rights and responsibilities of related parties;

c) Reports on the results of credit cooperative inspections must be submitted to the State Bank branch in the region where the inspected credit cooperative is headquartered within seven working days from the date of inspection results.

6. Implementing internal audits of member credit cooperatives as follows:

a) Objectives of internal audit:

The cooperative bank conducts internal audits of member credit cooperatives with total assets under 50 billion VND, excluding early intervention credit cooperatives and specially supervised credit cooperatives.

b) Scope and content of internal audit implementation:

(i) Conducting audits on certain items in financial statements such as profits and losses, the actual value of registered capital, reserve funds;

(ii) Loan and deposit acceptance processes;

c) Annually, the cooperative bank builds an Internal Audit Implementation Plan to report to the State Bank along with the annual business plan for approval before implementation;

d) The cooperative bank is responsible for establishing the Internal Audit Regulation for member credit cooperatives in accordance with this provision and submitting it to the State Bank[5] within seven working days from the date of issuance or amendment of the regulation to implement inspection and supervision work;

đ) The Internal Audit Regulation for member credit cooperatives must be approved by the Board of Directors and must support the operations of member credit cooperatives. The Internal Audit Regulation for credit cooperatives must include at least the following contents:

(i) Objects subject to internal audit;

(ii) Content, purpose, principles, and scope of internal audit;

(iii) The internal audit implementation process must comply with confidentiality requirements for the activities of member credit cooperatives;

(iv) Composition of the internal audit team;

(v) Internal audit deadline;

(vi) Rights and responsibilities of related parties.

7.[6] Appoint personnel of the cooperative bank in the following cases:

a) Appoint personnel to hold the position of Chairman of the Board of Directors, Director, and Deputy Director of early intervention credit cooperatives when requested by the State Bank branch in the region where the credit cooperative is headquartered.

b) Appoint personnel for the State Bank's Branch in the Designated Region to appoint the Chairman, other members of the Board of Directors; the Head, other members of the Supervisory Board; the Director, Deputy Director, and equivalent positions according to the Articles of Association of the People's Credit Fund under special supervision upon the proposal of the State Bank's Branch in the Designated Region;

c) The personnel proposed for appointment at points a and b must meet the requirements regarding standards and conditions for holding the appointed positions as stipulated for the Chairman of the Board of Directors, members of the Board of Directors, Director, Deputy Director, Head, and members of the Supervisory Board of the People's Credit Fund, except for the condition of being a member of the People's Credit Fund.

8. Issue and publish the model of the white savings book and provide white savings books to the People's Credit Fund to accept customers' savings deposits according to the following requirements and contents:

a) The white savings book must have anti-counterfeiting elements and serial numbers to ensure statistical and management requirements;

b) The responsible party for implementing and ensuring security in printing, managing, and providing white savings books to the People's Credit Fund;

c) Issue regulations on providing white savings books to the People's Credit Funds to implement uniformly. The provision regulations must include at least the following contents:

(i) The selling price must ensure the principle of covering printing and transportation costs of white savings books, not aiming for profit and must be transparent and clear;

(ii) The registration process for demand and provision of white savings books to the People's Credit Fund, ensuring timely and full provision of white savings books according to the registration of the People's Credit Fund and serving the supervision of the State Bank's Branch in the Designated Region;[7];

(iii)[8] Regulations on the import, export, storage, inventory, management of white savings books; receiving and destroying unusable white savings books from the People's Credit Fund according to the provisions of the law;

d) Before the 10th day of each month or when requested, report to the State Bank's Branch in the Designated Region[9] on the situation of providing white savings books to the People's Credit Fund in the region[10] of the previous month according to the prescribed form; 1. Accounting regulations for tourism administrative and public service units issued together with Decision No. 1899/1998/QĐ-BTC dated December 19, 1998 of the Minister of Finance; promulgated together with this Circular.

đ)[11] Receive unusable white savings books from the People's Credit Fund and carry out destruction according to the provisions.

9. Other business activities as prescribed in Article 21 of this Circular.

10.[12] Supervise the People's Credit Fund according to the following provisions:

a) The Cooperative Bank shall conduct safety supervision of each People's Credit Fund and system-wide safety supervision of the People's Credit Funds to support the management activities of the State Bank and fulfill its role as the bank for all People's Credit Funds;

b) The supervision activities of the Cooperative Bank must ensure the following principles:

(i) Conducted based on collected information and data to compile and analyze in order to promptly prevent and detect risks that cause loss of banking operation safety, violations of banking operation safety regulations, and other relevant laws;

(ii) Must comply with the law; ensure accuracy, objectivity, truthfulness, transparency, democracy, and timeliness; not hinder the normal operations of member People's Credit Funds;

(iii) The principle of combining compliance monitoring with risk monitoring, individual People's Credit Fund safety monitoring with system-wide People's Credit Fund safety monitoring;

c) Contents of individual People's Credit Fund safety monitoring:

(i) The Cooperative Bank shall monitor compliance with legal regulations on banking operation safety, other financial and banking regulations in the operations of each People's Credit Fund, focusing on the following aspects:

Monitoring compliance with restrictions, limits, safety ratios in operations; classification of assets, risk provisioning.

Monitoring compliance with the conditions and standards for managers and operators and compliance with governance and management structures.

Monitoring compliance with legal regulations on lending, depositing, accepting deposits;

(ii) The Cooperative Bank shall monitor risks through analyzing and assessing the risks of each People's Credit Fund, focusing on the following aspects:

Analyzing and assessing significant changes and abnormal fluctuations in asset items, liabilities, equity, revenue, anticipated profits, expenses, and business results and safety ratios.

Analyzing and assessing changes and related information about managers and operators, capital contribution situations, and contributors affecting governance and management effectiveness.

Analyzing and assessing risk situations based on unfavorable information that may significantly impact the People's Credit Fund.

Analyzing and assessing lending situations, loan quality for high-risk sectors, customers, and transactions to evaluate their significant impact on the People's Credit Fund's operations;

d) Contents of system-wide People's Credit Fund safety monitoring:

(i) Analyze and assess the level of financial health to identify risks affecting the safety of the system of People's Credit Funds including:

Analyzing and assessing the situation of equity, safety of equity, capital raising, and utilization.

Analyzing and assessing liquidity.

Analyzing and assessing non-performing loans, asset quality.

Analyzing and assessing business results, anticipated profits;

(ii) Analyzing and assessing economic developments and impacts of other sectors in the economy that pose risks to the stability of the system of People's Credit Funds;

d) The Cooperative Bank has the responsibility to establish, issue, amend, and supplement the Supervision Regulation of the People's Credit Fund according to the provisions of this clause and submit it to the State Bank for comments before issuance or amendment. Within seven working days from the date of issuance or amendment, the Cooperative Bank must submit the Supervision Regulation of the People's Credit Fund to the State Bank;

e) The Supervision Regulation of the People's Credit Fund must be approved by the Board of Directors and must include at least the following contents:

(i) Principles of supervision;

(ii) Procedure and process for supervision;

(iii) Content of supervision;

(iv) Principles for drafting and approving supervisory result reports:

The report on the results of supervising the safety of people's credit funds must be prepared quarterly. The report on the results of supervising the safety of people's credit funds for each quarter must be completed before the last day of the second month of the following quarter.

The report on the results of supervising the safety of the system of people's credit funds for the first six months of the year must be completed before August 20th of the same year. The report on the results of supervising the safety of the system of people's credit funds for the year must be completed before April 10th of the following year;

(v) Management and storage of documents, information, and data serving supervisory activities;

(vi) Forms and reports on the results of supervision;

(vii) Rights and responsibilities of related parties;

(viii) Methods for risk analysis.

The regulation on supervising people's credit funds must be submitted to the State Bank for comments before November 30, 2025;

g) Report on the results of supervision:

(i) Cooperative banks shall submit the report on the results of supervising the safety of the system of people's credit funds to the State Bank within three working days from the date of receiving the report on the results of supervision;

(ii) Cooperative banks shall submit the report on the results of supervising the safety of people's credit funds (for each individual people's credit fund or a consolidated report of people's credit funds in the area managed by each branch of the State Bank) to the State Bank branch in the region where the main office of the people's credit fund is located within three working days from the date of receiving the report on the results of supervision.

Article 18. Activities with customers who are not member people's credit funds

1. Accepting demand deposits, term deposits, savings deposits, issuing deposit certificates.

2. Providing credit in the following forms:

a) Lending.

Cooperative banks provide loans to customers who are not member people's credit funds after prioritizing the need to regulate capital for member people's credit funds. In necessary cases, the State Bank decides to limit cooperative banks' provision of credit to customers who are not member people's credit funds;

b) Letter of credit;

c) Discounting, rediscounting transferable instruments and other negotiable instruments;

d) Bank guarantee;

đ) Issuing credit cards.

3. Opening settlement accounts for customers.

4. Supplying payment instruments.

5. Supplying domestic account-based payment services, including: checks, payment orders, direct debits, collections, direct credits, transfers, bank cards, collection and disbursement services.

6. Other services related to letters of credit.

7. Other business activities as prescribed in Article 21 of this Circular.

Article 19. Borrowing, depositing money, buying and selling securities

1. Borrowing from the State Bank in the form of refinancing as prescribed by the Law on the State Bank of Vietnam.

2. Buying and selling securities with the State Bank as prescribed by the Law on the State Bank of Vietnam.

3. Lending, borrowing, depositing, and receiving deposits, buying and selling securities with terms and conditions with credit organizations, foreign bank branches as prescribed by the Governor of the State Bank.

4. Borrowing abroad as prescribed by law.

Article 20. Opening accounts, organizing and participating in payment systems

1. Opening a settlement account at the State Bank.

2.[13] Opening a settlement account at a credit organization providing account-based payment services.

3. Organizing internal payments, participating in the national inter-bank payment system.

Article 21. Other Business Activities

1. Cooperative banks may carry out other business activities as prescribed by the Governor of the State Bank:

a) Cash management services; cash vault services for financial institutions, foreign bank branches; asset custody services, safe deposit box rental;

b) Providing non-account payment services including money transfer services, collection on behalf, payment on behalf, and other non-account payment services;

c) Consulting on banking operations and other business activities specified in the License;

d) Entrusting, accepting entrustment, acting as agent in banking activities, appointing agents for payment transactions;

đ)[14] Buying and selling State Bank bills, deposit certificates, bonds issued by credit organizations, and foreign bank branches.

2. Cooperative banks may carry out the following other business activities as prescribed by relevant laws:

a)[15] Buying and selling government debt instruments, guaranteed government bonds, local government bonds;

b) Issuing bonds.

3. Insurance agency as follows:

a) When the License issued by the State Bank to cooperative banks includes insurance agency activities, such cooperative banks may conduct insurance agency activities for various types of insurance as prescribed by the Law on Insurance Business;

b) When conducting insurance agency activities, cooperative banks must comply with the provisions of the law on insurance business and related laws.

Section 5. RIGHTS AND RESPONSIBILITIES OF COOPERATIVE BANKS

Article 22. Rights

1. Receiving information from the State Bank related to the operation of people's credit funds.

2. Requesting people's credit funds to provide information and reports for the purpose of capital regulation, internal audit, and inspection and supervision of system safety.

3. Other rights as prescribed in the Charter and this Circular.

Article 23. Responsibilities

1. Training banking and information technology skills for member people's credit funds.

2. Supporting banking activities for member people's credit funds in accordance with the law.

3.[16] Issuing regulations on capital regulation, inspection of people's credit funds, internal audit of people's credit funds, and supervision of people's credit funds as prescribed in Clause 1, Clause 5, Clause 6, Clause 10, Article 17 of this Circular.

4. Appointing personnel to hold the position of Chairman of the Board of Directors, General Director, and Deputy General Director of people's credit funds as prescribed in Clause 7, Article 17 of this Circular.

5. Participating in handling member people's credit funds experiencing difficulties or showing signs of operational instability according to the law.

6. Other responsibilities as prescribed in the Charter and this Circular.

Section 6. WITHDRAWAL, MANAGEMENT, AND USE OF THE SYSTEM SAFETY GUARANTEE FUND FOR PEOPLE'S CREDIT FUNDS

Article 24. Principles of Management of the System Safety Guarantee Fund for People's Credit Funds

1. The fund shall be used on the principle of repayable loans, not for profit-making purposes, self-management, and self-responsibility.

2. Costs related to the use of the fund shall be covered by interest from loans and investments made by the fund.

3. Idle funds of the fund shall be used on the principle of ensuring the safety of funds and meeting the requirements for loans to support people's credit funds.

Article 25. Contribution to the Preservation Fund

1. Cooperative banks and people's credit funds shall be responsible for fully and timely contributing fees to the Preservation Fund once a year before January 31 of the following year.

2. The contribution to the Preservation Fund as stipulated in Clause 1 of this Article shall be carried out as follows:

a)[17] The annual contribution rate equals 0.05% of the average outstanding loan balance of the cooperative bank or people's credit fund for the immediately preceding year up to December 31, calculated by dividing the total outstanding loan balance (groups 1 and 2 according to the classification of assets prescribed by the Governor of the State Bank of Vietnam for cooperative banks and people's credit funds) at the end of each month during the year by the actual number of months to be counted. For cooperative banks, the outstanding loan balance at the end of each month shall exclude the portion of the outstanding loan balance for capital adjustment with respect to member people's credit funds, and loans to member people's credit funds to address temporary liquidity difficulties;

b) The contribution to the Preservation Fund for the fiscal year shall only be implemented when the total operating capital of the Preservation Fund before contribution is lower than 1.5% of the total assets of the system of people's credit funds. In cases where the contribution to the Preservation Fund for the fiscal year leads to the total operating capital of the Preservation Fund being higher than or equal to 1.5% of the total assets of the system of people's credit funds, the cooperative bank or people's credit fund shall still implement the contribution to the Preservation Fund for that fiscal year;

c) The amount contributed to the Preservation Fund shall be recorded as operational expenses of the cooperative bank or people's credit fund.

3. The difference between income from interest and expenses in the operation of the Preservation Fund shall be used to supplement the Preservation Fund.

Article 26. Management of the Preservation Fund

1. The Preservation Fund shall be managed and utilized throughout the system of people's credit funds according to the Regulation on the Management and Utilization of the Preservation Fund established and issued by the cooperative bank and approved by the General Assembly of Members of the cooperative bank. Any amendment or supplementation to the Regulation on the Management and Utilization of the Preservation Fund must be approved by the General Assembly of Members of the cooperative bank.

Within seven working days from the date of issuance or amendment of the Regulation on the Management and Utilization of the Preservation Fund, the cooperative bank shall have the responsibility to send it to the State Bank of Vietnam[18] for inspection and supervision by the State Bank of Vietnam.

2. The minimum contents of the Regulation on the Management and Utilization of the Preservation Fund shall include the following:

a) Principles for managing and utilizing the Preservation Fund as prescribed in Article 24 and Article 27 of this Circular;

b) Specific provisions regarding the use of the Preservation Fund, including:

(i) Cases of providing support loans as prescribed in Clause 1 of Article 27 of this Circular;

(ii) Procedures and application forms for requesting support loans;

(iii) Amounts of support loans; terms of support loans; interest rates for support loans; commitments upon receiving support loans (including cases of loans provided in accordance with point c, Clause 2 of Article 159 and point c, Clause 2 of Article 171 of the Law on Credit Institutions);

c) Mechanism for disbursing funds for support loans;

d) Measures for monitoring; mechanism for inspecting and supervising the use of borrowed funds by supported people's credit funds;

đ) Cases of exemption or reduction of participation fees in the Preservation Fund;

e) Principles, conditions, and authority for handling risks related to support loans that cannot be recovered;

g) Use of temporarily idle funds of the Preservation Fund;

h) Financial revenue and expenditure mechanisms serving the activities of the Preservation Fund in accordance with relevant laws;

i) Reporting requirements for people's credit funds receiving support loans.

Article 27. Use of the Preservation Fund

1. The Preservation Fund shall be used for lending to people's credit funds in the following cases:

a) To lend to people's credit funds experiencing financial difficulties and having difficulty in making payments so that they can return to normal operations. in order to be able to restore normal operations;

b) To lend to people's credit funds as prescribed in point c, Clause 2, Article 159 of the Law on Credit Institutions.

c) To lend to people's credit funds as prescribed in point c, Clause 2, Article 171 of the Law on Credit Institutions, in accordance with the regulations of the Governor of the State Bank of Vietnam regarding special loans to credit institutions under special control.

2. On the basis of ensuring the safety of capital sources and meeting the requirements for lending to support people's credit funds, the temporarily idle capital of the Preservation Fund may be:

a) Deposited in cooperative banks or commercial banks in accordance with the Management and Utilization Regulation of the Preservation Fund;

b) Purchased government bonds, treasury bills, and central bank bills.

Article 28. Documents, Procedures, Time Limits, and Interest Rates for Loans from the Preservation Fund

The documents, procedures, time limits, and interest rates for loans from the Preservation Fund shall be implemented according to the Management and Utilization Regulations of the Preservation Fund issued by the cooperative bank.

Article 29. Reporting Requirements for the Preservation Fund

1. Annually, no later than July 15, the cooperative bank shall be responsible for submitting a report on the six-month operation situation of the Preservation Fund to the State Bank of Vietnam in accordance with the form prescribed at Annex No. 03 promulgated together with this Circular.

2. Annually, no later than 45 days after the end of the fiscal year, the cooperative bank shall be responsible for submitting the following reports to the State Bank of Vietnam:

a) A report on the operational situation and financial status of the Preservation Fund for the previous year in accordance with the form prescribed at Annex No. 03 attached hereto;

b) A report on the results of internal monitoring and auditing by the Supervisory Board of the cooperative bank regarding the operational situation and financial results of the Preservation Fund in accordance with the form prescribed at Annex No. 04 promulgated together with this Circular.

3. Ad hoc reports upon request of the State Bank of Vietnam.

4. The reports under Clause 1 and Clause 2 of this Article shall be prepared as electronic reports sent through the State Bank of Vietnam reporting system. The reports under Clause 3 of this Article shall be prepared as paper documents sent directly or via postal service to the State Bank of Vietnam.[19].

5. Annually, no later than January 31, the cooperative bank shall be responsible for submitting a report on the operational situation and financial status of the Preservation Fund for the year to the participating members of the Preservation Fund; simultaneously, it shall be responsible for reporting and explaining to the participating members of the Preservation Fund regarding the aforementioned reports upon their request.

Article 30. Responsibilities of the Cooperative Bank in Managing and Using the Preservation Fund

1. Establishing the Preservation Fund in accordance with this Circular.

2. Calculating and paying the participation fee to the Preservation Fund on time and in full.

3. Checking the calculation and payment of fees and urging people's credit funds to pay the participation fee to the Preservation Fund on time and in full.

4. Managing, using, and being responsible for the use of the Preservation Fund.

5. Developing the Management and Utilization Regulations of the Preservation Fund, submitting them to the General Assembly of Members of the cooperative bank for approval and implementation throughout the entire system of people's credit funds in accordance with this Circular and relevant laws.

6. Reporting the operational situation and financial status of the Preservation Fund at the General Assembly of Members of the cooperative bank.

Article 31. Responsibilities of People's Credit Funds when participating in the Preservation Fund

1. Calculate, pay on time and fully the participation fee to the Preservation Fund.

2. Strictly implement the Management and Usage Regulation of the Preservation Fund and relevant legal provisions.

3. Use the loan support from the Preservation Fund for its intended purpose.

Chapter III

IMPLEMENTATION

 

Article 32. Responsibilities of units under the State Bank of Vietnam[20]

1. Responsibilities of the State Bank of Vietnam Inspectorate:

a) Inspect and supervise the activities of cooperative banks according to the functions and tasks assigned regarding the implementation of the provisions of this Circular;

b) Inspect and supervise cooperative banks in establishing, managing, and using the Preservation Fund according to the provisions of this Circular;

c) Advise the Governor of the State Bank of Vietnam to assign cooperative banks to conduct inspections of people's credit funds, provide opinions, and accept the Inspection Regulation of people's credit funds as stipulated in Clause 5, Article 17 of this Circular Clause 5 of Article 17 of this Circular.

2. Responsibilities of the Department of Management and Supervision of Credit Institutions:

a) Supervise the activities of cooperative banks according to the functions and tasks assigned regarding the implementation of the provisions of this Circular;

b) Supervise cooperative banks in establishing, managing, and using the Preservation Fund according to the provisions of this Circular;

c) Issue copies of the License from the original book for cooperative banks according to the provisions of Clause 2, Article 6 of this Circular Clause 2 of Article 6 of this Circular;

d) Provide opinions on the Supervision Regulation of people's credit funds established by cooperative banks according to the provisions of Clause 10, Article 17 of this Circular e) Receive reports as stipulated in Clause 3, Article 13; Article 29 of this Circular;

and regulations stipulated in Clause 1, Clause 6, Clause 10, Article 17; Clause 1, Article 26 of this Circular 3. Responsibilities of the Department of System Safety of Credit Institutions: Receive reports on the results of supervising the safety system of people's credit funds as stipulated in Point g(i), Clause 10, Article 17 of this Circular Clause 1, Clause 6, Clause 10 of Article 17; Clause 1 of Article 26 of this Circular.

4. Responsibilities of the State Bank of Vietnam Branches in Regions:

a) Require cooperative banks to appoint personnel to hold the positions of Chairman of the Board of Directors, Board Members, General Director, Deputy General Director, Head of Departments, and Members of the Supervisory Board of people's credit funds according to the provisions of this Circular Point g(i) of Clause 10 of Article 17 of this Circular.

b) Accept reports on the results of inspecting people's credit funds, reports on providing white savings books to people's credit funds within the region, and reports on supervising the safety of people's credit funds according to the provisions of Clause 5, Clause 8, Point g(ii), Clause 10, Article 17 of this Circular

a) Requesting the cooperative bank to appoint personnel to hold the positions of Chairman of the Board of Directors, Board of Directors member, General Director, Deputy General Director, Department Head, Supervisory Board member of the credit cooperative in accordance with the provisions of Clause 7, Article 17 of this Circular;

c) Provide opinions on the Inspection Regulation of people's credit funds upon request of the State Bank of Vietnam Inspectorate Clause 5, Clause 8, Point g(ii) of Clause 10 of Article 17 of this Circular;

a) Circular No. 31/2012/TT-NHNN dated November 26, 2012, issued by the Governor of the State Bank of Vietnam on cooperative banks;

Chapter IV

IMPLEMENTING PROVISIONS[21]

 

Article 33. Effective Date

1. This Circular takes effect from July 1, 2024.

2. This Circular abolishes:

b) Circular No. 09/2016/TT-NHNN dated June 17, 2016, amending and supplementing some articles of Circular No. 31/2012/TT-NHNN dated November 26, 2012, issued by the Governor of the State Bank of Vietnam on cooperative banks;

c) Circular No. 03/2014/TT-NHNN dated January 23, 2014, issued by the Governor of the State Bank of Vietnam on the System Safety Guarantee Fund of people's credit funds;

d) Article 1 and Article 5 of Circular No. 21/2019/TT-NHNN dated November 14, 2019, amending and supplementing some articles of Circulars regulating cooperative banks, people's credit funds, and the System Safety Guarantee Fund of people's credit funds;

e) Article 1 of Circular No. 24/2023/TT-NHNN dated December 30, 2023, amending and supplementing some articles of Circulars related to the submission, presentation, and provision of information and documents on civil status when implementing administrative procedures in the banking sector;

f) Article 2 of Circular No. 21/2023/TT-NHNN amending and supplementing some articles of Circulars related to business operations within the scope and functions of management of the State Bank of Vietnam.

d) Article 2 of Circular 21/2023/TT-NHNN amending and supplementing certain articles of related Circulars concerning business activities within the scope and functions of management of the State Bank of Vietnam.

Article 34. Responsibility for Implementation

[22]Heads of units under the State Bank of Vietnam, cooperative banks, and people's credit funds are responsible for organizing the implementation of this Circular./.

 

Appendix 01[23]

MODEL LICENSE FOR ESTABLISHMENT AND OPERATIONS

 

STATE BANK OF VIETNAM VIETNAM --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
Number: /GP-NHNN	Hanoi, day... month.... year.....

 

LICENSE

ESTABLISHMENT AND OPERATIONS OF COOPERATIVE BANKS

GOVERNOR OF THE STATE BANK OF VIETNAM

 

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

Pursuant to the Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

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;

Based on Circular No. 27/2024/TT-NHNN of the Governor of the State Bank of Vietnam on cooperative banks, the provisions on the contribution, management, and utilization of the System Safety Guarantee Fund of people's credit funds have been amended and supplemented in Circular No. 28/2025/TT-NHNN;

Considering the application for a license submitted by the Chairman of the Board of Directors and the accompanying documents;

At the proposal of the Director of the Department of Management and Supervision of Credit Institutions,

DECISION:

Article 1. Permission is granted to establish a cooperative bank as follows:

1. Name of the cooperative bank:

- Full name in Vietnamese;

- Abbreviation in Vietnamese;

- Full name in English (if applicable);

- Abbreviation in English (if applicable);

- Trading name (if applicable):

2. Address of the main office:

12/2025/TT-BNNMT dated June 19, 2025 issued by the Minister of Agriculture and EnvironmentActivities:

Various activities...(list the proposed activities and those approved in accordance with the Law on Credit Institutions and this Circular);

Article 3. The charter capital of the cooperative bank is... dong (in words:.....).

Article 4. The term of operation of the cooperative bank is... years.

Article 5.During the course of operations, the cooperative bank must comply with Vietnamese laws.

Article 6. This license takes effect from the date of issuance.

Article 7. This cooperative bank license shall be made in five (5) originals: one (1) copy to be issued to the cooperative bank; one (1) copy to be sent to the business registration authority; three (3) copies to be kept at the State Bank of Vietnam (one (1) copy to be kept at the Office of the State Bank of Vietnam; one (1) copy to be kept at the State Bank of Vietnam branch in the region where the cooperative bank intends to locate its main office; one (1) copy to be kept in the file for issuing the cooperative bank license).

 

Place of Receipt: - As per Article 7; - People's Committee of Province/City …; - Ministry of Public Security; - File, QLGS.

GOVERNOR

 

Appendix 02[24]

MODEL REPORT ON THE DISTRIBUTION SITUATION OF WHITE SAVINGS BOOKS OF COOPERATIVE BANKS

Reporting unit….

REPORT ON THE DISTRIBUTION SITUATION OF WHITE SAVINGS BOOKS OF COOPERATIVE BANKS
(Month... year...)

Serial number	Type of savings book	Beginning Balance		Quantity received during the period		Quantity remaining at the end of the period at the Department of Finance - Price Control (sheets)			End-of-period balance
		Quantity	From serial number to serial number	Quantity	From serial number to serial number	Quantity	From serial number to serial number	Unit receiving distribution1	Quantity	From serial number to serial number
I	Savings books put into use2
1	Non-term savings books
2	Term savings books
II	Savings books not put into use3
1	Non-term savings books
2	Term savings books
3	Damaged or lost savings books
III	Unused white savings books4

 

 LEGAL REPRESENTATIVE
 (Signature, full name, position, and stamp)

 

Note:

(1) Fill in details for each people's credit fund.

(2) The savings book has been distributed by the cooperative bank to the people's credit fund at the reporting time.

(3) The savings book has been printed but not yet distributed by the cooperative bank to the people's credit fund at the reporting time.

(4) Unused blank savings books that have been received by the cooperative bank for recovery and destruction.

ANNEX NUMBER 03

Report on the operation and financial situation of the Preservation Fund

(Annexed to Circular number 27/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam)

REPORT ON THE OPERATIONS AND FINANCIAL SITUATION OF THE PRESERVATION FUND

(Six months, year... / Year...)

Unit: million dong, %

Serial number

Name of Index

Number of members of the Management Board of the Preservation Fund

Situation of payment of Preservation Fund fees

Providing loans to support credit funds when facing financial difficulties and difficulty in payments to return to normal operations

Utilization of Preservation Fund capital

Financial income and expenditure serving the activities of the Preservation Fund

Total fees collected by the Preservation Fund during the period

Number of credit funds participating in paying the Preservation Fund fee

Number of credit funds not participating in paying the Preservation Fund fee

Deposited with cooperative banks

Deposited with commercial banks

Purchased government bonds, treasury bills, central bank bills

Number of credit funds requesting to borrow capital

Number of credit funds approved for borrowing

Amount of support loan

Term of support loan

Interest rate on support loan

Measures to monitor, correct, and strengthen the operations of credit funds receiving support loans

Implementation of mechanisms to inspect and supervise the use of borrowed capital by supported credit funds

Handling risks associated with non-recoverable support loans

Amount

Deposit interest rate

Amount

Deposit interest rate

Income

Income from deposit interest

Income from lending interest

Income from investment in government bonds, treasury bills, central bank bills

Other receipts

Cost

Operating expenses of the Preservation Fund

Expenses for staff

Provision expenses

Other expenditures

Revenue and expense difference at the reporting period

Cumulative revenue and expense difference

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

I

Reporting period data

II

Loans from the Preservation Fund

II.1

Loans to support financial difficulties

II.2

Loans to support payment difficulties

II.3

Other loans

1. Reporting entity: Vietnam Cooperative Bank.

2. Reporting data requirements: Head office of Vietnam Cooperative Bank aggregates system-wide data and sends it to the State Bank of Vietnam through the Information Technology Department.

3. Receiving and approving authority for reports: Credit Institution Supervision Department²⁵[25].

4. Deadline for submission of reports:

- Quarterly report: To be submitted no later than July 15 each year.

- Annual report: To be submitted no later than 45 days after the end of the fiscal year.

5. Instructions for preparing the report:

- Row I: Report figures up to the last day of the reporting period.

+ Column (20) = Column (21) + Column (22) + Column (23) + Column (24)

+ Column (25) = Column (26) + Column (27) + Column (28) + Column (29)

+ Column (30) = Column (20) - Column (25)

+ Column (31): Enter the revenue and expense difference from establishment to the reporting date.

+ Columns (20), (21), (22), (23), (24), (25), (26), (27), (28), (29), (30), (31), TCTD do not need to report in the six-month period.

- Row II:

+ II = II.1 + II.2 + II.3

+ II.1, II.2, II.3 correspond to columns (7, 8, 9, 10, 11): Report figures up to the last day of the reporting period.

+ II.1, II.2, II.3 correspond to columns (12, 13, 14): Report implemented measures.

 

Note: Financial institutions do not fill in gray cells.

 

ANNEX NO. 04

Template for internal audit and supervision report on the operation and financial results of the Preservation Fund by the Supervisory Board of the cooperative bank

(Annexed to Circular No. 27/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam)

 

COOPERATIVE BANK	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness
Number:……………	(Province/City)...date...... month...... year...

 

REPORT

Internal audit and supervision report on the operation and financial results of the Preservation Fund by the Supervisory Board of the cooperative bank

(From January 1, ... to December 31, ...)

 

Respected: State Bank of Vietnam

 

1. Management of the Preservation Fund (number of members of the Management Board of the Preservation Fund)

2. Time of internal audit and supervision by the Supervisory Board of the cooperative bank on the operation and financial results of the Preservation Fund (Frequency and duration of internal audit)

3. Contents and results of internal audit and supervision by the Supervisory Board of the cooperative bank on the operation and financial results of the Preservation Fund.

 

LEGAL REPRESENTATIVE (Sign, write full name, position and stamp)

 

STATE BANK OF VIETNAM VIETNAM __________ No.: 24/VBHN-NHNN

CERTIFIED CONSOLIDATED DOCUMENT   Hanoi, October 29, 2025   DIRECTOR DEPUTY DIRECTOR Doan Thai Son

 

 

^{__________________________________}

[1] Circular No. 28/2025/TT-NHNN amends and supplements certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the System Safety Guarantee Fund for credit funds. is based on the following:

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

Pursuant to the Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Law on Cooperatives No. 17/2023/QH15;

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 promulgates this Circular to amend and supplement certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the System Safety Guarantee Fund for credit funds."

[2] This point is added pursuant to Article 1 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the System Safety Guarantee Fund for credit funds, which takes effect from November 15, 2025.

[3] The term "Bank Inspection and Supervision Authority" is abolished pursuant to Clause 1, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the System Safety Guarantee Fund for credit funds, which takes effect from November 15, 2025.

[4] This clause is amended pursuant to Clause 2, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the System Safety Guarantee Fund for credit funds, which takes effect from November 15, 2025.

[5] The term "Bank Inspection and Supervision Authority" is abolished pursuant to Clause 1, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the System Safety Guarantee Fund for credit funds, which takes effect from November 15, 2025.

[6] This provision is amended in accordance with Clause 3, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[7] The phrase "State Bank Branches at Provincial and Municipal Levels" is replaced by the phrase "State Bank Regional Branches" in accordance with Point a, Clause 4, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[8] This point is amended in accordance with Point b, Clause 4, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[9] The phrase "State Bank Branches at Provincial and Municipal Levels" is replaced by the phrase "State Bank Regional Branches" in accordance with Point a, Clause 4, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[10] The phrase "provincial and municipal areas" is replaced by the phrase "regional areas" in accordance with Point c, Clause 4, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[11] This point is added in accordance with Point d, Clause 4, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[12] This clause is added in accordance with Clause 5, Article 2 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[13] This clause is amended in accordance with Article 3 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[14] This point is added in accordance with Clause 1, Article 4 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[15] This point is amended in accordance with Clause 2, Article 4 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[16] This clause is amended in accordance with Article 5 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[17] This point is amended in accordance with Article 6 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[18] The phrase "Bank Inspection and Supervision Authority" is abolished in accordance with Article 7 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[19] The phrase "Bank Inspection and Supervision Authority" is abolished in accordance with Article 8 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[20] This provision is amended in accordance with Article 9 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[21] Articles 12 and 13 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025, are stipulated as follows:

“Article 12. Responsibility for Implementation

Heads of units under the State Bank of Vietnam, cooperative banks, and people's credit cooperatives are responsible for organizing the implementation of this Circular.

Article 13. Implementation Provisions

1. This Circular takes effect from November 15, 2025.

2. Reports on the results of system safety supervision of people's credit cooperatives as stipulated in Point g(i), Clause 10, Article 17 of this Circular shall be implemented starting from the mid-year report period in 2026. Reports on the results of people's credit cooperative safety supervision as stipulated in Point g(ii), Clause 10, Article 17 of this Circular shall be implemented starting from the first quarter report period in 2026.

[22] The phrase "Director of the Office, Director of Bank Inspection and Supervision," is abolished in accordance with Article 10 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the collection, management, and use of the Fund for Ensuring the Safety of the People's Credit Cooperative System, which takes effect from November 15, 2025.

[23] This Annex is replaced pursuant to Clause 1, Article 11 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the allocation, management, and use of the Fund for Ensuring the Safety of the System of People's Credit Funds, which takes effect from November 15, 2025.

[24] This Annex is replaced pursuant to Clause 2, Article 11 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the allocation, management, and use of the Fund for Ensuring the Safety of the System of People's Credit Funds, which takes effect from November 15, 2025.

²⁵ The term "Bank Inspection and Supervision Authority" is replaced with the term "Credit Institution Management and Supervision Department" pursuant to Clause 3, Article 11 of Circular No. 28/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 27/2024/TT-NHNN on cooperative banks, the allocation, management, and use of the Fund for Ensuring the Safety of the System of People's Credit Funds, which takes effect from November 15, 2025.