Consolidated Document number 32/VBHN-NHNN guiding the organization and implementation of state foreign exchange reserve management activities

CIRCULAR

Guidelines for organizing and implementing foreign exchange reserve management activities

State foreign exchange reserve management

Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, effective from February 1, 2015, amended and supplemented by:

1. Circular No. 01/2020/TT-NHNN dated December 31, 2020, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, effective from February 14, 2021.

2. Circular No. 12/2023/TT-NHNN dated October 12, 2023, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of legal documents governing the implementation of state foreign exchange reserve management tasks, effective from November 27, 2023.

3. Circular No. 43/2024/TT-NHNN dated August 9, 2024, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, effective from September 23, 2024.

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

Pursuant to Decree No. 28/2005/PL-UBTVQH11 dated December 13, 2005 on foreign exchange and Decree No. 06/2013/UBTVQH13 dated March 18, 2013 amending and supplementing certain articles of Decree No. 28/2005/PL-UBTVQH11;

Pursuant to Decree No. 50/2014/NĐ-CP dated May 20, 2014 of the Government on state foreign exchange reserve management;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, 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 issues this Circularguiding the organization and implementation of state foreign exchange reserve management activities^1,2,3.

Chapter I. GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

2. Applicability:

This Circular guides the organization and implementation of state foreign exchange reserve management activities at the State Bank of Vietnam (hereinafter referred to as the State Bank) as stipulated in Decree No. 50/2014/NĐ-CP dated May 20, 2014 of the Government includes:

a) Management of official state foreign exchange reserves (hereinafter referred to as official foreign exchange reserves);

b) Management of foreign currency deposits and gold of credit institutions, branches of foreign banks (hereinafter referred to as credit institutions), State Treasury deposited at the State Bank and other sources of foreign exchange;

c) Accounting, reporting, disclosure, and provision of information related to state foreign exchange reserves.

第二条 组织和实施奖励工作的支出水平，如政府第152/2025/NĐ-CP号决定关于分级授权和奖励领域的分权规定

a) The Foreign Exchange Reserve Management Board (hereinafter referred to as the Management Board);

b)⁴ Units under the State Bank include: The State Foreign Exchange Reserve Management Department, The Foreign Exchange Management Department, The Trading Department, The Monetary Policy Department, The Internal Audit Department, The Finance and Accounting Department, The Forecasting and Statistics Department, The Legal Affairs Department, The Issue and Treasury Department, The International Cooperation Department, The Communication Department.

Article 2. Interpretation of Terms

1. Income from investment in official foreign exchange reserves includes interest and profits arising from depositing foreign currencies and gold abroad; buying and selling foreign currencies and gold abroad; buying, selling, holding securities and other negotiable instruments denominated in foreign currencies; entrusted investment and other forms of investment on international markets pursuant to the Decision of the Governor of the State Bank (hereinafter referred to as the Governor).

2. Investment costs for official foreign exchange reserves include fees for opening and maintaining accounts in various foreign currencies and gold with foreign partners, brokerage fees, entrusted investment fees, and other expenses incurred during the investment of official foreign exchange reserves in international markets.

3. Gold managed by the State Bank includes:

a) Standard international gold is gold meeting the 99.99% purity standard, bearing quality, weight marks, and manufacturer's brand recognized by the London Bullion Market Association (LBMA);

b) Gold bars are gold pressed into bars, stamped with markings indicating quantity, quality, and enterprise or credit institution code approved by the State Bank for production or gold bars produced by the State Bank during specific periods;

c) Account gold is the balance of gold on overseas accounts of the State Bank including:

- Balance of standard international gold ready for repatriation upon request of the State Bank;

- Balance of gold ready for conversion into standard international gold;

- Balance of gold ready for sale or conversion upon request of the State Bank;

d) Other gold managed by the State Bank.

Article 3. Building the annual foreign exchange reserve level and the limit of the Exchange Rate Stabilization Fund and gold market management1. The annual foreign exchange reserve level is built on the basis of:

a) The foreign exchange reserve level achieved in the previous year;

b) Forecasting the macroeconomic situation in the world and domestically;

c) Forecasting the balance of payments and the foreign exchange market for the following year;

d) The objectives of monetary policy management for the following year.

Estimating the net amount of foreign exchange intervention for the year and estimating the amount of foreign exchange to be used in the year for urgent and critical needs of the State.

đ)⁵ By the end of the first quarter each year

e)⁶ (Repealed)

2.⁷ or after having sufficient grounds as stipulated in Clause 1 of this Article, the National Foreign Exchange Reserve Management Agency shall take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department to determine the national foreign exchange reserve level for the year to submit to the Governor for approval to report to the Prime Minister. 3. The limit of the Exchange Rate Stabilization Fund and gold market management is built on the basis of:

a) The scale of national foreign exchange reserves;

b) The balance of payments situation in the previous year and forecasting the balance of payments for the following year; the The intervention situation and

trend

c)⁸ net intervention on the domestic market, the domestic gold market The National Foreign Exchange Reserve Management Agency shall take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department to determine the limit of the Exchange Rate Stabilization Fund and gold market management to report to the Governor for submission to the Prime Minister for approval during each period. Article 4. Building and adhering to investment standards and limits for national foreign exchange reserves and partner selection criteria for other reserve management operations.

4.⁹ 1. Investment standards for national foreign exchange reserves:

Partner selection criteria include: criteria for selecting partners to deposit foreign currency and gold; partners issuing securities denominated in foreign currency; partners trading foreign currency and gold; partners trading securities and negotiable instruments; partners custodizing securities and negotiable instruments and gold; partners executing entrusted investments; and partners executing other forms of international market investments based on the ranking levels of reputable international credit rating organizations selected by the State Bank for reference;

b) Criteria for selecting foreign currency-denominated securities include: types of securities and negotiable instruments and terms for each type of security and negotiable instrument.

a)¹⁰ Partner selection criteria for other reserve management operations include: partners exporting and importing gold; partners converting gold bars into internationally recognized standard gold; and partners executing other reserve management operations of the State Bank.

3. Basis for building investment standards and partner selection criteria:

2.¹¹ a) The ranking system of reputable international credit rating organizations selected by the State Bank for reference;

c) International financial market conditions.

The investment limit for national foreign exchange reserves includes:

b) The scale of state foreign exchange reserves;

a) The maximum limit allowed for investment according to partners (including securities custodians);

4.¹² b) The maximum limit allowed for investment according to investment form.

Every six months, the National Foreign Exchange Reserve Management Agency shall take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department to evaluate the management and implementation of investment standards and limits for national foreign exchange reserves and partner selection criteria for other reserve management operations; build investment standards and limits for national foreign exchange reserves and partner selection criteria for other reserve management operations for the next period to report to the Head of the Management Board for the Governor's decision.

6. The National Foreign Exchange Reserve Management Agency

5.¹³ a) Ensures compliance with investment standards and limits for national foreign exchange reserves and partner selection criteria for other reserve management operations as decided by the Governor;

b) Selects investment partners and partners for other reserve management operations based on the criteria decided by the Governor;¹⁴ are responsible for:

6a.

In case of fluctuations in the domestic and international financial markets, changes in the evaluation ranking methods of reputable international credit rating organizations, and other cases affecting compliance with investment standards and limits for national foreign exchange reserves, the National Foreign Exchange Reserve Management Agency shall report to the Head of the Management Board. Based on the instructions of the Head of the Management Board, the National Foreign Exchange Reserve Management Agency shall take the lead and coordinate with relevant units to study and propose adjustment plans for investment standards and limits for national foreign exchange reserves and partner selection criteria for other reserve management operations to report to the Head of the Management Board for the Governor's decision.

c)¹⁵ (Repealed)

7. The Governor decides or delegates the Head of the Management Board to decide investment standards and limits for national foreign exchange reserves and partner selection criteria for other reserve management operations during each period.¹⁶ In cases where the domestic and international financial markets fluctuate, where the credit rating assessment methods of reputable global credit rating organizations change, and other situations that affect compliance with the standards and limits for state foreign exchange reserve investments, the State Foreign Exchange Reserve Management Agency shall report to the Head of the Management Board. Based on the Head of the Management Board's directives, the State Foreign Exchange Reserve Management Agency shall take the lead and coordinate with relevant units to study and propose adjustment plans for the standards and limits for state foreign exchange reserve investments and the criteria for selecting partners to implement other state foreign exchange reserve management operations, to be reported to the Head of the Management Board for submission to the Governor for decision.

7. The Governor decides or authorizes the Head of the Management Board to decide on the standards and limits for state foreign exchange reserve investments and the criteria for selecting partners to implement other state foreign exchange reserve management operations during each period.

Chapter II. MANAGEMENT OF OFFICIAL FOREIGN EXCHANGE RESERVES

Section 1. GENERAL PROVISIONS

Article 5. Forms of investment for official foreign exchange reserves

1. Official foreign exchange reserves shall be invested in international markets through the following forms: officially invested in the international market through a) Depositing foreign currencies and gold abroad;

b) Buying and selling foreign currencies and gold abroad;

c) Buying, selling, and holding securities and other negotiable instruments denominated in foreign currencies;

d) Entrusted investment;

đ) Other forms of investment.

The State Bank's Foreign Exchange Reserve Management Department shall take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department to study and report to the Head of the Management Board for the Governor's approval:

2.¹⁷ a) Supplementing other forms of investment during each period;:

b) Guidelines for entrusted investment and other approved forms of investment according to point a of this clause during each period.

Based on the Governor's approval regarding the supplementation of investment forms,

3.¹⁸ the State Bank's Foreign Exchange Reserve Management Department supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, supplements other investment forms into the investment plan for official foreign exchange reserves. supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, Based on the Governor's approval regarding guidelines for entrusted investment and other forms of investment as stipulated in Clause 2 of this Article,

4.¹⁹ submit to the Head of the Management Board for approval of partners and contents agreed upon with partners. Based on the Head of the Management Board's approval, supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, implement investments and entrusted investments. supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, Article 6. Building and adhering to the structure of official foreign exchange reserve investments

1. The content of the structure of official foreign exchange reserve investments includes:²⁰

a) Structure by currency: type of currency and percentage by type of currency;

b) Investment term structure by currency: short-term investment under one year, medium-term from one to less than three years, and long-term from three years and above for the Foreign Exchange Reserve Fund; non-term and term investment under one year for the Exchange Rate Stabilization Fund and Gold Market Management;

c) Investment form structure by currency: deposit ratio, various types of securities, negotiable instruments, entrusted investment, and other investment forms for the Foreign Exchange Reserve Fund; deposit ratio, various types of securities, negotiable instruments, and other investment forms for the Exchange Rate Stabilization Fund and Gold Market Management;

d) Gold structure: volume of various types of gold for the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Gold Market Management;

đ) Maximum amount of foreign currency to purchase gold on the international market for the Exchange Rate Stabilization Fund and Gold Market Management.

2. Every six months, the State Bank's Foreign Exchange Reserve Management Department shall take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department to evaluate the management and implementation of the structure of official foreign exchange reserve investments; build the structure of official foreign exchange reserve investments for the next period and report to the Head of the Management Board for the Governor's decision.

3. The State Bank's Foreign Exchange Reserve Management Department shall ensure compliance with the structure of official foreign exchange reserve investments according to the Governor's Decision on the last working day of the month.

4. In cases where there are fluctuations in domestic and international financial markets, changes in monetary policy objectives, trends in investing in various types of foreign currencies and gold in international reserves of countries around the world, changes in the scale of state foreign exchange reserves, and other situations affecting compliance with the structure of official foreign exchange reserve investments, the State Bank's Foreign Exchange Reserve Management Department shall report to the Head of the Management Board. Based on the Head of the Management Board's instructions, the State Bank's Foreign Exchange Reserve Management Department shall take the lead and coordinate with relevant units to research and propose adjustment plans for the structure of official foreign exchange reserve investments and report to the Head of the Management Board for the Governor's decision.

5. The Governor decides or authorizes the Head of the Management Board to decide on the structure of official foreign exchange reserve investments.

5. The Governor decides or authorizes the Head of the Management Board to decide on the investment structure of the official state foreign exchange reserves.

Article 7. Construction and Implementation of the Official Foreign Exchange Reserve Investment Plan

1. The contents of the Official Foreign Exchange Reserve Investment Plan include:

a) The forms of investment to be applied;

b) The methods of allocating investments according to the forms of investment;

c) Derivative instruments that may be applied when necessary to mitigate risks based on approved derivative transactions as provided for in Article 8 of this Circular.

2. The Official Foreign Exchange Reserve Investment Plan is constructed based on:

a) The structure, standards, and investment limits of the Official Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and gold market management decided by the Governor;

b) Guidelines for entrusted investment forms during each period decided by the Governor;

c) Other investment forms and guidelines for other investment forms decided by the Governor during each period;

d) Foreign exchange derivative transactions and limits applicable to each transaction decided by the Governor;

đ) Interest rate and exchange rate trends of currencies included in the Official Foreign Exchange Reserve and international gold prices;

e)²¹ Balance the state foreign exchange reserve at the end of the previous quarter, forecasted net foreign exchange intervention trend for the quarter, and the use of foreign exchange according to the Prime Minister's decision for urgent and critical needs of the State.

3.²² Quarterly or when necessary, the National Office of Official Foreign Exchange Reserve Management takes the lead and coordinates with the Department of Foreign Exchange Management, the Monetary Policy Department, and the Forecasting and Statistics Department to assess the implementation of the previous Official Foreign Exchange Reserve Investment Plan and develop the next Official Foreign Exchange Reserve Investment Plan for approval by the Head of the Management Board. The deadline for approving the quarterly Official Foreign Exchange Reserve Investment Plan is no later than the eighth working day of the first month of each quarter.

4. The National Office of Official Foreign Exchange Reserve Management²³ is responsible for organizing the implementation of the Official Foreign Exchange Reserve Investment Plan approved by the Head of the Management Board.

Article 8. Execution of Foreign Exchange Derivative Transactions²⁴

1. Based on risk management requirements for official foreign exchange reserve investment activities, the National Office of Official Foreign Exchange Reserve Management leads and coordinates with the Monetary Policy Department to report to the Head of the Management Board for the Governor's decision on the use of foreign exchange derivative transactions and limits applicable to each transaction.

2. Based on the foreign exchange derivative transactions and limits applicable to each transaction decided by the Governor and the approved investment plan, the National Office of Official Foreign Exchange Reserve Management organizes the execution of foreign exchange derivative transactions.

Article 9. Purchase and Sale of Foreign Currency between the Official Foreign Exchange Reserve and the State Budget²⁵

1. Purchasing foreign currency from the state budget:

Based on the annual foreign currency sale plan of the state budget and the request for foreign currency sale from the Ministry of Finance and/or directives from the Prime Minister, the National Office of Official Foreign Exchange Reserve Management purchases additional foreign currency to supplement the state foreign exchange reserve from the state budget at the exchange rate specified in Clause 3 of this Article.

2. Selling foreign currency to the state budget:

a) Based on the request for foreign currency purchase from the Ministry of Finance to meet the state budget's foreign currency needs, the National Office of Official Foreign Exchange Reserve Management coordinates with the Monetary Policy Department to develop a balanced plan for selling foreign currency to the state budget for the Governor's approval and notification to the Ministry of Finance;

b) Based on the approved balanced plan for selling foreign currency, the National Office of Official Foreign Exchange Reserve Management sells foreign currency to the state budget at the exchange rate specified in Clause 3 of this Article.

3. Exchange rates for buying and selling foreign currency by the State Bank:

a) In the case of buying and selling US dollars, the buying and selling exchange rates are equal to the spot buying and selling rates in the intervention plan; if there is no intervention plan at the time of execution or the intervention plan does not contain spot rates, the buying and selling exchange rates will be the central rate published by the State Bank applicable to the transaction date;

b) In the case of buying and selling foreign currencies other than US dollars, the buying and selling exchange rates are determined based on the cross-rate of the exchange rate specified in point a of this clause and the average price between the purchased and sold foreign currency and US dollar quoted on the international foreign exchange market through the Refinitiv or Bloomberg information system before 10:00 AM on the transaction date.

Article 10. Exporting and Importing Gold²⁵

1. Based on the structure of gold investment in the officially recognized foreign exchange reserves, the State Foreign Exchange Reserve Management Department shall coordinate with the Monetary Policy Department, the Issuance and Treasury Department, the Foreign Exchange Management Department, and related units to report to the Head of the Management Board for approval by the Governor regarding the export and import of gold, including:

a) The volume of gold to be exported and imported;

b) The type of gold to be exported and imported;

c) The principle for determining the price of exported and imported gold;

d) The time of exporting and importing gold;

đ) Other related contents.

2. The export and import of gold to offset the volume of gold purchased and sold in the domestic gold market intervention shall be carried out in accordance with the provisions set forth at Article 19 of this Circular.

3. On the basis of the Governor's approval for the export and import of gold, the State Foreign Exchange Reserve Management Department shall conduct transactions with foreign partners, handle payment procedures, and guide the delivery and receipt. The Issuance and Treasury Department shall take the lead and coordinate with related units to handle customs procedures, deliver and receive gold.

Section 2. MANAGEMENT OF THE FOREIGN EXCHANGE RESERVE FUND

Article 11. Transfer of Foreign Exchange from the Foreign Exchange Reserve Fund to the Exchange Rate Stabilization Fund and Gold Market Management²⁷

1. In cases where the balance of foreign exchange in the Exchange Rate Stabilization Fund and Gold Market Management does not meet the requirements for intervention, the State Foreign Exchange Reserve Management Department shall take the lead and coordinate with the Monetary Policy Department to report to the Governor for approval by the Prime Minister to transfer foreign exchange from the Foreign Exchange Reserve Fund to the Exchange Rate Stabilization Fund and Gold Market Management.

2. Based on the Prime Minister's approval, the State Foreign Exchange Reserve Management Department shall submit to the Governor for issuance of a Decision transferring foreign exchange from the Foreign Exchange Reserve Fund to the Exchange Rate Stabilization Fund and Gold Market Management.

3. The State Foreign Exchange Reserve Management Department shall implement the transfer of foreign exchange from the Foreign Exchange Reserve Fund to the Exchange Rate Stabilization Fund and Gold Market Management according to the Governor's Decision.

Article 12. Swap of Foreign Exchange between the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Gold Market Management

1. The swap of foreign exchange between the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Gold Market Management shall be carried out based on the principles:

a) Ensuring compliance with the officially approved foreign exchange reserve investment structure;

b) Not changing the US dollar balance of both Funds at the time of the swap.

2. The State Foreign Exchange Reserve Management Department shall²⁸ report to the Governor for approval of the plan for swapping foreign exchange between the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Gold Market Management.

3. The Governor authorizes:

a) The Head of the Management Board to approve the plan for swapping foreign exchange between the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Gold Market Management;

b) The Director of the State Foreign Exchange Reserve Management Department²⁹ to decide on the implementation of the swap of foreign exchange between the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Gold Market Management based on the approved plan.

Article 13. Implementation of Bilateral and Multilateral Currency Swap Agreements with Central Banks and International Financial Organizations

1. Based on bilateral and multilateral currency swap agreements, the International Cooperation Department shall take the lead and coordinate with the State Foreign Exchange Reserve Management Department,³⁰the Monetary Policy Department, and the Trading Floor to develop and submit to the Governor for issuance of procedures to organize the implementation of bilateral and multilateral currency swap agreements.

2. The State Foreign Exchange Reserve Management Department shall³¹ submit to the Governor for decision on the use of the Foreign Exchange Reserve Fund to implement signed bilateral and multilateral currency swap agreements according to the procedures stipulated in Clause 1 of this Article.

Article 14. Utilization of the Foreign Exchange Reserve Fund for urgent and emergency needs of the State³²

1.³³ Based on the proposal of the Ministry of Finance regarding the utilization of the Foreign Exchange Reserve Fund for urgent and emergency needs of the State, the State Foreign Exchange Reserve Management Agency shall take the lead in submitting to the Governor for comments on the proposal of the Ministry of Finance to report to the Prime Minister for decision.

2. On the basis of the Decision of the Prime Minister and the request letter of the Ministry of Finance, the State Foreign Exchange Reserve Management Agency shall submit to the Governor for issuance of a Decision to utilize foreign exchange from the Foreign Exchange Reserve Fund for urgent and emergency needs of the State.

3. The State Foreign Exchange Reserve Management Agency shall implement the withdrawal of foreign exchange according to the Decision of the Governor, report to the Head of the Management Board, and send copies to relevant Departments.

4. In cases where foreign exchange is used for advance payment or lending to the state budget according to the Decision of the Prime Minister, the State Foreign Exchange Reserve Management Agency shall be responsible for accounting, monitoring, and recovering advance payments and loans according to the Decision of the Governor, quarterly reporting to the Governor and the Head of the Management Board on the progress of repayment of advance payments and loans, and sending copies to the Internal Audit Department.

5.³⁴ In cases where advance payments and loans made according to the Decision of the Prime Minister on utilizing the Foreign Exchange Reserve Fund for urgent and emergency needs of the State are not recovered, the State Foreign Exchange Reserve Management Agency shall take the lead and coordinate with relevant units to submit to the Governor for comments on the Ministry of Finance to report to the Prime Minister for decision on recovery.

Section 3. MANAGEMENT OF THE STABILIZATION EXCHANGE RATE FUND AND MARKET MANAGEMENTGOLD MARKET MANAGEMENT

Article 15. Intervention in the Domestic Market³⁵

1. The State Bank shall intervene in the domestic market through the following forms:

a) Buying and selling foreign currency against the Vietnamese dong in the form of spot foreign currency transactions; forward foreign currency transactions; buying and selling call options, put options on foreign currency or other forms of buying and selling decided by the Governor;

b) Swapping foreign currency against the Vietnamese dong;

c) Other forms of intervention in the domestic market approved by the Prime Minister.

2. The Monetary Policy Department shall take the lead and coordinate with the State Foreign Exchange Reserve Management Agency:

a) Report to the Governor for submission to the Prime Minister for approval of other forms of intervention in the domestic market as stipulated in point c, Clause 1 of this Article;

b) Submit to the Governor for decision on other forms of buying and selling as stipulated in point a, Clause 1 of this Article;

c) Propose an intervention plan in the domestic market to report to the Head of the Management Board for submission to the Governor for approval.

3. The sale of foreign currency to projects guaranteed by the Government and committed to currency conversion shall be carried out in accordance with the guidelines of the State Bank on the process of currency conversion by the State Bank for projects guaranteed and supported in currency conversion by the Government.

4. The contents of the intervention plan in the domestic market include: Time of intervention, type of foreign currency intervened, intervention exchange rate, quantity of foreign currency intervened, intervention method, implementing partner, and other related contents.

5. Basis for building the intervention plan in the domestic market:

a) Objectives of monetary policy management and exchange rate management;

b) The scale of state foreign exchange reserves;

c) Relevant contents about the situation of the foreign exchange market and/or liquidity of the Vietnamese dong;

d) Other factors (if necessary).

6. The State Foreign Exchange Reserve Management Agency shall implement the approved intervention plan in the domestic market.

Article 16. Intervention in the Domestic Gold Market

1. The State Bank shall intervene in the domestic gold market through the following forms:

a) Buying gold with Vietnamese dong;

b) Selling gold to collect Vietnamese dong;

c) Swapping gold for Vietnamese dong;

d) Other forms of intervention in the gold market approved by the Prime Minister.

2. The Foreign Exchange Management Department shall take the lead and coordinate with the Monetary Policy Department and the National Foreign Exchange Reserve Management Department³⁶ to report to the Governor for approval by the Prime Minister on other forms of intervention in the gold market.

3. In cases where intervention in the gold market is necessary, the Foreign Exchange Management Department shall take the lead and coordinate with the Monetary Policy Department and the National Foreign Exchange Reserve Management Department³⁷ to propose intervention measures in the gold market and report to the Head of the Management Board for approval by the Governor.

4. The content of the intervention plan in the gold market includes: timing of intervention, volume of intervention, form of intervention, intervention gold price, and other related contents as prescribed by laws on gold buying and selling activities in the domestic market of the State Bank.

5. Basis for building the intervention plan in the gold market:

a) Objectives of monetary policy management and gold market management;

b) The scale of state foreign exchange reserves;

c) Supply and demand dynamics of gold in the domestic market;

d) Price dynamics of gold in the domestic foreign exchange market.

6. The purchase and sale prices of gold by the State Bank with credit institutions and enterprises permitted to trade in gold shall be determined according to the regulations of the State Bank on guiding gold buying and selling activities in the domestic market of the State Bank.

7. The National Foreign Exchange Reserve Management Department³⁸ shall implement the approved intervention plan in the gold market and report to the Governor, the Head of the Management Board, and send copies to relevant Departments.

8. The Governor authorizes the Director of the National Foreign Exchange Reserve Management Department³⁹ to decide on the implementation of gold purchases and sales in the domestic and international markets according to the approved intervention plan in the gold market.

Article 17. Sale or Advance Payment of Foreign Currency for Foreign Exchange Needs Arising from Operational and Management Activities of the State Bank⁴⁰

1. Foreign exchange needs arising from operational and management activities of the State Bank include payment of foreign fees, capital contributions, and other foreign exchange needs serving operational and management activities of the State Bank, excluding the sale of foreign currency to staff traveling abroad.

2. Based on the amount of foreign exchange arising from the operational and management activities of the State Bank that has been approved, the National Foreign Exchange Reserve Management Department⁴¹ shall use foreign currency or convert foreign currency from the Exchange Rate Stabilization Fund and gold market management fund to sell or advance pay foreign currency for those foreign exchange needs at the rate specified in Clause 3 Article 9 of this Circular.

Article 18. Purchase of Foreign Currency from International Financial Organizations and Other Counterparties in the Domestic Market⁴²

supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments,⁴³ shall purchase foreign currency with Vietnamese dong from international financial organizations and other counterparties in the domestic market at the rate specified in Clause 3 Article 9 of this Circular.

Article 19. Purchase and Sale of Corresponding Gold on the International Market to Serve Intervention in the Domestic Gold Market

1. The Foreign Exchange Management Department shall take the lead in proposing the purchase of gold, sale of gold on the accounts of the State Bank abroad, or the purchase of gold abroad for importation or the sale of gold abroad to correspond with the volume of gold sold or purchased for intervention as reported to the Head of the Management Board for the Governor's decision.

2. Based on the provisions of the laws on gold bar trading activities in the domestic market of the State Bank and the Governor's Decision on the structure of official foreign exchange reserve investment, standards, and limits of national foreign exchange reserve investment, the National Foreign Exchange Reserve Management Department⁴⁴ shall select counterparties, open accounts, purchase gold, and sell gold on the accounts of the State Bank abroad, or purchase gold abroad for importation or sell gold abroad to correspond with the volume of gold sold or purchased for intervention according to the approved intervention plan in the gold market.

3. The purchase of gold, sale of gold on the accounts of the State Bank abroad, or the purchase of gold abroad for importation as stipulated in Clause 2 of this Article shall be carried out within one hour from the end time of the confirmation period for gold bar trading transactions between the State Bank and credit institutions, enterprises as prescribed by laws on gold bar trading activities of the State Bank. In case of force majeure or objective obstacles, the duration of such events shall not be counted towards the aforementioned time limit.

4. The Director of the National Foreign Exchange Reserve Management Department⁴⁵ shall decide on the volume, price (based on the international market price at the time of purchase or sale decision), and counterparties when implementing gold purchase and sale transactions as stipulated in Clause 2 of this Article. The maximum difference between the total volume of gold purchased or sold on the international market and the total volume of gold bars sold or purchased by the State Bank with credit institutions and enterprises according to the transaction confirmation documents signed shall be converted into standard units of measurement in the international gold market as one kilogram.

5. The conversion of the gold volume specified in Clause 4 of this Article shall be implemented according to the following principles:

a) 1 tael = 37.5 grams;

b) 1 gram = 0.0321507465 troy ounce;

c) The quantity of gold calculated in troy ounces (gross weight) = the quantity of gold calculated in taels x 37.5 x 0.0321507465;

d) The quantity of gold calculated in fine troy ounces (fine gold content) = the quantity of gold calculated in troy ounces (gross weight) x fineness (99.99%).

Article 20. Gold Bar Production Organization

1. Based on the domestic gold market intervention needs and the structure of gold in the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Market Management, the Department of Foreign Exchange Management shall coordinate with the Monetary Policy Department, the State Foreign Exchange Reserve Management Bureau, and related units to report to the Head of the Management Board for the Governor's decision on the plan for gold bar production.⁴⁶ 2. The organization of gold bar production as stipulated in Clause 1 of this Article shall be implemented according to the Governor's decision on the organization and management of gold bar production by the State Bank.

Article 21. Conversion from Gold Bars and Other Gold to International Standard Gold

1. Based on the domestic gold market intervention needs and the structure of gold in the Foreign Exchange Reserve Fund and the Exchange Rate Stabilization Fund and Market Management, the Department of Foreign Exchange Management shall take the lead and coordinate with the Monetary Policy Department, the State Foreign Exchange Reserve Management Bureau, and related units to develop a plan for converting gold bars and other gold in the official foreign exchange reserve to international standard gold for the Governor's approval.

2. On the basis of the approved plan for converting gold bars and other gold in the official foreign exchange reserve to international standard gold, the State Foreign Exchange Reserve Management Bureau shall coordinate with the Department of Foreign Exchange Management, the Legal Affairs Department, and the Issuance and Treasury Bureau to sign contracts with partners to implement the conversion; the State Foreign Exchange Reserve Management Bureau shall handle payment procedures and guide the delivery and receipt of gold; the Issuance and Treasury Bureau shall handle customs procedures, deliver and receive gold.⁴⁷ Article 22. Transfer of Foreign Exchange from the Exchange Rate Stabilization and Market Management Fund to the Foreign Exchange Reserve Fund

1. By the 10th day of the first month of each quarter, the State Foreign Exchange Reserve Management Bureau shall notify the foreign exchange limit of the Exchange Rate Stabilization and Market Management Fund applicable for the quarter to the member units of the Management Board and the Internal Audit Department.⁴⁸ The actual balance of the Exchange Rate Stabilization and Market Management Fund on the last working day of the month must ensure compliance with the notified limit, except in cases provided for in Clause 3 of this Article. In case the balance of the Exchange Rate Stabilization and Market Management Fund exceeds the permitted limit, the State Foreign Exchange Reserve Management Bureau shall submit to the Governor for approval and execute the transfer of foreign exchange from the Exchange Rate Stabilization and Market Management Fund to the Foreign Exchange Reserve Fund to ensure that the actual balance of the Exchange Rate Stabilization and Market Management Fund complies with the notified limit.⁴⁹ In case the balance of the Exchange Rate Stabilization and Market Management Fund exceeds the permitted limit but the transfer of foreign exchange from the Exchange Rate Stabilization and Market Management Fund to the Foreign Exchange Reserve Fund affects the compliance with the official foreign exchange reserve investment structure, within the first five working days of the following month, the State Foreign Exchange Reserve Management Bureau shall submit to the Governor for approval and execute the transfer of foreign exchange from the Exchange Rate Stabilization and Market Management Fund to the Foreign Exchange Reserve Fund.

The Governor authorizes the Head of the Management Board to decide on the transfer of foreign exchange from the Exchange Rate Stabilization and Market Management Fund to the Foreign Exchange Reserve Fund in the cases specified in Clauses 2 and 3 of this Article.

1. By the 10th day of the first month of each quarter, the State Foreign Exchange Reserve Management Agency⁵⁰ shall notify the foreign exchange limit of the Exchange Rate Stabilization Fund and Gold Market Management Fund applicable for the quarter to the member units of the Management Board and the Internal Audit Department.

2.⁵¹ The actual balance of the Exchange Rate Stabilization Fund and Gold Market Management Fund at the end of the last working day of the month must ensure compliance with the notified limit, except in the case provided for in Clause 3 of this Article. In the event that the balance of the Exchange Rate Stabilization Fund and Gold Market Management Fund exceeds the permitted limit, the State Foreign Exchange Reserve Management Agency⁵² shall submit to the Governor for approval and execute the transfer of foreign exchange from the Exchange Rate Stabilization Fund and Gold Market Management Fund to the State Foreign Exchange Reserve Fund to ensure that the actual balance of the Exchange Rate Stabilization Fund and Gold Market Management Fund complies with the notified limit.

3.⁵³ In the event that the balance of the Exchange Rate Stabilization Fund and Gold Market Management Fund exceeds the permitted limit but the transfer of foreign exchange from the Exchange Rate Stabilization Fund and Gold Market Management Fund to the State Foreign Exchange Reserve Fund affects compliance with the official state foreign exchange reserve investment structure, no later than the first five working days of the following month, the State Foreign Exchange Reserve Management Agency⁵⁴ shall submit to the Governor for approval and execute the transfer of foreign exchange from the Exchange Rate Stabilization Fund and Gold Market Management Fund to the State Foreign Exchange Reserve Fund.

4.⁵⁵ The Governor authorizes the Head of the Management Board to decide on the transfer of foreign exchange from the Exchange Rate Stabilization Fund and Gold Market Management Fund to the State Foreign Exchange Reserve Fund in the cases specified in Clause 2 and Clause 3 of this Article.

Chapter III. MANAGEMENT OF FOREIGN CURRENCY DEPOSITS AND GOLD OF THE STATE TREASURY, FINANCIAL INSTITUTIONS AT THE STATE BANK, AND OTHER FOREIGN EXCHANGE SOURCES  

Article 23. Management operations of foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources

1. Foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources shall be managed through the following operations:

a) Short-term investment on international markets including:

- Short-term deposit of foreign currencies and gold abroad;

- Purchase, sale, and holding of short-term securities and negotiable instruments on international markets;

- Other forms of short-term investment;

b) Foreign currency cash in the fund;

c) International standard gold bars, gold ingots, and other gold stored in the State Bank's warehouses;

d) Other management operations.

2.⁵⁶ The State Foreign Exchange Reserve Management Department shall take the lead and coordinate with the Monetary Policy Department and relevant units to report to the Head of the Management Board for the Governor's decision on supplementing other forms of short-term investment and other management operations stipulated in points a and d of Clause 1 of this Article during each period.

Article 24. Principles of investment in foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources

Investment in foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources must ensure the following principles:

1. Ensuring safety through compliance with approved standards and limits for state foreign exchange reserve investments.

2. Investment term under one year.

3. Ensuring liquidity in accordance with monetary policy objectives and timely meeting the foreign exchange needs of the State Treasury and financial institutions when necessary.

Article 25. Guidelines for investment in foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources⁵⁷

1. The State Foreign Exchange Reserve Management Department shall take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, the Forecasting and Statistics Department, and relevant units to report to the Head of the Management Board for the Governor's decision on guidelines for investment in foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources during each period.

2. Based on the investment guidelines decided by the Governor, the State Foreign Exchange Reserve Management Department shall organize the implementation of investment in foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources.

Chapter IV. ACCOUNTING REGIME, REPORTING, DISCLOSURE, AND INFORMATION PROVISION 

Article 26. Accounting regime

1. Income and expenses from official foreign exchange reserve investments do not include:

a) Differences arising from revaluation of assets belonging to the state foreign exchange reserves;

b)⁵⁸ Income and expenses related to compliance with the structure of official foreign exchange reserves as approved by the Governor, to meet foreign exchange needs according to the Prime Minister's decision;

c) Expenses related to refining, manufacturing, exporting, importing, converting, and storing gold;

d)⁵⁹ Expenses related to domestic market intervention activities and domestic gold market activities;

d) Income and expenses related to foreign exchange derivative transactions, bilateral and multilateral currency swaps;

e) Income and expenses related to the management of foreign currency deposits and gold of the State Treasury, financial institutions at the State Bank, and other foreign exchange sources;

g) Other income and expenses not related to official foreign exchange reserve investments.

2.⁶⁰ Principle for determining the price of gold:

a) The price of gold in the state foreign exchange reserves is calculated in USD/g and VND/g and rounded off to three decimal places after the decimal point;

b) The price of international standard gold in the state foreign exchange reserves is determined as follows:

Price of 1g gold in USD = Bid price on the Refinitiv screen before 10 am on the reporting date * 0.0321507465;

Price of 1g gold in VND = Bid price on the Refinitiv screen before 10 am on the reporting date * 0.0321507465 * central exchange rate announced by the State Bank on the reporting date;

c) Gold accounts, gold ingots, and other gold managed by the State Bank are accounted for based on the price of international standard gold.

3.⁶¹ The accounting exchange rate for foreign currencies other than the US dollar in the state foreign exchange reserves is determined based on the central exchange rate of the Vietnamese dong against the US dollar announced by the State Bank and the exchange rate between listed foreign currencies on the Refinitiv or Bloomberg screens or other means before 10 am on the trading day.

 4.⁶² Rounding principle for exchange rates between foreign currencies within the state foreign exchange reserves and the Vietnamese dong: rounding to the nearest Vietnamese dong unit, and if the digit immediately after the decimal point of the exchange rate after calculation is 5 or more, it will be increased by one unit, if less than 5, it will not be counted.

Article 27. Reporting System⁶³

1. By August 15th each year at the latest, the State Foreign Exchange Reserve Management Department shall take the lead and coordinate with relevant units to prepare and submit to the Governor for approval a report on the scale and usage of state foreign exchange reserves in the first six months of the year to report to the Prime Minister, and send copies to the Ministry of Finance.

2.⁶⁴ By March 31st each year at the latest, supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, the State Foreign Exchange Reserve Management Department shall take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, the Forecasting and Statistics Department to prepare and submit to the Governor for approval a report on the management of state foreign exchange reserves in the previous year to report to the Prime Minister, and send copies to the Ministry of Finance.

3. By the last working day of each month, the State Foreign Exchange Reserve Management Department shall report to the Governor and the Head of the Management Board, and send copies to the member units of the Management Board and the Internal Audit Department about the management of state foreign exchange reserves in the previous month.

Article 28. Information Provision System⁶⁵

The provision of information to serve the management of state foreign exchange reserves shall be carried out as follows:

1. supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, provide:

a) From the date when the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Center pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: Daily: Data on state foreign exchange reserves according to the prescribed form at

No later than the 5th day of each month: Report on the situation of buying, selling, and using state foreign exchange reserves of the previous month according to the prescribed form at Appendix No. 01 attached hereto;

b) No later than the 5th day of each month: Report on the structure of official foreign exchange reserves of the previous month according to the prescribed form at Annex No. 03 attached hereto;

c) No later than the 15th day of each month: 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; attached hereto;

Report on the situation of investing state foreign exchange reserves abroad of the previous month according to the prescribed form at

Report on the situation of investing state foreign exchange reserves abroad by investment partners of the previous month according to the prescribed form at Appendix No. 06 attached hereto;

d) No later than the last day of the first month of each quarter or when necessary: Appendix No. 07 attached hereto;

Provide the Internal Audit Department with documents evaluating and ranking partners of the State Bank in the previous quarter including documents from international credit rating organizations and evaluation documents of supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, based on international credit rating organization evaluation standards; supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments, e) Report to the Governor and the Head of the Management Board the results of gold tendering within the country and gold purchases on the international market on the day the State Bank conducts the tender, simultaneously sending to the Foreign Exchange Management Department, Monetary Policy Department, and Internal Audit Department;

f) Provide to the member units of the Management Board and the Internal Audit Department:

The Governor's decision on the structure of official foreign exchange reserves, standards, and investment limits for state foreign exchange reserves during each period;

The limit of the Exchange Rate Stabilization Fund and gold market management approved by the Prime Minister during each period;

g) Provide to the Financial Accounting Department and the Internal Audit Department decisions of the State Bank Governor regarding the use of state foreign exchange reserves according to the Prime Minister's Decision;

h) The method of obtaining data to prepare reports according to the forms attached to this Circular as follows:

- For deposits: the book value of deposits is the actual deposit amount at the reporting time; 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;, Appendix No. 06 and Appendix No. 07 - For securities:

Book value of securities

Accumulated interest before purchase

b) No later than 45 days after the end of the reported quarter: Data on the implementation of the balance of payments for the quarter; supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments,:

c) No later than 60 days after the end of the reported year: Data on the implementation of the balance of payments for the year;

d) No later than the 60th day of the year or after receiving forecasted balance of payments data for the year: Data on the overall forecasted balance of payments for the year;

e) No later than the last day of each month: The monetary balance sheet of the State Bank and the industry-wide monetary balance sheet of the previous month.

3. The Monetary Policy Department provides to

a) Every six months: Report on the proportion of various foreign currencies in foreign exchange transactions between credit institutions and customers according to the prescribed form at

b) Reports on monetary policy management, banking operations, and management solutions. supplements other investment forms into the structure of official foreign exchange reserve investments for the Governor's decision. On the basis of the Governor's Decision on the structure of official foreign exchange reserve investments,:

4. No later than the 15th day of the first month of each quarter and upon changes, the Issuance and Treasury Department reports on the stock of standard international gold bars, gold ingots, and other gold at the State Bank's warehouses according to the prescribed form at Appendix No. 08 attached hereto;

5. No later than January 31st of each year, the International Cooperation Department provides the State Foreign Exchange Reserve Management Department with projected disbursement figures by quarter for programs and projects directly supporting the budget from international organizations and partners in the year according to the prescribed form at

6. No later than the 15th day of each month, the Financial Accounting Department provides the previous month's balance of accounts for Revalued Assets - Revalued Foreign Currency and Foreign Exchange Rate Differences to the following units: Annex No. 04 promulgated together with this Circular.

a) During the period before the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Center pursuant to Article 13 of Circular No. 12/2023/TT-NHNN, the recipients include the State Foreign Exchange Reserve Management Department, the Trading Center, the Monetary Policy Department, and the Internal Audit Department; Appendix No. 05 promulgated together with this Circular.

b) From the date when the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Center pursuant to Article 13 of Circular No. 12/2023/TT-NHNN, the recipients include: the State Foreign Exchange Reserve Management Department, the Monetary Policy Department, and the Internal Audit Department.

7. The State Foreign Exchange Reserve Management Department, the Monetary Policy Department, and relevant units provide the Internal Audit Department with necessary information about state foreign exchange reserves according to internal audit requirements.

8. The Foreign Exchange Management Department provides the State Foreign Exchange Reserve Management Department:

Regularly

Every six months: Proportion of various foreign currencies in Vietnam's foreign borrowing and repayment activities;

a) b) Domestic and international gold market conditions, intervention capabilities, and gold import needs (if any). 09. The Trading Center provides:

a) During the period before the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Center pursuant to Article 13 of Circular No. 12/2023/TT-NHNN:

Daily: Data on state foreign exchange reserves of the previous working day according to the prescribed form at

Monthly: Report on the situation of buying, selling, and using state foreign exchange reserves of the previous month according to the prescribed form at

b) From the date when the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Center pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: Appendix No. 01 attached hereto;

Daily: Report on the balances of foreign currency and gold deposits of the State Treasury, credit institutions at the State Bank, and other foreign exchange sources according to the prescribed form at Annex No. 03 attached hereto;

b) From the date when the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Agency and the Trading Center according to the provisions of Article 13 of Circular No. 12/2023/TT-NHNN:

Daily: Report the balances of foreign currency deposits and gold of the State Treasury, credit institutions at the State Bank and other sources of foreign exchange according to the prescribed form at Appendix No. 09 attached hereto;

Monthly: Report on the situation of foreign currency deposits and gold of the State Treasury, credit organizations at the State Bank and other sources of foreign exchange from the previous month according to the model prescribed in Appendix No. 10 promulgated together with this Circular.

Article 29. Disclosure of Information⁶⁶

The National Foreign Exchange Reserve Management Agency shall cooperate with the Department of Communications and the Department of International Cooperation to disclose information about the national foreign exchange reserves in accordance with the provisions of the law.

Chapter V. IMPLEMENTATION ORGANIZATION^67,68,69

Article 30. Management Board for the National Foreign Exchange Reserve

1. The Governor decides to establish the Management Board and issues a Decision on the establishment and operation of the Management Board.

2.⁷⁰ The Management Board has the function of directing the implementation of tasks related to the management of the national foreign exchange reserve as stipulated in this Circular and advising the Governor on the following contents:

a)⁷¹ Submit to the Prime Minister for approval:

The limit of the Exchange Rate Stabilization Fund and market gold management during each period as prescribed in Clause 4, Article 3 of this Circular;

The transfer of foreign exchange from the National Foreign Exchange Reserve Fund to the Exchange Rate Stabilization Fund and market gold management as prescribed in Clause 1, Article 11 of this Circular;

Other forms of domestic market intervention when necessary as prescribed in Point c, Clause 1, Article 15 and other forms of gold market intervention when necessary as prescribed in Point d, Clause 1, Article 16 of this Circular;

b) Decide:

- Supplement other forms of investment in official foreign exchange reserves as prescribed in Point a, Clause 2, Article 5 of this Circular;

- Guidelines for investment in entrusted investment and other forms of investment already decided by the Governor during each period as prescribed in Point b, Clause 2, Article 5 of this Circular;

- The structure of investment in official foreign exchange reserves, investment standards, investment limits for the national foreign exchange reserve, and selection criteria for partners implementing other reserve management operations, periodically every six months or when necessary, report to the Prime Minister, simultaneously sent to the Ministry of Finance;

- Using foreign exchange derivative transactions and limits applicable to each transaction as prescribed in a) The regional health examination board shall conduct preliminary health examinations for candidates who are young people outside the military or military personnel stationed in the area; the composition of the board shall comply with the provisions of Clause 1 of Article 8 of this Circular;;

- Transfer of foreign exchange from the National Foreign Exchange Reserve Fund to the Exchange Rate Stabilization Fund and market gold management based on the approval of the Prime Minister as prescribed in Clause 2, Article 11 of this Circular;

- Other forms of buying and selling as prescribed in Point a, Clause 1, Article 15 of this Circular.

- Buying, selling, exporting, importing gold corresponding to the international market to serve domestic gold market intervention as prescribed in Article 19 of this Circular;

- Supplement other short-term investment forms and other operations to manage foreign currency deposits and gold of the State Treasury, credit organizations at the State Bank and other sources of foreign exchange as prescribed in Clause 2, Article 23 of this Circular;

- Guidelines for investment in foreign currency deposits and gold of the State Treasury, credit organizations at the State Bank and other sources of foreign exchange as prescribed in Clause 1, Article 25 of this Circular;

- Supplement types of foreign currencies allowed for investment in the official foreign exchange reserve investment structure as prescribed in Article 7 of Decree No. 50/2014/ND-CP dated May 20, 2014 of the Government on managing the national foreign exchange reserve;

- Supplement other official foreign exchange reserve management operations as prescribed in Clause 5, Article 10 of Decree No. 50/2014/ND-CP dated May 20, 2014 of the Government on managing the national foreign exchange reserve;

- The authority to decide of the Chairman of the Management Board and the Director of the National Foreign Exchange Reserve Management Agency⁷² during each period;

c)⁷³ Approve:

The level of national foreign exchange reserve for the year as prescribed in Clause 2, Article 3 of this Circular;

The plan for domestic market intervention as prescribed in Point c, Clause 2, Article 15 and the plan for gold market intervention as prescribed in Clause 3, Article 16 of this Circular;

The export, import of gold; plans for producing gold bars and converting gold bars and other gold belonging to the official foreign exchange reserve into internationally recognized gold as prescribed in Clause 1, Article 10, Clause 1, Article 20 and Clause 1, Article 21 of this Circular;

The plan for balancing the sale of foreign currency to the state budget as prescribed in Point a, Clause 2, Article 9 of this Circular.

Article 31. Duties and Authorities of the Director of the Management Board and the Director of the State Foreign Exchange Reserve Management Department⁷⁴

1. Duties and Authorities of the Director of the Management Board:

a) Approve the investment plan for the official foreign exchange reserve according to the provisions atthe official state foreign exchange reserve investment plan as stipulated in clause 3 Article 7 of this Circular;

b) Decide on the implementation of investments within the authority approved by the Governor;

c) Approve the entrusted investment counterparties and the contents of agreements with entrusted investment counterparties according to the provisions at Clause 4, Article 5 of this Circular;

d) Perform other tasks related to the state's foreign exchange reserves according to the authorization of the Governor.

2. Duties and Authorities of the Director of the State Foreign Exchange Reserve Management Department⁷⁵:

a) Decide on the implementation of investments within the authority approved by the Governor;

b) Represent the State Bank to sign agreements related to the investment of the state's foreign exchange reserves with the State Bank’s partners according to the authorization of the Governor;

c) Perform other tasks related to the state's foreign exchange reserves according to the authorization of the Governor.

Article 32. Responsibilities of Units under the State Bank

1.⁷⁶ The State Foreign Exchange Reserve Management Department:

a) Take the lead and coordinate with the Monetary Policy Department and relevant units to draft and report to the Director of the Management Board for submission to the Governor to issue legal documents related to the management of the state's foreign exchange reserves;

b) Take the lead and coordinate with the Monetary Policy Department and the Internal Audit Department to draft and report to the Director of the Management Board for submission to the Governor to issue Decisions on the establishment and operation of the Management Board for managing the state's foreign exchange reserves and the Decision on the decision-making authority of the Director of the Management Board and the Director of the State Foreign Exchange Reserve Management Department during each period;

c) Take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department to report to the Director of the Management Board for submission to the Governor to decide on using other official foreign exchange reserve management operations according to Clause 5, Article 10 of Government Decree No. 50/2014/NĐ-CP dated May 20, 2014 on the management of the state's foreign exchange reserves;

d) Take the lead and coordinate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department to report to the Director of the Management Board for submission to the Governor to decide on adding additional types of foreign currencies allowed for investment in the structure of the official foreign exchange reserve investment according to Article 7 of Government Decree No. 50/2014/NĐ-CP dated May 20, 2014 on the management of the state's foreign exchange reserves;

đ)⁷⁷ Determine the price of gold in US dollars and Vietnamese dong of gold belonging to the state's foreign exchange reserves and the exchange rate of the Vietnamese dong with certain foreign currencies for accounting purposes according to Clause 2 and Clause 3, Article 26 of this Circular and notify relevant units;

e) Develop internal management procedures at the State Foreign Exchange Reserve Management Department to organize the management of the state's foreign exchange reserves according to the provisions of this Circular;

g) Take the lead and coordinate with the Legal Department and relevant units to negotiate terms and conditions in agreements between the State Bank and foreign partners related to the management of the state's foreign exchange reserves;

h) Represent the State Bank to sign inspection reports on the management of the state's foreign exchange reserves with the inspection team of the Ministry of Finance based on the approval of the Governor or Deputy Governor in charge;

i) Propose to the Director of the Management Board for approval of the purchase and sale of foreign currencies for credit institutions within the authority of the Director of the Management Board for managing the state's foreign exchange reserves;

k)⁷⁸ Announce on the FXT trading network or other means some contents of the intervention plan according to the Governor's approval at each domestic market intervention plan;

l) Announce the reference exchange rate between the Vietnamese dong and foreign currencies included in the structure of the official foreign exchange reserve investment on the State Bank's website and the Refinitiv information system;

m) Account for transactions arising from the management of the state's foreign exchange reserves according to the guidance of the Financial Accounting Department;

n) Perform other tasks according to the provisions of this Circular.

2.⁷⁹ Trading Department:

a) Account for transactions arising from the management of the state's foreign exchange reserves according to the guidance of the Financial Accounting Department;

b) Perform other tasks according to the provisions of this Circular.

3. Financial Accounting Department:

a) Provide specific guidance on accounting for the state's foreign exchange reserves according to this Circular and other relevant laws;

b) Perform other tasks according to the provisions of this Circular.

4. Internal Audit Department

a) Take the lead and coordinate with units under the State Bank to advise the Governor on handling issues related to the inspection of the management of the state's foreign exchange reserves by the Ministry of Finance;

b) Conduct internal audits of the management of the state's foreign exchange reserves according to Government Decree No. 50/2014/NĐ-CP dated May 20, 2014 on the management of the state's foreign exchange reserves and this Circular.

5.⁸⁰ Monetary Policy Department:

a) Announce the central exchange rate of the Vietnamese dong against the US dollar on the State Bank's electronic portal;

b) Perform other tasks according to the provisions of this Circular.

6.⁸¹ In case the Director of the Management Board is absent, the lead units shall seek opinions from relevant units according to the provisions of this Circular and submit to the Governor for approval or decision.

Article 33. Effective Date

1. This Circular takes effect from February 1, 2015.

2. This Circular replaces the following documents:

a) Decision No. 373/1999/QĐ-NHNN13 dated October 20, 1999 on the issuance of the Regulation on the management of foreign currency by the State Bank abroad;

b) Decision No. 653/2001/QĐ-NHNN dated May 17, 2001 on the issuance of the regulation on organizing the implementation of tasks related to the management of the state's foreign exchange reserves;

c) Decision No. 845/2003/QĐ-NHNN dated July 31, 2003 on amending point a, Clause 2, Article 20 of the Regulation on organizing the implementation of tasks related to the management of the state's foreign exchange reserves issued together with Decision No. 653/2001/QĐ-NHNN;

d) Decision No. 425/2005/QĐ-NHNN dated April 13, 2005 on amending Clause 3, Article 7 and Clause 3, Article 18 of the Regulation on organizing the implementation of tasks related to the management of the state's foreign exchange reserves issued together with Decision No. 653/2001/QĐ-NHNN dated May 17, 2001 of the Governor;

đ) Decision No. 23/QĐ-NHNN.m dated August 23, 2007 on the purchase and sale of foreign currencies between the State Bank and the State Treasury, international organizations, and credit institutions;

e) Circular No. 01/2013/TT-NHNN dated March 12, 2013 regarding amendments and supplements to certain articles of Decision No. 653/2001/QĐ-NHNN on the issuance of regulations on the organization and implementation of tasks related to state foreign exchange reserves management;

Article 34. Implementation

The Director of the Office, the Heads of the Department of Foreign Exchange Management, the Department of Monetary Policy, the Internal Audit Department, the Forecasting and Statistics Department, the International Cooperation Department, the Finance and Accounting Department, the Legal Department, the Director of the Issuance and Treasury Department, and the Director of the Trading Department shall be responsible for implementing this Circular./.

 ANNEX NO. 01⁸²

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024)

of the Governor of the State Bank of Vietnam)

Reporting unit:...

FOREIGN EXCHANGE RESERVE BALANCE REPORT OF THE STATE

(Date...)

Unit: USD

1. Scope of application:

- Trading Department until the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department as stipulated in Article 13 of Circular No. 12/2023/TT-NHNN.

- State Foreign Exchange Reserve Management Department shall implement from the date the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department as stipulated in Article 13 of Circular No. 12/2023/TT-NHNN.

2. Time limit for submitting reports:

2.1. During the period when the Trading Department prepares this report: On the working day immediately following the reporting date.

2.2. From the date the State Foreign Exchange Reserve Management Department prepares this report: Within two working days following the reporting date.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities:

4.1. During the period when the Trading Department prepares this report: The Governor, relevant Deputy Governors, the State Foreign Exchange Reserve Management Department, the Monetary Policy Department, the Internal Audit Department, the Forecasting and Statistics Department.

4.2. From the date the State Foreign Exchange Reserve Management Department prepares this report: The Governor, relevant Deputy Governors, the Monetary Policy Department, the Internal Audit Department, the Forecasting and Statistics Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is determined by the State Foreign Exchange Reserve Management Department based on the average rate of the buying and selling prices listed on Refinitiv before 10:00 AM on the reporting date.

- The gold price for converting to USD is the daily gold price determined by the State Foreign Exchange Reserve Management Department.

Ministry of Science and Technology: The Minister and Deputy Ministers, agencies and units under the Ministry;All figures in the report are recorded values on the accounting ledger on the reporting date..

- Item 1.2 and 2.2 reflect the USD value of gold balances of the State Foreign Exchange Reserve Fund and the Fund for Exchange Rate Stabilization and Gold Market Management including: gold in storage, gold on accounts of the State Bank abroad, gold in transit.

- Item 4 = Item 1 + Item 2 + Item 3.

APPENDIX NO. 02⁸³

(Issued together with Circular No. 12/2023/TT-NHNN dated October 12, 2023 of the Governor of the State Bank of Vietnam)

Reporting unit:...

OFFICIAL FOREIGN EXCHANGE RESERVE STRUCTURE REPORT

(Date...)

 Unit: Original Currency, USD, kg, Percentage

1. Scope of application: State Foreign Exchange Reserve Management Department.

2. Time limit for submitting reports: Not later than the fifth day of the month following the reporting month.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities: The Governor, relevant Deputy Governors, the Internal Audit Department, the Forecasting and Statistics Department, the Financial Stability Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is determined by the State Foreign Exchange Reserve Management Department based on the average rate of the buying and selling prices listed on Refinitiv before 10:00 AM on the reporting date.

- The gold price for converting to USD is the daily gold price determined by the State Foreign Exchange Reserve Management Department.

- All figures in the report are recorded values on the accounting ledger on the reporting date.

- Item 5 reflects: The USD value of foreign currency balances of the State Foreign Exchange Reserve Fund; The USD value of foreign currency balances of the Fund for Exchange Rate Stabilization and Gold Market Management.

- Column (4) = Column (3)/State Foreign Exchange Reserve Fund's foreign currency balance converted to USD (Item 5) * 100.

- Column (7) = Column (6)/Fund for Exchange Rate Stabilization and Gold Market Management's foreign currency balance converted to USD (Item 5) * 100.

- (*) Remaining foreign currency allowed to purchase gold on the international market is the remaining foreign currency available within the maximum foreign currency limit for purchasing gold on the international market of the Fund for Exchange Rate Stabilization and Gold Market Management.

ANNEX NUMBER 03⁸⁴

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024

of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON FOREIGN EXCHANGE RESERVE MANAGEMENT AND USE SITUATION
OF THE STATE

(Month... Year...)

Unit: USD

1. Scope of application:

- Trading Department until the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department as stipulated in Article 13 of Circular No. 12/2023/TT-NHNN.

- State Foreign Exchange Reserve Management Department shall implement from the date the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department as stipulated in Article 13 of Circular No. 12/2023/TT-NHNN.

2. Time limit for submitting reports: Not later than the fifth day of the month following the reporting month.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities:

4.1. During the period when the Trading Department prepares this report: The Governor, relevant Deputy Governors, the State Foreign Exchange Reserve Management Department, the Monetary Policy Department, the Internal Audit Department, the Forecasting and Statistics Department.

4.2. From the date the State Foreign Exchange Reserve Management Department prepares this report: The Governor, relevant Deputy Governors, the Monetary Policy Department, the Internal Audit Department, the Forecasting and Statistics Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is determined by the State Foreign Exchange Reserve Management Department based on the average rate of the buying and selling prices listed on Refinitiv before 10:00 AM on the reporting date.

- The gold price for converting to USD is the daily gold price determined by the State Foreign Exchange Reserve Management Department.

Ministry of Science and Technology: The Minister and Deputy Ministers, agencies and units under the Ministry;All figures in the report are recorded values on the accounting ledger on the reporting date..

- (*) Amount = Amount in original currency generated during the period * Original currency rate/USD rate.

- (**) The swap does not change the US dollar equivalent balance of both Funds at the time of the swap. After the swap, the value of the swap will be re-evaluated according to current regulations.

ANNEX NO. 04⁸⁵

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024 of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON GOLD STOCK IN THE TREASURY

(Quarter...year...)

Unit: Kg

1. Scope of application: Department of Issuance and Treasury.

2. Time limit for submitting reports: Not later than the 15th day of the first month immediately following the reporting quarter. In case there is a change in the gold stock, the Department of Issuance and Treasury shall report immediately upon such change.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities:

- During the period before The Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: The Governor, relevant Deputy Governors, the State Foreign Exchange Reserve Management Department, the Trading Department, the Foreign Exchange Management Department, the Monetary Policy Department, the Internal Audit Department.

- From the date The Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: The Governor, relevant Deputy Governors, the State Foreign Exchange Reserve Management Department, the Foreign Exchange Management Department, the Monetary Policy Department, the Internal Audit Department.

5. Guidelines for preparing reports: Indicator 3 = Indicator 1 + Indicator 2.

ANNEX NO. 05⁸⁶

(Issued together with Circular No. 12/2023/TT-NHNN dated October 12, 2023 of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON EXPECTED DISBURSEMENT SITUATION OF INTERNATIONAL ORGANIZATIONS

(Year...)

Unit: Original Currency, USD

1. Scope of application: the International Cooperation Department.

2. Time limit for submitting reports: Not later than January 31 of the reporting year.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities: State Foreign Exchange Reserve Management Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is the buying reference rate posted on the State Bank's website by the State Foreign Exchange Reserve Management Department at the time of reporting.

- Total = Indicator 1 + Indicator 2 + ...

ANNEX NO. 06⁸⁷

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024 of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON FOREIGN EXCHANGE RESERVE INVESTMENT SITUATION ABROAD

(Month... Year...)

Table A. Foreign currency investments under state foreign exchange reserves abroad

Unit: Original Currency, USD, Percentage

Table B. Gold investments under state foreign exchange reserves abroad

Unit: USD

1. Scope of application: State Foreign Exchange Reserve Management Department.

2. Time limit for submitting reports: Not later than the 15th day of the month immediately following the reporting month.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities:

c) During the period before The Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: The Governor, relevant Deputy Governors, the Internal Audit Department, the Financial Stability Department, the Trading Department.

d) From the date The Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: The Governor, relevant Deputy Governors, the Internal Audit Department, the Financial Stability Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is determined by the State Foreign Exchange Reserve Management Department based on the average rate of the buying and selling prices listed on Refinitiv before 10:00 AM on the reporting date.

- The gold price for converting to USD is the daily gold price determined by the State Foreign Exchange Reserve Management Department.

- All figures in the report are recorded values on the accounting ledger on the reporting date.

- Table A: Column (9) = Column (3)/Total Column (3)*100.

- Table B: Indicator 1 reflects the standard international gold balance in physical form invested abroad.

ANNEX NO. 07⁸⁸

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024

of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON FOREIGN EXCHANGE RESERVE INVESTMENT SITUATION
ABROAD BY INVESTMENT PARTNER

(Month... Year...)

Unit: Original Currency, USD

1. Scope of application: State Foreign Exchange Reserve Management Department.

2. Time limit for submitting reports: Not later than the 15th day of the month immediately following the reporting month.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities:

a) During the period before The Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: The Governor, relevant Deputy Governors, the Internal Audit Department, the Financial Stability Department, the Trading Department.

b) From the date The Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN: The Governor, relevant Deputy Governors, the Internal Audit Department, the Financial Stability Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is determined by the State Foreign Exchange Reserve Management Department based on the average rate of the buying and selling prices listed on Refinitiv before 10:00 AM on the reporting date.

- The gold price for converting to USD is the daily gold price determined by the State Foreign Exchange Reserve Management Department.

- All figures in the report are recorded values on the accounting ledger on the reporting date.

- Indicator 1 = Indicator 1.1 + Indicator 1.2 + ...

- Indicator 2 = Indicator 2.1 + Indicator 2.2 + ...

- Indicator 3 = Indicator 3.1 + Indicator 3.2 + ...

- Indicator 4 = Indicator 4.1 + Indicator 4.2 + ...

- Indicator 5 = Indicator 5.1 + Indicator 5.2 + ...

- Indicator 6 = Indicator 6.1 + Indicator 6.2 + ...

- Indicator 6.1 = Indicator 6.1.1 + Indicator 6.1.2 + ...

- Indicator 6.2 = Indicator 6.2.1 + Indicator 6.2.2 + ...

- Total = Indicator 1 + Indicator 2 + Indicator 3 + Indicator 4 + Indicator 5 + Indicator 6.

ANNEX NO. 08⁸⁹

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024

of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON PROPORTION OF FOREIGN CURRENCIES PURCHASED AND SOLD
BETWEEN COMMERCIAL BANKS AND CUSTOMERS

(From month... year... to month... year…)

    Unit: Percentage

1. Scope of application: Monetary Policy Department.

2. Time limit for submitting reports: Not later than the last day of February and August of the reporting year.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities: State Foreign Exchange Reserve Management Department.

ANNEX NO. 09⁹⁰

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024

of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON BALANCE OF FOREIGN CURRENCY DEPOSITS AND GOLD

OF THE STATE TREASURY, CREDIT INSTITUTIONS

AT THE STATE BANK AND OTHER FOREIGN EXCHANGE SOURCES

(Date...)

 Unit: USD

1. Scope of application: The Trading Department implements from the date the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN.

2. Time limit for submitting reports: Working day immediately following the reporting date.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities: State Foreign Exchange Reserve Management Department, Internal Audit Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is determined by the State Foreign Exchange Reserve Management Department based on the average rate of the buying and selling prices listed on Refinitiv before 10:00 AM on the reporting date.

- The gold price for converting to USD is the daily gold price determined by the State Foreign Exchange Reserve Management Department.

- All figures in the report are recorded values on the accounting ledger on the reporting date.

- Item 4 = Item 1 + Item 2 + Item 3.

ANNEX NO. 10⁹¹

(Issued together with Circular No. 43/2024/TT-NHNN dated August 9, 2024

of the Governor of the State Bank of Vietnam)

Reporting unit:...

REPORT ON FOREIGN CURRENCY DEPOSITS AND GOLD SITUATION

OF THE STATE TREASURY, CREDIT INSTITUTIONS

AT THE STATE BANK AND OTHER FOREIGN EXCHANGE SOURCES

(Month... Year...)

 Unit: USD

1. Scope of application: The Trading Department implements from the date the Governor decides on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department pursuant to Article 13 of Circular No. 12/2023/TT-NHNN.

2. Time limit for submitting reports: Not later than the 3rd day of the month immediately following the reporting month.

3. Form of Report: Written document or electronic report.

- For reports of grassroots units managed by provinces/cities: State Foreign Exchange Reserve Management Department.

5. Guidelines for preparing reports:

- The exchange rate for converting various foreign currencies to USD is determined by the State Foreign Exchange Reserve Management Department based on the average rate of the buying and selling prices listed on Refinitiv before 10:00 AM on the reporting date.

- The gold price for converting to USD is the daily gold price determined by the State Foreign Exchange Reserve Management Department.

- All figures in the report are recorded values on the accounting ledger on the reporting date.

- (*) Amount = Amount in original currency generated during the period * Original currency rate/USD rate.

__________________________

¹ Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities is based on the following grounds:

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

Pursuant to the Foreign Exchange Decree dated December 13, 2005 and the Decree Amending and Supplementing Certain Articles of the Foreign Exchange Decree dated March 18, 2013;

Pursuant to Decree No. 50/2014/NĐ-CP dated May 20, 2014 of the Government on state foreign exchange reserve management;

Pursuant to Government Decree No. 16/2017/NĐ-CP dated February 17, 2017 on 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 issues Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities (hereinafter referred to as Circular No. 01/2014/TT-NHNN)".

² Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management based on the following grounds.:

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

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. 50/2014/NĐ-CP dated May 20, 2014 of the Government on state foreign exchange reserve management;

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 issues this Circular amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management.

³ Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management based on the following grounds:

Foreign

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. 50/2014/NĐ-CP dated May 20, 2014 of the Government on state foreign exchange reserve management;

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;

Upon the proposal of the Director of the Department of National Foreign Exchange Reserve Management;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management.

⁴ This point has been amended according to the provisions of Clause 1, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁵ This point has been amended according to the provisions of point a, Clause 1, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

⁵ This point has been repealed according to the provisions of Clause 3, Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

⁷ This clause has been amended according to the provisions of point b, Clause 1, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

⁸ This point has been amended according to the provisions of point c, Clause 1, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

⁹ This clause has been amended according to the provisions of point b, Clause 2, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

¹⁰ This point has been amended according to the provisions of point a, Clause 2, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

¹¹ This clause has been amended according to the provisions of point b, Clause 2, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

¹² This clause has been amended according to the provisions of Clause 1, Article 1 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from February 14, 2021.

¹³ This clause has been amended according to the provisions of point a, Clause 3, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

¹⁴ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

¹⁵ This point has been repealed according to the provisions of Clause 1, Article 2 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from February 14, 2021.

¹⁶ This clause has been added according to the provisions of point c, Clause 2, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

¹⁷ This clause has been amended according to the provisions of Clause 3, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

¹⁸ This clause has been amended according to the provisions of Clause 3, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

¹⁹ This clause has been amended according to the provisions of Clause 3, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

²⁰ This is amended in accordance with Clause 4, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities for managing the state foreign exchange reserve, which takes effect from September 23, 2024.

²¹ This point is amended in accordance with Point a, Clause 5, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities for managing the state foreign exchange reserve, which takes effect from September 23, 2024.

²² This clause is amended in accordance with Point b, Clause 5, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities for managing the state foreign exchange reserve, which takes effect from September 23, 2024.

²³ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

²⁴ This is amended in accordance with Clause 7, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

²⁵ This is amended in accordance with Clause 6, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities for managing the state foreign exchange reserve, which takes effect from September 23, 2024.

²⁶ This is amended in accordance with Clause 9, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

²⁷ This is amended in accordance with Clause 10, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

²⁸ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

²⁹ Cterm “Director of the Trading Department” is replaced Heads of units under the State Bank of Vietnam, credit institutions, foreign bank branches, and the Social Policy Bank are responsible for organizing the implementation of this Circular.This Circular stipulates the organization of the selection of outstanding rural industrial products; the rights and responsibilities of agencies, organizations, and individuals related to the activity of organizing the selection of outstanding rural industrial products. National Office of Foreign Exchange Reserve Management in accordance with Point c, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

³⁰ Cterm "Department of Foreign Exchange Management" is replaced by the term “State Foreign Exchange Reserve Management Bureau” in accordance with Point a, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

³¹ Cterm "Department of Foreign Exchange Management" is replaced by the term “State Foreign Exchange Reserve Management Bureau” in accordance with Point a, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

³² This is amended in accordance with Clause 11, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

³³ This clause is amended in accordance with Point a, Clause 7, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities for managing the state foreign exchange reserve, which takes effect from September 23, 2024.

³⁴ This clause is amended in accordance with Point b, Clause 7, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities for managing the state foreign exchange reserve, which takes effect from September 23, 2024.

³⁵ This provision is amended in accordance with Clause 8, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from September 23, 2024.

³⁶ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

³⁷ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

³⁸ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

³⁹ Cterm “Director of the Trading Department” is replaced Heads of units under the State Bank of Vietnam, credit institutions, foreign bank branches, and the Social Policy Bank are responsible for organizing the implementation of this Circular.This Circular stipulates the organization of the selection of outstanding rural industrial products; the rights and responsibilities of agencies, organizations, and individuals related to the activity of organizing the selection of outstanding rural industrial products. National Office of Foreign Exchange Reserve Management in accordance with Point c, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

⁴⁰ This provision is amended in accordance with Clause 6, Article 1 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from February 14, 2021.

⁴¹ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁴² This provision is amended in accordance with Clause 7, Article 1 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from February 14, 2021.

⁴³ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁴⁴ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁴⁵ Cterm “Director of the Trading Department” is replaced Heads of units under the State Bank of Vietnam, credit institutions, foreign bank branches, and the Social Policy Bank are responsible for organizing the implementation of this Circular.This Circular stipulates the organization of the selection of outstanding rural industrial products; the rights and responsibilities of agencies, organizations, and individuals related to the activity of organizing the selection of outstanding rural industrial products. National Office of Foreign Exchange Reserve Management in accordance with Point c, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

⁴⁶ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁴⁷ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁴⁸ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁴⁹ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁵⁰ Cterm "Department of Foreign Exchange Management" is replaced by the term “State Foreign Exchange Reserve Management Bureau” in accordance with Point a, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks for managing the state foreign exchange reserve, which takes effect from November 27, 2023.

⁵¹ This clause is amended in accordance with Clause 8, Article 1 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from February 14, 2021.

⁵² Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁵³ This clause is amended in accordance with Clause 8, Article 1 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from February 14, 2021.

⁵⁴ Cterm “Trading Department” is replaced by the term “State Foreign Exchange Reserve Management Bureau” according to the provisions of point b, Clause 19, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁵⁵ This clause is amended in accordance with Clause 9, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from September 23, 2024.

⁵⁶ This clause is amended in accordance with Clause 13, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents governing the implementation of state foreign exchange reserve management tasks, which takes effect from November 27, 2023.

⁵⁷ This provision is amended in accordance with Clause 14, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents governing the implementation of state foreign exchange reserve management tasks, which takes effect from November 27, 2023.

⁵⁸ This point is amended in accordance with Point a, Clause 10, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from September 23, 2024.

⁵⁹ This point is amended in accordance with Point b, Clause 10, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from September 23, 2024.

⁶⁰ This clause is amended in accordance with Point c, Clause 10, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from September 23, 2024.

⁶¹ This clause is amended in accordance with Point d, Clause 10, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from September 23, 2024.

⁶² This clause is added in accordance with Clause 10, Article 1 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, which takes effect from February 14, 2021.

⁶³ This provision is amended pursuant to Clause 15, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁶⁴ This clause is amended pursuant to Clause 11, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014 issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

⁶⁵ This provision is amended pursuant to Clause 12, Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014 issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from September 23, 2024.

⁶⁶ This provision is amended pursuant to Clause 17, Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023.

⁶⁷ Articles 3 and 4 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014 issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management, which takes effect from February 14, 2021, are stipulated as follows:

“This Circular takes effect from December 25, 2025/.

Director of the Office, Head of the Foreign Exchange Management Department and Heads of units under the State Bank of Vietnam have responsibility organization theto implement This circular.

Article 4. Implementation Provisions

1. This Circular takes effect from February 14, 2021.

2. This Circularabolishes Circular No. 01/2017/TT-NHNN dated September 29, 2017 amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014 issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management./.”

⁶⁸ Article 12, Article 13, and Article 14 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserves management, which takes effect from November 27, 2023, are stipulated as follows:

“Article 12. Responsibility for Implementation

Director of the Office, Director of the State Foreign Exchange Reserve Management Departmentand Heads of units under the State Bank of Vietnam are responsible for organizing The Trading Department continues to perform accounting tasks related to state foreign exchange reserves until the Governor decides on the allocation of accounting responsibilities between the State Foreign Exchange Reserve Management Department and the Trading Department. 1. This Circular takes effect from November 27, 2023. area This circular.

Article 13. Transitional Provisions

a) Clause 2, Clause 11, Clause 12, Clause 14, and Clause 15, Article 1

Article 14. Implementation Provisions

of Circular No. 01/2020/TT-NHNN dated December 31, 2020 issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014 issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of activities related to state foreign exchange reserves management

2. This Circular abolishes the following provisions:

b) Clause 2 and Clause 3, Article 1 Joint Resolutions, Circulars number of Circular No. 12/2015/TT-NHNN dated August 28, 2015 amending and supplementing certain provisions of Circular No.;

06/2013/TT-NHNN dated March 12, 2013 guiding the activities of buying and selling gold bars in the domestic market of the State Bank of Vietnam; c) Clause 1, Article 1 of the Governor of the State Bank of Vietnam of Circular No. 37/2018/TT-NHNN dated December 25, 2018 amending and supplementing certain provisions of Circular No. 39/2013/TT-NHNN dated December 31, 2013 issued by the Governor of the State Bank of Vietnam stipulating the determination, establishment, management, and utilization of risk reserve funds of the State Bank of Vietnam.

c) Clause 1 of Article 1 Circular No. 37/2018/TT-NHNN dated December 25, 2018 amending and supplementing some articles of Circular No. 39/2013/TT-NHNN dated December 31, 2013 of the Governor of the State Bank of Vietnam on the determination, provision, management, and utilization of risk reserve funds of the State Bank of Vietnam./.”

⁶⁹ Article 3 and Article 4 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, shall take effect from September 23, 2024, and are stipulated as follows:

“Article 3. Responsibility for implementation

Director of the Office, Director of the State Foreign Exchange Reserve Management Department and Heads of Units under the State Bank of Vietnam shall be responsible for organizing the implementation of this Circular.

Article 4. Implementation Provisions

1.  This Circular takes effect from September 23, 2024.

2.  This Circular abolishes Clause 3, Clause 4, Clause 5, Clause 9, Clause 16 of Article 1, Clause 3, Clause 4 of Article 2 of Circular No. 01/2020/TT-NHNN.

3.  This Circular abolishes Point a Clause 2, Point b Clause 3, Clause 4, Clause 5, Clause 6, Clause 8, Clause 12 and Clause 16, Point b Clause 20 of Article 1 and Appendix No. 09 of Circular No. 12/2023/TT-NHNN.”

⁷⁰ This Clause has been amended according to the provision at Clause 13 of Article 1 of Circular No. 01/2020/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank guiding the organization and implementation of state foreign exchange reserve management activities, which took effect from February 14, 2021.

⁷¹ This Point has been amended according to the provision at Point a Clause 13 of Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, taking effect from September 23, 2024.

⁷² The phrase "Director of the Trading Department" is replaced with the phrase "Director of the State Foreign Exchange Reserve Management Department" according to the provision at Point c Clause 19 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁷³ This Point has been amended according to the provision at Point b Clause 13 of Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, taking effect from September 23, 2024.

⁷⁴ The phrase "Director of the Trading Department" is replaced with the phrase "Director of the State Foreign Exchange Reserve Management Department" according to the provision at Point c Clause 19 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁷⁵ The phrase "Director of the Trading Department" is replaced with the phrase "Director of the State Foreign Exchange Reserve Management Department" according to the provision at Point c Clause 19 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁷⁶ This Clause has been amended according to the provision at Point a Clause 18 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁷⁷ This Point has been amended according to the provision at Point a Clause 14 of Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, taking effect from September 23, 2024.

⁷⁸ This Point has been amended according to the provision at Point b Clause 14 of Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, taking effect from September 23, 2024.

⁷⁹ This Clause has been amended according to the provision at Point a Clause 18 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁸⁰ This Clause has been added according to the provision at Point c Clause 14 of Article 1 of Circular No. 43/2024/TT-NHNN amending and supplementing certain provisions of Circular No. 01/2014/TT-NHNN dated December 10, 2014, issued by the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities, taking effect from September 23, 2024.

⁸¹ This Clause has been added according to the provision at Point b Clause 18 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁸² This Appendix is replaced according to the provisions of Clause 1 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.

⁸³ This Appendix is replaced according to the provisions of point a Clause 20 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁸⁴ This Appendix is replaced according to the provisions of Clause 1 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.

⁸⁵ This Appendix is replaced according to the provisions of Clause 1 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.

⁸⁶ This Appendix is replaced according to the provisions of point a Clause 20 of Article 1 of Circular No. 12/2023/TT-NHNN amending and supplementing certain provisions of legal normative documents governing the implementation of tasks related to state foreign exchange reserves management., supplementing certain provisions of legal documents regulating the implementation of tasks related to state foreign exchange reserve management, taking effect from November 27, 2023.

⁸⁷ This Appendix is replaced according to the provisions of Clause 1 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.

⁸⁸ This Appendix is replaced according to the provisions of Clause 1 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.

⁸⁹ This Appendix is replaced according to the provisions of Clause 1 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.

⁹⁰ This Appendix is added according to the provisions of Clause 2 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.

⁹¹ This Appendix is added according to the provisions of Clause 2 of Article 2 of Circular No. 43/2024/TT-NHNN amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank of Vietnam guiding the organization and implementation of state foreign exchange reserve management activities., taking effect from September 23, 2024.