Consolidated Document number 36/VBHN-NHNN on bank guarantees

SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness _______________________

 

 

CIRCULAR

Provisions on Bank Guarantees

 

Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which took effect from April 1, 2023, was amended and supplemented by:

Circular No. 49/2024/TT-NHNN dated October 25, 2024, issued by the Governor of the State Bank of Vietnam to amend and supplement certain articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which took effect from December 10, 2024.

Pursuant to the Civil Code on November 24, 2015;

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

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

Pursuant to the Law on Real Estate Business dated November 25, 2014;

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 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 Credit for Economic Sectors;

The Governor of the State Bank of Vietnam issues this Circular on bank guarantees¹.

 

PART I

GENERAL PROVISIONS

 

Article 1. Scope of Regulation

This Circular stipulates the bank guarantee business of credit institutions and foreign bank branches for customers.

Article 2. Applicability

1. Credit institutions include commercial banks, cooperative banks, and financial companies (excluding specialized financial companies).

2. Branches of foreign banks.

3. Individuals and organizations related to the bank guarantee business include individuals and organizations that are residents and non-residents.

Article 3. Explanation of Terms

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

1. Bank Guarantee is a form of credit provision whereby the guarantor, being a credit institution or a foreign bank branch, commits to the beneficiary about performing the financial obligation on behalf of the guaranteed party when the guaranteed party fails to perform or performs incompletely the obligations committed to the beneficiary; the guaranteed party must accept the debt and repay the guarantor according to the signed agreement.

2. Counter-guarantee is a form of bank guarantee whereby the counter-guarantor commits to the guarantor about performing the financial obligation towards the guarantor in case the guarantor has to perform the financial obligation on behalf of the guaranteed party; the guaranteed party must accept the debt and repay the counter-guarantor according to the signed agreement.

3. Confirmation of Guarantee is a form of bank guarantee whereby the confirming guarantor commits to the beneficiary about ensuring the ability of the guarantor to fulfill its obligations towards the beneficiary. The confirming guarantor will perform the financial obligation on behalf of the guarantor if the guarantor fails to perform or performs incompletely the obligations committed to the beneficiary; the guarantor must accept the debt and repay the confirming guarantor, while the guaranteed party must accept the debt and repay the guarantor according to the signed agreement.

4.² Guarantee in Sale, Lease-Purchase of Future Housing (hereinafter referred to as future housing guarantee) is a bank guarantee whereby the guarantor, being a commercial bank or a foreign bank branch, commits to the beneficiary, being the buyer or lease-purchaser of housing (hereinafter referred to as the buyer), about performing the financial obligation on behalf of the guaranteed party, being the developer of future housing projects (hereinafter referred to as the developer), when the time for delivery and acceptance of housing has arrived but the developer does not deliver the housing to the buyer without performing or performing incompletely the financial obligations under the signed housing purchase or lease-purchase contract; the developer must compulsorily accept the debt and repay the guarantor according to the signed agreement. In the case where the commercial bank or foreign bank branch guarantees based on a counter-guarantee, the counter-guarantor commits to the commercial bank or foreign bank branch about performing the financial obligation towards the commercial bank or foreign bank branch when the commercial bank or foreign bank branch has to perform the financial obligation on behalf of the developer; the developer must compulsorily accept the debt and repay the counter-guarantor according to the signed agreement.

5. Joint Guarantee is a form of joint credit provision whereby two or more credit institutions or foreign bank branches jointly undertake the guarantee; or a credit institution or foreign bank branch and a foreign credit institution jointly undertake the guarantee.

6. Guarantor is a credit institution or foreign bank branch providing guarantee for the guaranteed party. In the case of joint guarantee, counter-guarantee, and confirmation of guarantee, the guarantor includes foreign credit institutions.

7. Guaranteed Party is an organization (including credit institutions, foreign bank branches, foreign credit institutions) or an individual guaranteed by the guarantor or the counter-guarantor.

8. Beneficiary is an organization (including credit institutions, foreign bank branches, foreign credit institutions) or an individual entitled to benefit from the guarantee issued by the guarantor or the confirming guarantor.

9. Counter-guarantor is a credit institution or foreign bank branch or a foreign credit institution providing counter-guarantee for the guaranteed party.

10. Confirming Guarantor is a credit institution or foreign bank branch or a foreign credit institution providing confirmation of guarantee for the guarantor.

11. Customer of credit institutions and foreign bank branches (hereinafter referred to as customer) is an organization (including credit institutions, foreign bank branches, foreign credit institutions) or an individual, specifically as follows:

a) In bank guarantee (except for counter-guarantee and confirmation of guarantee), the customer of the guarantor is the guaranteed party;

b) In counter-guarantee, the customer of the guarantor is the counter-guarantor, the customer of the counter-guarantor is the guaranteed party;

c) In confirmation of guarantee, the customer of the guarantor is the guaranteed party, the customer of the confirming guarantor is the guarantor.

12. Guarantee Issuance Agreement is an agreement between the guarantor or the counter-guarantor or the confirming guarantor with the customer and other related parties (if any) regarding the issuance of bank guarantee, counter-guarantee, and confirmation of guarantee for the customer.

13.³ The commitment document for issuing housing guarantee letters for future-formed properties (hereinafter referred to as the commitment document for issuing guarantee letters) is a commitment document of the guarantor with the project owner affirming that the guarantor will issue guarantee letters for all buyers who choose to be guaranteed within the project of the project owner, which has been approved by the guarantor as stipulated in the guarantee issuance agreement.

14. Guarantee Commitment is a commitment issued by the guarantor or corresponding guarantor or confirming guarantor in one of the following forms:

a) Guarantee Letter is a commitment of the guarantor to the beneficiary regarding the guarantor's obligation to fulfill financial obligations on behalf of the guaranteed party when the guaranteed party fails to perform or performs incompletely the obligations already committed to the beneficiary.

In the case of corresponding guarantees and confirmation guarantees, the guarantee letter includes the commitment of the corresponding guarantor to the guarantor and the confirmation guarantor to the beneficiary.

b) Guarantee Contract is an agreement between the guarantor and the beneficiary and related parties (if any) regarding the guarantor's obligation to fulfill financial obligations on behalf of the guaranteed party when the guaranteed party fails to perform or performs incompletely the obligations already committed to the beneficiary.

In the case of corresponding guarantees and confirmation guarantees, the guarantee contract includes agreements between the corresponding guarantor and the guarantor and other related parties (if any), and between the confirming guarantor and the beneficiary and other related parties (if any).

Specifically, for guarantees of future-formed housing, they are only issued in the form of guarantee letters.

15.⁴ The financial obligation of the project owner to the buyer in a guarantee of future-formed housing (hereinafter referred to as the financial obligation of the project owner) is the amount of money that the project owner is obligated to pay to the buyer when the project owner fails to deliver the housing according to the agreed deadline in the signed purchase or lease-purchase contract, including: the advance payment received from the buyer after the buyer has obtained the guarantee letter from the guarantor and any other amount (if any) that the project owner is obligated to pay to the buyer according to the agreement in the signed purchase or lease-purchase contract.

Article 4. Provisions on foreign exchange management in guarantees

1. The issuance of guarantees denominated in foreign currency by credit institutions, branches of foreign banks must comply with the scope of foreign exchange operations in domestic and international markets as specified in the operating license of each type of credit institution, branch of foreign bank.

2. Credit institutions, branches of foreign banks shall only provide guarantees denominated in foreign currency for customers for legitimate financial obligations denominated in foreign currency as prescribed by law.

Article 5. Cases not eligible for guarantees, restricted guarantees, and implementation of credit limits

When providing guarantees, credit institutions, branches of foreign banks must comply with the provisions of the Law on Credit Institutions and guidelines of the State Bank of Vietnam (hereinafter referred to as the State Bank) regarding cases not eligible for credit, restricted credit, and credit limits.

Article 6. Determining the Guarantee Balance

1. The guarantee balance for a customer or a customer and related parties includes the issued commitment guarantee balance, the issued reciprocal guarantee commitment balance, and the issued confirmation guarantee commitment balance for that customer, that customer, and related parties.

2. The guarantee balance for a customer or a customer and related parties is calculated from the date of issuance of the guarantee commitment.

3.⁵ The guarantee balance for future housing guarantees is determined in accordance with Clause 7, Article 13 of this Circular.

Article 7. Language Usage

1. The guarantee issuance agreement and guarantee commitment must be established in Vietnamese, except in cases provided for in Clause 2 of this Article.

2. Credit institutions and foreign bank branches may agree with relevant parties to use a foreign language in the following cases:

a) Guarantee transactions falling under civil relations with foreign elements as prescribed in the Civil Code;

b) The guaranteed obligation arises when implementing projects funded by international financial organizations. The list of international financial organizations is specified in the State Bank of Vietnam's regulations on limits and ratios ensuring safety in banking operations and foreign bank branches;

c) The guaranteed obligation arises when participating in international tender packages.

3. In cases where a foreign language is used, upon request of the competent authority, the documents or data messages must be translated into Vietnamese with the confirmation of the legal representative of the credit institution or foreign bank branch, or must be notarized or certified with the attachment of the original in the foreign language.

Article 8. Application of Customary Practices and Dispute Resolution

1. Parties participating in bank guarantees, reciprocal guarantees, confirmation guarantees, and joint guarantees may agree to apply commercial customs as prescribed in Clause 4, Article 3 of the Law on Credit Institutions.

2. The resolution of disputes arising in guarantee transactions shall be carried out according to the agreement of the parties in compliance with the provisions of the law. In cases involving foreign elements, the parties may agree on the applicable law, dispute resolution body (including foreign courts or arbitration tribunals) to resolve disputes regarding guarantee transactions.

Article 9. Electronic Guarantee Activities

1. Credit institutions, foreign bank branches, and customers may choose to conduct bank guarantee activities through the use of electronic means (hereinafter referred to as electronic guarantee activities).

Conducting electronic guarantee activities must ensure security, safety, protection of data messages, and information confidentiality in compliance with the laws on anti-money laundering, electronic transactions, the State Bank of Vietnam's guidelines on managing risks in electronic banking activities, and other relevant legal documents.

2. Credit institutions and foreign bank branches independently decide on measures, forms, and technologies to implement electronic guarantee activities throughout the entire process or at specific stages of the guarantee process, bear any resulting risks (if any), and must meet the following minimum requirements:

a) Have technical solutions and technology to ensure accuracy, security, and safety during the collection, use, and verification of information and data;

b) Have measures to verify, update, and confirm information and data; have measures to prevent fraudulent, interfering, and altering actions that distort information and data;

c) Have measures to assess, manage, and control risks; assign specific responsibilities of each department and individual involved in electronic guarantee activities and in risk management and supervision.

3. In cases where customer identification and verification information is conducted electronically when establishing a relationship with a credit institution or foreign bank branch for the first time (except for cases provided for in point b and d of Clause 4 of this Article), the credit institution or foreign bank branch must have technical solutions and technology to collect, verify, and match information, ensuring the following minimum requirements:

a) For individual customers: Ensure accurate matching between customer identification information and biometric data of the customer (which are biological factors or characteristics linked to the customer for identification purposes, difficult to forge, and with low duplication rates such as fingerprints, facial features, iris patterns, voiceprints, and other biometric factors) with corresponding information and biometric factors on necessary documents in accordance with the law on anti-money laundering, as required by the credit institution or foreign bank branch, or with verified personal identification data by authorized state agencies or electronic authentication service providers in accordance with the law on electronic identification and authentication;

b) For corporate customers:

(i) Information about the organization: Ensure accurate matching between corporate customer identification information as prescribed by the law on anti-money laundering and the legal status of the organization (legally established and still operating in accordance with the law) with information and data from the National Enterprise Registration Database or with verified information and data by authorized state agencies or electronic authentication service providers in accordance with the law on electronic identification and authentication;

(ii) Information about the legal representative of the organization conducting the transaction: Conduct identification and verification of the information of the individual conducting the transaction in accordance with the provisions on identifying and verifying individual customers at point a of this Clause, ensuring accurate matching with the legal representative or authorized representative of the organization based on the business registration certificate and power of attorney (in case of authorization).

4. In the case of identifying and verifying customer information through electronic means, the value of each issuance guarantee commitment for individual customers shall not exceed 4,000,000,000 (four billion) Vietnamese dong and for organizational customers shall not exceed 45,000,000,000 (forty-five billion) Vietnamese dong, except for the following cases:

a) Customer identification information is verified by a competent state agency or electronically verified through an electronic authentication service provider in accordance with the provisions of the law on digital identity and electronic verification;

b) The customer submits a request for a guarantee by authenticated electronic message through the SWIFT system;

c) Customer information and the guaranteed obligation are accurately cross-referenced through the Electronic Customs Payment Gateway or the National Public Procurement System;

d) The customer uses a digital signature in accordance with the law when requesting a guarantee or signing an agreement to obtain a guarantee from a credit institution or foreign bank branch;

đ) The customer is a credit institution or foreign bank branch.

5. The information system implementing electronic guarantee activities must comply with the regulations on ensuring the security of information systems at level 3 or higher as stipulated by the Government's regulations on ensuring the security of information systems according to levels and the regulations of the State Bank of Vietnam on the security of information systems in banking operations.

6. Credit institutions and foreign bank branches must store and preserve electronic guarantee information and data in accordance with the law, ensuring safety, confidentiality, and being backed up to ensure the completeness and integrity of the file for access and use when necessary or to serve inspection, verification, dispute resolution, complaint handling, and providing information upon request from competent state management agencies.

 

Chapter II

SPECIFIC PROVISIONS

 

Article 10. Scope of Guarantee

The guarantor may commit to guaranteeing part or all of the financial obligations that the guaranteed party has towards the beneficiary.

Article 11. Requirements for Customers

1. Credit institutions and foreign bank branches shall consider and decide to grant guarantees, counter-guarantees, and confirm guarantees for customers when the customers meet the following requirements:

a) Having full civil legal capacity and civil conduct capacity as prescribed by law;

b) The guaranteed obligation is a lawful financial obligation;

c) Being assessed by credit institutions and foreign bank branches as having the ability to repay the amount that the credit institution or foreign bank branch must pay on behalf of the guarantee performance.

2. Credit institutions and foreign bank branches shall not guarantee payment obligations of corporate bonds issued by enterprises for the purpose of restructuring debts of the issuing enterprise; contributing capital, purchasing shares in other enterprises, and increasing operational scale.

Article 12. Guarantees for Non-Resident Customers

1. Credit institutions and foreign bank branches may only guarantee for non-resident organizational customers and must meet one of the following requirements (foreign credit institutions do not need to meet this requirement):

a) The customer is a business established and operating abroad with Vietnamese enterprise capital invested in the form prescribed at point a, c clause 1 Article 52 of the Investment Law or another investment form prescribed at point đ clause 1 Article 52 of the Investment Law;

b) The customer deposits a sufficient guarantee amount of 100% or provides collateral of 100% of the guarantee value with their assets including the balance of deposits at the same credit institution or foreign bank branch granting the guarantee and deposit certificates of the same credit institution or foreign bank branch granting the guarantee;

c) The beneficiary is a resident.

2. Foreign bank branches shall not guarantee non-resident organizational customers by exception, except in the case of guaranteeing based on a counter-guarantee from a foreign credit institution or confirming a guarantee for the guarantee obligation of a foreign credit institution where the beneficiary is a resident.

3. When credit institutions and foreign bank branches provide guarantees in foreign currency for non-resident customers, they must:

a) Comply with the legal regulations on guiding certain aspects of foreign exchange management for lending abroad and recovering guarantees for non-residents;

b) Have a risk assessment and management process, including risks in guaranteeing non-residents.

4. In addition to the provisions of this Article, other contents regarding guarantees for non-resident customers must be implemented in accordance with the corresponding provisions of this Circular.

Article 13. Guarantee for future-formed housing⁶

1. Commercial banks and foreign bank branches shall consider and decide to issue guarantees for developers when:

a) The developer meets all requirements stipulated in Article 11 of this Circular (except in cases where commercial banks or foreign bank branches guarantee the developer based on counter-guarantees);

b) The developer has received a document from the provincial state management agency on real estate business responding that the housing is eligible for sale or lease purchase.

2. Procedures for issuing guarantees for future-formed housing:

a) Based on the request of the developer or the counter-guarantor, commercial banks and foreign bank branches shall examine, assess, and decide to issue guarantees for the developer;

b) The guarantor and the developer shall sign an agreement on issuing guarantees in accordance with Article 26 of the Law on Real Estate Business and Clause 12, Article 3 and Article 15 of this Circular;

c) Based on the signed agreement on issuing guarantees, the guarantor shall issue a commitment letter to issue a guarantee letter to the developer for the developer to provide a copy to the buyer at the time of signing the purchase or lease-purchase contract for housing;

d) After signing the purchase or lease-purchase contract for housing, which includes the financial obligations of the developer, the developer shall submit the purchase or lease-purchase contract for housing to the guarantor to request the issuance of a guarantee letter for the buyer;

đ) The guarantor shall issue a guarantee letter based on the purchase or lease-purchase contract for housing, the agreement on issuing guarantees, and the commitment letter to issue a guarantee letter, and send it to the developer to provide the guarantee letter to the buyer.

3. Duration of effect and contents of the agreement on issuing guarantees:

a) The agreement on issuing guarantees shall be effective from the date of signing until the guarantee obligation of all guarantee letters for buyers ceases to be effective according to Article 23 of this Circular and all obligations of the developer towards the guarantor under the agreement on issuing guarantees have been completed, except in cases where the parties agree to terminate the agreement on issuing guarantees prematurely;

b) In addition to the contents prescribed in Clause 2, Article 15 of this Circular (excluding the contents at point h and point i in cases of guarantee based on counter-guarantee), the agreement on issuing guarantees must also include the content that the guarantor is obligated to issue a guarantee letter to the buyer before the delivery and receipt of housing according to the commitment stipulated in the purchase or lease-purchase contract for housing upon receiving the purchase or lease-purchase contract for housing sent by the developer and sending the guarantee letter to the developer to provide to the buyer.

4. Duration of effect and contents of the commitment letter to issue guarantee letters:

a) The commitment letter to issue guarantee letters shall be effective from the date of signing until the completion of issuing guarantee letters before the delivery and receipt of housing according to the commitment in the purchase or lease-purchase contract for housing or when the agreement on issuing guarantees ceases to be effective (whichever occurs first);

b) The commitment letter to issue guarantee letters must contain the following contents:

(i) Information about the guarantor and the developer;

(ii) The validity of the document;

(iii) Information about the guaranteed project or part of the guaranteed project (if only a part of the project is guaranteed);

(iv) The guarantor's commitment to issue guarantee letters for all buyers who choose to be guaranteed within the developer's project that the guarantor has agreed to guarantee for the developer;

(v) The developer's financial obligation to the buyer guaranteed by a commercial bank or foreign bank branch is the amount of money the developer is obligated to pay to the buyer if the developer fails to deliver housing according to the committed deadline in the signed purchase or lease-purchase contract for housing, including: The advance payment amount received from the buyer after the buyer has received the guarantor's guarantee letter and other amounts (if any) that the developer is obligated to pay to the buyer according to the signed purchase or lease-purchase contract for housing;

(vi) The buyer's documents submitted to the guarantor requesting the fulfillment of the guarantee obligation must be accompanied by a guarantee letter issued by the commercial bank or foreign bank branch for the buyer.

5. Duration of effect and contents of the guarantee letter:

a) The guarantee letter shall be effective from the date of issuance until at least 30 days after the deadline for the developer to fulfill its financial obligation to the buyer if the developer fails to deliver housing according to the committed deadline in the purchase or lease-purchase contract for housing, except in cases where the guarantee obligation terminates according to Article 23 of this Circular. If the guarantor and the developer terminate the agreement on issuing guarantees prematurely, previously issued guarantee letters for previous buyers will still be valid until the guarantee obligation terminates;

b) In addition to the contents prescribed in Clause 1, Article 16 of this Circular, the guarantee letter must clearly specify the developer's financial obligation being guaranteed.

6. The number of linked guarantee sheets for each buyer shall be equal to the maximum number of advance payment sheets allowed for the developer to receive from the buyer according to Article 25 of the Law on Real Estate Business and other amounts (if any) according to the purchase or lease-purchase contract for housing.

7. Balance of guarantee in guarantee for future-formed housing:

a) The balance of guarantee for the developer or the counter-guarantor is determined by the amount of money under the developer's financial obligation. The balance of guarantee decreases gradually as the guarantee obligation for each buyer terminates according to Article 23 of this Circular;

b) The timing for recording the balance of guarantee is the time when the developer informs the guarantor of the advance payment amounts received from buyers as specified in point c of this clause and other amounts (if any) according to the purchase or lease-purchase contract for housing;

c) The guarantor and the developer shall agree on the time to inform and update the advance payment amounts received from buyers in the month but not later than the last working day of the month to serve as the basis for determining the balance of guarantee. The developer is responsible under the law for accurately informing the guarantor of the amounts and the time of advance payments received from buyers.

8. Rights and obligations of the guarantor:

a) The guarantor has the right:

(i) Refuse to issue a guarantee letter to the buyer if the purchase or lease-purchase contract for housing does not comply with relevant legal provisions or after terminating the agreement on issuing guarantees;

(ii) Refuse to fulfill the guarantee obligation for amounts that are not part of the developer's financial obligations or for amounts paid by the buyer exceeding the ratio specified in Article 25 of the Law on Real Estate Business or if the buyer cannot present the guarantee letter issued by the guarantor as required by the guarantor.

b) The guarantor shall have the following obligations:

(i) Issue a guarantee letter before the time stipulated in the purchase or lease-purchase contract for housing upon receipt of a valid purchase or lease-purchase contract for housing and send it to the developer;

(ii) In case the guarantor and the developer terminate the agreement on issuing guarantees prematurely, at the latest on the next working day, the guarantor must publicly announce on its electronic information website and notify in writing the provincial housing management agency within the area where the developer’s housing project is located, clearly stating that the guarantor will no longer issue guarantee letters to buyers who sign purchase or lease-purchase contracts with the developer after the guarantor terminates the agreement on issuing guarantees with the developer. For guarantee letters already issued to buyers prior to this, the guarantor shall continue to fulfill its commitments until the guarantee obligation ends;

(iii) Fulfill the guarantee obligation with the corresponding amount paid on behalf of the developer’s financial obligations determined based on the request for fulfillment of the guarantee obligation provided by the buyer in accordance with the conditions set forth in the guarantee letter.

9. The developer has the right and obligation as follows:

a) The developer has the right:

To request the guarantor to issue a guarantee letter for all selected buyers opting for guarantees within the future-formed housing project during the validity period of the commitment to issue guarantee letters.

b) The developer has the obligation:

(i) To send the guarantee letter issued by the guarantor to the buyer after receiving it from the guarantor in accordance with Clause 6 of Article 26 of the Law on Real Estate Business;

(ii) In case the guarantor and the developer terminate the agreement on issuing guarantees prematurely, at the latest on the next working day, the developer must publicly announce on its electronic information website (if available) and notify in writing the provincial housing management agency within the area where the developer’s housing project is located about the termination of the guarantor's guarantee for the developer. The developer must stop providing the buyer with the expired commitment to issue guarantee letters when the agreement on issuing guarantees between the developer and the guarantor becomes ineffective;

(iii) To accurately inform the guarantor of the advance payment received from each buyer and other amounts (if any) according to the agreed time as stipulated in Point c, Clause 7 of this Article.

10. The buyer has the right:

a) To receive the guarantee letter sent by the developer from the guarantor;

b) To request the guarantor to fulfill the guarantee obligation for the developer's financial obligations based on presenting the guarantee letter along with supporting documents consistent with the guarantee letter.

11. Apart from the provisions of this Article, other contents regarding the guarantee of future-formed housing shall be implemented in accordance with the corresponding provisions of this Circular.

Article 14. Application for Guarantee

1. The application for guarantee includes the following main documents:

a) Guarantee application;

b) Customer-related documents;

c) Documents on the guaranteed obligation;

d) Security measures-related documents (if any);

đ) Documents on other related parties (if any).

2. Based on the actual situation of guarantee business of credit institutions, foreign bank branches and the specific characteristics of each customer group, each method of implementing guarantee activities (traditional or electronic means), credit institutions, foreign bank branches shall provide detailed guidance on the requirements for documents to be submitted to credit institutions, foreign bank branches for review and consideration of issuing guarantees.

Article 15. Guarantee Issuance Agreement

1. To issue a guarantee for a customer, credit institutions, foreign bank branches and customers shall establish a guarantee issuance agreement. In cases where a standby letter of guarantee is issued based on a corresponding guarantee, the guarantor is not required to establish a guarantee issuance agreement with the corresponding guarantor.

2. The guarantee issuance agreement must include the following contents:

a) Applicable laws. If there is no specific provision on applicable laws, it is understood that the parties agree to apply Vietnamese law;

b) Information about the parties involved in the guarantee relationship;

c) Guaranteed obligation;

d) Amount of guarantee, currency of guarantee;

đ) Form of issuance of the guarantee commitment;

e) Conditions for performing the guarantee obligation;

g) Rights and obligations of the parties;

h) Guarantee fee;

i) Agreement on mandatory acceptance of debt repayment, interest rate applied to the amount of repayment and obligation to repay the debt when performing the guarantee obligation;

k) Number, date of signing, validity of the guarantee issuance agreement;

l) Dispute resolution;

m) Other contents not contrary to the provisions of the law.

3. Any amendment, supplementation, or cancellation of the content of the guarantee issuance agreement shall be agreed upon and decided by the relevant parties based on ensuring compliance with the provisions of the law.

Article 16. Guarantee Commitment

1. Based on the guarantee issuance agreement, the guarantor or the confirming guarantor issues a guarantee commitment to the beneficiary with the following contents:

a) Applicable laws. If there is no specific provision on applicable laws, it is understood that the parties agree to apply Vietnamese law;

b) Number of the guarantee commitment;

c) Information about the parties involved in the guarantee relationship;

d) Date of issuance of the guarantee, date of commencement of the guarantee's effectiveness and/or circumstances under which the guarantee becomes effective;

đ) Date of expiration and/or circumstances under which the guarantee expires;

e) Amount of guarantee, currency of guarantee;

g) Guarantee obligation;

h) Conditions for performing the guarantee obligation;

i) Documentation required for the performance of the guarantee obligation (including request for performance of the guarantee obligation accompanied by a list of necessary documents and evidence);

k) Method for the beneficiary to verify the authenticity of the guarantee commitment;

l) Other contents not contrary to the provisions of the law.

2. Any amendment, supplementation, or cancellation of the content of the guarantee commitment shall be agreed upon by the relevant parties in accordance with the guarantee issuance agreement and comply with legal regulations.

3. For guarantee commitments issued through international communication networks, credit institutions, foreign bank branches shall implement according to the content and procedures for issuing guarantee commitments of the international communication network. Credit institutions, foreign bank branches must have supervisory and management procedures for issuing guarantees in these cases to ensure safety and efficiency.

Article 17. Authority to Sign Guarantee Issuance Agreements, Guarantee Commitments, and Letters of Guarantee Commitment⁷

1. Guarantee issuance agreements, guarantee commitments, and letters of guarantee commitment must be signed by the authorized representative of credit institutions, foreign bank branches, in accordance with the provisions of the law and internal regulations of credit institutions, foreign bank branches.

2. The use of electronic signatures and authorization to sign guarantee issuance agreements, guarantee commitments, and letters of guarantee commitment shall be carried out in accordance with relevant legal provisions.

Article 18. Security for Customer Obligations

1. Credit institutions, foreign bank branches agree with related parties on the application of security measures or non-application of security measures for the obligation to repay the amount already replaced when performing guarantee obligations.

2. Credit institutions, foreign bank branches stipulate principles and specific requirements for applying each security measure or not applying security measures in accordance with the provisions of the law on guarantee business, secured transactions, and internal regulations of credit institutions, foreign bank branches.

Article 19. Guarantee Fees

1. Credit institutions, foreign bank branches agree with customers and related parties (if any) on the level of guarantee fees. In the case of reciprocal guarantees or confirmation of guarantees, the level of guarantee fees is agreed upon by the parties.

2. In the case of joint guarantees, participating parties in joint guarantees agree on the level of guarantee fees for each joint guarantor.

3. In the case where a credit institution, foreign bank branch guarantees a joint liability obligation, the credit institution, foreign bank branch agrees with each customer on the fee to be paid based on the corresponding joint liability of each customer, except where the parties have agreed otherwise.

4. In the case where the guarantee currency is foreign currency, the parties may agree to charge guarantee fees in foreign currency or convert them into Vietnamese dong at the selling rate of the guarantor at the time of charging or at the time of notification of charging.

5. The parties may agree to adjust the level of guarantee fees.

Article 20. Duration of Effectiveness of Guarantee Commitments and Guarantee Issuance Agreements

1. The duration of effectiveness of guarantee commitments is determined from the date of issuance of the guarantee commitment or after the date of issuance of the guarantee commitment according to the agreement of related parties until the expiration date of the guarantee obligation as specified in Article 23 of this Circular.

2. The duration of effectiveness of guarantee issuance agreements is agreed upon by the parties but must be at least equal to the duration of effectiveness of the guarantee commitment.

3. In the event that the expiration date of the guarantee commitment, guarantee issuance agreement coincides with a holiday, the expiration date will be extended to the next working day.

4. The extension of the duration of effectiveness of guarantee commitments and guarantee issuance agreements is agreed upon by the parties in accordance with relevant legal provisions.

Article 21. Exemption from Fulfilling Guarantee Obligations

1. In the case where the beneficiary of the guarantee exempts the guarantor or confirming guarantor from fulfilling their obligation, the guaranteed party still has to fulfill the committed obligation towards the beneficiary, except where the parties have agreed otherwise or perform joint liability obligations as prescribed by law.

2. In the case where one or some members of joint guarantors are exempted from fulfilling their part of the guarantee obligation according to the agreement of related parties, other members still have to fulfill their part of the guarantee obligation according to the guarantee commitment, except where the parties have agreed otherwise.

Article 22. Performance of Guarantee Obligations

1. To request the performance of guarantee obligations, the beneficiary must submit a request file for the performance of guarantee obligations in accordance with point i Clause 1 Article 16 of this Circular to the guarantor. The guarantor shall examine the request file for the performance of guarantee obligations presented, compare it with the terms and conditions stipulated in the guarantee commitment to perform the guarantee obligation in accordance with Clause 3 of this Article if the request file for the performance of guarantee obligations is valid. In case the request file for the performance of guarantee obligations is not valid, the guarantor shall refuse to perform the guarantee obligation in accordance with Clause 4 of this Article.

2. A request file for the performance of guarantee obligations is valid when:

a) The guarantor receives all the request files for the performance of guarantee obligations within the validity period of the guarantee commitment, specifically:

(i) In case of direct submission by written document, it must be within the working hours of the guarantor;

(ii) In case of submission through registered mail service, the date on which the guarantor receives the request is the date of receipt of the registered letter;

(iii) In case of submission via electronic means, it is calculated from the time the guarantor receives the data message in accordance with the law on electronic transactions.

b) Fulfilling all the conditions for performing the guarantee obligation as stipulated in the guarantee commitment.

3. Performance of guarantee obligations:

a) In the case of bank guarantees (excluding reciprocal guarantees and confirmation guarantees):

Within five working days following the day the guarantor receives a valid request file for the performance of guarantee obligations as prescribed in Clause 2 of this Article, the guarantor has the responsibility to fully perform the guarantee obligation committed to the beneficiary, while recording a debit entry in the mandatory lending account for the amount paid on behalf of the guaranteed party and notifying the guaranteed party. The guaranteed party is obligated to fully repay the amount paid on its behalf and the interest as prescribed in Clause 5 of this Article.

b) In the case of reciprocal guarantees:

Within five working days following the day the guarantor receives a valid request file for the performance of guarantee obligations as prescribed in Clause 2 of this Article, the guarantor requests the reciprocal guarantor to pay on behalf of the guaranteed party.

The reciprocal guarantor performs the reciprocal guarantee obligation committed to the guarantor fully and accurately, while recording a debit entry in the mandatory lending account for the amount paid on behalf of the guaranteed party and notifying the guaranteed party. The guaranteed party is responsible for fully repaying the amount paid on its behalf and the interest as prescribed in Clause 5 of this Article.

If the reciprocal guarantor does not perform or does not perform fully the obligation committed to the guarantor, the guarantor will perform the guarantee obligation committed to the beneficiary fully and accurately, while recording a debit entry in the mandatory lending account for the amount paid and notifying the reciprocal guarantor. The reciprocal guarantor is responsible for fully repaying the amount paid on its behalf and the interest as prescribed in Clause 5 of this Article.

c) In the case of confirmation guarantees:

Within five working days following the day the guarantor receives a valid request file for the performance of guarantee obligations as prescribed in Clause 2 of this Article, the guarantor performs the guarantee obligation committed to the beneficiary fully and accurately, while recording a debit entry in the mandatory lending account for the amount paid on behalf of the guaranteed party and notifying the guaranteed party. The guaranteed party is obligated to fully repay the amount paid on its behalf and the interest as prescribed in Clause 5 of this Article.

If the guarantor does not perform or does not perform fully the guarantee obligation committed to the beneficiary, the beneficiary sends a request file for the performance of guarantee obligations as agreed in the guarantee commitment to the confirming guarantor. Within five working days following the day the confirming guarantor receives a valid request file for the performance of guarantee obligations as prescribed in Clause 2 of this Article, the confirming guarantor performs the obligation committed to the beneficiary fully and accurately, while recording a debit entry in the mandatory lending account for the amount paid on behalf of the guarantor and notifying the guarantor. The guarantor is responsible for fully repaying the amount paid on its behalf and the interest as prescribed in Clause 5 of this Article, and at the same time requires the guaranteed party to recognize the debt and repay the guarantor.

4. In case of refusal to perform the guarantee obligation, within five working days following the day of receiving the request for the performance of guarantee obligations, the refusing party must provide a written response stating the reasons for the refusal.

5. The paying party (the guarantor, the reciprocal guarantor, or the confirming guarantor) applies the interest rate on the amount paid consistent with the guarantee issuance agreement but not exceeding the highest overdue loan interest rate currently applied by the same credit institution or foreign bank branch.

6. In case of payment in foreign currency, the paying party records a mandatory lending transaction in the same foreign currency paid. In case of payment in Vietnamese dong, the paying party records a mandatory lending transaction in Vietnamese dong.

Article 23. Termination of Guarantee Obligations

The guarantee obligations shall terminate in the following cases:

1. The obligation of the guaranteed party has been terminated.

2. The guarantee obligation has been fulfilled according to the guarantee commitment.

3. The guarantee has been canceled or replaced with another security measure upon agreement between the guarantor and the beneficiary, and other relevant parties (if any).

4. The guarantee commitment has expired.

5. The beneficiary waives the guarantor's guarantee obligation.

6. By agreement among the parties.

7. In other cases as prescribed by law.

Article 24. Joint Guarantees

1. The principles, conditions, and procedures for organizing and implementing joint guarantees shall be carried out in accordance with this Circular, the State Bank of Vietnam’s regulations on credit syndication by credit institutions and foreign bank branches for customers, and related laws.

2. Parties participating in joint guarantees shall jointly and severally be responsible for performing the guarantee obligations unless there is a different agreement or the law provides for independent partial guarantees. In case the lead credit institution or foreign bank branch must perform the guarantee obligation, the participating parties shall have the responsibility to repay the lead credit institution or foreign bank branch the corresponding amount according to the agreed ratio of participation in the joint guarantee.

Article 25. Guarantee for a Joint Liability

Credit institutions and foreign bank branches providing guarantee for a joint liability must base it on a joint rights and obligations contract between the parties.

Article 26. Internal Regulations of Credit Institutions and Foreign Bank Branches on Guarantees

1. Based on the provisions of this Circular and related laws, credit institutions and foreign bank branches shall issue internal regulations on guarantee services for customers (including provisions on electronic guarantees (if applicable), guarantees for future residential properties (if applicable), guarantees for non-resident customers) consistent with credit issuance regulations, including defining responsibilities between the appraisal and approval stages for issuing guarantees.

2. Credit institutions and foreign bank branches shall submit one copy of their internal regulations on guarantee banking services to the State Bank of Vietnam (the Banking Supervisory Authority or the State Bank of Vietnam branch in the province/city) as required by relevant laws.

Article 27. Rights of the Guarantor

1. Accept or reject requests for guarantee issuance.

2. Request the confirmation party to confirm the guarantee for the guarantor's portion of the guarantee for the guaranteed party.

3. Require the guaranteed party or counter-guarantor and other relevant parties to provide information and documents related to the guarantee assessment and collateral (if any).

4. Require the guaranteed party or counter-guarantor to provide security measures for the guaranteed obligation (if necessary).

5. Conduct financial monitoring of the customer during the validity period of the guarantee.

6. Charge guarantee fees, adjust guarantee fees; apply and adjust interest rates and penalty interest rates.

7. Refuse to fulfill the guarantee obligation when the request document is not valid or there is evidence proving that the presented documents are forged.

8. Require the counter-guarantor to fulfill the committed obligation.

9. Record a debit entry for the amount paid on behalf of the guaranteed party (in the case of a bank guarantee) immediately upon fulfilling the guarantee obligation as prescribed by the State Bank of Vietnam; or the counter-guarantor (in the case of a counter-guarantee-based guarantee) immediately when the counter-guarantor fails to fulfill or fulfills incompletely the committed obligation; require the guaranteed party or counter-guarantor to refund the amount paid by the guarantor according to the commitment.

10. Require other joint guarantors to refund the amount paid on behalf of the guaranteed party according to the agreed ratio of participation in the joint guarantee when the lead guarantor performs the guarantee obligation in a joint guarantee.

11. Dispose of the collateral according to the agreement and the law.

12. Transfer its rights and obligations to another credit institution or foreign bank branch according to the agreement of the relevant parties in compliance with the law.

13. Initiate legal proceedings as prescribed by law when the guaranteed party or counter-guarantor breaches the committed obligation.

14. Other rights as agreed by the parties in compliance with the law.

Article 28. Rights of the Counter-Guarantor Party

1. Accepting or rejecting the request for issuance of a counter-guarantee.

2. Requesting the guarantor to issue a guarantee for the obligation of its customer towards the beneficiary of the guarantee.

3. Requiring the customer to provide documents and information related to the assessment of the counter-guarantee and collateral (if any).

4. Requiring the customer to take measures to secure the obligation of the counter-guarantee (if necessary).

5. Conduct financial monitoring of the customer during the validity period of the guarantee.

6. Charge guarantee fees, adjust guarantee fees; apply and adjust interest rates and penalty interest rates.

7. Refusing to perform the obligation of the counter-guarantee when the request file for performing the obligation of the counter-guarantee is not valid or there is evidence proving that the presented documents and materials are forged.

8. Recording a debit entry for the amount paid on behalf of the guaranteed party immediately upon performing the obligation of the counter-guarantee for the guarantor in accordance with the regulations of the State Bank, requesting the guaranteed party to repay the amount that the counter-guarantor has performed the obligation of the counter-guarantee for the guarantor according to the agreement.

9. Processing the collateral of the guaranteed party in accordance with the agreement and the provisions of the law.

10. Initiating legal proceedings in accordance with the law when the guaranteed party or the guarantor breaches the committed obligations.

11. Transferring rights and obligations to another credit organization or foreign bank branch in accordance with the agreement of the relevant parties in compliance with the provisions of the law.

12. Other rights agreed by the parties in compliance with the provisions of the law.

Article 29. Rights of the Guarantee Confirmation Party

1. Approving or rejecting the request for confirmation of the guarantee.

2. Requesting the customer to provide information and documents related to the assessment of the guarantee and collateral (if any).

3. Requiring the customer to take measures to secure the obligation of the guarantee (if necessary).

4. Charging guarantee fees, adjusting guarantee fees; applying and adjusting interest rates, penalty interest rates.

5. Conduct financial monitoring of the customer during the validity period of the guarantee.

6. Recording a debit entry for the amount paid on behalf of the guarantor immediately upon performing the obligation of guarantee confirmation in accordance with the regulations of the State Bank, requesting the guarantor to repay the amount that the guarantee confirmation party has paid on behalf according to the agreement.

7. Processing the collateral of the guarantor or the guaranteed party in accordance with the agreement and the provisions of the law.

8. Initiating legal proceedings in accordance with the law when the guarantor breaches the committed obligations.

9. Transferring rights and obligations to another credit organization or foreign bank branch in accordance with the agreement of the relevant parties in compliance with the provisions of the law.

10. Refusing to perform the obligation of the guarantee when the request file for performing the obligation of the guarantee is not valid or there is evidence proving that the presented documents and materials are forged.

11. Other rights agreed by the parties in compliance with the provisions of the law.

Article 30. Obligations of the Guarantor, Counter-Guarantor, and Guarantee Confirmation Party

1. Having the responsibility to provide information and documents related to the authority to issue commitment guarantees to relevant parties; performing the guarantee obligation when receiving a request in accordance with the provisions of the guarantee commitment.

2. Fully and correctly performing the guarantee obligations stipulated in Article 22 of this Circular.

3. Conducting financial status checks and supervision of the customer during the validity period of the guarantee issuance agreement.

4. Returning full collateral (if any) and related documents to the guarantor when settling the guarantee issuance agreement, unless otherwise agreed.

5. Within five working days following the receipt of the complaint letter from the beneficiary regarding the refusal to perform the guarantee obligation, must respond in writing to the complainant.

6. Keeping guarantee files in accordance with the provisions of the law.

7. Guiding the beneficiary on how to verify and confirm the authenticity of the issued guarantee commitment.

8. Other obligations agreed by the parties in compliance with the provisions of the law.

Article 31. Rights and Obligations of the Guaranteed Party

1. The guaranteed party has the following rights:

a) To refuse requests from the guarantor and counter-guarantor that are inconsistent with the guarantee agreement or the guarantee commitment;

b) To request the guarantor and counter-guarantor to fulfill their obligations and responsibilities as committed;

c) To initiate legal proceedings as prescribed by law when the guarantor and counter-guarantor violate their committed obligations;

d) To transfer its rights and obligations according to the agreement of the relevant parties in compliance with the provisions of the law. To perform its rights and obligations in accordance with the law when the relevant parties carry out the transfer of rights and obligations of the parties concerning the guarantee amount;

đ) To verify the authenticity of the guarantee commitment;

e) Other rights agreed upon by the parties in compliance with the provisions of the law.

2. The guaranteed party has the following obligations:

a) To provide complete, accurate, and truthful information and documents related to the guarantee and be responsible under the law for the accuracy, truthfulness, and completeness of the provided information and documents;

b) To fully and timely fulfill the obligations and responsibilities committed in the guarantee issuance agreement;

c) To repay the guarantor and counter-guarantor the amount the guarantor and counter-guarantor have fulfilled under the guarantee issuance agreement or the commitment between the parties and any costs arising from the fulfillment of the guarantee obligation;

d) To accept supervision and inspection by the guarantor and counter-guarantor regarding the process of fulfilling the guaranteed obligation. To have the obligation to report on activities related to the guarantee transaction to the guarantor and counter-guarantor;

đ) To cooperate with the guarantor, counter-guarantor, and other relevant parties in the process of handling collateral (if any);

e) Other obligations agreed upon by the parties in compliance with the provisions of the law.

Article 32. Rights and Obligations of the Beneficiary of the Guarantee

1. Rights of the beneficiary of the guarantee:

a) To request the guarantor and confirming guarantor to fulfill their obligations and responsibilities as committed in the guarantee commitment;

b) To lodge a complaint against the guarantor and confirming guarantor within five working days following the receipt of the refusal notice from the guarantor and confirming guarantor if the reasons for not fulfilling the guarantee obligation do not comply with the conditions set forth in the guarantee commitment;

c) To initiate legal proceedings as prescribed by law when the guarantor and confirming guarantor violate their committed obligations;

d) To verify the authenticity of the guarantee commitment;

đ) To transfer its rights and obligations to another organization or individual according to the agreement of the relevant parties in compliance with the provisions of the law;

e) To exempt the guarantor and confirming guarantor from performing the guarantee obligation;

g) Other rights agreed upon by the parties in compliance with the provisions of the law.

2. Obligations of the beneficiary of the guarantee:

a) To fully and properly fulfill its obligations in contracts related to the guarantee obligation; to fully fulfill the obligations stipulated in the guarantee commitment (if any);

b) To promptly notify the guarantor, confirming guarantor, and other relevant parties of any signs of violation or violation behavior by the guaranteed party;

c) To be responsible under the law for the accuracy, completeness, legality, and validity of the documents and materials presented according to the guarantee commitment and the contents declared in the beneficiary's request for performance of the guarantee obligation;

d) Other obligations agreed upon by the parties in compliance with the provisions of the law.

 

Chapter III

REPORTING AND IMPLEMENTATION ORGANIZATION

 

Article 33. Accounting Entries and Reporting Information

1. Credit institutions and foreign bank branches must perform accounting entries and monitor all issued guarantees in accordance with the regulations.

2. Credit institutions and foreign bank branches shall report on the implementation of guarantees in accordance with the reporting and statistical system of the State Bank of Vietnam.

Article 34. Responsibilities of Units under the State Bank of Vietnam

1. Responsibilities of the Department of Credit for Economic Sectors:

a) Monitor and compile the situation of guarantee operations of credit institutions and foreign bank branches;

b)⁸ (Repealed)

c) Serve as the focal point for handling issues arising from guarantee operations.

2. Responsibilities of the Banking Inspection and Supervision Authority:

a) Take the lead and coordinate with relevant units to inspect, audit, and supervise guarantee operations of credit institutions and foreign bank branches, and handle violations within their authority.

b)⁹ (Repealed)

3. The Financial and Accounting Department is responsible for guiding credit institutions and foreign bank branches to implement accounting systems for transactions related to guarantee operations as stipulated in this Circular.

4. The Foreign Exchange Management Department is responsible for guiding foreign exchange management regarding the fulfillment of guarantee obligations and the recovery of guarantee debts for non-residents by credit institutions and foreign bank branches.

5.¹⁰ (Repealed)

6. The State Bank of Vietnam branch in provinces and centrally-administered cities is responsible for supervising, inspecting, and auditing credit institutions and foreign bank branches in compliance with this Circular within their authority.

 

Chapter IV

IMPLEMENTING PROVISIONS¹¹

 

Article 35. Transitional Provisions

1. Agreements and commitments to issue guarantees signed and effective before the date this Circular takes effect shall continue to be implemented according to the agreements and commitments already signed until the guarantee obligation ends. Any amendments or supplements to these agreements and commitments can only be made if the amended or supplemented content complies with the provisions of this Circular.

2. Commercial banks that have ceased issuing housing guarantees due to non-compliance with Clause 1, Article 13 of this Circular must still continue to implement the agreements and commitments already signed until the guarantee obligation ends. Any amendments or supplements to these agreements and commitments can only be made if the amended or supplemented content does not change the beneficiary's rights under the guarantee and comply with the provisions of this Circular.

Article 36. Effective Date

1. This Circular takes effect from April 1, 2023.

2. This Circular replaces Circular No. 07/2015/TT-NHNN dated June 25, 2015, issued by the Governor of the State Bank of Vietnam on banking guarantees, and Circular No. 13/2017/TT-NHNN dated September 29, 2017, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 07/2015/TT-NHNN dated June 25, 2015, issued by the Governor of the State Bank of Vietnam on banking guarantees.

Article 37. Implementation

The Director of the Office, Heads of the Departments of Credit for Economic Sectors, Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches are responsible for implementing this Circular.

 

STATE BANK OF VIETNAM VIETNAM _____________ Number: 36/VBHN-NHNN	CERTIFIED CONSOLIDATED DOCUMENT   Hanoi, November 7, 2025
Place of Receipt: - SBV Leadership; - Office of the Government (for publication in the Official Gazette); - SBV’s Official Website; - To be filed at Office, PC3.	DIRECTOR DEPUTY DIRECTOR         Doan Thai Son

 

 

____________________

¹ Circular No. 49/2024/TT-NHNN amending and supplementing certain articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on banking guarantees, is promulgated based on the following grounds:

"Based on the Civil Code dated November 24, 2015;

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

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

Based on the Law on Real Estate Business dated November 28, 2023;

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

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

At the proposal of the Head of the Department of Credit for Economic Sectors:

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on banking guarantees."

² This clause has been amended in accordance with Clause 1, Article 1 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on banking guarantees, which takes effect from December 10, 2024.

³ This clause has been amended in accordance with Clause 1, Article 1 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on banking guarantees, which takes effect from December 10, 2024.

⁴ This clause has been amended in accordance with Clause 1, Article 1 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on banking guarantees, which takes effect from December 10, 2024.

⁵ This clause has been amended in accordance with Clause 2, Article 1 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on banking guarantees, which takes effect from December 10, 2024.

⁶ This provision is amended in accordance with Clause 3, Article 1 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain provisions of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which shall take effect from December 10, 2024.

⁷ This provision is amended again in accordance with Clause 4, Article 1 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain provisions of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which shall take effect from December 10, 2024.

⁸ This point is repealed in accordance with Article 2 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain provisions of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which shall take effect from December 10, 2024.

⁹ This point is repealed in accordance with Article 2 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain provisions of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which shall take effect from December 10, 2024.

¹⁰ This clause is repealed in accordance with Article 2 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain provisions of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which shall take effect from December 10, 2024.

¹¹ Articles 3 and 4 of Circular No. 49/2024/TT-NHNN dated October 25, 2024, amending and supplementing certain provisions of Circular No. 11/2022/TT-NHNN dated September 30, 2022, issued by the Governor of the State Bank of Vietnam on bank guarantees, which shall take effect from December 10, 2024, provide as follows:

“Article 3. Implementation Organization

The Director of the Office, Heads of Departments under the State Bank of Vietnam, Heads of Units under the State Bank of Vietnam, credit institutions, and foreign bank branches are responsible for implementing this Circular.

Article 4. Implementation provisions

1. This Circular takes effect from December 10, 2024.

2. For agreements to issue guarantees and guarantee commitments entered into and effective before the date this Circular takes effect, credit institutions and foreign bank branches and customers shall continue to implement the contents agreed upon in accordance with the laws in force at the time of entering into such agreements to issue guarantees and guarantee commitments. Any amendments or supplements to these agreements to issue guarantees and guarantee commitments may only be made if the amendments or supplements comply with the provisions of this Circular. ”