Circular No. 43/2024/TT-NHNN amends and supplements 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.

CIRCULAR

Amending and supplementing certain 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

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

Pursuant to the Foreign Exchange Ordinance dated December 13, 2005; and the Ordinance amending and supplementing certain Articles of the Foreign Exchange Ordinance dated March 18, 2013;

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

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain 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.

Article 1. Amending and supplementing certain Articles of Circular No. 01/2014/TT-NHNN

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;

1. Amending and supplementing certain Points and Clauses of Article 3 as follows:

“d) Forecast of net foreign exchange intervention volume for the year and forecast of foreign exchange volume to be used in the year for urgent and critical needs of the State.”

“2. Not later than the end of the first quarter each year or after having sufficient basis as stipulated in Clause 1 of this Article, the State 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 determine the state foreign exchange reserve level for the year to submit to the Governor for approval and report to the Prime Minister.”

a) Amend and supplement Point đ Clause 1 as follows:

“c) Situation and trend of net intervention on the domestic market and the domestic gold market.”

b) Amend and supplement Clause 2 as follows:

2. Amending and supplementing Point a Clause 1, Clause 2 and adding Clause 6a to Article 4 as follows:

c) Amending and supplementing Point c Clause 3 as follows:

“a) Criteria for selecting investment partners include: criteria for selecting partners for foreign currency deposits and gold; partners issuing securities denominated in foreign currencies; partners trading foreign currencies and gold; partners trading securities and other negotiable instruments; partners custodianship of securities, other negotiable instruments, and gold; partners executing entrusted investments; and partners executing other forms of international investments according to the credit rating levels of reputable international credit rating organizations selected by the State Bank for reference;”

“2. Criteria for selecting partners to execute other state foreign exchange reserve management operations include: partners exporting and importing gold; partners converting gold bars into internationally recognized standard gold; and partners executing other state foreign exchange reserve management operations of the State Bank.”

a) Amend and supplement point a, Clause 1 as follows:

c) Adding Clause 6a as follows:

b) Amend and supplement Clause 2 as follows:

“6a. In cases where there are fluctuations in domestic and international financial markets, changes in the evaluation methods of reputable international credit rating organizations, and other situations affecting compliance with investment standards and limits for state foreign exchange reserves, the State Foreign Exchange Reserve Management Department shall report to the Head of the Management Board. Based on the instructions of the Head of the Management Board, the State Foreign Exchange Reserve Management Department shall take the lead and coordinate with relevant units to study and propose adjustment plans for investment standards and limits for state foreign exchange reserves and partner selection criteria for other state foreign exchange reserve management operations to report to the Head of the Management Board for submission to the Governor for decision.”

3. Amending and supplementing Clauses 2, 3, and 4 of Article 5 as follows:

“2. The State 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 research and report to the Head of the Management Board for submission to the Governor for approval:

a) Supplementing other investment forms in each period;

b) Guidelines for investment in entrusted investment and other approved investment forms under Point a of this Clause in each period.”

3. Based on the Governor's approval regarding the supplementation of investment forms, the State Foreign Exchange Reserve Management Department shall supplement other investment forms into the official foreign exchange reserve investment structure for the Governor's decision. Based on the Governor's Decision on the official foreign exchange reserve investment structure, the State Foreign Exchange Reserve Management Department shall supplement other investment forms into the official foreign exchange reserve investment plan.

4. Based on the Governor's approval regarding investment guidelines for entrusted investment and other forms of investment as stipulated in Clause 2 of this Article, the State Foreign Exchange Reserve Management Department shall submit to the Head of the Management Board for approval of partners and agreement contents with partners. Based on the approval of the Head of the Management Board, the State Foreign Exchange Reserve Management Department shall implement investment and entrusted investment.

3. Based on the Governor's approval for supplementing investment forms, the State Foreign Exchange Reserve Management Agency supplements other investment forms into the official foreign exchange reserve investment structure to be submitted to the Governor for decision. On the basis of the Governor's Decision on the official foreign exchange reserve investment structure, the State Foreign Exchange Reserve Management Agency supplements other investment forms into the official foreign exchange reserve investment plan.

4. Based on the Governor's approval regarding guidance on investment for entrusted investment and other investment forms as stipulated in Clause 2 of this Article, the State Foreign Exchange Reserve Management Agency submits for approval by the Head of the Management Board the counterparties and the contents of agreements with counterparties. On the basis of the Head of the Management Board's approval, the State Foreign Exchange Reserve Management Agency implements investment and entrusted investment.

4. AMENDING AND SUPPLEMENTING ARTICLE 6 AS FOLLOWS:

“Article 6. Construction and compliance with the structure of official foreign exchange reserves investment

1. The contents of the structure of official foreign exchange reserves investment include:

a) Structure according to currency: type of currency and percentage according to type of currency;

b) Structure according to the term of foreign currency investment: short-term investment ratio under one year, medium-term investment ratio from one to less than three years, and long-term investment ratio of three years or more for the Foreign Exchange Reserve Fund; non-term and term investment ratio under one year for the Exchange Rate Stabilization Fund and gold market management;

c) Structure according to form of foreign currency investment: deposit ratio, types of securities, negotiable instruments, entrusted investment, and other forms of investment for the Foreign Exchange Reserve Fund; deposit ratio, types of securities, negotiable instruments, and other forms of investment for the Exchange Rate Stabilization Fund and gold market management;

d) Gold structure: volume of various types of gold of 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 assess the situation of managing and implementing the structure of official foreign exchange reserves investment; construct the structure of official foreign exchange reserves investment 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 is responsible for ensuring compliance with the structure of official foreign exchange reserves investment as decided by the Governor 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 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 reserves investment, 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 study and propose adjustment plans for the structure of official foreign exchange reserves investment 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 reserves investment.

5. Amend and supplement point e Clause 2 and Clause 3 Article 7 as follows:

a) Amending and supplementing Point e of Clause 2 as follows:

“e) Balance of state foreign exchange reserves at the end of the previous quarter, forecast trend of net foreign exchange intervention in the quarter, use of foreign exchange according to the Prime Minister's decision for urgent and critical needs of the State.”

b) Amend and supplement Clause 3 as follows:

“3. Quarterly or when necessary, the State Bank's Foreign Exchange Reserve Management Department shall take the lead and coordinate with the Foreign Exchange Management Department, the Monetary Policy Department, and the Forecasting and Statistics Department to evaluate the implementation of the previous period's official foreign exchange reserves investment plan and develop the next period's official foreign exchange reserves investment plan for approval by the Head of the Management Board. The deadline for approving the quarterly official foreign exchange reserves investment plan is the eighth working day of the first month of each quarter.”

6. Amending and supplementing Article 9 as follows:

“Article 9. The purchase and sale of foreign currency between the official foreign exchange reserve and the state budget

1. Purchase of foreign currency from the state budget:

Based on the annual plan for selling foreign currency of the state budget and the request to sell foreign currency from the Ministry of Finance and/or directives from the Prime Minister, the State Bank's Foreign Exchange Reserve Management Department shall implement the purchase of additional foreign currency for the state foreign exchange reserve from the state budget at the rate specified in Clause 3 of this Article.

2. Sale of foreign currency to the state budget:

a) Based on the request to buy foreign currency from the Ministry of Finance to meet the state budget's foreign currency needs, the State Bank's Foreign Exchange Reserve Management Department shall coordinate with the Monetary Policy Department to develop a balanced plan for selling foreign currency to the state budget, submit it for approval by the Governor, and notify the Ministry of Finance;

b) Based on the approved balanced plan for selling foreign currency, the State Bank's Foreign Exchange Reserve Management Department shall implement the sale of foreign currency to the state budget at the rate specified in Clause 3 of this Article.

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

a) In the case of buying and selling US dollars, the buying and selling exchange rates shall be based on the spot intervention rate in the intervention plan; if there is no intervention plan at the time of implementation or if the intervention plan does not contain information about the spot rate, the buying and selling exchange rates shall be based on 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 shall be based on the cross-rate calculated from the rate determined in point a of this clause and the average price between the foreign currency being bought or sold and the US dollar listed on the international foreign exchange market through the Refinitiv or Bloomberg system before 10:00 AM on the transaction day.

7. Amend and supplement Clause 1 and Clause 5 of Article 14 (amended and supplemented by Clause 11 of Circular No. 12/2023/TT-NHNN dated October 12, 2023 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of legal documents regulating the implementation of tasks related to managing the state foreign exchange reserve) as follows:

a) Amend and supplement Clause 1 as follows:

"1. Based on the proposal of the Ministry of Finance regarding the use of the Foreign Exchange Reserve Fund for urgent and critical needs of the State, the State Bank's Foreign Exchange Reserve Management Department shall take the lead in submitting the proposal of the Ministry of Finance to the Governor for comments, to report to the Prime Minister for decision."

b) Amend and supplement Clause 5 as follows:

"5. In cases where temporary advances and loans made under the Prime Minister's Decision on using the Foreign Exchange Reserve Fund for urgent and critical needs of the State are not repaid, the State Bank's Foreign Exchange Reserve Management Department shall take the lead and coordinate with relevant units to submit comments to the Ministry of Finance for reporting to the Prime Minister for decision on recovery."

8. Amend and supplement Article 15 as follows:

“Article 15. Intervention in the domestic market

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 foreign currency call options, put options, or other forms of transactions 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 Bank's Foreign Exchange Reserve Management Department:

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

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

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

3. The sale of foreign currency to projects guaranteed by the Government and committed to convert foreign currency shall be carried out according to the guidelines issued by the State Bank on the process of converting foreign currency for projects guaranteed and supported by the Government.

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

5. Basis for developing the domestic market intervention plan:

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

b) The scale of state foreign exchange reserves;

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

d) Other factors (if necessary).

6. The State Bank's Foreign Exchange Reserve Management Department shall implement the approved domestic market intervention plan.

9. Amend and supplement Clause 4 of Article 22 as follows:

"4. The Governor authorizes the Head of the Management Board to decide on transferring foreign exchange from the Exchange Rate Stabilization Fund and gold market management fund to the Official Foreign Exchange Reserve Fund in the cases stipulated in Clauses 2 and 3 of this Article."

10. Amend and supplement Point b and Point d of Clause 1, Clause 2, and Clause 3 of Article 26 as follows:

a) Amending and supplementing Point b Clause 1 as follows:

"b) Income and expenses related to compliance with the structure of official foreign exchange reserves as approved by the Governor, meeting foreign exchange needs as decided by the Prime Minister;"

b) Amend and supplement Point d of Clause 1 as follows:

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

c) Amend and supplement Clause 2 as follows:

"2. Principles for determining the price of gold:"

"a) The price of gold in the official foreign exchange reserve is calculated in USD/gram and VND/gram and rounded to three decimal places;" "b) The price of standard international gold in the official foreign exchange reserve is determined as follows:"

"Price of 1 gram of gold in USD = Bid price on the Refinitiv screen before 10:00 AM on the reporting date * 0.0321507465;"

"Price of 1 gram of gold in VND = Bid price on the Refinitiv screen before 10:00 AM on the reporting date * 0.0321507465 * the central rate published by the State Bank on the reporting date;"

"c) Gold accounts, gold bars, and other gold managed by the State Bank shall be accounted for at the price of standard international gold."

c. Account gold, gold bars, and other gold managed by the State Bank shall be accounted for at the international standard gold price.”

d) Amending and supplementing Clause 3 as follows:

"3. The accounting exchange rate for other foreign currencies in the state foreign exchange reserves, except for the US dollar, shall be determined based on the central exchange rate of the Vietnamese dong against the US dollar published by the State Bank of Vietnam and the exchange rates between the listed foreign currencies on the Refinitiv or Bloomberg screens or other means before 10:00 AM on the trading day."

11. Amend and supplement Clause 2 of Article 27 (amended and supplemented by Clause 15 of Article 1 of Circular No. 12/2023/TT-NHNN) as follows:

"2. Not later than March 31 each year, the State 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 prepare and submit to the Governor for approval a report on the management of the state foreign exchange reserves in the previous year, which shall be reported to the Prime Minister and simultaneously sent to the Ministry of Finance."

12. Amend and supplement Article 28 as follows:

“Article 28. Information Provision System

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

1. The State Foreign Exchange Reserve Management Department shall 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 Department in accordance with Article 13 of Circular No. 12/2023/TT-NHNN:

Daily: Data on state foreign exchange reserves according to the form prescribed in Appendix No. 01 issued together with this Circular;

Not later than the 5th day of each month: A report on the situation of buying, selling, and using state foreign exchange reserves in the previous month according to the form prescribed in Appendix No. 03 issued together with this Circular;

b) Not later than the 5th day of each month: A report on the structure of official foreign exchange reserves in the previous month according to the form prescribed in Appendix No. 02 issued together with this Circular;

c) Not later than the 15th day of each month:

A report on the situation of investing state foreign exchange reserves abroad in the previous month according to the form prescribed in Appendix No. 06 issued together with this Circular;

A report on the situation of investing state foreign exchange reserves abroad by investment partner in the previous month according to the form prescribed in Appendix No. 07 issued together with this Circular;

d) Not later than the last day of the first month of each quarter or when necessary: The State Foreign Exchange Reserve Management Department shall provide to the Internal Audit Department documents evaluating and ranking partners of the State Bank in the previous quarter, including documents from international credit rating organizations and evaluation documents of the State Foreign Exchange Reserve Management Department based on the rating standards of international credit rating organizations;

đ) 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, and send copies to the Foreign Exchange Management Department, the Monetary Policy Department, and the Internal Audit Department;

e) Provide to the members of the Management Board and the Internal Audit Department:

The Governor's decision on the structure of official foreign exchange reserves, investment criteria, and limits for state foreign exchange reserve investments 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 the Governor's decisions on the use of state foreign exchange reserves in accordance with the Prime Minister's Decisions;

h) The method of obtaining data to compile reports according to the forms attached in Appendix No. 02, Appendix No. 06, and Appendix No. 07 of this Circular is as follows:

- For deposits: the book value of deposits is the actual deposit amount at the reporting time;

- For securities:

2. The Forecasting and Statistics Department shall provide to the State Foreign Exchange Reserve Management Department:

a) Not later than the 25th day of each month: Data related to the liquidity situation of foreign currencies and the situation of foreign currency deposits and gold of the State Treasury and credit institutions at the State Bank in the previous month;

b) Not later than 45 days after the end of the reporting quarter: Data on the balance of payments implementation for the quarter;

c) Not later than 60 days after the end of the reporting year: Data on the balance of payments implementation for the year;

d) Not 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;

đ) Not 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 shall provide to the State Foreign Exchange Reserve Management Department:

a) Semi-annually: A report on the proportion of various foreign currencies in foreign currency transactions between credit institutions and customers according to the form prescribed in Appendix No. 08 issued together with this Circular;

b) A report on the conduct of monetary policy, banking operations, and measures taken.

4. Not later than the 15th day of the first month of each quarter and when there are changes, the Issuance and Treasury Department shall report on the inventory volume of standard international gold bars, gold ingots, and other gold at the State Bank's warehouses according to the form prescribed in Appendix No. 04 issued together with this Circular.

5. Not later than January 31 each year, the International Cooperation Department shall provide to the State Foreign Exchange Reserve Management Department projected disbursement figures by quarter for programs and projects directly supporting the budget from international organizations and partners in the year according to the form prescribed in Appendix No. 05 issued together with this Circular.

6. Not later than the 15th day of each month, the Financial Accounting Department shall provide the balance of the Revaluation of Assets - Revaluation of Foreign Currency and Foreign Exchange Rate Differences account of the previous month to the units including:

a) During the period prior to the Governor's decision on the allocation of accounting tasks between the State Foreign Exchange Reserve Management Department and the Trading Department in accordance with Article 13 of Circular No. 12/2023/TT-NHNN, the recipients include the State Foreign Exchange Reserve Management Department, the Trading Department, the Monetary Policy Department, and the Internal Audit 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 as stipulated in Article 13 of Circular No. 12/2023/TT-NHNN, the receiving units 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 related units shall provide the Internal Audit Department with necessary information about the state foreign exchange reserves according to internal audit requirements.

8. The Foreign Exchange Management Department shall provide the State Foreign Exchange Reserve Management Department with the following:

a) Semi-annually: The ratio of various foreign currencies in Vietnam's external borrowing and repayment activities;

b) Domestic and international gold market conditions, intervention capabilities in the gold market, and gold import needs (if any).

9. The Trading Department shall provide the following:

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 as stipulated in Article 13 of Circular No. 12/2023/TT-NHNN:

Daily: Data on the state foreign exchange reserves of the previous working day according to the form prescribed in Appendix No. 01 issued together with this Circular;

Monthly: Report on the situation of purchasing, selling, and using the state foreign exchange reserves of the previous month according to the form prescribed in Appendix No. 03 issued together with this Circular;

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 as stipulated in Article 13 of Circular No. 12/2023/TT-NHNN:

Daily: Report on the balance of foreign currency deposits and gold of the State Treasury, credit organizations at the State Bank and other sources of foreign exchange according to the form prescribed in Appendix No. 09 issued together with this Circular;

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 of the previous month according to the form prescribed in Appendix No. 10 issued together with this Circular.

13. Amend and supplement point a and point c of Clause 2 of Article 30 (which has been amended and supplemented by Clause 13 of Article 1 of Circular No. 01/2020/TT-NHNN dated December 31, 2020 of the Governor of the State Bank of Vietnam amending and supplementing some articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 of the Governor of the State Bank guiding the organization and implementation of state foreign exchange reserve management activities) as follows:

Amend and supplement point a as follows:

“a) Submit for approval by the Prime Minister:

The limit of the Exchange Rate Stabilization Fund and market gold management fund for each period as stipulated in Clause 4 of Article 3 of this Circular;

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

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

b) Amend and supplement Point c as follows:

“c) Approve:

The level of state foreign exchange reserves for the year as stipulated in Clause 2 of Article 3 of this Circular;

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

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

The plan for selling foreign currency to the state budget as stipulated in Point a of Clause 2 of Article 9 of this Circular;"

14. Amend and supplement point d and point k of Clause 1 (which has been amended and supplemented by point a of Clause 18 of Article 1 of Circular No. 12/2023/TT-NHNN) and add Clause 5 of Article 32 as follows:

a) Amend and supplement point d of Clause 1 as follows:

"d) Determine the price of gold in US dollars and Vietnamese dong of the state foreign exchange reserves and the exchange rate of the Vietnamese dong with certain foreign currencies for accounting purposes as stipulated in Clauses 2 and 3 of Article 26 of this Circular and notify relevant units;"

b) Amend and supplement point k of Clause 1 as follows:

"k) Publish on the FXT trading network or other means certain contents of the intervention plan approved by the Governor for each domestic market intervention plan;"

c) Add Clause 5 as follows:

"5. The Monetary Policy Department:

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

b) Perform other tasks as prescribed in this Circular."

Article 2. Replacing, supplementing, and abolishing certain provisions of Circular No. 01/2014/TT-NHNN

1. Replace Appendix No. 01, Appendix No. 03, Appendix No. 04, Appendix No. 06, Appendix No. 07, and Appendix No. 08 (which have been replaced by Circular No. 12/2023/TT-NHNN) with Appendix No. 01, Appendix No. 03, Appendix No. 04, Appendix No. 06, Appendix No. 07, and Appendix No. 08 respectively issued together with this Circular.

2. Supplement Appendix No. 09 and Appendix No. 10.

3. Abolish Point e Clause 1 Article 3.

This Circular takes effect from December 25, 2025/.

The Director of the Office, the Director of the State Foreign Exchange Reserve Management Department, and the 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 Article 1, Clause 3, Clause 4 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 Article 1 and Appendix No. 09 of Circular No. 12/2023/TT-NHNN.