Circular No. 54/2025/TT-NHNN on the dossier, procedures for issuing Licenses, organization, and operation of microfinance organizations

CIRCULAR

Article 24provisions on documents, procedures for issuing Licenses, organization and operation of

microfinance institutions

On the basis of The Law on the State Bank of Vietnam No. 46/2010/QH12;

On the basis of The Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Enterprise Law No. 59/2020/QH14 amended and supplemented by Law No. 76/2025/QH15;

Pursuant to Decree No. 26/2025/NĐ-CP of the Government stipulating functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Decree No. Decision No. 162/2024/NĐ-CP of the Governmentstipulating conditions for issuing Licenses for people's credit funds, financial micro organizations, and conditions for owners of credit organizations that are limited liability companies, founding shareholders, and founding members;

At the proposal of the Director of the Credit Institution System Safety Department;

The Governor of the State Bank of Vietnam issues this Circular stipulating documents, procedures for issuing Licenses, organization and operation of microfinance institutions. 

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates on:

1. Documents, procedures for issuing Licenses.

2. Principles, documents, procedures for issuing renewed Licenses; procedures for issuing copies of Licenses from original books.

3. Notification of information regarding issuance, renewal of Licenses and related information to the business registration authority.

4. Name, main office location.

5. Tasks, powers of the Risk Management Committee and Human Resources Committee.

6. Standards, conditions for managers, operators, members of the Supervisory Board.

7. Documents, procedures for approving lists of individuals proposed to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director).

8. Charter capital, ownership ratio.

9. Conditions for receiving transfer of share contributions.

10. Content, duration, geographical scope of operations.

Article 2. Applicability

1. Microfinance organization.

2. Other organizations and individuals related to the contents stipulated in Article 1 of this Circular.

Article 3. Explanation of Terms

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

1. The License is the License for establishment and operation of financial micro organizations issued by the State Bank of Vietnam (hereinafter referred to as the State Bank). The License for establishment and operation of financial micro organizations is simultaneously the Business Registration Certificate. Documents of the State Bank amending and supplementing the License are an integral part of the License.

2. The meeting of founding members is a meeting of the founding members with the following tasks:

a) Approving the draft Charter of the financial micro organization, the Project for establishing the financial micro organization, and the list of individuals proposed to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director) for the first term;

b) Electing the preparatory committee and its chairperson from among those founding members who are listed as candidates for election or appointment as members of the Board of Members, members of the Supervisory Board, General Director (Director) for the first term and other members to implement tasks related to the approval of the principle of establishing the financial micro organization;

c) Deciding on other matters related to the establishment of the financial micro organization.

3. The first meeting of contributing members is a meeting of the founding members and other contributing members after the State Bank approves the principle of establishing the organization, with the following tasks:

a) Approving the Charter of the financial micro organization;

b) Electing and appointing members of the Board of Members, members of the Supervisory Board, General Director (Director) for the first term according to the list approved by the State Bank;

c) Approving regulations on the organization and operation of the Board of Members, Supervisory Board, General Director (Director) of the financial micro organization;

d) Deciding on other matters related to the establishment of the financial micro organization.

4. Financial micro customers include the following objects:

a) Poor households, near-poor households, individuals belonging to poor households, individuals belonging to near-poor households as prescribed by law;

b) Individuals with low income, including:

(i) Civil servants; public officials; persons recruited to positions in agencies and units under the People's Army as officers, professional soldiers, defense workers, in agencies and units under the People's Public Security as officers, non-commissioned officers, police officers serving under the professional system, public security workers; workers employed under labor contracts in urban areas with average monthly income in the 12 months immediately preceding the time of requesting a loan not exceeding nine million dong per month;

(ii) Civil servants; public officials; persons recruited to positions in agencies and units under the People's Army as officers, professional soldiers, defense workers, in agencies and units under the People's Public Security as officers, non-commissioned officers, police officers serving under the professional system, public security workers; workers employed under labor contracts in rural areas with average monthly income in the 12 months immediately preceding the time of requesting a loan not exceeding seven million dong per month;

(iii) Other workers not falling within the cases prescribed in sub-clause b(i) and b(ii) of this clause with income corresponding to the average income of the customer group prescribed in sub-clauses b(i) and b(ii) of this clause;

c) Low-income households are households whose average monthly income in the 12 months immediately preceding the time of requesting a loan of individuals belonging to the household corresponds to the average income of individuals with low income as prescribed in sub-clauses b(i) and b(ii) of this clause;

d) Very small enterprises as prescribed by law.

5. Compulsory savings is the amount of money that financial micro customers must deposit according to the provisions of the financial micro organization. Financial micro organizations may only accept compulsory savings from customers currently having outstanding loans at the financial micro organization, and the term for accepting compulsory deposits shall not exceed the remaining term of the loan. Financial micro organizations have the responsibility to specify and publicly announce the level of compulsory savings deposits and the interest rate on compulsory savings.

6. Voluntary deposits are demand deposits, term deposits, savings deposits (excluding compulsory savings), except deposits made by financial micro customers, organizations, and individuals at financial micro organizations for payment purposes.

Article 4. Competence to decide on issuing, renewing Licenses, issuing certified copies of Licenses from original registers, and approving lists of candidates for election or appointment as members of the Board of Directors, members of the Supervisory Board, and General Director (Director) of microfinance organizations.

1. The Governor of the State Bank of Vietnam decides on issuing and renewing Licenses for microfinance organizations.

2. The Director of the Department of Management and Supervision of Credit Institutions decides on issuing certified copies of Licenses from original registers for microfinance organizations; examines and approves lists of candidates for election or appointment as members of the Board of Directors, members of the Supervisory Board, and General Director (Director) of microfinance organizations.

Article 5. Fees for issuing and renewing Licenses

1. Microfinance organizations that are issued or renewed Licenses must pay the fees for issuing and renewing Licenses at the State Bank of Vietnam (Trading Department) or through online payment on the National Public Service Portal within fifteen days from the date of issuance or renewal of the License.

2. The amount of fees for issuing and renewing Licenses shall be in accordance with the provisions of the law on fees and charges.

Article 6. Principles for preparing, submitting, receiving, and returning files

1. Files must be prepared in Vietnamese, and copies of documents, certificates, and translations of materials from foreign languages into Vietnamese must be notarized in accordance with the provisions of the law.

2. In cases where the documents in the file are copies that have not been notarized or copied from the original register, when submitting the file, the original must be presented for verification. The person responsible for verification according to the law must sign to confirm the copy and bear responsibility for its accuracy compared to the original.

3. Documents in the application file for renewing Licenses or obtaining certified copies of Licenses from original registers must be signed by the法定代表人或其授权的代表（以下简称合法代表）。如果是授权签署，文件中必须包含符合法律规定的形式的授权书。

4. Each set of files must include a list of documents. The files should be submitted to the State Bank of Vietnam through one of the following methods:

a) Submitting directly to the One-Stop Service Window of the State Bank of Vietnam;

b) Send through postal service;

c) Submitting online through the National Public Service Portal.

When submitting files online through the National Public Service Portal, electronic files must use digital signatures in accordance with the provisions of the law on administrative procedures in the electronic environment. Documents in the electronic file are scanned copies of the original or the original (PDF format files).

In case the National Public Service Portal encounters technical issues or errors preventing the reception and exchange of electronic information, the declaration, submission, receipt, result delivery, information exchange, and feedback will be conducted through postal services or directly at the One-Stop Service Window of the State Bank of Vietnam.

5. The receipt of files shall be carried out in accordance with the current regulations of the law on administrative procedures under the one-stop mechanism at the One-Stop Service Window of the State Bank of Vietnam and the National Public Service Portal, and in accordance with the provisions of this Circular.

6. In cases where the State Bank of Vietnam cannot access information from the National Enterprise Registration Database or the accessed information is incomplete or inaccurate, the State Bank of Vietnam requests organizations or individuals to submit supplementary Business Registration Certificates.

7. Documents requesting additional files, reply documents, confirmation documents, and approval documents of the State Bank of Vietnam can be issued in paper form or electronic form.

8. The State Bank of Vietnam delivers the results of administrative procedures stipulated in this Circular through online methods on the National Public Service Portal or postal services or directly at the One-Stop Service Window of the State Bank of Vietnam.

Chapter II

SPECIFIC PROVISIONS

Section 1

FILES, PROCEDURES FOR ISSUING LICENSES; PRINCIPLES, FILES, PROCEDURES FOR RENEWING LICENSES; PROCEDURES FOR ISSUING CERTIFIED COPIES OF LICENSES FROM

ORIGINAL REGISTERS; NOTIFICATION OF INFORMATION ON ISSUING LICENSES AND RENEWING LICENSES TO ENTERPRISE REGISTRATION AUTHORITIES

ORIGINAL BOOK; NOTIFICATION OF INFORMATION ON LICENSE ISSUANCE AND LICENSE RENEWAL FOR BUSINESS REGISTRATION AUTHORITY

RISK MANAGEMENT AND PERSONNEL COMMITTEE

Article 7. Documents for requesting a License for a microfinance organization that is a limited liability company with one member.

1. Documents for requesting approval of principles, including:

a) An application for issuing a License according to the form attached as Appendix I to this Circular;

b) A draft Charter of the microfinance organization;

c) A proposal for establishing the microfinance organization signed by the Head of the Preparatory Board, which must include at least the following contents:

(i) The necessity of establishment, operational objectives of the microfinance organization; expected social impact of the microfinance organization in the area;

(ii) Name of the microfinance organization, the area where it is expected to operate, the location of its main office, registered capital upon establishment, content of activities;

(iii) Products and services expected to be provided to customers;

(iv) Organizational structure;

(v) List of personnel expected, detailing their professional qualifications and work experience meeting the requirements of each position and title, specifically: Member of the Board of Members, Heads of Committees under the Board of Members; Member of the Supervisory Board; General Director (Director), Deputy General Directors (Deputy Directors), Chief Accountant and heads of units within the organizational structure;

(vi) Financial investment plan for the information technology system and the application of information technology;

(vii) Expected internal control and audit system in compliance with the Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15 (hereinafter referred to as the Law on Credit Organizations), at least including operating principles, draft internal regulations stipulated in Clause 2, Article 101 of the Law on Credit Organizations, draft Rules, provisions on the organization and operation of the Board of Members, the Supervisory Board, the General Director (Director);

(viii) Business plan expected for the first three years, which must at least include the following contents: Market analysis, business strategy and plan; financial reports expected for each year (balance sheet, income statement, cash flow statement, minimum safe capital expenditure, expenditures on operational efficiency and explanation of the ability to achieve financial indicators in each year);

d) Documents of individuals expected to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director) of the microfinance organization, including:

(i) Curriculum vitae according to the form attached as Appendix II to this Circular;

(ii) Judicial record of the personnel expected to be elected or appointed, which must contain complete information about criminal records (including those that have been expunged and those that have not been expunged) and information about prohibition from holding positions, establishing, and managing enterprises, cooperatives;

For personnel without Vietnamese nationality: The judicial record or equivalent document (including expunged and unexpunged criminal records and information about prohibition from holding positions, establishing, and managing enterprises, cooperatives) must be issued by the competent authority of the country where the foreigner resided before coming to Vietnam. In cases where the foreigner has resided in Vietnam for six months or more, the judicial record shall be issued by the competent authority responsible for issuing judicial records at the place where the foreigner is temporarily residing.

The judicial record or equivalent document must be issued by the competent authority no later than six months prior to the submission of the microfinance organization's application for approval of the list of expected personnel.

Personnel expected to be elected or appointed may present an electronic judicial record issued through the VNeID identity verification application or submit an electronic judicial record in accordance with the law;

(iii) Declaration of related parties concerning the personnel expected to be elected or appointed according to the form attached as Appendix IV to this Circular;

(iv) Copy of passport or other documents substituting for a passport for individuals without Vietnamese nationality;

(v) Copies of professional and vocational certificates;

(vi) Other documents proving compliance with conditions and standards prescribed in Articles 15, 16, and 17 of this Circular;

(vii) In cases where the individual expected to be elected or appointed as a member of the Board of Members, member of the Supervisory Board, General Director (Director) of the microfinance organization does not have Vietnamese nationality, in addition to the above documents, there must be a commitment letter stating full compliance with conditions for residence and work in Vietnam;

đ) Charter of the owner;

e) Document of the owner committing to contribute capital to the microfinance organization according to schedule, amount, and bearing responsibility for the legality of the contributed capital;

g) Document of the owner committing not to use entrusted funds, raised funds, or borrowed funds from other organizations or individuals to contribute capital;

h) Document of the owner committing to provide financial support to the microfinance organization to address difficulties in case of capital shortages or liquidity issues;

i) Document of the owner committing not to be a founding shareholder, owner, or founding member of a strategic shareholder of another credit organization in Vietnam;

k) Document of the owner regarding the establishment of the Preparatory Board, election, appointment of the Head of the Preparatory Board, approval of the draft Charter, Proposal for Establishing the Microfinance Organization, list of expected management, governance, and supervisory positions.

2. Documents for requesting a License, including:

a) Charter of the microfinance organization approved by the Board of Members;

b) Decision of the owner appointing members of the Board of Members, members of the Supervisory Board, General Director (Director), Deputy General Directors (Deputy Directors), Chief Accountant.

Article 8. Documents for requesting a License for microfinance organizations that are limited liability companies with two or more shareholders

1. Documents for requesting approval of principles, including:

a) An application for issuing a License according to the form attached as Appendix I to this Circular;

b) The components of the documents specified in point b, c, d, Clause 1, Article 7 of this Circular;

c) A list of founding members signed by the Chairman of the Preparatory Board, including the following contents:

(i) Legal name; business registration certificate number or enterprise registration certificate number or equivalent document; individual tax identification number (for Vietnamese citizens), passport number or substitute travel document, date of issue, place of issue, nationality/nationalities (for non-Vietnamese citizens) of the legal representative of the entity participating in capital contribution to establish the microfinance organization and the representative of that entity's capital contribution at the microfinance organization;

(ii) Capital contribution amount (stating clearly the amount in Vietnamese Dong and the percentage of each member's contribution);

(iii) Capital contribution plan (specifying the method and progress of capital contribution);

d) Documents of founding members, including:

(i) Commitment letters from contributing members (including information on business registration certificate number or enterprise registration certificate number or equivalent document) to contribute capital to the microfinance organization according to the schedule, amount, and to be responsible for the legality of the contributed capital;

(ii) Charter of the entity participating in capital contribution to establish the microfinance organization;

(iii) Power of attorney for the representative of the capital contribution at the microfinance organization in accordance with the law;

(iv) Copy of passport or substitute travel document (for non-Vietnamese citizens) of the legal representative of the entity participating in capital contribution to establish the microfinance organization and the representative of that entity's capital contribution at the microfinance organization;

(v) Audited financial statements of contributing members who are enterprises in the three consecutive years prior to the year of submitting the application for the License;

(vi) Activity reports of contributing members who are not enterprises in the three consecutive years immediately preceding the year of submitting the application for the License;

(vii) Financial capability report for contributing to establish the microfinance organization of enterprises that are not banks according to the form prescribed in Appendix V issued together with this Circular;

(viii) Declaration form of credit history information according to the form prescribed in Appendix VI issued together with this Circular;

(ix) Commitment letter stating that they are not founding shareholders, owners, founding members, strategic shareholders of other credit institutions in Vietnam;

(x) Commitment letter to provide financial support to the microfinance organization to resolve difficulties when encountering capital shortages or liquidity issues;

(xi) Documentation proving compliance with tax and social insurance obligations: Commitment letter on fulfilling all tax and social insurance obligations of the organization according to the form at Appendix VII issued together with this Circular; Confirmation letter from the tax authority and social insurance authority regarding the fulfillment of tax obligations to the state budget and payment of social insurance contributions by the organization;

(xii) Documentation proving participation in managing or operating safe and sustainable microfinance programs/projects for at least three consecutive years before the submission of the application for the License;

đ) Minutes of the Founding Members' Meeting on establishing the Preparatory Board, appointing the Chairman of the Preparatory Board, approving the draft Charter, the establishment project of the microfinance organization, and the list of proposed management and supervisory positions;

2. Documents for requesting a License, including:

a) Charter of the microfinance organization approved by the Board of Members;

b) Minutes and Resolution of the first Shareholders' Meeting on approving the Charter, electing and appointing members of the Board of Directors, members of the Supervisory Board, and regulations on the organization and operation of the Board of Directors and the Supervisory Board;

c) Minutes of the Board of Directors' Meeting on electing the Chairman of the Board of Directors; Minutes of the Supervisory Board's Meeting on electing the Chairman of the Supervisory Board;

d) Decision of the Board of Directors on appointing the General Director (Director), Deputy General Director (Deputy Director), Chief Accountant.

Article 9. Procedure for Issuing the License

1. The preparatory board shall prepare one set of the Application File to seek approval in principle in accordance with Clause 1 of Article 7 or Clause 1 of Article 8 of this Circular and submit it to the State Bank.

2. Within thirty days from the date of receipt of the application file seeking approval in principle, the State Bank shall send a letter to the preparatory board confirming receipt of a complete and valid file; in case the file is incomplete or invalid, the State Bank shall request supplementation and completion in writing.

3. Within five working days from the date of receipt of the confirmation letter on the completeness of the valid file, the State Bank shall send letters to solicit opinions from:

a) The People's Committee of the province where the microfinance organization plans to establish its main office regarding the establishment of the microfinance organization;

b) The People's Committee of the province where the founding member has implemented microfinance programs/projects regarding the effectiveness of such programs/projects in promoting local development;

c) The State Bank branch in the region where the microfinance organization plans to establish its main office regarding the establishment of the microfinance organization.

4. Within fifteen days from the date of receipt of the solicitation letter from the State Bank, the units solicited shall provide their opinions in writing.

5. Within forty-five days from the date of receipt of the complete and valid file, the State Bank shall issue a letter approving the principle of establishing the microfinance organization and approving the list of personnel proposed to be elected or appointed as members of the Board of Members, members of the Supervisory Board, and General Director (Director) of the microfinance organization; in case of non-approval, the State Bank shall notify the preparatory board in writing, specifying the reasons.

6. Within sixty days from the date of receipt of the letter approving the principle of establishing the microfinance organization, the preparatory board shall prepare the Application File to apply for the License in accordance with Clause 2 of Article 7 or Clause 2 of Article 8 of this Circular and submit it to the State Bank. If the State Bank does not receive or receives an incomplete Application File beyond this period, the approval letter in principle will lose its validity.

Within five working days from the date of receipt of the complete Application File for the License, the State Bank shall confirm in writing that it has received the complete file.

Within thirty days from the date of receipt of the complete Application File for the License, the State Bank shall issue the License; in case of non-issuance of the License, the State Bank shall specify the reasons in writing.

7. After receiving the License, the microfinance organization shall proceed with necessary procedures to commence operations in accordance with the law.

Article 10. Principles, Documents, and Procedure for Issuing Replacement Licenses

1. Principles for Issuing Replacement Licenses:

a) The State Bank shall not issue replacement licenses for activities that the microfinance organization is not permitted to carry out according to the law at the time of issuance;

b) The State Bank shall adjust the permitted activity content in accordance with the Law on Credit Organizations. The replacement license issued shall be in the form prescribed in Appendix IX attached to this Circular, replacing all previous licenses and related amendments and supplements issued by the State Bank to the microfinance organization prior to the issuance of the replacement license;

c) In case the microfinance organization requests to supplement the activity content while applying for a replacement license, the State Bank shall consider issuing the replacement license including the supplementary content based on the microfinance organization meeting the required documents as stipulated in Clause 2 of this Article.

2. Documents for Applying for Replacement Licenses, including:

a) An application for replacement license in the form prescribed in Appendix VIII attached to this Circular;

b) The application file for changing activity content (in case the microfinance organization requests to supplement activity content simultaneously with applying for a replacement license):

(i) Resolution or decision of the Board of Members approving the change in activity content;

(ii) Implementation plan for the proposed additional activity content, which must include at least the following: description of the changed activity content, implementation process, analysis of effectiveness and risk prevention measures, business plan, implementation schedule;

(iii) Draft internal regulations on the implementation process ensuring management and control of emerging risks.

3. Procedure for Applying for Replacement Licenses:

a) A microfinance organization requiring a replacement license shall prepare the application file in accordance with Clause 2 of this Article and submit it to the State Bank;

b) Within thirty days from the date of receipt of the complete and valid application file from the microfinance organization, the State Bank shall issue the replacement license (including the addition of activity content simultaneously with the replacement license) as requested by the microfinance organization. In case of rejection, the State Bank shall respond in writing and specify the reasons.

Article 11. Documents and time limit for issuing certified copies of Licenses from original registers

1. In cases where the License is lost, torn, burnt, or damaged, the microfinance organization shall submit a request for issuance of a certified copy of the License from the original register according to the form prescribed in Appendix X issued together with this Circular to the State Bank requesting issuance of a certified copy of the License from the original register in accordance with the provisions of the law.

2. The time limit for issuing a certified copy of the License from the original register shall be carried out in accordance with the provisions of the law on issuing certified copies from original registers.

Article 12. Notification of information on issuance, renewal of Licenses and related information to the business registration authority

1. Within three working days from the date of issuance of the License, the State Bank shall have the responsibility to notify in writing along with the License and information about the legal representative of the microfinance organization to the provincial business registration authority where the microfinance organization's main office is located to update into the national system of business registration information.

2. Within three working days from the date of renewal of the License, the State Bank shall have the responsibility to notify in writing along with the renewed License to the provincial business registration authority where the microfinance organization's main office is located to update into the national system of business registration information.

3. Within five working days from the date of change in information related to business registration as prescribed by law (except in cases where there are other provisions), the microfinance organization shall send a written notification to the State Bank regarding changes in information related to business registration. Within three working days from the date of receipt of the notification from the microfinance organization, the State Bank shall have the responsibility to notify in writing the changes in information related to business registration to the provincial business registration authority where the microfinance organization's main office is located to update into the national system of business registration information.

Section 2

NAME, MAIN OFFICE; DUTIES AND LIMITATIONS OF THE RISK MANAGEMENT COMMITTEE AND THE HUMAN RESOURCES COMMITTEE

RISK AND PERSONNEL COMMITTEE

Article 13. Name and main office of the microfinance organization

1. The name of the microfinance organization must comply with the provisions of the Enterprise Law and relevant laws. The name of the microfinance organization should be consistent with its legal form and corresponding type as follows:

a) Microfinance limited liability company with a single member and a specific name;

b) Microfinance limited liability company with a specific name.

2. The main office of the microfinance organization must meet the provisions on the main office of enterprises under the Enterprise Law and the following conditions:

a) It is the workplace of the Board of Members, Management Board, recorded in the License in accordance with the law and transactions with customers can be conducted there;

b) It must be within the territory of Vietnam, having a defined address including building name, house number, alley, lane, street, road, village, commune, ward, district, province;

c) The microfinance organization has ownership or lawful right to use;

d) Ensuring convenience for transactions with customers and having a cash storage facility meeting technical standards as prescribed by the State Bank;

đ) Ensuring safety of assets and suitability for the operational requirements of the microfinance organization;

e) Having an information technology system connecting the main office with branches, transaction offices, between branch management and transaction offices ensuring security, confidentiality, and reporting and statistical requirements.

Article 14. Risk Management Committee and Human Resources Committee

1. The Board of Members must establish the Risk Management Committee and the Human Resources Committee and promulgate regulations on the organizational structure and operation of these two Committees. Within ten days from the date of issuance, the microfinance organization must submit these internal regulations to the State Bank.

2. The organizational structure of the two Committees shall be decided by the Board of Members but each Committee must have at least two members, with the Chair being a member of the Board of Members. A member of the Board of Members may only serve as the Chair of one Committee. The Chair and other members of the two Committees shall be appointed and relieved of their positions by the Board of Members according to the Charter of the microfinance organization.

3. Regulations on the organizational structure and operation of the Committees must include at least the following contents:

a) Contents of the working regulations include: The number of members of the Committee and the responsibilities of each member; regular meetings of the Committee; extraordinary meetings of the Committee; decision-making procedures of the Committee;

b) Tasks and functions of the Committees:

(i) For the Risk Management Committee:

- Advising the Board of Members on issuing processes and policies within the Committee's authority related to risk management in the operation of the microfinance organization in accordance with the law and the Charter of the microfinance organization;

- Analyzing and issuing warnings about the safety level of the microfinance organization against potential risks that could affect it and preventive measures for these risks in both short-term and long-term perspectives;

- Reviewing and evaluating the appropriateness and effectiveness of current risk management processes and policies of the microfinance organization to make recommendations and proposals to the Board of Members regarding the need to change current processes and policies, operational strategies;

(ii) For the Human Resources Committee:

- Advising the Board of Members on the scale and composition of the Board of Members and General Director (Director) suitable for the scale of operations and development strategy of the microfinance organization;

- Advising the Board of Members on handling personnel issues arising from election, appointment, removal, and dismissal procedures for members of the Board of Members, members of the Supervisory Board, and General Director (Director) of the microfinance organization in accordance with the law and the Charter of the microfinance organization;

- Studying and advising the Board of Members on issuing internal regulations of the microfinance organization within the Board of Members' authority concerning salary systems, remuneration, bonuses, recruitment and selection regulations, training, and other incentive policies for managers, staff, and employees of the microfinance organization.

Section 3

STANDARDS AND CONDITIONS FOR MANAGERS, OPERATORS, AND MEMBERS OF THE SUPERVISORY BOARD

DISCIPLINARY BOARD MEMBER

Article 15. Standards and Conditions for Members of the Board of Members

Members of the Board of Members must meet the following standards and conditions:

1. Not falling under the categories specified in Clause 1 of Article 42 and Article 43 of the Law on Credit Organizations.

2. Not currently managing or operating a microfinance program or project; not currently managing or operating an organization implementing a microfinance program or project.

3. Possess professional ethics.

4. Have a bachelor’s degree or higher.

5. Meet one of the following conditions:

a) Having served for at least two years as a manager or operator of a credit organization;

b) Having served for at least three years as a manager of a business operating in the financial, accounting, or auditing sectors or another business with net assets equal to or greater than the minimum capital requirement of a microfinance organization as stipulated by law;

c) Having worked directly in a business unit of a credit organization or a foreign bank branch for at least five years;

d) Having worked directly in the microfinance sector for at least five years or having worked directly in a business unit dealing with finance, banking, accounting, or auditing for at least five years.

Article 16. Standards and conditions for members of the Supervisory Board

Members of the Supervisory Board must meet the following standards and conditions:

1. Not falling under the categories specified in Clause 1 of Article 42 and Article 43 of the Law on Credit Organizations.

2. Possess professional ethics.

3. Have a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking, business management, law, and have at least one year of work experience in a field related to microfinance.

4. The Chairman of the Supervisory Board must reside in Vietnam during their term of office.

Article 17. Standards and conditions for the General Director (Director)

The General Director (Director) must meet the following standards and conditions:

1. Not falling under the categories specified in Clause 1 of Article 42 and Article 43 of the Law on Credit Organizations.

2. Not currently managing or operating a microfinance program or project; not currently managing or operating an organization implementing a microfinance program or project.

3. Possess professional ethics.

4. Have a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking, business management, law.

5. Have at least two years of experience as a manager of a credit organization or at least two years as a General Director (Director) of a company with minimum capital equal to the statutory capital of a microfinance organization as provided by law, or have at least three years of experience in a managerial position (from Head of Department upwards) in the microfinance sector, or have at least five years of direct work experience in the financial sector (including microfinance), banking, accounting, and auditing.

6. Reside in Vietnam during their term of office.

Article 18. Standards and conditions for Deputy General Directors (Deputy Directors), Chief Accountants, Branch Managers

1. Deputy General Directors (Deputy Directors) are not subject to the provisions of Clause 1, Article 42 and Article 43 of the Law on Credit Organizations; Chief Accountants are not subject to the provisions of Clauses 2 and 3, Article 42 of the Law on Credit Organizations; Branch Managers are not subject to the provisions of Clause 2, Article 42 of the Law on Credit Organizations.

2. Meet one of the following conditions:

a) Have a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking, business management, law, or another field relevant to the specialized area they will be responsible for;

b) Have a bachelor's degree or higher in another field and have at least two years of direct work experience in the financial sector (including microfinance), banking, or the specialized area they will be responsible for.

3. Reside in Vietnam during their term of office.

4. The Chief Accountant must meet the standards and conditions prescribed by law on accounting.

Section 4

APPROVAL OF THE LIST OF PROPOSED PERSONS TO BE ELECTED OR APPOINTED AS MEMBERS OF THE BOARD OF MEMBERS, MEMBERS OF THE SUPERVISORY BOARD, GENERAL DIRECTORS (DIRECTORS) OF MICROFINANCE ORGANIZATIONS

APPOINTMENT AS A MEMBER OF THE BOARD OF MEMBERS, DISCIPLINARY BOARD MEMBER, DIRECTOR (MANAGER) OF MICROFINANCE ORGANIZATION

APPOINTMENT AS A MEMBER OF THE BOARD OF MEMBERS, DISCIPLINARY BOARD MEMBER, DIRECTOR (MANAGER) OF MICROFINANCE ORGANIZATION

FINANCIAL MICROORGANIZATION

Article 19. On assessing professional ethics for proposed personnel to be elected or appointed as members of the Board of Members, members of the Supervisory Board, and General Directors (Directors) of microfinance organizations

1. Persons falling under any of the following circumstances shall be considered as lacking professional ethics:

a) A person who bears responsibility according to the conclusion of inspection or audit leading to a credit organization or foreign bank branch being administratively punished in the monetary and banking sector at the highest fine level for violations concerning licenses, governance, management, shares, stocks, capital contributions, purchasing shares, granting loans, purchasing corporate bonds, safety ratios, as stipulated by laws on administrative handling in the monetary and banking sector;

b) A person named in the conclusion of inspection or audit bearing responsibility leading to a credit organization or foreign bank branch being administratively punished in the monetary and banking sector, where the credit organization or foreign bank branch has not yet completed the execution of the administrative punishment decision;

c) A person who has been administratively punished for violations in the monetary and banking sector within one year from the date of completing the execution of the administrative punishment decision or one year from the expiration of the enforcement period of the administrative punishment decision;

d) A person who bears personal responsibility for violations concerning licenses, governance, management, shares, stocks, capital contributions, purchasing shares, granting loans, purchasing corporate bonds, safety ratios, asset classification, off-balance sheet commitments, provision setting and usage for risk handling as stipulated by law, as reflected in the conclusions of inspection, audit, and review by competent state agencies, where recommendations regarding such violations have not been assessed by competent state agencies as having been fully rectified and corrected.

2. Proposed personnel who do not fall under any of the circumstances stipulated in Clause 1 of this Article must meet the following requirements:

a) Proposed personnel currently working or previously worked at a credit organization or foreign bank branch must comply with the rules and ethical standards established by that credit organization or foreign bank branch itself, in accordance with the State Bank's regulations on internal control systems applicable to credit organizations and foreign bank branches;

b) Proposed personnel must comply with the rules and ethical standards established by the microfinance organization, in accordance with the State Bank's regulations on internal control systems applicable to microfinance organizations.

Article 20. Documents for Requesting Approval of the Proposed Personnel List

1. The financial micro-organization's document requesting the State Bank to approve the proposed personnel list according to the model prescribed in Appendix XI issued together with this Circular.

2. The document approving the proposed personnel list of the financial micro-organization (for board members and supervisory board members, the term of office must be clearly stated), specifically:

a) For a single-member limited liability company financial micro-organization: The document from the legitimate representative of the owner;

b) For a multi-member limited liability company financial micro-organization:

(i) In the case of proposing to appoint board members and supervisory board members: The document appointing individuals to participate as board members and supervisory board members signed by the legitimate representative of the capital contributors;

(ii) In the case of proposing to appoint General Director (Director): The resolution of the Board of Directors.

3. Curriculum vitae of the proposed personnel to be elected or appointed according to the model at Appendix II issued together with this Circular.

4. Criminal record certificate of the proposed personnel for election or appointment:

a) For personnel with Vietnamese citizenship: The criminal record certificate of the proposed personnel to be elected or appointed, which must include complete information on criminal records (including those that have been expunged and those that have not been expunged) and information on prohibition from holding positions, establishing, and managing enterprises and cooperatives;

b) For personnel without Vietnamese citizenship: A criminal record certificate or equivalent document (including expunged and unexpunged criminal records and information on prohibition from holding positions, establishing, and managing enterprises and cooperatives) must be issued by the competent authority of the country where the foreigner resided before coming to Vietnam. In cases where foreigners have resided in Vietnam for six months or more, the criminal record certificate shall be issued by the competent authority responsible for issuing criminal record certificates at the place where the foreigner is temporarily residing.

The judicial record or equivalent document must be issued by the competent authority no later than six months prior to the submission of the microfinance organization's application for approval of the list of expected personnel.

The proposed personnel to be elected or appointed may present an electronic criminal record certificate issued through the VNeID identity verification application or submit an electronic criminal record certificate in accordance with the relevant laws.

5. A list of related persons to the proposed personnel to be elected or appointed according to the model at Appendix IV issued together with this Circular.

6. Certificates and diplomas proving the professional qualifications of the proposed personnel to be elected or appointed, including certificates issued by foreign educational institutions for personnel with Vietnamese citizenship, which must be recognized by the competent Vietnamese authorities in accordance with relevant laws.

7. Evaluation documents of the financial micro-organization; of other credit organizations, branches of foreign banks where the proposed personnel have worked or are working as stipulated in Clause 2, Article 19 of this Circular according to the model at Appendix XII issued together with this Circular.

8. Documents proving compliance with the standards and conditions regarding experience for the proposed personnel to hold the position of board member as stipulated in Clause 5, Article 15 of this Circular, specifically:

a) For the condition stipulated in Point a, Clause 5, Article 15: The document from the authorized representative of the credit organization where the proposed personnel have worked or are working confirming the position and duration of service (which includes confirmation that the personnel is a manager or executive) or a copy of the document proving the position and duration of service at the credit organization of the proposed personnel;

b) For the condition stipulated in Point b, Clause 5, Article 15:

(i) The content of the Articles of Association of the enterprise specifying the management personnel or internal regulations of the enterprise if the Articles of Association do not specify management personnel;

(ii) The document from the authorized representative of the enterprise where the proposed personnel have worked or are working confirming the position (which includes confirmation that the proposed personnel is a manager) and the duration of service or a copy of the document proving the position and duration of service at the unit of the proposed personnel;

(iii) The audited financial report by an independent auditing organization of the enterprise where the proposed personnel have been or are managers. If the enterprise does not fall under the category required to audit annual financial reports, it must provide the financial report submitted to the tax authority in accordance with the law;

c) For the condition stipulated in Points c and d, Clause 5, Article 15: The document from the authorized representative of the unit where the proposed personnel have worked or are working confirming direct work in business operations, direct work in the field of financial micro-organizations, and the duration of work in these departments or a copy of the documents proving the department of work, the field of work, and the duration of assuming duties of the proposed personnel in these departments.

9. Documents proving compliance with the standards and conditions regarding experience for the proposed personnel to hold the position of supervisory board member as stipulated in Clause 3, Article 16 of this Circular: The document from the authorized representative of the unit where the proposed personnel have worked or are working confirming the field of work and the duration of relevant experience in financial micro-organizations or a copy of the documents proving the field of work, the duration of assuming duties of the proposed personnel in this field.

10. Documents proving compliance with the standards and conditions regarding experience for the proposed personnel to hold the position of General Director (Director) as stipulated in Clause 5, Article 17 of this Circular, specifically:

a) For the condition of having at least two years of experience as an executive of a credit organization: The document from the authorized representative of the credit organization where the proposed personnel have worked or are working confirming the position and duration of service or a copy of the document proving the position and duration of service at the credit organization of the proposed personnel;

b) For the condition of having at least two years of experience as Director (Manager) of a business with minimum owner's equity equal to the statutory capital requirement of a financial microorganization:

(i) Financial statements audited by an independent auditing organization of the enterprise where the personnel is expected to have held or currently holds the position of General Director (Director). In cases where the enterprise is not required to audit annual financial reports, it must provide financial statements submitted to the tax authority in accordance with the law;

(ii) A document from the authorized representative of the enterprise where the personnel is expected to have worked confirming the position and duration of holding such position, or a copy of a document proving the position and duration of holding such position at the enterprise;

c) For the condition of having at least three years of work experience in a management position (from Head of Department upwards) in microfinance or at least five years of direct work experience in finance (including microfinance), banking, accounting, auditing: A document from the authorized representative of the unit where the personnel is expected to have worked confirming that the personnel has directly worked in the field of finance, banking, accounting, auditing, their position, and the duration of work in this field, or a copy of documents proving the position, field of work, and duration of assuming duties of the personnel in this field;

11. For personnel expected to be elected or appointed under the exceptional circumstances stipulated in point c, Clause 1, point đ, e, Clause 2, Article 42 of the Law on Credit Institutions: A document from the competent authority or organization authorizing the personnel to represent the State's equity, or the equity of enterprises in which the State holds at least 50% of the charter capital, in credit institutions; appointing, designating, or appointing the personnel to participate in managing, operating, or supervising credit institutions or credit institutions declared bankrupt according to the assigned tasks;

Article 21. Procedures for Implementation

1. Microfinance organizations shall prepare one set of application documents in accordance with Article 20 of this Circular and submit them to the State Bank requesting approval of the proposed personnel list.

2. If the application documents are incomplete or invalid, within fifteen days from the date of receipt of the documents, the State Bank shall issue a document requesting the microfinance organization to supplement the documents.

Within fifteen days from the date of receiving all the documents from the microfinance organization, the State Bank shall issue a document approving the proposed personnel list of the microfinance organization. In case of non-approval, the State Bank must issue a document providing reasons for the rejection.

Article 22. Effective Period of Approval Document for Proposed Personnel List

The approval document for the proposed personnel list of microfinance organizations issued by the Director of the Credit Institution Supervision Department in accordance with the form prescribed in Appendix XIV attached to this Circular shall be valid for six months from the date of issuance.

Section 5

CHARTER CAPITAL, EQUITY CONTRIBUTION RATIO, CONDITIONS FOR TRANSFER

ASSIGNMENT OF EQUITY CONTRIBUTION

Article 23. Charter Capital

1. The charter capital of a microfinance organization is the capital that has been actually contributed by the owner or actually contributed by the members and recorded in the Articles of Association.

2. The owner or contributing members may not use entrusted capital, raised capital, or borrowed capital in any form to contribute to the microfinance organization and must commit to and be responsible for the legality of the source of the contribution.

3. The charter capital of a microfinance organization must be contributed in Vietnamese Dong.

Article 24. Proportion of Contributed Capital Ownership

1. The proportion of contributed capital ownership of all members who are political-social organizations must reach at least 25% of the charter capital of the microfinance organization.

2. The proportion of contributed capital ownership of members who are not political-social organizations shall not exceed the proportion of contributed capital ownership of political-social organizations.

3. The proportion of contributed capital ownership of a member and related persons shall not exceed 50% of the charter capital of the microfinance organization.

Article 25. Transfer of Contributed Capital

1. The transfer of contributed capital must comply with the provisions of Article 24 of this Circular, the Enterprise Law, and other relevant laws.

2. Within five years from the date of issuance of the License, founding members may only transfer their contributed capital to other founding members under conditions that ensure the proportions of contributed capital ownership as stipulated in Article 24 of this Circular.

3. For a microfinance organization that is a single-member limited liability company, the owner may only transfer the entire contributed capital to another legal entity that meets the conditions set forth by the Government regarding the qualifications for owners.

4. For a microfinance organization that is a limited liability company with two or more members, contributing members may transfer part or all of their contributed capital to other contributing members or other legal entities. The transfer of contributed capital by a member must ensure:

a) Not changing the legal form of the microfinance organization;

b) Prioritizing the transfer of contributed capital to remaining members in proportion to their respective contributed capital shares under the same conditions;

c) Transferring contributed capital to other legal entities can only be done when the remaining contributing members do not purchase or do not fully purchase within thirty days from the date of offering, and it must be carried out under conditions that are not more favorable than those offered to the remaining contributing members in the microfinance organization;

d) The legal entity receiving the transferred contributed capital from a member must meet the conditions set forth by the Government regarding the qualifications for founding members.

Chapter 6

ACTIVITIES OF MICROFINANCE ORGANIZATIONS

Article 26. Content of Activities

1. Microfinance organizations may carry out the following capital-raising activities:

a) Accepting deposits in Vietnamese dong in the following forms: Compulsory savings; deposits from organizations and individuals, including voluntary deposits from microfinance customers, except deposits intended for payment purposes;

b) Borrowing or accepting deposits from credit institutions, foreign bank branches;

c) Borrowing abroad in accordance with the law.

2. Microfinance organizations may deposit money at credit institutions, foreign bank branches.

3. Microfinance organizations may only lend in Vietnamese dong to microfinance customers for income-generating activities and improving living conditions. Microfinance organizations may not lend to customers for purchasing or investing in securities.

Loans from microfinance organizations may be secured by compulsory savings, guarantees from groups of savings and borrowing customers (hereinafter referred to as borrowing groups) according to the regulations of the microfinance organization.

Microfinance organizations may provide loans to poor households, near-poor households, and low-income families through household representatives. Household representatives must be members of the household and must be authorized in writing by the household members in accordance with the law.

4. The total outstanding loan balance of a microfinance organization to a micro-enterprise customer shall not exceed 200 million Vietnamese dong.

5. The total outstanding loan balance of a microfinance organization to a poor household, near-poor household, individual belonging to a poor household, individual belonging to a near-poor household, individual with low income, and low-income family shall not exceed 100 million Vietnamese dong.

Lending to poor households and near-poor households must comply with the following requirements:

a) Poor households and near-poor households must reside legally in the area where the loan is provided;

b) They must be listed in the poor household and near-poor household list at the commune level administrative unit according to the multidimensional poverty standard.

6. Microfinance organizations may only lend to individuals belonging to poor households, individuals belonging to near-poor households, other workers as stipulated in point b(iii) Clause 4 Article 3 of this Circular, and low-income families through borrowing groups and those approved or introduced by local authorities at various levels or political-social organizations to the microfinance organization.

7. Microfinance organizations may open settlement accounts at the State Bank, commercial banks, and foreign bank branches. Microfinance organizations may not open settlement accounts for customers.

8. Insurance agency as follows:

a) When the license issued by the State Bank to the microfinance organization includes insurance agency activities, the microfinance organization may carry out insurance agency activities for types of insurance as prescribed by the Insurance Business Law;

b) When carrying out insurance agency activities, the microfinance organization must comply with the laws on insurance business and other relevant laws.

9. Microfinance organizations may carry out certain other business activities as stipulated in point a, b, c, and d Clause 1 Article 130 of the Law on Credit Organizations.

Article 27. Internal regulations on lending

Microfinance organizations must establish internal regulations on lending for customers as specified in Clauses 4 and 5 of Article 26 of this Circular, including at least the following contents:

1. Criteria to determine customers as other workers as provided for in point b(iii) Clause 4 of Article 3 of this Circular.

2. Specific provisions on loan groups, which must include at least the following contents:

a) Purpose of establishing loan groups;

b) Number of members participating in loan groups; wherein the minimum number of members in a loan group is 05 members and the maximum is 60 members, legally residing in the same administrative unit at the commune level or working in the same organization, enterprise, having a need for loans or currently having outstanding debts with microfinance organizations;

c) Operation system of loan groups including at least the following contents:

(i) Regular meetings monthly and when necessary;

(ii) Minimum number of members participating in regular meetings;

d) Process of reviewing and selecting members to propose for lending;

đ) Standards and conditions for the head of loan groups;

e) Rights and responsibilities of the head and members of loan groups;

g) Relationship between loan groups and local authorities, political-social organizations;

h) Measures to manage and prevent concentrated risks for loan groups established based on the criterion of members working in the same organization, enterprise;

3. Loan approval process and disbursement of loan funds.

4. Control, management, and supervision processes to ensure that borrowed funds are used for their intended purposes.

Article 28. Duration of operation and operating area

1. The duration of operation of microfinance organizations recorded in the License shall not exceed 50 years.

2. The operating area of microfinance organizations is defined in the License.

3. Microfinance organizations implement expansion of their operational network outside the province or centrally-administered city where their headquarters is located according to the State Bank's regulations on the operational network of microfinance organizations.

Chapter III

RESPONSIBILITIES OF UNITS

Article 29. Responsibilities of microfinance organizations, other credit institutions, and foreign bank branches

1. Microfinance organizations have the responsibility:

a) To notify the State Bank in writing of the results of elections and appointments of positions of members of the Board of Directors, members of the Supervisory Board, General Director (Director) according to the form attached as Appendix XV to this Circular within 10 days from the date of election or appointment;

b) To notify the State Bank in writing of the legal representative according to Clause 3 of Article 11 of the Law on Credit Institutions and in case of changes in information about the legal representative;

c) Microfinance organizations where the proposed personnel have been or are currently working have the responsibility to assess the professional ethics of the proposed personnel to be elected or appointed as members of the Board of Management, members of the Board of Directors, members of the Supervisory Board, General Director (Director) of other credit institutions, foreign bank branches when the proposed personnel request;

d) To implement other contents as prescribed in this Circular.

2. Other credit institutions, foreign bank branches where the proposed personnel have been or are currently working are responsible for assessing professional ethics according to the form attached as Appendix XII to this Circular, except for credit institutions, foreign bank branches that have been dissolved, declared bankrupt, merged, or absorbed.

Article 30. Responsibilities of Units under the State Bank

1. The Credit Institution Management and Supervision Department shall be responsible for:

a) Serving as the focal point for reviewing applications for issuance and renewal of Licenses; submitting to the Governor of the State Bank a request for relevant information from judicial authorities concerning criminal records of shareholders when processing license issuance requests as stipulated in Article 8 of this Circular; submitting to the Governor of the State Bank for consideration and decision on issuing and renewing Licenses;

b) Issuing certified copies of Licenses from the original register for microfinance organizations as provided for in Clause 1, Article 11 of this Circular;

c) Serving as the focal point for reviewing applications, soliciting opinions from related units, and issuing approvals or disapprovals of proposed lists of individuals to be elected or appointed as members of the Board of Directors, members of the Supervisory Board, and General Managers (Directors) of microfinance organizations;

d) Implementing the notification of information to the business registration authority as stipulated in Article 12 of this Circular;

đ) Receiving internal regulations of the Risk Management Committee and Human Resources Committee of microfinance organizations as provided for in Clause 1, Article 14 of this Circular;

e) Within three working days from the date of receipt of the notification document of the microfinance organization as stipulated in Clause 1, Article 29 of this Circular, notifying in writing the provincial business registration authority where the main office of the microfinance organization is located to update into the national enterprise registration information system;

g) Supervising microfinance organizations according to their assigned functions and tasks in implementing the provisions of this Circular and relevant laws;

h) Taking the lead and coordinating with Departments and Bureaus under the State Bank to submit to the Governor of the State Bank for consideration issues related to the establishment, organization, and operation of microfinance organizations;

i) Implementing other contents as prescribed in this Circular.

2. The State Bank Inspectorate shall be responsible for inspecting and handling violations by microfinance organizations according to its assigned functions and tasks in implementing the provisions of this Circular and relevant laws.

Article 31. State Bank Branches in Regions

1. Inspecting, supervising, and handling violations by subordinate units of microfinance organizations within their jurisdiction as prescribed by law.

2. Participating in providing opinions to the State Bank (Credit Institution Management and Supervision Department) as stipulated in Point c, Clause 3, Article 9 of this Circular.

3. Providing written opinions based on the model attached at Appendix XIII issued together with this Circular within five working days from the date of receipt of the request document from the Credit Institution Management and Supervision Department as stipulated in Point c, Clause 1, Article 30 of this Circular.

4. After receiving notifications from microfinance organizations regarding opening conditions for operations as stipulated in the Law on Credit Institutions, inspecting, directing, and supervising microfinance organizations to ensure compliance with legal requirements and State Bank regulations before commencing operations and reporting to the State Bank (Credit Institution Management and Supervision Department) on the conditions and progress of opening operations of microfinance organizations.

5. Directing, guiding, supervising, and inspecting microfinance organizations operating within their jurisdiction in implementing the provisions of this Circular.

Chapter IV

IMPLEMENTING PROVISIONS

Article 32. Transitional Provisions

1. Microfinance organizations established and operating under Licenses issued by the State Bank prior to the effective date of this Circular are not required to reapply for Licenses or adjust their shareholder composition.

2. For loan contracts signed before July 1, 2024, and in compliance with legal provisions at the time of signing, microfinance organizations and other customers may continue to implement the agreements signed until the end of the loan contract term or amend them in accordance with the provisions of this Circular.

3. Deposit agreements, including voluntary and mandatory savings deposits, signed before July 1, 2024, microfinance organizations and customers may continue to implement the agreements signed until the end of the agreement term. Amendments, extensions of agreements can only be made if the amendments, extensions comply with the provisions of this Circular.

4. Managers and operators of microfinance organizations elected or appointed before July 1, 2024, who do not meet the requirements stipulated in Articles 15, 17, and 18 of this Circular may continue to hold their positions until the end of their term or until the end of their appointment period.

5. Members of the Supervisory Board of microfinance organizations elected or appointed before the effective date of this Circular and meeting the standards and conditions prescribed by law at the time of election or appointment may continue to hold their positions until the end of their term or until the end of their appointment period.

6. Applications for approval of proposed personnel lists submitted to the State Bank fully before the effective date of this Circular will continue to be processed in accordance with Circular No. 33/2024/TT-NHNN.

Article 33. Implementation Provisions

1. This Circular takes effect from February 9, 2026.

2. Circular No. 33/2024/TT-NHNN dated June 30, 2024, of the Governor of the State Bank of Vietnam on the dossier, procedures for issuing the License, organization and operation of microfinance organizations shall cease to be effective from the date this Circular takes effect, except for the provisions at Clause 6, Article 32 of this Circular.

Article 34. Responsibility for Implementation

The heads of units under the State Bank of Vietnam and microfinance organizations are responsible for implementing this Circular./.