Circular No. 63/2025/TT-NHNN Amending and Supplementing Certain Provisions of Several Circulars on People's Credit Funds

CIRCULAR

Amending and supplementing certain Articles of several Circularsconcerning people's credit funds

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

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

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

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

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

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain Articles of several Circulars concerning people's credit funds.

PART I
AMENDING AND SUPPLEMENTING CERTAIN ARTICLES OF CIRCULAR NO. 29/2024/TT-NHNN REGULATING PEOPLE'S CREDIT FUNDS

Article 1. Amending and supplementing Point d Clause 2 Article 25

“d) Quarterly, submit unused blank savings books to the cooperative bank and open a tracking book;”.

Article 2. Amending and supplementing certain Clauses of Article 32

2. Amending and supplementing Clause 5 as follows:

“1. People’s credit funds operating in multiple communes within the same province or centrally governed city, where the commune adjacent to the headquarters of the people’s credit fund belongs to the same province or centrally governed city, may maintain their current operational area if they are rated as good or better annually by the branch of the State Bank of Vietnam.”.

Article 4. Amending and supplementing Clause 1, Clause 2, and Clause 3 of Article 17 of Decree No. 81/2018/NĐ-CP which has been amended and supplemented by Clause 3 of Article 1 of Decree No. 128/2024/NĐ-CP

“5. As of June 15, 2026, people’s credit funds operating in multiple communes within the same province or centrally governed city, where the commune adjacent to the headquarters of the people’s credit fund belongs to the same province or centrally governed city, which do not meet the conditions specified in Clause 1 of this Article, must develop a resolution plan to ensure compliance with the conditions for operating in multiple communes. The development of the resolution plan must satisfy the following requirements:

a) Within a maximum period of 60 days from receiving the annual ranking result notification from the branch of the State Bank of Vietnam, the people’s credit fund must submit the resolution plan to the branch of the State Bank of Vietnam, including at least the following contents:

(i) Current status of operations in multiple communes;

(ii) Clearly identify the indicators and reasons leading to non-compliance with the conditions specified in Clause 1 of this Article;

(iii) Plan and measures to address the situation quarterly and commit to ensuring compliance with the conditions for operating in multiple communes as specified in Clause 1 of this Article within a maximum period of 12 months from the date of receipt of the ranking result notification;

b) Quarterly, before the 10th day of the first month of each quarter, the people’s credit fund must submit a report on the progress of implementing the resolution plan as specified in Point a Clause 5 of this Article, either directly or through postal service to the branch of the State Bank of Vietnam.”.

3. Amending and supplementing Clause 6 as follows:

“6. After the maximum resolution period specified in Point a(iii) Clause 5 of this Article, if the people’s credit fund does not meet the conditions for operating in multiple communes as specified in Clause 1 of this Article, it must develop a resolution plan to cease operations in adjacent communes according to the following provisions:

a) Within a maximum period of 60 days after the end of the maximum resolution period specified in Point a(iii) Clause 5 of this Article, the people’s credit fund must submit the resolution plan to the branch of the State Bank of Vietnam, including at least the following contents:

(i) Current status of operations in multiple communes;

(ii) Plan and measures to address the situation quarterly and commit to ensuring cessation of operations in adjacent communes and adjustment of operations back to the headquarters’ commune within a maximum period of 24 months from the end of the resolution period specified in Point a(iii) Clause 5 of this Article;

b) Quarterly, before the 10th day of the first month of each quarter, the people’s credit fund must submit a report on the progress of implementing the resolution plan as specified in Point a Clause 6 of this Article, either directly or through postal service to the branch of the State Bank of Vietnam;

c) During the implementation of the resolution plan, the people’s credit fund shall not admit new members or provide new loans in the communes where operations are to be ceased.”.

4. Amending and supplementing Clause 7 as follows:

“7. People’s credit funds operating in communes that are not contiguous to the headquarters’ commune or operating in contiguous communes outside the same province or centrally governed city due to administrative boundary adjustments must develop a resolution plan to cease operations in non-contiguous communes and communes outside the same province or centrally governed city according to the following provisions:

a) Within a maximum period of 60 days from the effective date of the administrative boundary adjustment document issued by the competent authority or 60 days from the date of complete withdrawal of state capital from the people’s credit fund, the people’s credit fund must submit the resolution plan to the branch of the State Bank of Vietnam, including at least the following contents:

(i) Current status of operations in contiguous communes of the people’s credit fund;

(ii) Plan and measures to address the situation quarterly, including restructuring under the provisions of the law, and commitment to ensuring cessation of operations in non-contiguous communes and communes outside the same province or centrally governed city within a maximum period of 36 months from the effective date of the administrative boundary adjustment document issued by the competent authority or from the date of complete withdrawal of state capital from the people’s credit fund;

b) Within a maximum period of 14 days from the date of receipt of the resolution plan submitted by the people’s credit fund as specified in Point a of this Clause, the branch of the State Bank of Vietnam will issue a document requesting the people’s credit fund to revise and supplement the resolution plan if it does not meet the requirements. In case the branch of the State Bank of Vietnam requests revision and supplementation, within a maximum period of 30 days from the date of issuance of the request for revision and supplementation, the people’s credit fund must complete and submit the revised and supplemented resolution plan to the branch of the State Bank of Vietnam. Within a maximum period of 14 days from the date of receipt of the resolution plan (including the revised and supplemented version), the branch of the State Bank of Vietnam will issue a document approving the resolution plan of the people’s credit fund.

Quarterly, before the 10th day of the first month of each quarter, the people’s credit fund must submit a report on the progress of implementing the approved resolution plan to the branch of the State Bank of Vietnam, either directly or through postal service;

c) During the implementation of the resolution plan, the people’s credit fund shall not admit new members or provide new loans in the communes where operations are to be ceased.”.

5. Amending and supplementing Clause 8 as follows:

"8. Within five working days from the date of completing the disposal plan as prescribed in Clause 6 and Clause 7 of this Article, the people's credit cooperative shall submit a report on the completion of the disposal plan and request to amend and supplement the License for the operating area to the State Bank branch."

Within ten days from the date of receipt of the request document of the people's credit cooperative, the State Bank branch shall issue a Decision to amend and supplement the License for the operating area of the people's credit cooperative."

6. Amend and supplement Clause 9 as follows:

"9. In case the people's credit cooperative does not submit the disposal plan within the maximum time limit prescribed in Clause 5, Clause 6, and Clause 7 of this Article, or does not resubmit the disposal plan that needs to be amended and supplemented according to the requirements of the State Bank branch as prescribed in Clause 7 of this Article, or the people's credit cooperative fails to implement the disposal plan within the time limit prescribed in Clause 6 and Clause 7 of this Article, depending on the form and nature of the violation, the State Bank branch shall apply the following measures:

a) Downgrade the ranking when conducting the annual ranking of people's credit cooperatives;

b) Administrative penalty;

c) Apply restrictions on credit growth;

d) Implement mandatory restructuring;

đ) Revoke the License."

7. Amend and supplement Clause 10 as follows:

"10. The submission of the disposal plan as prescribed in Clause 7 of this Article; the submission of the report document on the completion of the disposal plan and the request to amend and supplement the License for the operating area as prescribed in Clause 8 of this Article shall be carried out in one of the following forms:

a) Submit directly at the One-Stop Service Center of the State Bank branch;

b) Send through postal service;

c) Submit online through the National Public Service Portal.

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

In case the National Public Service Portal system encounters technical issues or errors preventing the acceptance and exchange of electronic information, the submission of the dossier, acceptance, issuance of results, exchange, and feedback of information shall be carried out through postal service or directly at the One-Stop Service Center of the State Bank branch.

The State Bank branch shall issue the result of the administrative procedure prescribed in this Circular through online methods or postal service or directly at the One-Stop Service Center of the State Bank branch."

8. Supplement Clause 11 as follows:

"11. From February 16, 2026, the people's credit cooperatives currently implementing the disposal plan to terminate the operation of nearby cooperatives approved by the State Bank branch shall continue to implement the disposal plan according to the approved plan."

Chapter II
AMENDMENTS AND SUPPLEMENTS TO SOME ARTICLES OF CIRCULAR NO. 01/2025/TT-NHNN ON THE ISSUANCE OF LICENSES FOR THE FIRST TIME AND THE AMENDMENT OF LICENSES OF PEOPLE'S CREDIT COOPERATIVES OF THE PEOPLE'S CREDIT UNION FUND

Article 3. Amendments and supplements to Article 5

1. Amend the name of Article 5 as follows:

“Article 5. Principles for drafting, submitting, accepting dossiers, and issuing results” .

2. Amend and supplement Clause 6 as follows:

"6. The dossier for the first issuance of the License and the amendment of the License shall be submitted directly or sent through postal service to the One-Stop Service Center of the State Bank Region or submitted online through the National Public Service Portal.

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

In case the National Public Service Portal system encounters technical issues or errors preventing the acceptance and exchange of electronic information, the submission of the dossier, acceptance, issuance of results, exchange, and feedback of information shall be carried out through postal service or directly at the One-Stop Service Center of the State Bank Region."

3. Supplement Clause 7 as follows:

"7. The State Bank Region shall issue the result of the administrative procedure prescribed in this Circular through online methods or postal service or directly at the One-Stop Service Center of the State Bank Region."

Article 4. Amending and supplementing Clause 2 of Article 6

“2. In cases where the License is lost, torn, burned, damaged, or deteriorated, the people's credit fund may submit a request for issuance of a copy of the License from the original book according to the form prescribed in Appendix No. 02 attached hereto, either directly or through postal services to the One-Stop Service Window of the State Bank Region or submit online through the National Public Service Portal requesting issuance of a copy of the License from the original book in accordance with the provisions of the law.

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

Article 5. Amending and supplementing Point g of Clause 3 of Article 8

“g) Proposing a system of internal control and audit that complies with the regulations of the Governor of the State Bank of Vietnam (hereinafter referred to as the Governor of the State Bank of Vietnam):

(i) Principles of operation of the internal control system;

(ii) Draft internal regulations on the organization and operation of the people's credit fund, at least including the internal regulations stipulated in Clause 2 of Article 101 of the Law on Credit Organizations and regulations on the organization and operation of the Board of Directors, Supervisory Board, and management personnel;

(iii) Content and procedures for internal audit activities;”

Article 6. Amending Point b of Clause 2 of Article 12

“b) Within twenty-one days from the date of receipt of a complete and valid dossier of the people's credit fund, the State Bank Region shall implement the issuance of a new License (including the addition of business contents simultaneously with the issuance of a new License) upon the request of the people's credit fund. In case of refusal, the State Bank Region shall provide a written response stating the reasons.”

Article 7. Amending and supplementing Appendices

Supplementing the phrase "Organization Identification Code (if applicable)" after the phrase "English Abbreviation (if applicable)" in the section "Name of People's Credit Fund" in Appendices No. 01, 02, 03, 07, and 08 issued together with Circular No. 01/2025/TT-NHNN.

Chapter III
AMENDING AND SUPPLEMENTING SOME ARTICLES OF CIRCULAR NO. 10/2025/TT-NHNN REGULATIONS ON REORGANIZATION, REVOCATION OF LICENSES, AND LIQUIDATIONOF ASSETS OF PEOPLE'S CREDIT FUNDS

Article 8. Supplementing Clause 4 to Article 7

“4. The number of transaction offices of the people's credit fund after reorganization shall be implemented in accordance with the following provisions:

a) The number of transaction offices in one administrative unit at the commune level of the people's credit fund after reorganization shall be implemented in accordance with the regulations of the Governor of the State Bank on the network operations of credit organizations that are cooperatives, except for the provisions of point b of this clause;

b) In cases of merger or consolidation of people's credit funds within the same administrative unit at the commune level, the maximum number of transaction offices shall be equal to the total number of people's credit funds participating in the merger or consolidation. The people's credit fund receiving the merger, the consolidated people's credit fund shall maintain the current number of transaction offices for a period of five years from the date the Decision approving the merger or consolidation takes effect;

c) The people's credit fund shall be responsible for developing plans, timelines, and completing the cessation of operations of transaction offices exceeding the number specified in point a of this clause within a maximum period of twelve months from the date the Decision approving the merger or consolidation takes effect or from the end of the five-year period specified in point b of this clause.”

Article 9. Amending and supplementing some points of Clause 2, Article 12

1. Amending and supplementing Point d as follows:

“d) The implementation roadmap; the plan and roadmap for handling the operating area, handling branch offices exceeding the prescribed limit (if any) in accordance with Clause 2, Clause 4 of Article 7 of this Circular;”

2. Amending and supplementing Point e as follows:

“e) The forecast on the name, operating area, location of the headquarters and network of operations (including the reorganization of the branch office network in accordance with Clause 4 of Article 7 of this Circular), the duration of operation, charter capital, and the content of operations of the people's credit fund after restructuring in compliance with relevant laws;”

Article 10. Amending and supplementing some points and clauses of Article 13

1. Amending Point c, Clause 1 as follows:

“c) Within ten days from the date of receiving the confirmation letter that all valid documents have been received, the State Bank Region shall send a document to seek opinions of the People's Committee of the commune where the proposed candidates reside regarding the list of proposed candidates for election and appointment as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and General Director of the people's credit fund after restructuring;”

2. Amending and supplementing Point d, Clause 1 as follows:

“d) Within forty-two days from the date of receiving all valid documents, the State Bank Region shall issue a document:

(i) Approving in principle the restructuring of the people's credit fund; approving the plan to reorganize the branch office network; the list, location of the headquarters, and branch offices of the people's credit fund after restructuring (if applicable);

(ii) Approving the list of proposed candidates for election and appointment as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and General Director of the newly formed people's credit fund. Approving the list of proposed candidates for election and appointment as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and General Director of the people's credit fund being split, and the people's credit fund receiving absorption (if there are changes).

In case of non-approval, the State Bank Region shall issue a document specifying the reasons.”

3. Amending and supplementing Point b, Clause 3 as follows:

“b) Within twenty-one days from the date of receiving all valid documents, the State Bank Region:

(i) Shall issue a document approving the restructuring of the people's credit fund according to the model prescribed in Appendix No. 2, Appendix No. 3, Appendix No. 4, and Appendix No. 5 issued together with this Circular;

(ii) Approving the establishment of branch offices of the people's credit fund after restructuring; Issuing, amending, and supplementing the Business License for the people's credit fund after restructuring.”

Article 11. Amending some clauses of Article 14

1. Amending Clause 6 as follows:

“6. Within ten days from the date of receiving the confirmation letter that all valid documents have been received, the State Bank Region shall issue a document to seek opinions of the People's Committee of the commune where the proposed candidates reside regarding the list of proposed candidates for election and appointment as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and General Director of the people's credit fund after restructuring.

Within ten days from the date of receiving the document seeking opinions, the People's Committee of the commune shall issue a document providing comments on the contents requested.”

2. Amending Clause 7 as follows:

“7. Within fifty days from the date of receiving the report of the Special Supervisory Board as stipulated in Clause 3 of this Article, the State Bank Region shall issue a document approving the merger and consolidation plan, approving the merger and consolidation of the people's credit funds. In case of non-approval, the State Bank Region shall issue a document to the people's credit fund under special supervision and the Special Supervisory Board specifying the reasons.

In case of approval of the merger and consolidation plan, the State Bank Region shall issue a document:

a) Approving in principle the merger and consolidation of the people's credit funds;

b) Approving the list of proposed candidates for election and appointment as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and General Director of the people's credit fund formed after consolidation.

Approving the list of proposed candidates for election and appointment as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and General Director of the people's credit fund receiving absorption (if there are changes).”

3. Amending Clause 10 as follows:

“10. Within twenty-five days from the date of receiving all valid documents, the State Bank Region:

a) Shall issue a document approving the merger and consolidation of the people's credit funds according to the model prescribed in Appendix No. 2 and Appendix No. 3 issued together with this Circular;

b) Issuing, amending, and supplementing the Business License for the consolidated people's credit fund and the people's credit fund receiving absorption.

In case of non-approval, the State Bank Region shall issue a document specifying the reasons.”

Article 12. Amend some Points and Clauses of Article 17

1. Amend Point d Clause 2 as follows:

“d) Within thirty-five days from the date of receiving all valid documents:

(i) In case the liquidation plan demonstrates the ability to fully settle all debts and other financial obligations, the State Bank Region shall issue a document approving the dissolution, approve the liquidation plan for the people's credit fund, require the establishment of a liquidation committee, and proceed with the liquidation; or decide to establish a liquidation supervision team in accordance with Article 29 of this Circular; or

(ii) In case the liquidation plan does not demonstrate the ability to fully settle all debts and other financial obligations, the State Bank Region shall issue a document rejecting approval of the dissolution, stating the reasons; or

(iii) The State Bank Region may issue a document requesting the people's credit fund to report and explain relevant contents (if necessary);”

2. Amend Point a Clause 4 as follows:

“a) Within twenty-one days from the date of receiving the report of the liquidation supervision team as stipulated in Point d Clause 3 of this Article, the Director of the State Bank Region shall examine and make a decision:

(i) To terminate the liquidation and revoke the license of the people's credit fund; or

(ii) To terminate the liquidation of the people's credit fund to proceed with bankruptcy procedures and revoke the license in accordance with Clause 2 of Article 21 of this Circular;”

Article 13. Amend Clause 2 of Article 23

“2. In case of requesting an extension of the liquidation period, thirty days before the end of the liquidation period, the liquidation committee must submit a request for an extended liquidation period to the State Bank Region, evaluating the ability to fully settle all debts, other financial obligations, and the duration of the extended liquidation period.

Within ten days from the date of receipt of the liquidation extension request from the liquidation committee, the State Bank Region shall issue a document approving or rejecting the request for an extended liquidation period.”

Article 14. Add Point e Clause 1 of Article 33

“e. Send information about the approval of the restructuring of the people's credit fund on the territory to the cooperative bank within three working days from the date of issuing the approval document for restructuring.”

Chapter IV
IMPLEMENTING PROVISIONS

Article 15. Implementation Provisions

1. This Circular takes effect from February 16, 2026.

2. This Circular abolishes the provisions at Clause 1 Article 2 of Circular No. 08/2025/TT-NHNN dated June 6, 2025, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015, issued by the Governor of the State Bank of Vietnam regarding the organization and operation of postal transaction offices under Viettel Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024, issued by the Governor of the State Bank of Vietnam regarding the people's credit funds, and Circular No. 32/2024/TT-NHNN dated June 30, 2024, issued by the Governor of the State Bank of Vietnam regarding the network operations of commercial banks.

Article 16. Responsibility for Organization and Implementation

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