Circular No. 64/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 19/2025/TT-NHNN of the Governor of the State Bank of Vietnam on the network operation of microfinance organizations

CIRCULAR

Amending and supplementing certain Articles of Circular No. 19/2025/TT-NHNN of the Governor of the State Bank of Vietnam on the network of operations of microfinance organizations activities

Pursuant to the Law on the State Bank of Vietnam 46/2010/QH12

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

Pursuant to the Law on Enterprises No. 59/2020/QH14 amended and supplemented by Law No. 03/2022/QH15 and Law No. 76/2025/QH15;

Pursuant to Decree No. 26/2025/NĐ-CPof 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 Safety System Department;

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain Articles of Circular No. 19/2025/TT-NHNN of the Governor of the State Bank of Vietnam on the network of operations of microfinance organizations.

Article 1. Repeal Clause 3 of Article 8

Repeal Clause 3.

Article 2. Amend and supplement Point d of Clause 2 of Article 5

“d) Accept compulsory savings according to the regulations of the microfinance organization. Accept voluntary deposits directly in cash from a single microfinance customer not exceeding VND 1.5 million in one day;”.

Article 3. Amend and supplement Article 9

“Article 9. Principles for filing, submitting, receiving, and delivering results

1. Documents must be prepared in Vietnamese. Materials in the file must be original copies or certified true copies or copies with certification or copies presented together with original documents for verification in accordance with the law. Each file must include a list of materials.

2. Requests and notifications of microfinance organizations as prescribed in this Circular must be signed by the legal representative or a person authorized by the legal representative of the microfinance organization. In case of signing by authorization, the file must contain an authorization letter established in compliance with the law.

3. Microfinance organization files shall be submitted to the State Bank of Vietnam (hereinafter referred to as the State Bank) or the State Bank Branch Area through one of the following methods:

a) Submitting directly at the One-Stop Service Center of the State Bank or the State Bank Branch Area;

b) Sending via 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 law on administrative procedures in the electronic environment. In case the National Public Service Portal system encounters technical issues or errors preventing the receipt and exchange of electronic information, the declaration, submission, receipt, delivery of results, exchange, and feedback of information shall be carried out through postal services or directly at the One-Stop Service Center of the State Bank or the State Bank Branch Area. Materials in electronic files are electronic scans of original documents (PDF format files).

4. The receipt of files shall be carried out in accordance with the current laws on administrative procedures under the one-stop shop mechanism at the One-Stop Service Center and the National Public Service Portal, and in accordance with this Circular.

5. The State Bank or the State Bank Branch Area shall deliver the results of the administrative procedures prescribed in this Circular through online methods, postal services, or directly at the One-Stop Service Center of the State Bank or the State Bank Branch Area.”

Article 4. Amend and supplement Article 11

“Article 11. Conditions for establishing branches

1. Microfinance organizations that have been operating for 12 months or more from the date of opening operations to the date of application for establishment must meet the following conditions:

a) Having an organizational structure and operation of the management board, executive body, Supervisory Board, internal audit; internal control system; credit granting activities; limits and ratios ensuring safety in operations as prescribed by the Law on Credit Institutions and guidelines of the State Bank within 12 months prior to the application date and at the time of approval;

b) The Tier 1 capital ratio to total assets at the end of the month immediately preceding the application month must be at least 10% or another ratio as decided by the Governor of the State Bank during each period;

c) The non-performing loan ratio as defined by the State Bank regarding asset classification at December 31 of the year immediately preceding the year of application for establishment and at the last day of the month immediately preceding the application date must not exceed 3% or another ratio as decided by the Governor of the State Bank during each period; the ratio of non-performing loan group 5 to total outstanding loans as defined by the State Bank regarding asset classification at the last day of the month immediately preceding the application date must not exceed 1% or another ratio as decided by the Governor of the State Bank during each period;

d) Properly and fully comply with the provisions on asset classification, provisioning levels, provisioning methods, and the use of provisions to address risks in operations as prescribed by the law within 12 months prior to the application date and at the time of approval;

đ) Operating profitably according to the audited financial statements of the year immediately preceding the year of application for establishment and according to the most recent financial report up to the application date;

e) Not being subject to measures prohibiting expansion of the operational area by competent authorities at the application date;

g) Ensuring the number of branches as prescribed in Article 8 of this Circular.

2. Microfinance organizations that have been operating for less than 12 months from the date of opening operations to the date of application for establishment must meet the following conditions:

a) Having an organizational structure and operation of the management board, executive body, Supervisory Board, internal audit; internal control system; credit granting activities; limits and ratios ensuring safety in operations as prescribed by the Law on Credit Institutions and guidelines of the State Bank from the date of opening operations to the application date and at the time of approval;

b) The non-performing loan ratio as defined by the State Bank regarding asset classification at the last day of the month immediately preceding the application date must not exceed 3% or another ratio as decided by the Governor of the State Bank during each period; the ratio of non-performing loan group 5 to total outstanding loans as defined by the State Bank regarding asset classification at the last day of the month immediately preceding the application date must not exceed 1% or another ratio as decided by the Governor of the State Bank during each period;

c) Properly and fully comply with the provisions on asset classification, provisioning levels, provisioning methods, and the use of provisions to address risks in operations as prescribed by the law for three consecutive months immediately preceding the application date (in case the microfinance organization has been operating for more than three months) or in the months immediately preceding the application date (in case the microfinance organization has been operating for less than three months) and at the time of approval;

d) Operating profitably until the month immediately preceding the application date;

đ) The provisions at points b, e, g of Clause 1 of this Article.”.

Article 5. Amending and supplementing Clause 1 of Article 12

“1. The conditions prescribed at points a, b, c, d, đ, e of Clause 1 of Article 11 of this Circular.”

Article 6. Amending and supplementing some clauses of Article 13

1. Amending and supplementing Clause 2 as follows:

“2. Meeting the conditions prescribed at point e of Clause 1 of Article 11 of this Circular.”

2. Abolishing Clause 3.

Article 7. Amending and supplementing Article 14

“Article 14. Documents for requesting approval to establish branch, transaction office, representative office, and affiliated unit of microfinance organization

1. Document of the microfinance organization requesting the State Bank of Vietnam to approve the establishment of branch, transaction office, representative office, and affiliated unit according to the model prescribed in Appendix I issued together with this Circular.

2. Resolution or Decision of the Board of Members on the establishment of branch, transaction office, representative office, and affiliated unit.

For the establishment of transaction offices, the Resolution or Decision of the Board of Members must clearly state the name, location of the proposed headquarters (information up to commune level), the branch expected to manage the transaction office, the business activities of the transaction office, and the geographical scope of operation.

3. Project for establishing branch, which must include at least the following contents:

a) Full name in Vietnamese, abbreviated name in Vietnamese; proposed headquarters address (information up to commune level), content of activities of the branch of the microfinance organization;

b) Organizational structure of the branch; proposed key personnel (Branch Manager, accountant, and other key positions according to internal regulations of the microfinance organization);

c) Agreement document or Memorandum of Understanding between the microfinance organization and political-social organizations or local authorities regarding cooperation in lending through borrowing groups;

d) Proposed business plan for the first three years of operation, including at least the following:

(i) Business environment analysis (opportunities, challenges);

(ii) Target customers and products to be provided;

(iii) Expected balance sheet, income statement, basis for formulating the plan, and explanation of the feasibility of implementing the plan each year.

4. Other documents proving compliance with the conditions for establishing branch, transaction office, representative office, and affiliated unit as stipulated in this Circular (if any).”

Article 8. Amending and supplementing some clauses of Article 15

1. Amending and supplementing Clause 4 as follows:

“4. Within 06 days from the date of receiving the document of the State Bank of Vietnam, the agencies specified in Clause 3 of this Article shall provide their comments in writing on the requested contents.”

2. Amending and supplementing Clause 5 as follows:

“5. Within 35 days from the date of confirming the complete and valid dossier, the State Bank of Vietnam shall issue a document approving the request to establish a branch of the microfinance organization. In case of non-approval, the State Bank of Vietnam must respond in writing and specify the reasons.”

Article 9. Amending and supplementing some points and clauses of Article 16

1. Amending and supplementing Point c of Clause 3 as follows:

“c) Compliance with the conditions stipulated in this Circular for the branch expected to manage the transaction office within the territory.

Within 05 working days from the date of receiving the document of the Credit Institution Management and Supervision Department of the State Bank of Vietnam Branch Area, the Credit Institution Management and Supervision Department shall provide its comments in writing on the requested contents.”

2. Amending and supplementing Clause 4 as follows:

“4. Within 28 days (for the case of establishing a transaction office) or 20 days (for the case of establishing a representative office or affiliated unit) from the date of confirming the complete and valid dossier, the Credit Institution Management and Supervision Department shall issue a document approving the request to establish a transaction office, representative office, or affiliated unit of the microfinance organization. In case of non-approval, the Credit Institution Management and Supervision Department must respond in writing and specify the reasons.”

Article 10. Amending and supplementing some clauses of Article 17

1. Amending and supplementing Clause 1 as follows:

“1. A microfinance organization may commence operations of branch, transaction office when meeting the following requirements:

a) Having lawful ownership or usage rights to the branch headquarters, transaction office. The branch headquarters, transaction office must have sufficient conditions to ensure asset safety and be suitable for the operational requirements of the branch, transaction office;

b) The branch headquarters has a vault meeting technical standards as prescribed by the State Bank of Vietnam. The transaction office has a safe ensuring safety according to internal regulations of the microfinance organization;

c) Having an information system connecting the main headquarters with the branch, transaction office, and between the managing branch and the transaction office, ensuring security, confidentiality, and reporting and statistical requirements;

d) Having a minimum number of key personnel, including: Branch Manager, Transaction Office Manager, accountant, and other key positions according to internal regulations of the microfinance organization. The Branch Manager and Transaction Office Manager cannot concurrently hold other Branch Manager or Transaction Office Manager positions, and the Branch Manager cannot concurrently hold a Transaction Office Manager position;

đ) The Branch Manager meets the standards and conditions as prescribed by the Governor of the State Bank of Vietnam and internal regulations of the microfinance organization. The Transaction Office Manager meets the standards and conditions for the Branch Manager as prescribed by the Governor of the State Bank of Vietnam and internal regulations of the microfinance organization;

e) Having a Regulation on managing branch, transaction office meeting the requirements stipulated in Clause 2 of Article 10 of this Circular.”

2. Amending and supplementing Clause 3 as follows:

“3. The microfinance organization must submit to the State Bank of Vietnam Branch Area where the branch, transaction office, representative office, or affiliated unit is located, at least 15 days before the planned opening day, the following documents:

a) Regulation on managing branch, transaction office according to Article 10 of this Circular in the case of opening a branch, transaction office;

b) Notification document on the following contents:

(i) Planned opening day;

(ii) Compliance with the requirements for opening operations stipulated in Clauses 1 and 2 of this Article;

(iii) Information about the head, name, and address of the branch, transaction office, representative office, or affiliated unit.”

3. Supplementing Clause 4, Clause 5 as follows:

“4. Within 07 working days from the date of receiving the documents of the microfinance organization as stipulated in Clause 3 of this Article, the State Bank of Vietnam Branch Area:

a) Inspects compliance with the requirements for opening operations of branch, transaction office of the microfinance organization as stipulated in Clause 1 of this Article;

b) Issues a record confirming compliance or non-compliance with the requirements for opening operations of the branch, transaction office of the microfinance organization.

5. The microfinance organization can only proceed with the opening operations of branch, transaction office after completing the announcement of information as stipulated in Article 18 of this Circular.”

Article 11. Amending and supplementing Clause 1 of Article 18

Amending and supplementing Clause 1 as follows:

“1. Within three working days from the date of receiving the confirmation record of the State Bank branch for the region regarding the satisfaction of requirements for opening branch operations or representative offices, or within twenty days before the planned opening date of the representative office, unit, or microfinance organization, such organizations must publish the following information:

a) The number, date, and content of approval in the approval document of the State Bank regarding the establishment of branches, transaction rooms, representative offices, or units;

b) Name, location, planned opening date of operations, and other relevant information (if necessary).”

Article 12. Amending and supplementing some points and clauses of Article 20

1. Amending and supplementing Clause 1 as follows:

“1. Microfinance organizations may only change the location of their branch headquarters or transaction rooms within the operational area specified in Clause 1 and Clause 2 of Article 7 of this Circular.”

2. Amending and supplementing Point b of Clause 4 as follows:

“b) Within ten days from the date of receiving complete valid documents as stipulated in Clause 3 of this Article, the State Bank branch for the region shall issue an approval document for changing the location of the branch headquarters or transaction room. In case of non-approval, the State Bank branch for the region must respond in writing and specify the reasons.”.

3. Amending and supplementing Clause 5 as follows:

“5. Microfinance organizations must submit a report to the State Bank branch for the region about the planned operation date at the approved location at least fifteen days before the planned operation date at the approved location.

Within seven working days from the date of receiving the report of the microfinance organization as stipulated in this Article, the State Bank branch for the region where the branch headquarters or transaction room is planned to be located:

a) Inspect the satisfaction of requirements stipulated in Clause 1 of Article 17 of this Circular;

b) Issue a confirmation record verifying the satisfaction or non-satisfaction of requirements to operate at the new location.”

4. Amending and supplementing Clause 6 as follows:

“6. Branches and transaction rooms of microfinance organizations can only operate at the new location after being confirmed by the State Bank branch for the region that they meet the requirements to operate at the new location. Within twelve months from the date the State Bank branch for the region issues the approval document, the branches and transaction rooms of microfinance organizations must operate at the approved location. If they do not operate at the new location beyond this period, the approval document of the State Bank branch for the region will automatically become invalid.”

Article 13. Amending and supplementing Point b of Clause 2 of Article 26

“b) Within thirty-one days from the date of receiving complete valid documents as stipulated in Clause 1 of this Article, the State Bank branch for the region shall issue an approval document for the request of the microfinance organization. In case of non-approval, the State Bank branch for the region must respond in writing and specify the reasons.”

Article 14. Amending and supplementing the basis and annex attached to Circular No. 19/2025/TT-NHNN

1. Replacing the phrase "On the basis of the Enterprise Law No. 76/2025/QH15" with the phrase "On the basis of the Enterprise Law No. 59/2020/QH14 amended and supplemented by Law No. 03/2022/QH15 and Law No. 76/2025/QH15;"

2. Replacing the Annex issued together with Circular No. 19/2025/TT-NHNN with Annex I issued together with this Circular.

3. Supplementing Annexes II, III, IV, V, VI, and VII issued together with this Circular.

Article 15. Implementation Provisions

This Circular takes effect from February 15, 2026.

Article 16. Responsibility for Implementation

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

Article 17. Transitional Provisions

Microfinance organizations that have submitted approval requests for establishing branches, transaction rooms, representative offices, or units to the State Bank of Vietnam before the effective date of this Circular shall continue to be processed according to the provisions of Circular No. 19/2025/TT-NHNN of the Governor of the State Bank of Vietnam on the network operations of microfinance organizations./.