Circular No. 65/2025/TT-NHNN on the ranking of microfinance organizations

CIRCULAR

Regulations on Ranking Microfinance Organizations

Based on the Law on the State Bank of Vietnam number 46/2010/QH12;

Based on the Law on Credit Institutions number 32/2024/QH15 amended and supplemented by Law number 96/2025/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 issues this Circular on ranking microfinance organizations.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates the ranking of microfinance organizations.

Article 2. Applicability

1. This Circular applies to the following entities:

a) Microfinance organization;

b) Organizations and individuals related to the ranking of microfinance organizations.

2. This Circular does not apply to:

a) Microfinance organizations currently placed under special supervision by the State Bank of Vietnam (hereinafter referred to as the State Bank);

b) Microfinance organizations that have submitted to the State Bank applications for voluntary dissolution or have been requested by the Credit Institution Supervision Department to issue documents requiring asset liquidation in cases where microfinance organizations have had their licenses revoked according to the law;

c) Microfinance organizations that have not operated for at least twenty-four months from the date of commencement of operations;

d) Microfinance organizations subject to early intervention as provided for in the Law on Credit Institutions, except in the case specified in point b, Clause 1, Article 156 of the Law on Credit Institutions.

Article 3. Purpose, Principles, and Methodology of Ranking

1. The ranking of microfinance organizations is carried out to serve state management, inspection, and supervision activities of the State Bank over the operations of microfinance organizations; contributing to ensuring each organization operates safely, soundly, and in compliance with the law.

2. The ranking must reflect the actual operational status, level of safety, and risk level of microfinance organizations. The ranking process must comply fully with the provisions of this Circular and relevant laws; ensuring objectivity, transparency, and consistency.

3. Microfinance organizations are ranked based on the criteria system prescribed in Article 5 of this Circular. Each ranking criterion includes quantitative indicators and qualitative indicators. Quantitative indicators measure the degree of soundness of operations based on the operational data of microfinance organizations. Qualitative indicators measure the degree of compliance with legal regulations by microfinance organizations.

4. The weight of each criterion, the weight of each group of indicators, and the weight of each indicator are determined based on the importance of each criterion, each group of indicators, and each indicator to the level of safety and soundness of operations, the degree of compliance with legal regulations by microfinance organizations, and the requirements of state management, inspection, and supervision.

5. Based on the ranking score achieved, microfinance organizations are ranked into one of the following categories: Category A (Excellent), Category B (Good), Category C (Average), Category D (Weak).

Article 4. Documentation, Information, and Data for Ranking

1. Documentation, information, and data used for ranking:

a) Documentation, information, and data of microfinance organizations submitted to the State Bank in accordance with the law and upon request of the State Bank;

b) Information and data in the financial reports of microfinance organizations audited independently in accordance with the law;

c) Results of supervision, inspection, audit, and examination (including information about confirmation of completion of remediation for violations by microfinance organizations) conducted by the State Bank, other competent state management agencies, and independent auditing companies related to monetary and banking sectors.

2. The figures used to calculate ranking scores are determined as of December 31 of the ranking year, except for average indicators.

3. In cases where ranking is carried out as prescribed in Clause 3, Article 19 of this Circular, the Governor of the State Bank decides the scope of documentation, information, data, and figures used to calculate ranking scores for microfinance organizations.

Article 5. Rating Criteria System

1. The rating criteria system used to rank microfinance organizations includes:

a) Capital;

b) Asset quality;

c) Management and governance;

d) Business operation results;

đ) Payment capacity.

2. Microfinance organizations are rated based on the criteria and groups of indicators specified in Articles 6, 7, 8, 9, and 10 of this Circular.

Chapter II

SPECIFIC PROVISIONS

Section 1

RATING CRITERIA AND GROUPS OF INDICATORS

Article 6. Capital

The Capital criterion is evaluated and scored according to the following groups of indicators:

1. Quantitative Indicators Group:

a) Capital adequacy ratio: This indicator is determined according to the regulations of the Governor of the State Bank of Vietnam regarding safety ratios in the operations of microfinance organizations;

b) Tier 1 capital to total assets ratio: This indicator is calculated using the formula below:

Where:

- Tier 1 capital is determined according to the regulations of the Governor of the State Bank of Vietnam regarding safety ratios in the operations of microfinance organizations;

- Total assets are reflected in the Balance Sheet as required by the legal provisions on financial reporting for microfinance organizations.

2. Qualitative Indicators:

a) Compliance with legal regulations on minimum capital adequacy ratios;

b) Compliance with legal regulations on the actual value of charter capital.

Article 7. Asset Quality

The Asset Quality criterion is evaluated and scored according to the following groups of indicators:

1. Quantitative Indicators Group:

a) Non-performing loan ratio: This indicator is determined according to the regulations of the Governor of the State Bank of Vietnam on classifying assets of microfinance organizations;

b) Ratio of non-performing loans in group 5 to the total amount of loans from group 1 to group 5;

c) Ratio of non-performing loans in group 2 to the total amount of loans from group 1 to group 5;

d) Ratio of risk provisions established to the total amount of loans from group 2 to group 5;

Where:

- Risk provisions are determined according to the regulations stipulated in the Decree on the level of provision, methods of establishing risk provisions, and the use of provisions to handle risks in the operations of credit institutions, foreign bank branches, and cases where credit institutions allocate interest receivable;

- Risk provisions include specific provisions and general provisions.

2. Qualitative Indicators Group:

a) Compliance with legal regulations on lending;

b) Compliance with legal regulations on asset classification, establishment, and use of provisions to handle risks in the operations of microfinance organizations;

c) Compliance with legal regulations on agency and entrusted services.

Article 8. Management and Governance

The Management and Governance criterion is evaluated and scored according to the following groups of indicators:

1. Quantitative Indicator: Operating expenses to total operating income ratio;

Where:

- Operating expenses are reflected in the Management Expenses item on the Statement of Operations as required by the legal provisions on financial reporting for microfinance organizations;

- Total operating income is the sum of Net Interest Income from lending activities, Net Service Income, Net Other Income; Other Income reflected in the Statement of Operations as required by the legal provisions on financial reporting for microfinance organizations.

2. Qualitative Indicators Group:

a) Compliance with legal regulations on organization, management, and governance of microfinance organizations;

b) Compliance with legal regulations on share capital contributions;

c) Compliance with legal regulations on promulgation of articles of association and internal regulations;

d) Compliance with legal regulations on internal control systems and independent audit;

đ) Compliance with legal regulations on information and reporting systems;

e) Compliance with legal regulations on capital raising and service fees;

g) Compliance with other legal regulations on currency and banking outside the provisions of Clause 2 of Article 6, Clause 2 of Article 7, Clause 2 of Article 9, Clause 2 of Article 10 of this Circular and points a, b, c, d, đ, e of Clause 2 of this Article.

Article 9. Business Operation Results

The criteria for evaluating and scoring business operation results are based on the following groups of indicators:

1. Quantitative Indicators Group:

a) Profit before tax ratio to average equity:

Where:

- Profit before tax is the item reflecting Total profit before tax on the Financial Statement of business operations as prescribed by the laws on financial reporting for microfinance organizations;

- Average equity is the item reflecting Equity on the Financial Position Report as prescribed by the laws on financial reporting for microfinance organizations, calculated as the average of each quarter in the year;

b) Profit before tax ratio to average total assets:

Where:

- Profit before tax is the item reflecting Total profit before tax on the Financial Statement of business operations as prescribed by the laws on financial reporting for microfinance organizations;

- Average total assets is the item reflecting Total assets on the Financial Position Report as prescribed by the laws on financial reporting for microfinance organizations, calculated as the average of each quarter in the year.

2. Qualitative indicator: Compliance with the laws on financial regulations for microfinance organizations.

Article 10. Payment Capacity

The criteria for evaluating and scoring payment capacity are based on the following groups of indicators:

1. Quantitative indicators:

Payment capacity ratio: This indicator is determined according to the provisions of the Governor of the State Bank of Vietnam regarding safety ratios in the operations of microfinance organizations.

2. Qualitative indicator: Compliance with the laws on payment capacity ratios.

Section 2

METHOD OF SCORING AND RANKING

Article 11. Method of calculating points for each quantitative indicator and group of quantitative indicators

1. Points for each quantitative indicator are determined based on comparing the value of the quantitative indicator with the scoring threshold levels for that quantitative indicator as stipulated in Article 12 of this Circular. Points for each quantitative indicator are calculated at levels from 1 point to 4 points. The specific point level for each quantitative indicator is determined as follows:

a) In cases where the higher the value of the quantitative indicator, the lower the risk level:

(i) 4 points if the indicator value is greater than or equal to threshold 1;

(ii) 3 points if the indicator value is less than threshold 1 but greater than or equal to threshold 2;

(iii) 2 points if the indicator value is less than threshold 2 but greater than or equal to threshold 3;

(iv) 1 point if the indicator value is less than threshold 3;

b) In cases where the higher the value of the quantitative indicator, the higher the risk level:

(i) 4 points if the indicator value is less than or equal to threshold 1;

(ii) 3 points if the indicator value is greater than threshold 1 but less than or equal to threshold 2;

(iii) 2 points if the indicator value is greater than threshold 2 but less than or equal to threshold 3;

(iv) 1 point if the indicator value is greater than threshold 3;

c) In cases where the total operating income has a negative value when determining the quantitative indicator as stipulated in Clause 1, Article 8 of this Circular; Profit before tax and average equity have a negative value when determining the quantitative indicator as stipulated in Point a, Clause 1, Article 9 of this Circular, then the point level for these quantitative indicators is 1 point;

d) In cases where the total amount of debts from category 2 to category 5 is zero when determining the quantitative indicator as stipulated in Point d, Clause 1, Article 7 of this Circular, then the point level for this quantitative indicator is 4 points.

2. Points for the group of quantitative indicators at each criterion are determined by the sum of points for each quantitative indicator multiplied by the weight of each quantitative indicator. The weight of each quantitative indicator is stipulated in Article 13 of this Circular.

Article 12. Thresholds for each quantitative indicator

The thresholds for each quantitative indicator are determined specifically as follows:

Article 13. Weight of Each Quantitative Indicator

The weight of each quantitative indicator for each criterion is determined specifically as follows:

Article 14. Method for Scoring Each Quantitative and Qualitative Indicator

1. Violations used to score the qualitative indicator group for each ranking criterion are determined based on the following two criteria simultaneously:

a) Time of violation determination:

(i) Violations discovered within the four consecutive years immediately preceding the ranking year, which require corrective action by the competent state authority but have not been confirmed as completed by the competent state authority before December 31 of the ranking year;

(ii) Violations self-discovered by microfinance organizations within the four consecutive years immediately preceding the ranking year but not fully corrected according to the report of the microfinance organization before December 31 of the ranking year;

(iii) Violations occurring in the ranking year, except those self-discovered and fully corrected by the microfinance organization according to its report before December 31 of the ranking year;

b) Basis for determining violations:

(i) Administrative penalty decision by the competent authority;

(ii) Decision to enforce remedial measures by the competent authority;

(iii) Administrative violation record by the competent authority;

(iv) Supervision results, inspection conclusions, audit results of authorized agencies and organizations related to monetary and banking fields (including State Bank Regional Branches and other units under the State Bank, other state management agencies, and independent auditing companies);

(v) Reports by microfinance organizations regarding self-discovered violations that have not been fully corrected.

2. Principle for Determining the Number of Violations:

a) Each administrative violation recorded in an administrative penalty decision counts as one violation;

b) In cases without an administrative penalty decision, the number of violations is determined according to the provisions of the Decree on Administrative Penalties in the Monetary and Banking Sector;

c) For the same violation recorded in more than one form of document mentioned in point b, Clause 1 of this Article, it is counted as only one violation;

d) For violations with a warning penalty, the number of violations is not counted.

3. Principle for Determining the Score of Qualitative Indicators:

a) The score of each qualitative indicator reflects the degree of non-compliance with laws on money and banking by microfinance organizations based on the violation behavior, number of violations, and fines stipulated in the Decree on Administrative Penalties in the Monetary and Banking Sector;

b) Where violations at Clause 5 and points a, b, c, d, đ, e of Clause 6 of this Article have been penalized administratively, the fine amount for scoring deduction is determined according to the administrative penalty decision;

c) Where violations at Clause 5 and points a, b, c, d, đ, e of Clause 6 of this Article have been discovered but not yet penalized administratively, the fine amount for scoring deduction is determined as the average fine amount within the fine range applicable to such violation against microfinance organizations. The average fine amount is calculated as 50% of the sum of the minimum and maximum amounts of the fine range applicable to such violation according to the current effective Decree on Administrative Penalties in the Monetary and Banking Sector on December 31 of the ranking year for periodic ranking or the last day of the quarter immediately preceding the ranking date for ranking as provided for in Clause 3 of Article 19 of this Circular;

d) The fine amount stipulated in Clause 5 and points a, b, c, d, đ, e of Clause 6 of this Article applies to violations by microfinance organizations. The fine amount for individual violations is 50% of the fine amount for organizational violations;

đ) Qualitative indicators subject to scoring deductions based on the number of violations include Clause 4, point g of Clause 6, Clause 7, and Clause 8 of this Article;

e) For violations with a warning penalty, the deduction score is zero points;

g) For individual violations in the activities of microfinance organizations, the determination of violations for scoring deductions is carried out as follows:

(i) Individual violations working at microfinance organizations and having an administrative penalty decision by the competent state authority;

(ii) Violations stipulated in Clause 5 and points a, b, c, d, đ, e of Clause 6 of this Article;

(iii) Where the same violation has an administrative penalty decision simultaneously against both the microfinance organization and the individual, it is counted as only one violation and the fine amount for the microfinance organization is used for scoring deduction;

(iv) Where multiple individuals jointly commit a violation and there is an administrative penalty decision, it is counted as only one violation and the highest fine amount is used for scoring deduction.

4. The qualitative indicators of the Capital Criterion are scored as follows:

a) Compliance with legal regulations on the minimum capital adequacy ratio shall be awarded up to a maximum of 4 points. In case of violation, each violation shall result in a deduction of 1 point, with a maximum deduction of 4 points;

b) Compliance with legal regulations on the actual value of registered capital shall be awarded up to a maximum of 4 points. In case of violation, each violation shall result in a deduction of 1 point, with a maximum deduction of 4 points.

5. The qualitative indicators of the Asset Quality criterion shall be scored as follows:

a) Compliance with legal regulations on credit granting shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 30 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 30 million VND or more: 1 point shall be deducted for each violation;

b) Compliance with legal regulations on asset classification, provision setting, and risk management in the operation of microfinance institutions shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 20 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 20 million VND or more: 1 point shall be deducted for each violation;

c) Compliance with legal regulations on agency services and entrusted services shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 15 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 15 million VND or more: 1 point shall be deducted for each violation.

6. The qualitative indicators of the Governance and Management criterion shall be scored as follows:

a) Compliance with legal regulations on organizational structure, governance, and management of microfinance institutions shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 25 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 25 million VND or more: 1 point shall be deducted for each violation;

b) Compliance with legal regulations on shareholding capital shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 10 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 10 million VND or more: 1 point shall be deducted for each violation;

c) Compliance with legal regulations on the issuance of charters and internal regulations shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 8 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 8 million VND or more: 1 point shall be deducted for each violation;

d) Compliance with legal regulations on internal control systems and independent audits shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 25 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 25 million VND or more: 1 point shall be deducted for each violation;

đ) Compliance with legal regulations on information and reporting systems shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 10 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 10 million VND or more: 1 point shall be deducted for each violation;

e) Compliance with legal regulations on capital raising and service fees shall be awarded up to a maximum of 4 points. In case of violation, the microfinance institution shall have its score deducted up to a maximum of 4 points based on the nature of the violation and the amount of fine, specifically as follows:

(i) In cases where the fine is less than 10 million VND: 0.5 points shall be deducted for each violation;

(ii) In cases where the fine is 10 million VND or more: 1 point shall be deducted for each violation;

g) Compliance with the provisions at point g, Clause 2, Article 8 of this Circular shall be awarded up to a maximum of 4 points. In case of violation, each violation shall result in a deduction of 1 point, with a maximum deduction of 4 points.

7. The qualitative indicator of the Business Operation Result criterion shall be scored as follows:

Compliance with legal regulations on financial systems for microfinance institutions shall be awarded up to a maximum of 4 points. In case of violation, each violation shall result in a deduction of 1 point, with a maximum deduction of 4 points.

8. The qualitative indicator of the Liquidity criterion shall be scored as follows:

Compliance with legal regulations on liquidity ratios shall be awarded up to a maximum of 4 points. In case of violation, each violation shall result in a deduction of 1 point, with a maximum deduction of 4 points.

9. In cases where violations are self-discovered by microfinance institutions, the deduction of points for each violation shall be reduced by 50%.

10. In cases where microfinance institutions fail to fully implement plans to address recommendations and warnings issued by the State Bank regarding the provisions at Clause 2, Article 8 of this Circular, except due to force majeure events, the score of the qualitative indicators group specified at Clause 2, Article 8 of this Circular, after being determined according to Clause 6 and 9 of this Article, will continue to be deducted points according to the following principle:

a) In cases where the score of the qualitative indicators group is greater than 1, the score of the qualitative indicators group shall be deducted by 1 point;

b) In cases where the score of the qualitative indicators group is less than or equal to 1, the score of the qualitative indicators group shall be 0 points.

11. The score of the qualitative indicators group at each criterion shall be determined by the sum of the scores of each qualitative indicator multiplied by the weight of each qualitative indicator. The weight of each qualitative indicator is stipulated in Article 15 of this Circular.

Article 15. Weight of each qualitative indicator

The weight of each qualitative indicator at each criterion is determined specifically as follows:

Article 16. Method of calculating points for each criterion, total ranking score

1. The point of each criterion is determined by the sum of the points of the quantitative indicator group and the qualitative indicator group multiplied by the weight of the quantitative indicator group and the weight of the qualitative indicator group. The weight of each quantitative indicator group and each qualitative indicator group is stipulated in Article 17 of this Circular.

2. The total ranking score of microfinance organizations is determined by the sum of the points of each criterion multiplied by the weight of each criterion. The weight of each criterion is stipulated in Article 17 of this Circular.

Article 17. Weight of each criterion, weight of the quantitative indicator group and the qualitative indicator group of each criterion

The weight of each criterion in the total ranking score, the weight of the quantitative indicator group and the qualitative indicator group of each criterion in the total ranking score is determined specifically as follows:

Article 18. Ranking

1. Microfinance organizations are ranked A (Excellent) if the total ranking score is greater than or equal to 3.5.

2. Microfinance organizations are ranked B (Good) if the total ranking score is less than 3.5 but greater than or equal to 3.0.

3. Microfinance organizations are ranked C (Average) if the total ranking score is less than 3.0 but greater than or equal to 2.0.

4. Microfinance organizations are ranked D (Weak) if the total ranking score is less than 2.0.

5. In addition to the provisions of Clause 4 of this Article, microfinance organizations are ranked D (Weak) if they fall under any of the cases stipulated in point a, c, d Clause 1 Article 156, point đ Clause 1 Article 162 of the Law on Credit Institutions.

6. The principle of rounding off the ranking score of microfinance organizations is as follows:

a) The total ranking score is rounded to the second decimal place and according to the following principles:

(i) The second decimal place increases by 1 point if the third decimal place has a value from 5 to 9;

(ii) The second decimal place remains unchanged if the third decimal place has a value from 0 to 4;

b) The point of each criterion, each quantitative indicator group, and each qualitative indicator group is rounded to the third decimal place and according to the following principles:

(i) The third decimal place increases by 1 if the fourth decimal place has a value from 5 to 9;

(ii) The third decimal place remains unchanged if the fourth decimal place has a value from 0 to 4.

Section 3

RANKING RESULTS

Article 19. Time for Implementation and Approval of Ranking Results

1. Before June 10 each year, the Credit Institution Management and Supervision Department shall submit to the Governor of the State Bank of Vietnam for approval the ranking results of the preceding year for microfinance organizations.

2. Before June 30 each year, the Governor of the State Bank of Vietnam shall approve the ranking results of the preceding year for microfinance organizations.

3. In cases where there is an urgent need for state management purposes, the Governor of the State Bank of Vietnam may decide on a different time than that specified in Clauses 1 and 2 of this Article.

Article 20. Notification of Ranking Results

1. Within fifteen days from the date the Governor of the State Bank of Vietnam approves the ranking results, the Credit Institution Management and Supervision Department shall notify the ranking results to each microfinance organization and the State Bank of Vietnam branch in the region where the microfinance organization's main office is located.

2. The content of the notification of ranking results includes the grade, total ranking points, and points for each criterion and each group of indicators of the microfinance organization as stipulated in Articles 6, 7, 8, 9, and 10 of this Circular.

3. The Credit Institution Management and Supervision Department shall act as the lead agency in providing the ranking results of microfinance organizations to other units under the State Bank of Vietnam for state management purposes according to the functions and tasks of these units upon approval by the Governor of the State Bank of Vietnam.

4. The State Bank of Vietnam shall provide the ranking results of microfinance organizations to other organizations and state management agencies in accordance with the provisions of the law.

Article 21. Management of Ranking Results

1. Microfinance organizations shall not provide ranking results to third parties in any form.

2. The Credit Institution Management and Supervision Department, the State Bank of Vietnam regional branches, other units under the State Bank of Vietnam, and other state management organizations entitled to receive ranking results of microfinance organizations as stipulated in Clauses 3 and 4 of Article 20 of this Circular must store and use ranking results in accordance with the laws on protecting state secrets in the banking sector.

Chapter III

RESPONSIBILITIES OF RELATED UNITS

Article 22. Responsibilities of Microfinance Organizations

1. Shall bear full responsibility for the accuracy and truthfulness of the provided documents, information, and data, and have the responsibility to explain and report additional related contents concerning the ranking as required by the State Bank of Vietnam.

2. Manage ranking results in accordance with Clause 1 of Article 21 of this Circular, laws on protecting state secrets in the banking sector, and other relevant laws.

Article 23. Responsibilities of the Credit Institution Management and Supervision Department

1. Conduct rankings for microfinance organizations.

2. Advise and submit to the Governor of the State Bank of Vietnam for approval the ranking results of microfinance organizations.

3. Implement measures against microfinance organizations in accordance with the law based on the approved ranking results.

4. Store, notify, and provide ranking results of microfinance organizations in accordance with this Circular and laws on protecting state secrets in the banking sector.

Article 24. Responsibilities of other units under the State Bank

1. Before March 31 of the year immediately following the ranking year, the State Bank Branches, the State Bank Inspectorate shall provide to the Credit Institution Management and Supervision Department: (i) documents, information, data on violations of laws and regulations concerning currency and banking by microfinance organizations (if any), (ii) results of implementing conclusions, recommendations, decisions on inspection, examination, supervision of microfinance organizations, including detailed results of implementing each recommendation, decision on inspection, examination, supervision and related information, data on financial status and operations (if any), (iii) information on confirmation of completion of remediation for violations (if any), (iv) other documents, information, data as prescribed in Article 4 of this Circular at the request of the Credit Institution Management and Supervision Department to serve as a basis for ranking and be responsible for the accuracy and completeness of the provided documents, information, data.

2. Before March 31 of the year immediately following the ranking year, relevant units under the State Bank (excluding State Bank Branches, the State Bank Inspectorate) shall provide to the Credit Institution Management and Supervision Department documents, information, data (including information on confirmation of completion of remediation for violations of microfinance organizations (if any)) at the request of the Credit Institution Management and Supervision Department as prescribed in this Circular to serve as a basis for ranking and be responsible for the accuracy and completeness of the provided documents, information, data.

3. Perform other tasks and powers as prescribed in this Circular.

Chapter IV

IMPLEMENTING PROVISIONS

Article 25. Effective Date

1. This Circular takes effect from February 15, 2026.

2. The ranking of microfinance organizations as prescribed in this Circular shall begin to apply from the ranking year 2026.

Article 26. Implementation

Heads of units under the State Bank, microfinance organizations are responsible for organizing the implementation of this Circular./.