Circular No. 66/2025/TT-NHNN Amending and Supplementing Certain Articles of Circular No. 34/2024/TT-NHNN on the Issuance of Licenses, Addition of Business Contents to Licenses, and Organization and Operation of Commercial Banks, Branches of Foreign Banks, and Representative Offices in Vietnam of Foreign Credit Institutions and Other Foreign Organizations Engaged in Banking Activities

CIRCULAR

Amending and supplementing certain Articles of Circular No. 34/2024/TT-NHNN

on the issuance and renewal of Licenses, addition of business activities to Licenses, and organization and operation of commercial banks, foreign bank branches, representative offices in Vietnam of foreign credit organizations, and other foreign organizations engaged in banking activities

Licences and organisations, operations of commercial banks, branches of foreign banks, representative offices in Vietnam of foreign credit institutions, other foreign organisations engaged in banking activities

are amended and supplemented by Law No. 96/2025/QH15

Amending and supplementing Article 3

                                                        

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/QH15amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Law on Anti-Money Laundering No. 14/2022/QH15;

Pursuant to Decree No. 52/2024/NĐ-CP of the Government on non-cash payment transactions;

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 Payment Department Director;

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain Articles of Circular No. 34/2024/TT-NHNN on the issuance and renewal of Licenses, addition of business activities to Licenses, and organization and operation of commercial banks, foreign bank branches, representative offices in Vietnam of foreign credit organizations, and other foreign organizations engaged in banking activities.

Article 1. Amend and supplement Article 3 amend and supplement Article 3

"Article 3. Competence to decide on the issuance and renewal of Licenses, and addition of business activities to Licenses

1. The Governor of the State Bank of Vietnam has the competence to decide on the issuance and renewal of Licenses, and addition of business activities to Licenses simultaneously with the renewal of Licenses for commercial banks and foreign bank branches that are micro-prudential supervision targets of the Credit Organization Management and Supervision Department.

2. The Director of the Credit Organization Management and Supervision Department has the competence to decide on the addition of business activities to Licenses for commercial banks and foreign bank branches that are micro-prudential supervision targets of the Credit Organization Management and Supervision Department.

3. The Director of the State Bank of Vietnam Branch Region (hereinafter referred to as the Director of the State Bank of Vietnam Branch) has the competence to decide:

a) On the issuance and renewal of Licenses, and addition of business activities to Licenses simultaneously with the renewal of Licenses for foreign bank branches whose headquarters are located in provinces and cities, except those foreign bank branches specified in Clause 1 of this Article;

b) On the amendment and supplementation of Licenses for foreign representative offices whose headquarters are located in provinces and cities."

Article 2. Amend and supplement Clause 1 of Article 4

Replace the phrase "State Bank of Vietnam Branches at provincial and centrally-administered city levels" with the phrase "State Bank of Vietnam Branch Region".

Article 3. Amend and supplement Clause 1 of Article 5

"1. Within five (5) working days from the date the Governor of the State Bank of Vietnam issues Licenses, and adds business activities to Licenses simultaneously with the renewal of Licenses as prescribed in Clause 1 of Article 3 of this Circular; the Director of the Credit Organization Management and Supervision Department adds business activities to Licenses as prescribed in Clause 2 of Article 3 of this Circular, the Credit Organization Management and Supervision Department shall be responsible for notifying in writing along with the Decision adding business activities to Licenses or renewed Licenses to the Business Registration Authority of the province where the headquarters of the commercial bank is located or the foreign bank branch is situated to update into the national database on business registration."

Article 4. Amend and supplement some clauses of Article 7

2. Amending and supplementing Clause 5 as follows:

"1. Commercial banks and foreign bank branches that have the need to renew the Business License or to supplement the business content in the Business License or to supplement the business content in the Business License simultaneously with renewing the Business License shall prepare the dossier in accordance with the provisions of Article 9 of this Circular and submit it through postal service or directly to the headquarters of the State Bank of Vietnam (One-Stop Service Center) (in cases provided for in Clause 1 and Clause 2 of Article 3 of this Circular) or to the headquarters of the State Bank of Vietnam branch (One-Stop Service Center) (in cases provided for in point a of Clause 3 of Article 3 of this Circular) or submit it online through the National Public Service Portal (if available)."

2. Amend and supplement Clause 2 as follows:

"2. Within thirty (30) days from the date of receiving a complete and valid dossier from commercial banks and foreign bank branches, the State Bank of Vietnam will process the renewal of the Business License or the supplementation of business content in the Business License or the supplementation of business content in the Business License simultaneously with the renewal of the Business License according to the request of commercial banks and foreign bank branches. In case of refusal, the State Bank of Vietnam will reply in writing and clearly state the reasons."

Article 5. Supplement Add Clause 3a, 3b after Clause 3 Article 8

"3a. When submitting the dossier online through the National Public Service Portal, the electronic dossier must be signed with a digital signature in accordance with the laws on administrative procedures in the electronic environment. In case the National Public Service Portal encounters technical issues or errors preventing the acceptance or exchange of electronic information, the declaration, submission, receipt of results, exchange, and feedback of information shall be conducted through postal service or directly at the One-Stop Service Center of the State Bank of Vietnam or the State Bank of Vietnam branch.

3b. The documents in the electronic dossier are scanned PDF copies of the original or authentic documents."

Article 6. Amend and supplement point d of Clause 2 of Article 9

"d) For the case of requesting to supplement the Business License to participate in the international payment system, in addition to the dossier prescribed in points a and b of this clause, commercial banks and foreign bank branches must also provide the following documents:

(i) A document from the State Bank of Vietnam approving the commercial bank or foreign bank branch to conduct basic foreign exchange transactions in both domestic and international markets;

(ii) Internal regulations on policies and procedures for managing money laundering, terrorist financing, and proliferation financing risks in compliance with the laws on anti-money laundering, counter-terrorist financing, and counter-proliferation financing when participating in the international payment system; internal regulations on standards for selecting international payment systems to connect to;

(iii) A technical solution description for the information system meeting the requirements for ensuring information system security level 3 as stipulated by the laws;

(iv) Documents proving the establishment and lawful operation of the organization operating the international payment system abroad, including one of the following documents: A copy of the business registration certificate or a copy of the Decision on Establishment, Tax Registration Certificate, or other documents issued by the competent authority of the country or territory where the organization operating the international payment system is established and operates legally, or a copy of the License to establish a Representative Office/Branch in Vietnam (for organizations operating the international payment system that have established a Representative Office/Branch in Vietnam).

The above dossier components do not apply to requests to join the Global Interbank Financial Telecommunication Association (SWIFT) system, international card payment systems of international card organizations (including: Visa, MasterCard, JCB, Amex, UPI);

(v) Documents describing the international payment system to be supplemented in the Business License, including: Description of the technical infrastructure connecting the commercial bank or foreign bank branch to the international payment system; Description of the operational procedures for processing transactions, switching, netting, and settlement of payment transactions between the commercial bank or foreign bank branch and the organization operating the international payment system.

The above dossier components do not apply in the case of joining the Global Interbank Financial Telecommunication Association (SWIFT) system, international card payment systems of international card organizations (including: Visa, MasterCard, JCB, Amex, UPI);

(vi) Documents prescribed in point c of Clause 2 of this Article or a letter of commitment from the owner, foreign credit institution owning more than 50% of the charter capital of a wholly foreign-owned bank (for a wholly foreign-owned bank) or the parent bank (for a foreign bank branch) regarding permission to carry out activities in the country where the owner or foreign credit institution or parent bank is headquartered for the proposed supplementary activities in the Business License;

(vii) For cases that have participated in the international payment system before July 1, 2024, commercial banks and foreign bank branches shall submit the documents prescribed in point d(i), d(iv), d(v), d(vi) of Clause 2 of this Article and the following documents:

- A report explaining how the commercial bank or foreign bank branch meets the requirements for ensuring information system security level 3 and has internal regulations as prescribed in point d(ii) of Clause 2 of this Article;

- Documents proving that the commercial bank or foreign bank branch has participated in the international payment system before July 1, 2024, including one of the following documents: Contract or agreement or confirmation from the organization operating the international payment system, equivalent documents, or confirmation from the Representative Office/Branch in Vietnam of the organization operating the international payment system regarding the participation of the commercial bank or foreign bank branch in the international payment system."

Commercial banks and foreign bank branches shall not require consular legalization for documents that already contain content in Vietnamese (including foreign language documents translated into Vietnamese) confirmed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), international card organizations (including: Visa, MasterCard, JCB, Amex, UPI).

Article 7. Amend and supplement some clauses of Article 10

2. Amending and supplementing Clause 5 as follows:

"1. The representative office of a foreign country shall prepare a dossier to request amendments and supplements to the License and send it through postal service or submit directly to the headquarters of the State Bank of Vietnam branch (One-stop Service Center) or submit online through the National Public Service Portal (if available) in accordance with point a, Clause 2 of Article 11 of this Circular and ensure the principle of dossier preparation as stipulated in Article 8 of this Circular for the following changed contents:

a) Change of name;

b) Change of location of the office to a different province or city from where the representative office of a foreign country is currently located;

c) Extension of the term of operation."

2. Amend and supplement Clause 2 as follows:

"2. The representative office of a foreign country shall submit a notification document through postal service or directly to the headquarters of the State Bank of Vietnam branch where the office is located (One-stop Service Center) or submit online through the National Public Service Portal (if available) no later than 07 (seven) working days from the date of the following changes:

a) Change of the head of the representative office of a foreign country;

b) Change of the office location within the same province or city;

c) Change of the office address without changing the location of the office."

Article 8. Amend and supplement Article 15

"Article 15. Notification of information about the head of the representative office of a foreign country

1. Within 10 (ten) days from the date of change of the head of the representative office of a foreign country and in cases of changes in the information of the head of the representative office of a foreign country, the representative office of a foreign country must submit a notification document to the State Bank of Vietnam branch where the office is located regarding the information about the head of the representative office of a foreign country.

2. Within 05 (five) working days from the date of receipt of the document from the representative office of a foreign country, the Director of the State Bank of Vietnam branch shall be responsible for submitting a notification document about the head of the representative office of a foreign country to the Business Registration Authority at the provincial or centrally-administered municipal level where the representative office of a foreign country is located to update the national business registration information system."

Article 9. Amend and supplement some points and clauses of Article 16

1. Amend and supplement point b clause 2 as follows:

"b) Must be within the territory of Vietnam, have a specific address including the building name (if applicable), house number, street/road name, commune administrative unit name, province administrative unit name; telephone number (if applicable), fax number (if applicable) and email (if applicable);"

Article 8. Responsibilities for Implementation

"b) Must be within the territory of Vietnam, have a specific address including the building name (if applicable), house number, street/road name, commune administrative unit name, province administrative unit name; telephone number (if applicable), fax number (if applicable) and email (if applicable);"

Article 10. Amend and supplement Clause 1 of Article 18

Replace the phrase "Bank Inspection and Supervision Agency" with the phrase "Credit Institution Management and Supervision Department".

Article 11. Amend and supplement point e of Clause 3 of Article 22

"e) Commercial banks and foreign bank branches that have been approved by the State Bank of Vietnam to supplement the License for participating in the international payment system shall report annually on transactions through the international payment system according to the form set out in Appendix 04 issued together with this Circular. The annual reporting period runs from January 1 to December 31 of the year in question, and the report must be submitted no later than the 20th day of the first month of the following year. In case of emergency or necessity, commercial banks and foreign bank branches shall report as required by the State Bank of Vietnam.

The report shall be submitted directly to the State Bank of Vietnam or through other electronic means as directed by the State Bank of Vietnam."

Article 12. Amend and supplement some points and clauses of Article 23

1. Amend and supplement Clause 1 as follows:

"1. The Credit Institution Management and Supervision Department:

a) Shall be responsible for receiving, examining and processing applications for renewal of Licenses and supplementary activities to Licenses of commercial banks and foreign bank branches that fall under the micro-prudential supervision of the Credit Institution Management and Supervision Department according to Clause 1 and Clause 2 of Article 3 of this Circular;

b) Shall prepare a document with attached files to seek opinions from relevant units within the State Bank regarding applications for supplementary activities to Licenses concerning the business of trading interest rate derivatives, trading commodity price derivatives, securities custody, and participation in international payment systems when performing the responsibilities set out in Point a of Clause 1 of this Article;

c) Shall send information on changes along with the Decision on supplementary activities to Licenses or renewed Licenses to the Provincial Business Registration Authority where the head office of the commercial bank or the branch of the foreign bank is located to update the national business registration information system according to Clause 1 of Article 5 of this Circular;

d) Shall be responsible for managing and storing the application files for renewed Licenses and supplementary activities to Licenses after issuance;

đ) Shall handle any issues arising during the implementation of this Circular."

2. Amend and supplement Point a Clause 3 as follows:

"a) Within a maximum period of 10 (ten) days from the date of receipt of the document from the Credit Institution Management and Supervision Department and the State Bank Branch regarding the application for supplementary activities to participate in international payment systems, the Payment Department shall provide specific comments in writing on:

(i) Whether the commercial bank or foreign bank branch has met the requirements for the application documents concerning:

- Documentation describing the proposed international payment system to be supplemented in the License;

- Documentation proving the establishment and lawful operation of the organization operating the international payment system abroad;

- Internal regulations on the criteria for selecting international payment systems to connect.

(ii) Content related to the criteria for selecting international payment systems to connect in the explanatory report according to Point đ(vii) Clause 2 of Article 9 of this Circular."

3. Amend and supplement Clause 4 as follows:

"4. The Information Technology Department:

Within a maximum period of 10 (ten) days from the date of receipt of the document from the Credit Institution Management and Supervision Department and the State Bank Branch regarding the application for supplementary activities to participate in international payment systems, the Information Technology Department shall provide specific comments in writing on:

a) Whether the commercial bank or foreign bank branch has met the requirements for the application documents stipulated in Point đ(iii) Clause 2 of Article 9 of this Circular and has internal regulations on the criteria for selecting international payment systems to connect concerning technical conditions and security assurance when participating in international payment systems;

b) Content related to technical solutions for the information system meeting the requirements for ensuring information system safety level 3 according to the law in the explanatory report according to Point đ(vii) Clause 2 of Article 9 of this Circular;

c) Documentation proving that the commercial bank or foreign bank branch has met the requirements for the application documents concerning technical infrastructure documentation for connecting the bank's system with the organization operating the international payment system."

4. Amending and supplementing Clause 5 as follows:

Replace the phrase "Bank Inspection and Supervision Agency" with the phrase "Credit Institution Management and Supervision Department".

5. Amend and supplement Clause 6 as follows:

Replace the phrase "Bank Inspection and Supervision Agency" with the phrase "Credit Institution Management and Supervision Department".

6. Amend and supplement Clause 7 as follows:

"7. The Foreign Exchange Management Department:

Within a maximum period of 10 (ten) days from the date of receipt of the document from the Credit Institution Management and Supervision Department and the State Bank Branch regarding the application for supplementary activities to participate in international payment systems, the Foreign Exchange Management Department shall provide specific comments in writing on:

a) Whether the commercial bank or foreign bank branch has internal regulations on the criteria for selecting international payment systems to connect concerning foreign exchange management regulations when participating in international payment systems (if applicable);

b) Content related to foreign exchange management regulations when the commercial bank or foreign bank branch participates in international payment systems (if applicable) in the explanatory report according to Point đ(vii) Clause 2 of Article 9 of this Circular;

c) The appropriateness of the process for handling international payment transactions of the commercial bank or foreign bank branch with the organization operating the international payment system concerning foreign exchange management regulations (if applicable)."

7. Amend and supplement some points of Clause 8 as follows:

a) Amending and supplementing Point c as follows:

"c) Send information on changes along with the Decision on supplementary activities to Licenses or renewed Licenses to the Provincial Business Registration Authority where the foreign bank branch is located to update the national business registration information system according to Clause 2 of Article 5 of this Circular;"

b) Amend and supplement Point d as follows:

"d) Notify the Business Registration Authority about the information on the head of the foreign representative office of the foreign representative office;"

c) Amend and supplement Point k as follows:

"k) Shall collect fees for renewing Licenses of foreign bank branches except for foreign bank branches that fall under the micro-prudential supervision of the Credit Institution Management and Supervision Department and shall remit the entire amount collected into the state budget according to current regulations."

8. Supplement Clause 9 as follows:

"9. The Anti-Money Laundering Department

Within a maximum period of 10 (ten) days from the date of receipt of the document with complete relevant files from the Credit Institution Management and Supervision Department and the State Bank Branch regarding the request for comments on the application for supplementary activities to Licenses concerning participation in international payment systems, the Anti-Money Laundering Department shall provide specific comments in writing on:

a) The commercial bank, foreign bank branch's compliance with the requirements regarding documentation specified in Point đ(ii) Clause 2 Article 9 of this Circular concerning provisions of laws on money laundering, terrorist financing, and financing of weapons of mass destruction when participating in the international payment system;

b) Content related to policies and procedures for managing risks of money laundering, terrorist financing, and financing of weapons of mass destruction in the explanatory report as stipulated in Point đ(vii) Clause 2 Article 9 of this Circular;

c) The consistency in the processing, switching, netting, and settlement procedures for international payment transactions of commercial banks, foreign bank branches with the organization operating the international payment system concerning provisions of laws on preventing and combating money laundering, terrorist financing, and financing of weapons of mass destruction (if applicable).";

Article 13. Amending and Supplementing Article 26

"Article 26. Responsibility for Implementation

Heads of units under the State Bank of Vietnam, commercial banks, foreign bank branches, and foreign representative offices shall be responsible for organizing the implementation of this Circular./."

Article 14. Replacing some Appendices attached to Circular No. 34/2024/TT-NHNN

Replacing Appendix 01, Appendix 02, Appendix 03, and Appendix 04 issued together with Circular No. 34/2024/TT-NHNN with Appendix 01, Appendix 02, Appendix 03, and Appendix 04 issued together with this Circular.

Article 15. Implementation Provisions

This Circular takes effect from February 15, 2026.

Article 16. Responsibilities for implementation

Heads of units under the State Bank of Vietnam, commercial banks, foreign bank branches, and foreign representative offices shall be responsible for organizing the implementation of this Circular./.

Appendix 04

REGARDING THE REPORT ON TRANSACTION SITUATION
THROUGH THE INTERNATIONAL PAYMENT SYSTEM

REPORT

On the situation of transactions through the international payment system

Reporting period: Year....

Respected: State Bank of Vietnam (through the Payment Department)

1. Situation of transactions conducted through international payment systems

Statistics on the number and value of transactions (outbound/inbound) through each international payment system during the reporting period (including domestic payment transactions conducted through the international payment system)

2. Difficulties and Obstacles

 Commercial banks, foreign bank branches shall detail any difficulties and obstacles encountered during the execution of transactions through the international payment system (if any).

3. Proposals and Recommendations (if any)