Circular No. 75/2025/TT-NHNN Amending and supplementing certain provisions in legal normative documents in the field of managing foreign exchange supply services and usage to implement plans to reduce and simplify administrative procedures

 

CIRCULAR

AMENDMENTS AND SUPPLEMENTS TO CERTAIN PROVISIONS IN LEGAL DOCUMENTS IN THE FIELD OF MANAGEMENT OF FOREIGN EXCHANGE SERVICE PROVIDING ACTIVITIES AND FOREIGN EXCHANGE USE TO IMPLEMENT MEASURES FOR REDUCING AND SIMPLIFYING ADMINISTRATIVE PROCEDURES

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 Foreign Exchange Law No. 28/2005/PL-UBTVQH11 amended and supplemented by Law No. 06/2013/UBTVQH13;

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 Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions in legal documents in the field of management of foreign exchange service providing activities and foreign exchange use to implement measures for reducing and simplifying administrative procedures.

PART I

AMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF DECISION NO. 17/2004/QĐ-NHNN OF THE GOVERNOR OF THE STATE BANK OF VIETNAM ON THE ISSUANCE OF REGULATIONS ON PAYMENT IN THE PURCHASE AND SALE, EXCHANGE OF GOODS AND COMMERCIAL SERVICES IN THE BORDER AREA BETWEEN VIETNAM AND CAMBODIA

Article 1. Amending and supplementing Article 3

"Article 3. Heads of relevant units under the State Bank of Vietnam, permitted banks, organizations, and individuals related to this Decision shall be responsible for implementing it."

Article 2. Amending and supplementing Article 11 of the Payment Regulations in the purchase and sale, exchange of goods and commercial services in the border area between Vietnam and Cambodia issued together with Decision No. 17/2004/QĐ-NHNN

"Article 11. Responsibilities for organizing implementation

The State Bank Branch in the Border Area with provinces bordering Cambodia shall disseminate the contents of these Regulations, seek guidance from the Party Committee and local authorities, organize and implement information dissemination through mass media; guide enterprises in the area; coordinate with relevant agencies such as trade, finance, customs, police, border guards to effectively implement payment activities for imported and exported goods and commercial services in the border area.

The State Bank Branch in the Border Area with provinces bordering Cambodia shall manage and supervise the implementation of cross-border payments for permitted banks and organizations and individuals in the area.

The General Director (Director) of permitted banks shall instruct branches of their banks in border provinces of Vietnam - Cambodia to proactively contact commercial banks in Cambodia to agree on establishing agency relationships for payment services for import and export transactions in freely convertible foreign currencies, VND, and KHR according to these Regulations, meeting the needs of payment in transactions involving the purchase and sale, exchange of goods and commercial services between traders in the border area between Vietnam and Cambodia."

Article 3. Amending and supplementing Article 12 of the Payment Regulations in the purchase and sale, exchange of goods and commercial services in the border area between Vietnam and Cambodia issued together with Decision No. 17/2004/QĐ-NHNN

"Article 12. Reporting System

1. Quarterly, no later than the 5th day of the first month of each quarter, banks or bank branches conducting transactions with Cambodia according to these Regulations shall compile and report the situation of payments to the State Bank Branch in the Border Area in their region (according to Form 3 attached to these Regulations).

2. Quarterly, no later than the 10th day of the first month of each quarter, the State Bank Branch in the Border Area shall compile and report the situation of payments according to these Regulations to the State Bank of Vietnam (Currency Management Department) (according to Form 5 attached to these Regulations)."

Article 4. Repeal and replace some points, clauses, Articles, and Annexes of the Payment Rules for the Purchase and Sale, Exchange of Goods and Services in the Vietnam-Cambodia Border Area issued together with Decision No. 17/2004/QĐ-NHNN.

1. Repeal point d of Article 3.

2. Repeal Article 8.

3. Repeal Annex 2 and Annex 4 of the Payment Rules for the Purchase and Sale, Exchange of Goods and Services in the Vietnam-Cambodia Border Area issued together with Decision No. 17/2004/QĐ-NHNN.

4. Replace the phrase "State Bank Branch of Province (City)" with the phrase "State Bank Branch of Region" in Annex 3 of the Payment Rules for the Purchase and Sale, Exchange of Goods and Services in the Vietnam-Cambodia Border Area issued together with Decision No. 17/2004/QĐ-NHNN.

5. Replace Annex 5 of the Payment Rules for the Purchase and Sale, Exchange of Goods and Services in the Vietnam-Cambodia Border Area issued together with Decision No. 17/2004/QĐ-NHNN with Annex 5 of Annex I issued together with this Circular.

Chapter II

AMEND AND SUPPLEMENT SOME ARTICLES OF DECISION NO. 21/2008/QĐ-NHNN OF THE HEAD OF THE STATE BANK OF VIETNAM ISSUING THE AGENT FOREIGN EXCHANGE EXCHANGE REGULATIONS

Article 5. Amend and supplement Article 3

"Article 3.The heads of relevant units under the State Bank, permitted credit organizations, and related organizations and individuals shall be responsible for implementing this Decision."

Article 6. Supplement Article 4a following Article 4 of the Agent Foreign Exchange Exchange Regulations issued together with Decision No. 21/2008/QĐ-NHNN

"Article 4a. Principles for the preparation, submission, receipt, and response to results of applications for approval of registration as an agent foreign exchange exchange; application for change of registration as an agent foreign exchange exchange

1. Applications for approval of registration as an agent foreign exchange exchange, application for change of registration as an agent foreign exchange exchange shall be submitted directly at the One-Stop Service Unit of the State Bank Regional Branch or sent through postal services to the State Bank Regional Branch or submitted online via the National Public Service Portal.

2. The time limit for checking the completeness and accuracy of the application is three working days from the date when the State Bank’s Information System for Administrative Procedures receives the application online or from the date when the One-Stop Service Unit of the State Bank Regional Branch receives the application in person or through postal services.

3. In cases where the application is submitted online via the National Public Service Portal, the electronic application must use a digital signature in accordance with the laws on administrative procedures in the electronic environment.

In cases where the administrative procedure has not been provided online on the National Public Service Portal or if the National Public Service Portal encounters technical issues preventing it from receiving or exchanging electronic information, the submission of the application, receipt, issuance of results, exchange, and feedback of information shall be conducted through postal services or in person at the One-Stop Service Unit of the State Bank Regional Branch.

4. Documents in the electronic application are electronic texts, scanned copies of original documents, original documents (PDF format files).

5. Documents in the paper application shall be handled as follows:

a) The application for approval of registration as an agent foreign exchange exchange, the application for change of registration as an agent foreign exchange exchange must be originals or true copies;

b) Contracts, agreements, documents issued or signed by organizations must be originals, true copies, certified copies, copies confirmed by the organization as being copied from the original;

c) Other documents in the application must be originals, true copies, copies from the original book, certified copies.

6. Applications for approval of registration as an agent foreign exchange exchange, application for change of registration as an agent foreign exchange exchange must be prepared in Vietnamese. In cases where the original application is in a foreign language, it must be translated into Vietnamese and the translator's signature must be certified according to the certification regulations of Vietnamese law, except for contracts, agreements, documents issued or signed by organizations which can self-translate and confirm, and bear responsibility for the accuracy of the translation.

7. Organizations are responsible for the accuracy and truthfulness of the information stated in the application."

Article 7. Amend and supplement Article 7 of the Foreign Currency Exchange Agency Regulation issued together with Decision No. 21/2008/QĐ-NHNN.

"Article 7. Documents for requesting approval to register as a foreign currency exchange agency; registration to change a foreign currency exchange agency.

1. The documents for requesting approval to register as a foreign currency exchange agency include:

a) Application form for approval to register as a foreign currency exchange agency (in accordance with Appendix 1 attached hereto);

b) Commitment letter from the economic organization accompanied by a copy of the supporting documents (if any) regarding the placement of the foreign currency exchange agency at the location as prescribed by the Government concerning the conditions for economic organizations conducting foreign currency exchange agency activities; the economic organization's commitment to only act as a foreign currency exchange agency for one permitted credit institution;

c) Report on the economic organization's provision of complete public exchange rate boards, signage displaying the name of the authorized credit institution, and the name of the foreign currency exchange agency at the transaction location;

d) Business procedures for foreign currency exchange including the following main contents: measures to ensure security during the foreign currency exchange process; record-keeping, issuing invoices to customers, retaining vouchers, invoices, ledgers; accounting records; reporting systems;

đ) Foreign currency exchange agency contract signed with the authorized credit institution, including the following main contents:

(i) Name, address of the headquarters, and contact phone number of the parties signing the contract;

(ii) Names and addresses of the foreign currency exchange agencies;

(iii) Provisions that the foreign currency exchange agency may only purchase foreign currency in cash (except for agencies located in quarantine zones at international border gates) and resell the cash foreign currency obtained (excluding the amount retained in the reserve fund) to the authorized credit institution;

(iv) Provisions on the principles for determining the buying and selling rates (for agencies located in quarantine zones at international border gates) for customers and the selling rate of cash foreign currency to the authorized credit institution in compliance with foreign exchange management regulations; provisions on types of agency commission fees (if any);

(v) Rights and obligations of the parties involved in the contract, clearly stipulating that the foreign currency exchange agency must comply with the business procedures for foreign currency exchange; provisions requiring the authorized credit institution to periodically inspect the operations of the agencies to ensure compliance with the contract and legal regulations;

(vi) Agreement on the amount of reserve fund to be retained and the deadline for selling the purchased cash foreign currency to the authorized credit institution.

2. The documents for registering to change a foreign currency exchange agency include:

a) Application for changing a foreign currency exchange agency (in accordance with Appendix 5 attached hereto);

b) Relevant documents necessary for changes as prescribed in Clause 1 of Article 6a of this Regulation;

c) Report on the economic organization's provision of complete public exchange rate boards, signage displaying the name of the authorized credit institution, and the name of the foreign currency exchange agency at the transaction location, and a commitment letter from the economic organization accompanied by a copy of the supporting documents (if any) regarding the fulfillment of the condition for the location of the foreign currency exchange agency of the economic organization (in cases where the number of foreign currency exchange agencies is increased)."

Article 8. Supplement Article 7a following Article 7 of the Foreign Currency Exchange Agency Regulation issued pursuant to Decision No. 21/2008/QĐ-NHNN.

"Article 7a. Procedures and formalities for approving registration of foreign currency exchange agencies; registration of changes to foreign currency exchange agencies.

1. An economic organization that wishes to carry out foreign currency exchange agency activities or change foreign currency exchange agencies shall prepare one set of documents and submit it to the State Bank Branch Regional Office within the territory where the economic organization's foreign currency exchange agency is located, in accordance with this Regulation.

2. Within twenty working days from the date of receiving complete and valid documents, the State Bank Branch Regional Office within the territory shall examine and issue a Certificate of Registration for Foreign Currency Exchange Agencies (in the form attached at Appendix 2 of this Regulation) or a Certificate of Registration for Changes to Foreign Currency Exchange Agencies (in the form attached at Appendix 6 of this Regulation).

In cases where the documents do not meet the conditions for processing, within ten working days from the date of receipt of the documents, the State Bank Branch Regional Office within the territory shall issue a written request for the organization to supplement the documents in accordance with this Regulation.

In case of refusal, the State Bank Branch Regional Office within the territory shall issue a written refusal to issue the Certificate and clearly state the reasons.

3. In cases where a Certificate of Registration for Foreign Currency Exchange Agencies or a Certificate of Registration for Changes to Foreign Currency Exchange Agencies is issued to an economic organization that has a foreign currency exchange agency located in a province or centrally-administered city other than the location of its headquarters, the State Bank Branch Regional Office issuing the Certificate shall send a copy of the Certificate to the State Bank Branch Regional Office where the economic organization's headquarters is located for information and monitoring.

4. The validity period of the Certificate of Registration for Foreign Currency Exchange Agencies:

a) The validity period of the Certificate of Registration for Foreign Currency Exchange Agencies shall be based on the validity period of the foreign currency exchange agency contract signed by the economic organization with the authorized credit institution;

b) In cases where the foreign currency exchange agency contract signed by the economic organization with the authorized credit institution expires or is terminated prematurely, the economic organization must cease the foreign currency exchange agency activities and return the original Certificate of Registration for Foreign Currency Exchange Agencies to the State Bank Branch Regional Office that issued the Certificate within thirty working days from the date of expiration or termination of the contract;

c) An economic organization wishing to continue carrying out foreign currency exchange agency activities must comply with the Government's regulations on the conditions for economic organizations to conduct foreign currency exchange agency activities and follow the procedures and formalities stipulated in Article 7, Clause 1, and Clause 2 of Article 7a of this Regulation."

Article 9. Replace and supplement some clauses, Articles, and Appendices of the Foreign Currency Exchange Agency Regulation issued together with Decision No. 21/2008/QĐ-NHNN.

1. Replace the phrase "State Bank Branch Province, City" with the phrase "State Bank Branch Regional Office" in Clause 2, Clause 3 of Article 9, Clause 5 of Article 11, Title of Article 12, Clause 2, Clause 3 of Article 14, and Article 15.

2. Replace the phrase "State Bank of Vietnam Branch Province, City" with the phrase "State Bank Branch Regional Office" in Appendix 3, Appendix 4 of the Foreign Currency Exchange Agency Regulation issued together with Decision No. 21/2008/QĐ-NHNN.

3. Replace the phrase "Department of Foreign Exchange Management" with the phrase "Foreign Exchange Management Department" in Clause 2 of Article 15, Appendix 4 of the Foreign Currency Exchange Agency Regulation issued pursuant to Decision No. 21/2008/QĐ-NHNN.

4. Supplement Appendices 1, 2, 5, 6 of the Foreign Currency Exchange Agency Regulation issued together with Decision No. 21/2008/QĐ-NHNN with Appendices 1, 2, 5, 6 belonging to Appendix II issued together with this Circular.

Chapter III

AMEND AND SUPPLEMENT SOME ARTICLES OF CIRCULAR NO. 32/2013/TT-NHNN OF THE GOVERNOR OF THE STATE BANK OF VIETNAM GUIDING THE IMPLEMENTATION OF REGULATIONS ON LIMITS ON THE USE OF FOREIGN CURRENCY WITHIN VIETNAMESE TERRITORY

Article 10. Amend and supplement Clause 17 of Article 4

“17. In cases related to national security, defense, oil and gas, and other necessary cases, organizations are permitted to use foreign currency on Vietnamese territory after being reviewed and approved in writing by the State Bank of Vietnam (hereinafter referred to as the State Bank) based on the actual situation and the necessity of each case according to the dossier, procedures, and formalities prescribed in Article 4a of this Circular.”

Article 11. Add Article 4a after Article 4

“Article 4a. Dossier, Procedures, and Formalities for Approval to Use Foreign Currency on Vietnamese Territory

1. Principles for Establishing, Submitting, Receiving, and Delivering Results of the Dossier Requesting Approval to Use Foreign Currency on Vietnamese Territory:

a) The dossier requesting approval to use foreign currency on Vietnamese territory shall be submitted directly at the One-Stop Service Window of the State Bank or sent through postal services to the State Bank or submitted online through the National Public Service Portal;

b) The deadline for checking the completeness and accuracy of the dossier is three working days from the date when the Information System for Administrative Procedures of the State Bank receives the dossier via the online method or from the date when the One-Stop Service Window of the State Bank receives the dossier via the direct submission method or through postal services;

c) In the case of submitting the dossier online through the National Public Service Portal, the electronic dossier must use digital signatures in accordance with the laws on administrative procedures in the electronic environment;

In cases where the administrative procedure has not been provided online on the National Public Service Portal or if the National Public Service Portal encounters technical issues preventing it from receiving or exchanging electronic information, the submission of the dossier, receipt, delivery of results, exchange, and feedback of information shall be carried out through postal services or directly at the One-Stop Service Window of the State Bank;

d) Documents in the electronic dossier are electronic texts, scanned copies of original documents, or originals (PDF format files);

đ) Documents in the paper dossier are implemented as follows:

- The application for approval to use foreign currency on Vietnamese territory must be the original or the original copy;

- Contracts, agreements, and documents issued or signed by the organization must be the original, original copy, certified true copy, or a copy confirmed by the organization as being copied from the original;

- Other documents in the dossier must be the original, original copy, copy from the original book, or certified true copy;

e) The dossier requesting the State Bank to approve the use of foreign currency on Vietnamese territory must be established in Vietnamese. In cases where the original dossier is in a foreign language, it must be translated into Vietnamese and the signature of the translator must be certified in accordance with Vietnamese laws on certification, except for contracts, agreements, and documents issued or signed by the organization, which the organization may translate and confirm themselves and bear responsibility for the accuracy of the translation;

g) The organization is responsible for the accuracy and truthfulness of the information stated in the dossier requesting approval.”

2. Organizations that need to use foreign currency on Vietnamese territory shall establish one dossier and submit it to the State Bank in accordance with this Circular. The dossier includes:

a) An application for approval to use foreign currency on Vietnamese territory in the form attached to this Circular;

b) A document presenting the necessity of using foreign currency on Vietnamese territory accompanied by relevant supporting documents and evidence.

3. Within thirty-five days from the date of receiving a complete and valid dossier, the State Bank will review and issue a written approval for the use of foreign currency on Vietnamese territory based on the actual situation and the necessity of each case.

If the dossier does not meet the conditions for processing, within ten working days from the date of receiving the dossier, the State Bank will issue a document requesting the organization to supplement the dossier in accordance with this Circular.

In case of refusal, the State Bank will issue a document refusing approval to use foreign currency on Vietnamese territory and specify the reasons.”

Article 12. Amend and supplement Clause 2 of Article 7

“2. The heads of relevant units under the State Bank of Vietnam, permitted credit organizations, and related organizations and individuals shall be responsible for implementing this Circular./.”

Article 13. Supplement the Appendix issued together with Circular No. 32/2013/TT-NHNN

Supplement the Appendix on the sample Application for Approval to Use Foreign Currency within the territory of Vietnam as Appendix III issued together with this Circular.

Chapter IV

AMEND AND SUPPLEMENT CERTAIN ARTICLES OF CIRCULAR NO. 21/2014/TT-NHNN GUIDING THE SCOPE OF FOREIGN EXCHANGE ACTIVITIES, CONDITIONS, PROCEDURES, AND FORMALITIES FOR APPROVAL OF FOREIGN EXCHANGE ACTIVITIES OF CREDIT ORGANIZATIONS AND BRANCHES OF FOREIGN BANKS

Article 14. Amend and supplement Article 4

“Article 4. Principles of foreign exchange activities

1. For basic foreign exchange activities:

a) After being approved by the State Bank of Vietnam (hereinafter referred to as the State Bank) through the issuance of a new or renewed License for Establishment and Operation or a Decision to amend and supplement the License containing the content of operating and providing foreign exchange services in the domestic market and/or international market within the scope prescribed by the State Bank or the content of operating and providing foreign exchange services and products to customers both domestically and abroad within the scope prescribed by the State Bank, commercial banks, cooperative banks, comprehensive financial companies, factoring financial companies, consumer finance companies, leasing financial companies, and branches of foreign banks may carry out all basic foreign exchange activities in the domestic market and/or international market within the scope stipulated in this Circular;

b) For derivative activities related to foreign exchange and other foreign exchange activities not covered by the activities specified in point a of Clause 1 and Clause 2 of this Article:

(i) Commercial banks and branches of foreign banks permitted may carry out derivative activities related to foreign exchange without having to go through additional approval procedures when the State Bank issues guidance and the commercial bank or branch of a foreign bank has been allowed by the State Bank to conduct such derivative activities in Vietnamese currency;

(ii) Commercial banks and branches of foreign banks permitted may carry out other foreign exchange activities without having to go through additional approval procedures when the State Bank issues guidance for such foreign exchange activities;

c) Policy banks may carry out basic foreign exchange activities in the domestic market and international market according to the provisions of this Circular.

2. For other foreign exchange activities:

a) After being approved in writing by the State Bank to operate for a specific period for each product or group of specific products (referred to as time-limited approval document), permitted credit organizations may carry out other foreign exchange activities in the domestic market and international market;

b) Upon expiration of the period specified in the time-limited approval document, permitted credit organizations may continue to carry out other foreign exchange activities in the domestic market and international market after the State Bank reviews and extends the time-limited approval document. Each extension period shall not exceed the permitted operation period specified in the time-limited approval document.

3. During the implementation of foreign exchange activities in the international market, permitted credit organizations must regularly review, monitor, and evaluate foreign partners to make appropriate adjustments to ensure the safety of their operations.

4. When implementing foreign exchange activities, permitted credit organizations must ensure compliance with the provisions of this Circular and other relevant laws for each foreign exchange activity. Specifically, policy banks must ensure compliance with government regulations, Prime Minister's directives, and related laws.”.

Article 15. Supplement Article 4a following Article 4

"Article 4a. Competence to approve foreign exchange activities

1. The Governor of the State Bank has the authority to approve and extend approval for foreign exchange activities for the following entities:

a) Commercial banks, cooperative banks, policy banks, comprehensive financial companies, factoring companies, consumer credit financial companies, financial leasing companies;

b) Branches of foreign banks that are under micro-prudential supervision by the Department of Management and Supervision of Credit Institutions."

"2. The Director of the State Bank's Regional Branch has the authority to approve and extend approval for foreign exchange activities for branches of foreign banks located within the province or city, except for those branches specified in point b, Clause 1 of this Article."

Article 16. Amend and supplement Article 10

"Article 10. Conditions for approving other foreign exchange activities on domestic and international markets

1. During each period, based on the objectives of monetary policy and foreign exchange management policy, commercial banks may be considered and permitted to carry out other foreign exchange activities on domestic and international markets when meeting the following conditions:

a) Having internal regulations regarding business procedures with risk management measures for each proposed foreign exchange activity;

b) Having internal regulations regarding partner selection criteria and transaction limits suitable for each foreign partner;

c) Adhering to legal provisions on safety ratios in banking operations in the year immediately preceding the submission of the application and at the time of application submission;

d) Not being administratively penalized for foreign exchange activities in the year immediately preceding the submission of the application and at the time of application submission;

đ) Banking business operations being profitable in the year immediately preceding the submission of the application according to audited financial reports."

2. Conditions for commercial banks to be considered and permitted to extend the implementation of other foreign exchange activities on domestic and international markets include:

a) Not being administratively penalized for foreign exchange activities during the implementation of time-limited foreign exchange activities;

b) Adhering to legal provisions on safety ratios in banking operations in the year immediately preceding the extension request and at the time of extension application submission;

c) Banking business operations being profitable in the year immediately preceding the extension request according to audited financial reports."

Article 17. Amend and supplement Article 11

"Article 11. Documents for requesting approval of foreign exchange activities

1. Principles for preparing, submitting, receiving and returning results of documents for requesting approval of foreign exchange activities:

a) Documents for requesting approval of foreign exchange activities are submitted directly to the One-Stop Service Unit of the State Bank or sent through postal services to the State Bank or submitted online through the National Public Service Portal;

b) The deadline for checking the completeness and accuracy of the dossier is three working days from the date when the Information System for Administrative Procedures of the State Bank receives the dossier via the online method or from the date when the One-Stop Service Window of the State Bank receives the dossier via the direct submission method or through postal services;

c) In the case of submitting the dossier online through the National Public Service Portal, the electronic dossier must use digital signatures in accordance with the laws on administrative procedures in the electronic environment;

In cases where the administrative procedure has not been provided online on the National Public Service Portal or if the National Public Service Portal encounters technical issues preventing it from receiving or exchanging electronic information, the submission of the dossier, receipt, delivery of results, exchange, and feedback of information shall be carried out through postal services or directly at the One-Stop Service Window of the State Bank;

d) Documents in the electronic dossier are electronic texts, scanned copies of original documents, or originals (PDF format files);

đ) Documents in paper-based files must be original copies signed by the authorized representative of the commercial bank, except for audited financial reports which can be original, original copies, certified copies, or copies confirmed by the authorized representative of the commercial bank regarding the accuracy of the copy compared to the original;

e) Documents for requesting approval of foreign exchange activities must be prepared in Vietnamese. In cases where the original documents are in a foreign language, they must be translated into Vietnamese and the signature of the translator must be certified according to Vietnamese legal provisions on certification, except for contracts, agreements, or documents issued or signed by the commercial bank, which the commercial bank can translate and confirm on its own and bear responsibility for the accuracy of the translation.

2. Basic documents for requesting approval of foreign exchange activities on the domestic market include:

a) Application form according to the model attached as Appendix 1 to this Circular;

b) Internal regulations on risk management related to foreign exchange activities, including at least the following contents: identification of types of risks, risk management plans;

c) Report describing the information technology system, technical solutions applied, and procedures for handling foreign exchange activities in the information technology system according to the contents stipulated in Appendix 3 attached to this Circular."

3. Basic documents for requesting approval of foreign exchange activities on the international market include:

a) Documents as prescribed in Clause 2 of this Article;

b) Internal regulations on partner selection criteria and transaction limits for partners, including provisions on periodic review and reassessment of partners when there are unexpected events affecting the credit ratings of partners."

4. Basic documents for requesting approval to implement other foreign exchange activities on the domestic and international markets for a limited time include:

a) Application form according to the model attached as Appendix 1 to this Circular, specifying the products or product groups proposed for implementation and the implementation period;

b) Report on compliance with legal provisions on safety ratios in banking operations in the year immediately preceding the submission of the application for permission to implement for a limited time and at the time of application submission;

c) Internal regulations on business procedures with appropriate risk management measures for each proposed foreign exchange activity, including minimum risk management measures such as identification of types of risks and risk management plans;

d) Internal regulations on partner selection criteria and transaction limits for partners, including provisions on periodic review and reassessment of partners when there are unexpected events affecting the credit ratings of partners;

đ) Report on the status of domestic foreign exchange activities in the year immediately preceding the submission of the application for permission to implement for a limited time, committing not to be administratively penalized for foreign exchange activities;

e) Audited financial report of the year immediately preceding the application for permission to implement for a limited time."

5. Documents for requesting approval to extend the implementation of other foreign exchange activities on the domestic market and international market:

a) An application form according to Appendix 1 issued together with this Circular, explaining the necessity for extension and committing not to be administratively sanctioned for foreign exchange activities during the implementation period;

b) A report evaluating the results of the time-limited foreign exchange activities already implemented;

c) An audited financial report of the year immediately preceding the year of the extension request;

d) A report on compliance with legal regulations on safety ratios in banking operations in the year immediately preceding the submission of the extension request and up to the date of submission of the extension request.”

Article 18. Amending and supplementing Article 12

"Article 12. Procedures and formalities for approving and extending foreign exchange activities

1. When there is a need to implement foreign exchange activities on the domestic market and international market, commercial banks shall prepare one set of documents to submit to the State Bank in accordance with this Circular.

In case the documents are incomplete, within ten working days from the date of receipt of the documents, the State Bank shall issue a written request for the commercial bank to supplement the documents in accordance with this Circular.

2. Within thirty days from the date of receiving complete and valid documents in accordance with this Circular, the State Bank shall examine:

a) Approving basic foreign exchange activities on the domestic market and international market for commercial banks in the form of issuing new/renewal of the License for Establishment and Operation or issuing a Decision to amend and supplement the License;

b) Approving other foreign exchange activities on the domestic market and international market for commercial banks.

The approval document of the State Bank for commercial banks to carry out other foreign exchange activities on the domestic market and international market shall include the following main contents: name of business, product, group of products to be carried out; implementation period; restrictions and conditions to ensure safety (if any). The approval document for other foreign exchange activities for commercial banks is in the form at Appendix 4 issued together with this Circular;

c) In case of refusal, the State Bank shall notify in writing the refusal and specify the reasons.

3. Procedures and formalities for approving the extension of other foreign exchange activities on the domestic market and international market for commercial banks shall be carried out in accordance with the provisions of Clauses 1 and 2 of this Article.”

Article 19. Amending and supplementing Article 19

"Article 19. Documents, procedures, and formalities for requesting approval for basic foreign exchange activities on the domestic market and international market

Foreign bank branches that wish to conduct basic foreign exchange activities on the domestic market or on the international market shall prepare one set of documents to submit through postal service or deliver directly to the One-Stop Service Unit of the State Bank or the One-Stop Service Unit of the State Bank branch in the region according to the authority stipulated in Article 4a of this Circular or submit online via the National Public Service Portal. The documents, procedures, and formalities for requesting approval for basic foreign exchange activities on the domestic market and international market shall be conducted in accordance with the provisions of Clauses 1, 2, and 3 of Article 11 and Article 12 of this Circular."

Article 20. Amending and supplementing Article 20

"Article 20. Documents, procedures, and formalities for requesting approval to conduct other foreign exchange activities on domestic and international markets

A foreign bank branch that wishes to carry out other foreign exchange activities on the domestic market or on the international market shall prepare one set of documents to be sent via postal service or directly to the One-Stop Service Unit of the State Bank of Vietnam or the One-Stop Service Unit of the State Bank of Vietnam's regional branch according to the authority stipulated in Clause 4a of this Circular, or submit online through the National Public Service Portal. The documents, procedures, and formalities for requesting approval and extending approval for other foreign exchange activities on the domestic and international markets shall be carried out in accordance with the regulations for commercial banks as provided in Clause 1, 4, and 5 of Article 11 and Article 12 of this Circular."

Article 21. Amending and supplementing Article 26

"Article 26. Conditions for approving other foreign exchange activities on domestic and international markets for integrated financial companies

1. In each period, based on the objectives of monetary policy and foreign exchange management policy, integrated financial companies may be considered and permitted to implement other foreign exchange activities on the domestic and international markets for a limited time if they meet the following conditions:

a) Meeting the conditions applicable to commercial banks as stipulated in Point b, c, d, and đ of Clause 1 of Article 10 of this Circular;

b) The business operations of the integrated financial company must have been profitable in the two consecutive years prior to the year of submitting the application for permission according to the audited financial report.

2. Conditions for integrated financial companies to be considered and permitted to extend the implementation of other foreign exchange activities on the domestic and international markets include:

a) Meeting the conditions applicable to commercial banks as stipulated in Point b and c of Clause 2 of Article 10 of this Circular;

b) The business operations of the integrated financial company must have been profitable in the two consecutive years prior to the year of requesting extension according to the audited financial report."

Article 22. Amending and supplementing Article 29

"Article 29. Foreign Exchange Activities of the Social Policy Bank

1. The Social Policy Bank is allowed to conduct basic foreign exchange activities on the domestic market without seeking approval from the State Bank of Vietnam, including:

a) Conducting spot foreign currency transactions;

b) Conducting forward foreign currency transactions, foreign currency swap transactions, and foreign currency option purchase and sale transactions;

c) Accepting foreign currency deposits and lending in foreign currencies to customers who are not credit institutions;

d) Providing foreign currency transfer and payment services within Vietnam; Services for receiving and paying out foreign currencies;

đ) Purchasing, selling, discounting, and rediscounting negotiable instruments and other securities denominated in foreign currencies;

e) Providing foreign currency asset management and safekeeping services; Accepting mandates to lend in foreign currencies;

g) Providing foreign exchange advisory services to customers;

h) Opening foreign currency settlement accounts at other commercial banks and foreign bank branches authorized to conduct foreign exchange activities;

i) Borrowing and lending in foreign currencies with other authorized credit institutions;

k) Depositing and accepting foreign currency deposits with other authorized credit institutions.

2. The Social Policy Bank is allowed to conduct basic foreign exchange activities on the international market without seeking approval from the State Bank of Vietnam, including:

a) International payments and transfers;

b) Buying and selling spot foreign currencies on the international market;

c) Conducting forward foreign currency transactions and foreign currency swap transactions with foreign financial institutions for the purpose of hedging and limiting risks associated with foreign currency purchase and sale contracts and foreign currency swap transactions already concluded and implemented with domestic customers."

Article 23. Supplement Article 29a following Article 29

"Article 29a. Foreign exchange activities of the Vietnam Development Bank

1. The Vietnam Development Bank shall carry out the following basic foreign exchange activities on the domestic market:

a) Conducting spot foreign currency transactions;

b) Conducting forward foreign currency transactions, foreign currency swap transactions, and foreign currency option purchase and sale transactions;

c) Accepting foreign currency deposits and lending in foreign currencies to customers who are not credit institutions;

d) Collection and guarantee with foreign currency;

đ) Provision of money transfer and payment services in foreign currency within the territory of Vietnam;

e) Purchase, sale, discounting, and rediscounting of negotiable instruments and other securities denominated in foreign currency;

g) Acceptance of mandates for lending in foreign currency;

h) Supplying advisory services to customers regarding foreign exchange;

i) Opening foreign currency settlement accounts at commercial banks and branches of foreign banks permitted to conduct foreign exchange activities;

k) Borrowing and lending in foreign currency with other credit institutions permitted to do so;

l) Depositing and accepting deposits in foreign currency with other credit institutions permitted to do so;

m) Opening settlement accounts for foreign credit institutions;

n) Accepting deposits in foreign currency from foreign credit institutions.

2. The Vietnam Development Bank shall carry out the following basic foreign exchange activities on the international market:

a) International payments and transfers;

b) Buying and selling spot foreign currencies on the international market;

c) Conducting forward foreign exchange transactions and foreign exchange swap transactions with foreign financial organizations for the purpose of mitigating risks associated with foreign exchange purchase and sale contracts and foreign exchange swap transactions already concluded and implemented with domestic clients;

d) International collection and guarantee with foreign currency;

đ) Lending abroad to non-bank clients;

e) Depositing foreign currency abroad (including time deposits and demand deposits)."

Article 24. Amend and supplement Article 35

1. Amend and supplement Clause 3 as follows:

"3. Develop and be responsible for the content of internal regulations on business procedures and risk management processes for foreign exchange activities; Only carry out foreign exchange activities after establishing internal regulations on business procedures; Carry out foreign exchange activities in accordance with the established internal procedures. Transactions must be controlled according to current internal audit and internal control regulations."

2. Supplement Clause 11 as follows:

"11. When conducting deposit activities at overseas branches and subsidiaries of commercial banks as stipulated in Clause 3 Article 9 of this Circular, commercial banks shall bear responsibility for their own business results. Quarterly, no later than the tenth day of the first month of each quarter, commercial banks shall submit reports on deposit balances at overseas branches and subsidiaries to the State Bank of Vietnam (Department of Management and Supervision of Credit Institutions)."

Article 25. Amend and supplement Article 36

"Article 36. Responsibilities of units under the State Bank of Vietnam

1. Department of Management and Supervision of Credit Institutions:

a) Serve as the focal point for receiving and sending documents seeking opinions from relevant units under the State Bank of Vietnam, reviewing and submitting to the Governor of the State Bank of Vietnam applications for approval and extension of foreign exchange activities of credit institutions and foreign bank branches as stipulated in Clause 1 Article 4a of this Circular;

b) Serve as the focal point for handling issues related to the approval and extension of foreign exchange activities of credit institutions and foreign bank branches as stipulated in Clause 1 Article 4a of this Circular.

2. Department of Foreign Exchange Management:

Within ten working days from the date of receipt of the document from the Department of Management and Supervision of Credit Institutions, based on its assigned functions and tasks, the Department of Foreign Exchange Management shall have the responsibility to:

a) Provide comments on applications for approval of foreign exchange activities related to the functions and tasks of the Department of Foreign Exchange Management of credit institutions and foreign bank branches;

b) Serve as the focal point for handling issues arising during the implementation of this Circular.

3. Monetary Policy Department:

Within ten working days from the date of receipt of the document from the Department of Management and Supervision of Credit Institutions, based on its assigned functions and tasks, the Monetary Policy Department shall have the responsibility to:

a) Provide comments on reports on compliance with total foreign currency position limits based on foreign currency position reports of credit institutions and foreign bank branches permitted to conduct foreign exchange activities;

b) Provide comments on applications for approval of foreign exchange activities of credit institutions and foreign bank branches related to the functions and tasks of the Monetary Policy Department.

4. Department of Information Technology:

Within ten working days from the date of receipt of the document from the Department of Management and Supervision of Credit Institutions, based on its assigned functions and tasks, the Department of Information Technology shall provide comments on reports describing information technology systems, technical solutions applied, and processes for handling foreign exchange activities within the information technology system when credit institutions and foreign bank branches apply for approval of foreign exchange activities.

5. Other relevant units under the State Bank of Vietnam:

Based on their assigned functions and tasks, other relevant units under the State Bank of Vietnam shall participate in providing comments on matters related to the approval of foreign exchange activities for credit institutions and foreign bank branches upon request of the Department of Management and Supervision of Credit Institutions.

6. Regional Branches of the State Bank of Vietnam:

a) Receive and send documents seeking opinions from relevant units (if necessary), review applications for approval and extension of foreign exchange activities for foreign bank branches as stipulated in Clause 2 Article 4a of this Circular;

b) Serve as the focal point for handling issues related to the approval and extension of foreign exchange activities for foreign bank branches as stipulated in Clause 2 Article 4a of this Circular."

Article 26. Amending and supplementing Article 38

"Article 38. Responsibility for organizing implementation

The heads of relevant units under the State Bank, credit organizations, and foreign bank branches shall be responsible for organizing the implementation of this Circular."

Article 27. Abolishing and supplementing some Articles and Appendices issued together with Circular No. 21/2014/TT-NHNN

1. Abolish Chapter III.

2. Supplement Appendix 1, Appendix 3, Appendix 4, and Appendix 5 with Appendix 1, Appendix 3, Appendix 4, and Appendix 5 of Appendix IV issued together with this Circular.

Chapter V

AMENDING AND SUPPLEMENTING SOME ARTICLES OF CIRCULAR NO. 34/2015/TT-NHNN GUIDING FOREIGN EXCHANGE RECEIVING AND PAYING SERVICES ACTIVITIES ISSUED BY THE GOVERNOR OF THE STATE BANK OF VIETNAM

Article 28. Amending and supplementing Article 1

"Article 1. Scope of Regulation

This Circular stipulates activities related to providing foreign exchange receiving and paying services, including direct foreign exchange receiving and paying activities, and agency foreign exchange paying activities of credit organizations, foreign bank branches, and economic organizations (including Vietnam Post Corporation)."

Article 29. Amending and supplementing Clause 3 of Article 5

"3. On the 10th day of January and July each year, credit organizations and economic organizations shall have the responsibility to report to the State Bank Regional Branch on changes and supplements to the provisions of Clause 2 of this Article, specifying the reasons for such changes and supplements (if any)."

Article 30. Amending and supplementing Article 9

"Article 9. Principles for preparing, submitting, receiving, and responding to applications for approval to provide foreign exchange receiving and paying services

1. Applications for approval to provide foreign exchange receiving and paying services shall be submitted directly at the One-Stop Service Unit of the State Bank Regional Branch or sent through postal service to the State Bank Regional Branch or submitted online via the National Public Service Portal.

2. The time limit for checking the completeness and accuracy of the application is three working days from the date when the State Bank’s Information System for Administrative Procedures receives the application online or from the date when the One-Stop Service Unit of the State Bank Regional Branch receives the application in person or through postal services.

3. In cases where the application is submitted online via the National Public Service Portal, the electronic application must use a digital signature in accordance with the laws on administrative procedures in the electronic environment.

In cases where the administrative procedure has not been provided online on the National Public Service Portal or if the National Public Service Portal encounters technical issues preventing it from receiving or exchanging electronic information, the submission of the application, receipt, issuance of results, exchange, and feedback of information shall be conducted through postal services or in person at the One-Stop Service Unit of the State Bank Regional Branch.

4. Documents in the electronic application are electronic texts, scanned copies of original documents, original documents (PDF format files).

5. Documents in the paper application shall be handled as follows:

a) The application for direct foreign exchange receiving and paying services, the application for changing, supplementing, and extending direct foreign exchange receiving and paying services, the application for registering agency foreign exchange paying services, and the application for changing, supplementing, and extending agency foreign exchange paying services registration must be original or true copies;

b) Contracts, agreements, and documents issued or signed by organizations must be originals, true copies, certified true copies, or copies certified by the organization regarding the copying from the original;

c) Other documents in the application file must be originals, true copies, copies from the original ledger, or certified true copies.

6. Applications for approval to provide foreign exchange receiving and paying services from the State Bank Regional Branch must be prepared in one set in Vietnamese. In case the original application is in a foreign language, it must be translated into Vietnamese and the translator's signature must be certified according to Vietnamese laws on certification, except for contracts, agreements, and documents issued or signed by the organization, which can be self-translated and confirmed by the organization, bearing responsibility for the accuracy of the translation.

7. Organizations are responsible for the accuracy and truthfulness of the information stated in the application."

Article 31. Amending and supplementing Article 12

"Article 12. Procedures and formalities for approving direct foreign exchange receiving and paying services; approving changes, supplements, and extensions of direct foreign exchange receiving and paying services

"1. Economic organizations wishing to carry out direct foreign exchange receiving and paying services (or changes, supplements, and extensions of direct foreign exchange receiving and paying services) shall prepare one set of application files and submit them to the State Bank Regional Branch where the economic organization has its headquarters according to this Circular.

2. Within twenty working days from the date of receipt of complete and valid application files, the State Bank Regional Branch on the territory shall examine and issue an approval document for direct foreign exchange receiving and paying services (according to the model in Appendix 8 issued together with this Circular) or an approval document for changes, supplements, and extensions of direct foreign exchange receiving and paying services (according to the model in Appendix 12 issued together with this Circular).

If the application files are incomplete or invalid, within ten working days from the date of receipt of the application files, the State Bank Regional Branch shall issue a document requesting the organization to supplement the application files according to this Circular.

If the approval is refused, the State Bank Regional Branch shall issue a refusal document and specify the reasons.

3. Validity period of the approval document, the approval document for extending direct foreign exchange receiving and paying services:

a) The validity period of the approval document for direct foreign exchange receiving and paying services and the approval document for extending direct foreign exchange receiving and paying services shall be based on the validity period of the Contract signed with foreign partners or based on the longest validity period of the Contract in cases of multiple direct foreign exchange receiving and paying services Contracts, and not exceeding five years from the signing date;

b) In cases of extending direct foreign exchange receiving and paying services, at least thirty days before the expiration of the approval document for direct foreign exchange receiving and paying services, the economic organization must submit an application for extension approval according to Clause 3 of Article 11 of this Circular."

Article 32. Amending and supplementing Article 15

"Article 15. Procedures and formalities for approving registration of foreign currency payment and disbursement agency activities; approving changes, supplements, and extensions to foreign currency payment and disbursement agency registrations

1. Credit institutions and economic organizations that wish to carry out foreign currency payment and disbursement agency activities (or change, supplement, or extend their agency registration) shall prepare one set of documents and submit them to the State Bank of Vietnam branch in the region where the credit institution or economic organization's main office is located, in accordance with this Circular.

2. Within twenty working days from the date of receiving complete and valid documents, the State Bank of Vietnam branch in the region on the territory shall examine and issue a document approving the foreign currency payment and disbursement agency registration (in the form at Annex 10 issued together with this Circular); a document approving changes, supplements, and extensions to the foreign currency payment and disbursement agency registration (in the form at Annex 12 issued together with this Circular).

In case the documents are incomplete or invalid, within ten working days from the date of receiving the documents, the State Bank of Vietnam branch in the region on the territory shall issue a document requesting the organization to supplement the documents in accordance with this Circular.

In case of refusal to approve, the State Bank of Vietnam branch in the region on the territory shall issue a document refusing approval and clearly state the reasons.

3. The validity period of the approval document, the approval document extending the foreign currency payment and disbursement agency registration:

a) The validity period of the approval document for the foreign currency payment and disbursement agency registration, the approval document extending the foreign currency payment and disbursement agency registration shall be based on the validity period of the foreign currency payment and disbursement agency contract signed with the authorizing organization or based on the foreign currency payment and disbursement agency contract with the longest validity period in cases where there are multiple foreign currency payment and disbursement agency contracts, and shall not exceed five years from the date of signing;

b) In case of extending the foreign currency payment and disbursement agency activity, at least thirty days before the expiration of the validity period of the approval document for the foreign currency payment and disbursement agency registration, the credit institution or economic organization must submit the application for extension approval in accordance with Clause 3, Article 14 of this Circular."

Article 33. Amending Point d Clause 2 Article 21

"d) Inspecting, examining, and supervising the receipt and payment of foreign currencies by organizations in the area;"

Article 34. Amending and supplementing Clause 3 Article 25

"3. Heads of relevant units under the State Bank of Vietnam, credit institutions, foreign bank branches, organizations, and individuals related thereto are responsible for organizing the implementation of this Circular./."

Article 35. Replacing, abolishing, and supplementing certain points, clauses, articles, and annexes promulgated along with Circular No. 34/2015/TT-NHNN

1. Abolish Clause 1 Article 4.

2. Abolish Point b Clause 1 Article 11.

3. Abolish Point b Clause 1 Article 14.

4. Abolish Point b Clause 1, Point c Clause 2 Article 21.

5. Abolish Clause 3 Article 22.

6. Abolish Article 23.

7. Abolish Annex 2, Annex 4, Annex 6, Annex 7, Annex 9, Annex 11, Annex 13, Annex 15.

8. Abolish the phrase "Annex 2" in Clause 3 Article 7, Point a Clause 1 Article 11.

9. Abolish the phrase "Annex 4" in Point a Clause 1 Article 14.

10. Abolish the phrase "Annex 15" in Clause 2 Article 17.

11. Replace the phrase "State Bank of Vietnam" with the phrase "State Bank of Vietnam regional branch" in Article 17, Clause 3 Article 19, Clause 3 Article 20.

12. Replace the phrase "State Bank of Vietnam branch" with the phrase "State Bank of Vietnam regional branch" in Clause 3 Article 18, Clause 2 Article 21, Clause 1, Clause 2, Clause 5 Article 22.

13. Replace the phrase "Department of Foreign Exchange Management" with the phrase "Foreign Exchange Management Department" in Clause 1 Article 21, Clause 5 Article 22.

14. Replace Annex 1, Annex 3, Annex 5, Annex 8, Annex 10, Annex 12, Annex 14, Annex 16, Annex 17, Annex 18 promulgated along with Circular No. 34/2015/TT-NHNN with Annex 1, Annex 3, Annex 5, Annex 8, Annex 10, Annex 12, Annex 14, Annex 16, Annex 17, Annex 18 belonging to Annex V promulgated along with this Circular.

Chapter VI

IMPLEMENTATION

Article 36. Effective Date

1. This Circular takes effect from December 31, 2025.

2. From the date this Circular takes effect, the following documents and regulations cease to be effective:

a) Circular No. 16/2015/TT-NHNN dated October 19, 2015, of the Governor of the State Bank of Vietnam amending and supplementing some provisions of Circular No. 32/2013/TT-NHNN;

b) Circular No. 23/2022/TT-NHNN dated December 30, 2022, of the Governor of the State Bank of Vietnam amending and supplementing some provisions of legal normative documents to decentralize the handling of administrative procedures in the field of foreign exchange management;

c) Clause 3, Clause 4, Clause 7, Clause 8, Clause 9, Clause 10 Article 1, Clause 4, Clause 6, Clause 7, Clause 9 Article 2 of Circular No. 11/2016/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing some legal normative documents regarding foreign currency service supply activities, foreign currency exchange agency activities, and individual foreign currency exchange activities;

d) Clause 4, Clause 10, Clause 11, Clause 12, Clause 34, Clause 26, Clause 28, Clause 29, Clause 31, Clause 32, Clause 33, Clause 35 Article 1, Article 2 of Circular No. 28/2016/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing some provisions of Circular No. 21/2014/TT-NHNN;

đ) Article 3 of Circular No. 17/2018/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing some provisions of circulars regulating the issuance of licenses, network operations, and foreign exchange activities of credit institutions and foreign bank branches;

e) Clause 2, Clause 3, Clause 4 Article 1, Article 3 of Circular No. 15/2019/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing some legal normative documents regarding foreign exchange management administrative procedure documents and procedures;

g) Clause 1, Clause 2, Clause 3 Article 2 of Circular No. 24/2022/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing some provisions of circulars regulating administrative procedures in the field of foreign exchange management.

Article 37. Responsibility for implementation organization

The heads of relevant units under the State Bank of Vietnam, credit organizations, foreign bank branches, and related organizations and individuals shall be responsible for implementing this Circular./.