Circular No. 81/2025/TT-BTC on the management and use of payment accounts of the State Treasury opened at the State Bank of Vietnam and commercial banks.

CIRCULAR

||| Regulations on the management and use of payment accounts of the State Treasury opened at the State Bank of Vietnam and commercial banks

 opened at the State Bank of Vietnam and commercial banks

On the basis of Law on State Budget Management dated June 25, 2015;

Decree No. Decree No. 24/2016/NĐ-CP dated April 5, 2016 of the Government stipulating the regime for managing state treasury (amended and supplemented by Decree No. 14/2025/NĐ-CP); 14/2025/ND-CP);

Decree No. DECREE NO. 29/2025/NĐ-CP OF FEBRUARY 24, 2025 OF THE GOVERNMENT PROVIDING FOR THE FUNCTIONS, TASKS, POWERS AND ORGANIZATIONAL STRUCTURE OF THE MINISTRY OF FINANCE (AMENDED AND COMPLEMENTED BY DECREE NO. 166/2025/ND-CP);

At the proposal of the Director of the State Treasury;

The Minister of Finance issues this Circular stipulating the management and use of payment accounts of the State Treasury opened at the State Bank of Vietnam and commercial banks.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

Article 1. Scope of Regulation: This Circular stipulates the management and use of payment accounts of the State Treasury opened at the State Bank of Vietnam and commercial banks.

第二条 组织和实施奖励工作的支出水平，如政府第152/2025/NĐ-CP号决定关于分级授权和奖励领域的分权规定

a) The State Treasury, including: The Central State Treasury and regional State Treasuries.

b) Commercial banks where the State Treasury opens payment accounts.

Article 2. Interpretation of Terms

In this Circular, the following terms are understood as follows:

1. Bilateral electronic payment: Is the process of handling payment transactions through an electronic method between the State Treasury and a commercial bank according to the decentralized payment account model prescribed in Article 5 of this Circular or the centralized payment account model prescribed in Article 6 of this Circular.

2. The "cut-off time" point (hereinafter referred to as COT): Is the moment when the transmission and receipt of payment vouchers are temporarily suspended for reconciliation of payment data during working hours between the State Treasury and commercial banks. The COT hour is set at 16:00 on working days according to Vietnam time; in necessary cases, the State Treasury will coordinate with commercial banks to adjust the COT hour appropriately.

Chapter II
GENERAL PROVISIONS

Article 3. Management and use of payment accounts of the State Treasury at the State Bank of Vietnam

1. The State Treasury (Central) opens one Vietnamese Dong (VND) payment account and one foreign currency payment account (according to the type of foreign currency generated) at the Trading Department of the State Bank of Vietnam.

2. The State Treasury's (Central) payment account at the Trading Department of the State Bank of Vietnam is used to carry out state treasury collection and disbursement transactions; balance management transactions (transferring funds between State Treasury payment accounts) to ensure the State Treasury's payment capability; temporary idle state treasury fund utilization transactions, and handling of temporarily insufficient state treasury funds.

3. The State Treasury makes payments through its own payment account at the Trading Department of the State Bank of Vietnam in accordance with Circular No. 08/2024/TT-NHNN dated June 25, 2024, issued by the Governor of the State Bank of Vietnam, which stipulates the management, operation, and use of the National Interbank Electronic Payment System.

Article 4. Commercial bank where the State Treasury opens a payment account

1. The State Treasury opens a payment account at a commercial bank, ensuring that such bank does not fall under the category of compulsory transfer or special control as decided by the State Bank of Vietnam; it must have the capability for bilateral electronic payment according to business requirements and technical specifications published on the State Treasury's electronic information portal.

2. Prior to opening a payment account with each commercial bank, the State Treasury and the commercial bank agree on bilateral electronic payment terms mainly outlined in the Appendix attached to this Circular. Among these, the bilateral electronic payment with each commercial bank according to either the decentralized payment account model or the centralized payment account model is based on the commercial bank's ability to meet business requirements and technical specifications according to each model.

Article 5. Management and use of the payment account of the State Treasury at commercial banks for bilateral electronic payment under the distributed payment account model

1. Place to open payment accounts:

a) The Central State Treasury opens payment accounts in VND and foreign currencies (according to the type of foreign currency generated) at the headquarters of each commercial bank.

b) Regional State Treasuries open VND and foreign currency (according to the type of foreign currency generated) payment accounts at branches or trading offices of the same commercial bank where the State Treasury (Central) has opened a payment account.

2. Contents of using payment accounts:

a) The State Treasury's (Central) payment account is used to carry out state treasury collection and disbursement transactions; balance management transactions (transferring funds between State Treasury payment accounts) to ensure the State Treasury's payment capability; temporary idle state treasury fund utilization transactions, and handling of temporarily insufficient state treasury funds.

b) Payment accounts of regional State Treasuries are used to carry out transactions for state treasury receipts and payments.

3. Management of account balances:

a) At the end of the transaction day, all balances on the State Treasury's (Central) and regional State Treasuries' payment accounts at commercial banks are transferred to the State Treasury's (Central) payment account at the Trading Department of the State Bank of Vietnam (excluding balances of foreign currencies for which the State Treasury has not yet opened accounts at the State Bank of Vietnam), in compliance with Clause 2 of Article 10 of Decree No. 24/2016/ND-CP dated April 5, 2016, of the Government on the state treasury management system (amended and supplemented in 2025).

b) Any receipts occurring after the COT time of the working day and during holidays, festivals according to regulations on the State Treasury's (Central) and regional State Treasuries' payment accounts at commercial banks; if the balance of the State Treasury's (Central) and regional State Treasuries' payment accounts at commercial banks cannot be transferred to the State Treasury's (Central) payment account at the Trading Department of the State Bank of Vietnam on the working day due to force majeure as stipulated in Clause 1 of Article 156 of the Civil Code 2015, then such balances shall be carried over to the opening balance of the next working day and transferred to the State Treasury's (Central) payment account at the Trading Department of the State Bank of Vietnam on the next working day.

4. The State Treasury (Central) and regional State Treasuries make payments through their respective payment accounts at commercial banks in accordance with the State Bank of Vietnam's regulations and the bilateral electronic payment agreement between the State Treasury and the commercial bank.

5. In case a receipt cannot be timely recorded in the State Treasury's (Central) and regional State Treasuries' payment accounts due to the commercial bank's subjective fault, the commercial bank shall be responsible for paying the delayed recording amount to the State Treasury within the latest one working day from the date of discovery, as follows:

In this context, the number of delayed recording days (including holidays, festivals as stipulated by law) is calculated from the day the receipt should have been recorded until the day before the receipt is recorded in the State Treasury's (Central) payment account at the Trading Department of the State Bank of Vietnam.

Article 6. Management and use of the State Treasury's payment account at commercial banks for bilateral electronic payment under the centralized payment account model

1. At the commercial bank where bilateral electronic payment is conducted under the centralized account settlement model with the State Treasury, the State Treasury (Central) shall open one VND-denominated settlement account and one foreign currency-denominated settlement account (according to the type of foreign currency generated) at the headquarters of each commercial bank. The State Treasury regional offices shall not open settlement accounts at these commercial banks.

2. The settlement account of the State Treasury (Central) shall be used to carry out transactions for state budget revenue and expenditure; surplus fund management transactions (transferring funds between State Treasury settlement accounts) to ensure the State Treasury's payment capacity; temporary use of idle state budget funds and handling of temporarily insufficient state budget funds.

3. Management of account balances:

a) At the end of the business day, the entire balance at the close of business time (COT) on the State Treasury (Central)'s settlement account at the commercial bank shall be transferred to the State Treasury (Central)'s settlement account at the State Bank of Vietnam's Trading Department (excluding balances of foreign currencies for which the State Treasury has not opened settlement accounts at the State Bank of Vietnam's Trading Department).

b) The handling of revenues arising after the close of business time of the working day and during holidays, according to regulations on the State Treasury (Central)'s settlement account at the commercial bank; balances on the State Treasury (Central)'s settlement accounts at the commercial bank that cannot be transferred to the State Treasury (Central)'s settlement account at the State Bank of Vietnam's Trading Department on the working day shall be carried out in accordance with the provisions of point b, Clause 3, Article 5 of this Circular.

4. The State Treasury (Central) and the State Treasury regional offices shall conduct payments through the State Treasury (Central)'s settlement account at the headquarters of the commercial bank in accordance with the regulations of the State Bank of Vietnam and the bilateral electronic payment agreement between the State Treasury and the commercial bank.

5. In cases where revenues are not promptly recorded in the State Treasury (Central)'s settlement account at the commercial bank due to the commercial bank's subjective fault, the commercial bank shall be responsible for paying the delayed recording amount to the State Treasury no later than one working day from the date of discovery. The delayed recording amount and the number of days of delay shall be determined in accordance with the provisions of Clause 5, Article 5 of this Circular.

Article 7. Tasks and Authorities of the State Treasury

1. The Director of the State Treasury decides on the commercial bank where the State Treasury opens settlement accounts (settlement accounts for state budget revenue and expenditure or for state budget revenue collection), ensuring compliance with the provisions of Article 4 of this Circular.

2. Implement management and use of the State Treasury (Central)'s settlement accounts and those of the State Treasury regional offices in accordance with this Circular. Annually, evaluate the commercial bank where the accounts are opened based on the contents stipulated in Clause 1, Article 4 and Article 8 of this Circular; if the commercial bank no longer meets the requirements, close the State Treasury's settlement account at that commercial bank.

3. Issue and publish operational requirements and technical specifications for bilateral electronic payment under the decentralized and centralized account settlement models on the State Treasury's electronic information portal.

4. Share and update fully and promptly the electronic data list of State Treasury settlement accounts at banks and the list of commercial banks where the State Treasury opens settlement accounts with tax authorities and customs authorities; simultaneously, publicly announce on the State Treasury's electronic information portal and the National Public Service Portal.

Article 8. Responsibilities of commercial banks

Conduct bilateral electronic payments and transmit full and timely information on state budget revenue collection to the State Treasury, tax authorities, and customs authorities according to the bilateral electronic payment agreements signed with the State Treasury.

Chapter III
IMPLEMENTING PROVISIONS

Article 9. Effective Date

1. This Circular shall take effect from October 1, 2025.

2. Circular No. 58/2019/TT-BTC dated August 30, 2019, issued by the Minister of Finance, regarding the management and use of State Treasury accounts opened at the State Bank of Vietnam and commercial banks (amended and supplemented in 2021) shall cease to be effective from the date this Circular takes effect.

3. In cases where the referenced documents in this Circular are amended, supplemented, or replaced, they shall be implemented according to the amended, supplemented, or replacement documents.

4. Bilateral electronic payment agreements concluded before the date this Circular takes effect that remain consistent with the provisions of this Circular shall continue to be implemented.

Article 10. Implementation Organization

1. The State Treasury shall coordinate with the commercial bank where settlement accounts have been opened to agree on the transition schedule for bilateral electronic payment under the centralized account settlement model, ensuring completion of the implementation of bilateral electronic payment under the centralized account settlement model no later than June 30, 2028.

2. The State Treasury and relevant agencies, units, organizations, and individuals shall be responsible for implementing this Circular./.

 

 

ANNEX

MAIN CONTENT OF THE AGREEMENT

 BILATERAL ELECTRONIC PAYMENTS
(Attached to Circular No. 81/2025/TT-BTC dated August 13, 2025

of the Minister of Finance)

1. Responsibilities of the parties.

2. Implementation principles

- Principles for opening and using State Treasury settlement accounts at commercial banks;

- Principles for ensuring payment capability on State Treasury settlement accounts at commercial banks where State Treasury settlement accounts are opened;

- Principles for organizing coordination in state budget revenue collection and agency collection (including the full and timely transmission of state budget revenue collection information from commercial banks to the State Treasury, tax authorities, and customs authorities);

- Principles for connecting and transmitting/receiving electronic information/data, ensuring integrity, security, timeliness, and safety;

- Principles for processing and transferring balances on settlement accounts;

- Accounting principles;

- Interest and fee payment principles;

- Other principles (if any).

3. COT time point

4. Implementation procedures

- Procedures for processing payment orders and settlements (if applicable);

- Procedures for reconciliation and settlement (if applicable);

- Inquiry procedures;

- Error handling procedures.

- Cash deposit and withdrawal procedures at commercial banks (if applicable).

5. Complaints and compensation for damages