LEGAL UPDATE RELATING TO FINANCE AND CREDIT (MONTHLY LEGAL UPDATE – 09/2025)

1.     LEGAL DOCUMENTS ARE EFFECTIVE IN 09/2025

1.1. Circular No.14/2025/TT-NHNN stipulates the capital adequacy ratio applicable to commercial banks and branches of foreign banks

• Name of legal document: Circular No. 14/2025/TT-NHNN, issued on June 30, 2025, by the State Bank of Vietnam, provides regulations on the capital adequacy ratio applicable to foreign banks (hereinafter referred to as “Circular No. 14/2025/TT-NHNN”).
• Effective date: 15/09/2025.

The content should be noted: Banks regulate transactions by mitigating credit risks

Specifically, Clauses 1 and 2, Article 25 of Circular No. 14/2025/TT-NHNN stipulates: “Article 25. Credit Risk Mitigation

Banks are allowed to adjust the value of receivables or transactions downward using the credit risk mitigation measures specified in Clause 2 of this Article.

Credit risk mitigation as mentioned in Clause 1 of this Article shall be implemented through one or a combination of the following measures:

a) Collateral;

b) On-balance sheet netting;

c) Third-party guarantees;

d) Credit derivatives.”.

2.     LEGAL DOCUMENTS ARE ISSUED IN 08/2025

2.1. Decision No. 2916a/QĐ-NHNN of 2025 announcing the amended and supplemented administrative procedures in the field of establishment and operation of banks, implemented at the One-Stop Shop under the scope of management functions

• Name of legal document: Decision No. 2916a/QĐ-NHNN of 2025 announcing the amended and supplemented administrative procedures in the field of bank establishment and operation, to be implemented at the One-Stop Shop within the scope of management functions (hereinafter referred to as “Decision No. 2916a/QĐ-NHNN”).
• Consolidated date: 02/08/2025.

The content should be noted: Amendments and supplements to the procedures for approving the expected appointment of personnel for the appointment of the General Director (Director) of foreign bank branches

Specifically, Section 1, Part I of the amended and supplemented administrative procedures the field of establishment and operation of banks under the management of the State Bank of Vietnam promulgated together with Decision No. 2916a/QD-NHNN stipulates: “PART I. LIST OF ADMINISTRATIVE PROCEDURES

1. List of amended and supplemented administrative procedures under the management of the State Bank of Vietnam

”

2.2. Consolidated Document No. 16/VBHN‑NHNN of 2025 consolidating the Circular regulating refinancing for credit institutions after credit institutions have lent to Vietnam Airlines Corporation ‑ Joint Stock Company, and restructuring of repayment terms, maintaining loan classification, and provisioning for risk in respect of debts of Vietnam Airlines Corporation ‑ Joint Stock Company due to the impacts of the COVID‑19 pandemic

• Name of legal document: Consolidated Document No. 16/VBHN-NHNN issued on September 15, 2025, by the State Bank of Vietnam, stipulating regulations on refinancing for credit institutions after such institutions have provided loans to Vietnam Airlines Corporation – Joint Stock Company, and on the restructuring of repayment terms, maintenance of debt classification, and risk provisioning for debts of Vietnam Airlines Corporation – Joint Stock Company due to the impacts of the COVID-19 pandemic.
• Effective date: 06/08/2025.

The content should be noted: Consolidating Circular No. 04/2021/TT-NHNN dated April 5, 2021, of the Governor of the State Bank of Vietnam, stipulating regulations on refinancing for credit institutions after such institutions have granted loans to Vietnam Airlines Corporation – Joint Stock Company, and on the restructuring of repayment terms, maintenance of debt classification, and risk provisioning for debts of Vietnam Airlines Corporation – Joint Stock Company due to the impacts of the COVID-19 pandemic, which took effect from April 5, 2021; Circular No. 42/2024/TT-NHNN dated July 22, 2024, of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, on the same subject, which took effect from July 22, 2024; and Circular No. 16/2025/TT-NHNN dated July 11, 2025, of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, on the same subject, which took effect from July 11, 2025.

2.3. Consolidated Document No.17/VBHN-NHNN of 2025 consolidating the Circular guiding foreign exchange management for border trade activities between Vietnam and China

• Name of legal document: Consolidated Document No. 17/VBHN-NHNN issued on August 11, 2025, by the State Bank of Vietnam, consolidating the Circular providing guidance on foreign exchange management for border trade activities between Vietnam and China.
• Consolidated date: 11/08/2025.

The content should be noted: Consolidating Circular No. 19/2018/TT-NHNN dated August 28, 2018, of the Governor of the State Bank of Vietnam providing guidance on foreign exchange management for border trade activities between Vietnam and China, which took effect on October 12, 2018; Circular No. 55/2024/TT-NHNN dated December 18, 2024, of the Governor of the State Bank of Vietnam amending Clause 4, Article 2 of Circular No. 19/2018/TT-NHNN dated August 28, 2018, providing guidance on foreign exchange management for border trade activities between Vietnam and China, which took effect on February 1, 2025; and Circular No. 17/2025/TT-NHNN dated July 30, 2025, of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 19/2018/TT-NHNN dated August 28, 2018, providing guidance on foreign exchange management for border trade activities between Vietnam and China, which took effect on September 15, 2025.

2.4. Circular 81/2025/TT-BTC regulating the management and use of payment accounts of the State Treasury opened at the State Bank of Vietnam and commercial banks

• Name of legal document: Circular 81/2025/TT-BTC of the Ministry of Finance issued on August 13, 2025 regulating the management and use of payment accounts of the State Treasury opened at the State Bank of Vietnam and commercial banks (hereinafter referred to as “Circular 81/2025/TT-BTC”).
• Consolidated date: 13/08/2025.

The content should be noted: Regulations on commercial banks where the State Treasury opens payment accounts

Specifically, Article 4 of Circular No. 81/2025/TT-BTC stipulates: “Article 4. Commercial banks where the State Treasury opens current accounts

1. The State Treasury shall open a payment account at a commercial bank, ensuring that such commercial bank is not subject to compulsory transfer or special control under a decision of the State Bank of Vietnam; capable of electronic bilateral payment according to professional requirements and technical specifications published on the State Treasury’s web portal.
2. Before opening a payment account with each commercial bank, the State Treasury and the commercial bank shall reach an agreement on electronic bilateral payment according to the principal contents in the Appendix issued together with this Circular. In particular, the electronic bilateral payment with each commercial bank under the model of a distributed payment account or a centralized payment account model is based on the ability to meet the professional requirements and technical specifications of that commercial bank according to each model.”.

2.5. Consolidated Document No. 18/VBHN-NHNN of 2025 consolidating the Circular on the implementation of mandatory reserve requirements for credit institutions and foreign bank branches

• Name of legal document: Consolidated Document No. 18/VBHN-NHNN issued on August 19, 2025, by the State Bank of Vietnam, regulating the implementation of mandatory reserve requirements for credit institutions and foreign bank branches.
• Consolidated date: 19/08/2025.

The content should be noted: Consolidation of Circular No. 30/2019/TT-NHNN dated December 27, 2019, issued by the Governor of the State Bank of Vietnam, regulating the implementation of mandatory reserve requirements for credit institutions and foreign bank branches, effective from March 1, 2020, and Circular No. 23/2025/TT-NHNN dated August 12, 2025, issued by the Governor of the State Bank of Vietnam, amending and supplementing certain provisions of Circular No. 30/2019/TT-NHNN dated December 27, 2019, regulating the implementation of mandatory reserve requirements for credit institutions and foreign bank branches, effective from October 1, 2025.

2.6. Circular No. 25/2025/TT-NHNN amending Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at payment service providers

• Name of legal document: Circular No. 25/2025/TT-NHNN issued on August 30, 2025, by the State Bank of Vietnam, amending Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at payment service providers (hereinafter referred to as “Circular No. 25/2025/TT-NHNN”).
• Consolidated date: 31/08/2025.

The content should be noted: Amending and supplementing regulations on dossiers of opening payment accounts for individuals who are Vietnamese citizens.

Specifically, Clause 1, Article 3 of Circular No. 25/2025/TT-NHNN stipulates: “Article 3. Amendments and supplements to several points and clauses of Article 12

1. To amend and supplement Point a, Clause 2, Article 12 as follows: “a) In case an individual is a Vietnamese citizen: Citizen identity card, identity card or electronic identity card or birth certificate for a person under 14 years old who does not have an identity card;”.