1.       LEGAL DOCUMENTS ARE ISSUED IN 04/2025

2.1. Decree No. 94/2025/ND-CP stipulating the regulatory sandbox mechanism in the banking sector

• Name of legal document: Decree No. 94/2025/ND-CP issued on 29/04/2025 by the Government stipulating the regulatory sandbox mechanism in the banking sector.
• Effective date: 01/07/2025.

The content should be noted:

• Firstly, stipulating the duration, geographical scope, and scope of the pilot.

Specifically, Article 6 of Decree No. 94/2025/ND-CP stipulates: “Article 6. Duration, geographical scope, and scope of the pilot

1. The maximum duration for testing Fintech solutions is 2 years, depending on the specific solution and field, starting from the date the State Bank of Vietnam issues the Certificate of Participation in the Regulatory Sandbox. The testing period may be extended as stipulated in Article 20 of this Decree.

The term of the Certificate of Participation in the Regulatory Sandbox shall not exceed the duration (if any) of the Establishment License or the Business Registration Certificate of the organization participating in the sandbox.

2. Geographical scope:

The implementation of Fintech pilot solutions is limited to the territory of Vietnam and shall not be conducted across borders.

3. Scope of the pilot:a) Organizations participating in the Regulatory Sandbox may only provide Fintech solutions within the scope defined in the Certificate of Participation in the Regulatory Sandbox;b) Depending on the Fintech solution and the specific proposal submitted by the organization in the sandbox registration dossier, and based on the opinions of relevant ministries, the State Bank of Vietnam shall determine the scope of the Fintech solution’s pilot in the Certificate of Participation in the Regulatory Sandbox;c) Peer-to-peer (P2P) lending companies may only provide P2P lending solutions within the pilot scope specified in the Certificate of Participation in the Regulatory Sandbox issued by the State Bank of Vietnam in accordance with this Decree. P2P lending companies participating in the sandbox are not allowed to engage in business activities not listed in the Certificate of Participation in the Regulatory Sandbox. They may not provide self-guarantees for customer loans, act as borrowers themselves, or offer P2P lending solutions to pawnshops.”

• Secondly, stipulating the conditions and criteria for participating in the Regulatory Sandbox.

Specifically, Article 8 of Decree No. 94/2025/ND-CP stipulates: “Article 8. Conditions and criteria for participating in the Regulatory Sandbox

1. Credit institutions not under special control pursuant to the Law on Credit Institutions, and branches of foreign banks, may be considered for issuance of a Certificate of Participation in the Regulatory Sandbox when their Fintech solutions meet the following criteria:a) The solution involves technical and operational content that is not yet clearly or specifically regulated under current legal provisions;b) The solution is innovative, provides benefits and added value to users in Vietnam, especially those that support and promote financial inclusion;c) The solution has a developed risk management framework to minimize negative impacts on the banking and financial-monetary-foreign exchange systems; has contingency plans to address risks during the pilot; and has plans in place to protect consumer rights;d) The solution has been fully reviewed and evaluated by the participating organization in terms of operations, functionality, usability, and usefulness;e) The solution is feasible for market deployment after successful completion of the pilot phase.
2. Fintech companies may be considered for issuance of a Certificate of Participation in the Regulatory Sandbox when their Fintech solutions meet the criteria in Clause 1 of this Article and satisfy the following conditions:a) Be a legal entity established and operating lawfully in Vietnam; not undergoing division, separation, consolidation, merger, transformation, dissolution, or bankruptcy in accordance with the law;b) The legal representative and General Director (Director) must possess a university degree or higher in economics, business administration, law, or information technology, and have at least 2 years of experience as a manager or executive in an organization in the finance or banking sector, and must not be subject to any legal prohibitions.
3. Organizations participating in the Regulatory Sandbox must ensure that they continuously meet all conditions during their participation in the sandbox.”

2.2.  Circular No. 02/2025/TT-NHNN regulations on the issuance of domestic certificates of deposit by credit institutions and foreign bank branches

• Name of legal document: Circular No. 02/2025/TT-NHNN issued on 29/04/2025 by the State Bank of Vietnam regulations on the issuance of domestic certificates of deposit by credit institutions and foreign bank branches (referred to as the “Circular No. 02/2025/TT-NHNN”).
• Effective date: 16/06/2025.

The content should be noted:

• Firstly, stipulating the interest rate of certificates of deposit.

Specifically, Article 6 of Circular No. 02/2025/TT-NHNN stipulates: “Article 6. Interest rate

The interest rate of certificates of deposit is determined by the issuing credit institution or foreign bank branch, in accordance with the interest rate regulations of the State Bank of Vietnam (hereinafter referred to as the State Bank) from time to time.

The method for calculating interest on certificates of deposit shall comply with the regulations of the State Bank.”

• Secondly, stipulating the face value of certificates of deposit.

Specifically, Article 8 of Circular No. 02/2025/TT-NHNN stipulates: “Article 8. Face value of certificates of deposit

The face value of a certificate of deposit is VND 100,000 (one hundred thousand Vietnamese dong) or a multiple thereof. The specific face value shall be decided by the issuing credit institution or foreign bank branch, or agreed upon between the credit institution/foreign bank branch and the purchaser.”

1.       LEGAL DOCUMENTS ARE EFFECTIVE IN 04/2025

1.1.  Circular No. 61/2024/TT-NHNN on bank guarantee

• Name of legal document: Circular No. 61/2024/TT-NHNN issued on 31/12/2024 by the State Bank of Vietnam on bank guarantee (referred to as the “Circular No. 61/2024/TT-NHNN”).
• Effective date: 01/04/2025.

The content should be noted:

• Firstly, stipulating on the conditions for guarantee for off-plan housing.

Specifically, 19 of Circular No. 61/2024/TT-NHNN stipulates: “Article 13. Guarantee for off-plan housing

1. Commercial banks and FBBs shall consider and decide to provide guarantees for project owners if:a) The project owner meets all the requirements specified in Article 11 of this Circular[1] (except in cases where the commercial bank or FBB guarantees the project owner based on a counter-guarantee);b) The project owner has received a written confirmation from the province-level real estate business regulatory authority stating that the housing units are eligible for sale or lease-purchase.”

• Secondly, stipulating guarantee fees.

Specifically, Clause 1 of Article 13 of Circular No. 61/2024/TT-NHNN stipulates: “Article 19. Guarantee fees

1. The credit institution or FBB shall agree on the guarantee fee level with the customer and other relevant parties (if any) and must publicly disclose the guarantee fee schedule.
2. In the case of co-guarantees, the parties involved in the co-guarantee shall agree on the guarantee fee for each guarantor.
3. In the case where the credit institution or FBB guarantees a joint obligation, the credit institution or FBB shall agree with each customer on the payable guarantee fee based on the respective joint obligation of each customer, unless otherwise agreed by the parties.
4. If the guarantee currency is a foreign currency, the parties may agree to collect the guarantee fee in that foreign currency or convert it into Vietnamese dong based on the selling exchange rate of the guarantor at the time of fee collection or at the time of fee notification.
5. The parties may agree to adjust the guarantee fee level.”

[1] Article 11 of Circular No. 61/2024/TT-NHNN: “Article 11. Requirements to be satisfied by customers

1. A credit institution or FBB shall consider and decide on issuing a guarantee, counter-guarantee, or guarantee confirmation for a customer when the customer meets the following requirements: a) Has full passive legal capacity, active legal capacity as prescribed by law; b) The guaranteed obligation is a lawful financial obligation; c) Is assessed by the credit institution or FBB issuing the guarantee as having the ability to repay the amount that the credit institution or FBB is required to pay on behalf of the obligor when fulfilling the guarantee obligation. 2. Credit institutions and FBBs are not permitted to issue guarantees for the payment obligations of bonds issued by enterprises if the purpose of such bond issuance is for: restructuring the debts of the issuing enterprise itself; contributing capital or acquiring shares in another enterprise; and expanding operating capital.”

1.      LEGAL DOCUMENTS ARE EFFECTIVE IN 03/2025

1.1.  Circular No. 64/2024/TT-NHNN regulations on the implementation of open application programming interfaces in the banking industry

• Name of legal document: Circular No. 64/2024/TT-NHNN issued on 31/12/2024 by the State Bank of Vietnam regulations on the implementation of open application programming interfaces in the banking industry (referred to as the “Circular No. 64/2024/TT-NHNN”).
• Effective date: 01/03/2025.

The content should be noted: Stipulating general principles when implementing Open API[1].

Specifically, Article 4 of Circular No. 64/2024/TT-NHNN stipulates: “Article 4. General principles

When implementing Open API, banks, customers and third parties (hereinafter referred to as the parties) must comply with the following requirements:

1. Comply with the provisions of law on confidentiality, provision of customer information and protection of personal data. The processing of customers’ personal data is only for the benefit of the customers themselves, except in cases prescribed by law.
2. Data during processing must be managed, stored, exploited and used for the correct purposes in the contract between the parties and in accordance with the provisions of law.
3. Data during processing must be updated and accurate. In case of any discrepancy, timely correction and adjustment must be made according to the agreement between the parties.”

1.2.  Decree No. 26/2025/ND-CP prescribing the functions, tasks, powers and organizational structure of the State Bank of Vietnam

• Name of legal document: Decree No. 26/2025/ND-CP issued on 24/02/2025 by the State Bank of Vietnam prescribing the functions, tasks, powers and organizational structure of the State Bank of Vietnam (referred to as the “Decree No. 26/2025/ND-CP”).
• Effective date: 01/03/2025.

The content should be noted: Stipulating on rights and obligations of credit institutions.

Specifically, Article 3 of Decree No. 26/2025/ND-CP stipulates: “Article 3. Organizational structure

1. Monetary Policy Department.
2. Payment Department.
3. Department of Credit for Economic Sectors.
4. Department of Forecasting, Statistics – Monetary and Financial Stability.
5. Department of International Cooperation.
6. Legal Department.
7. Department of Finance – Accounting.
8. Department of Organization and Personnel.
9. Office.
10. State Bank Inspectorate.
11. Transaction Office.
12. Department of Information Technology.
13. Department of Issuance and Treasury.
14. Department of Foreign Exchange Management.
15. Department of Anti-Money Laundering.
16. Department of Credit Institution Management and Supervision.
17. Department of Credit Institution System Safety.
18. State Bank branches in the Regions (Regional State Bank).
19. Vietnam National Credit Information Center.
20. Banking Times….”

[1] Clause 1, 2 of Article 3 of Circular No. 64/2024/TT-NHNN: “1. Application Programming Interface (API) is an interface that allows communication between software applications within an organization or between organizations. 2. Open Application Programming Interface in the Banking Industry (Open API) is a set of APIs provided by the Bank to third parties to directly connect and process data to provide services to customers. Open API includes Basic Open API and Other Open API.”