
LEGAL UPDATE RELATING TO FINANCE AND CREDIT (MONTHLY LEGAL UPDATE – 06/2025)
1. LEGAL DOCUMENTS ARE EFFECTIVE IN 04/2025
1.1. 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.”
1.2. Circular No. 03/2025/TT-NHNN on opening and use of VND-denominated accounts for conducting foreign indirect investment in Viet Nam
- Name of legal document: Circular No. 03/2025/TT-NHNN issued on 29/04/2025 by the State Bank of Vietnam on opening and use of VND-denominated accounts for conducting foreign indirect investment in Viet Nam (referred to as the “Circular No. 03/2025/TT-NHNN”).
- Effective date: 16/06/2025.
The content should be noted: Obligations of authorized banks.
Specifically, Article 7 of Circular No. 03/2025/TT-NHNN stipulates: “Article 7. Obligations of authorized banks
- Examine and retain relevant documents and records in accordance with actual transactions to ensure that the provision of foreign exchange services is performed for proper purposes and in compliance with legal regulations. Be held accountable under the law for the adequacy and validity of dossiers for opening indirect investment accounts.
- Issue internal regulations on dossiers, procedures, and processes for opening and using indirect investment accounts, and publicly notify such regulations to foreign investors for compliance. Internal regulations must at least include the following contents:a) Regulations on dossiers, procedures, and processes for opening indirect investment accounts;b) Regulations on agreements on the opening and use of indirect investment accounts;c) Regulations on the use of indirect investment accounts;d) Regulations on dispute settlement and complaint handling, and forms for requests for such settlement or complaints;dd) Regulations on risk management in the opening and use of indirect investment accounts in accordance with Article 5 and Article 6 of this Circular.
- Authorized banks shall be fully responsible under the law for the opening, closure, and execution of collection and payment transactions via indirect investment accounts for foreign investors.
- Comply with the regulations of law on anti-money laundering and combating the financing of terrorism and proliferation of weapons of mass destruction.
- Strictly comply with and guide clients in complying with the provisions on the opening and use of indirect investment accounts as stipulated in this Circular and other relevant legal regulations.”