1.     LEGAL DOCUMENTS ARE EFFECTIVE IN 08/2025

1.1. Decree No. 135/2025/ND-CP on the financial regime applicable to credit institutions, branches of foreign banks, and the financial supervision and evaluation of the efficiency of state capital investment in wholly state-owned credit institutions and state-invested credit institutions

• Name of legal document: Decree No. 135/2025/ND-CP issued on 12/06/2025 by the Government on the financial regime applicable to credit institutions, branches of foreign banks, and the financial supervision and evaluation of the efficiency of state capital investment in wholly state-owned credit institutions and state-invested credit institutions (referred to as the “Decree No. 135/2025/ND-CP”).
• Effective date: 01/08/2025.

The content should be noted: Responsibilities of credit institutions and foreign bank branches for capital safety assurance.

Specifically, Article 7 of Decree No. 135/2025/ND-CP stipulates: “Article 7. Capital safety assurance

Credit institutions and branches of foreign banks shall comply with regulations on capital safety assurance as follows:

1. Manage and use capital and assets, distribute profits, and implement financial management and accounting regimes in accordance with the Law on Credit Institutions, this Decree, and other relevant laws;
2. Comply with regulations on operational safety in accordance with the Law on Credit Institutions and other relevant laws;
3. Purchase asset insurance for assets required to be insured;
4. Participate in deposit insurance and the safety assurance fund for the system of people’s credit funds as prescribed by the Law on Credit Institutions;
5. Handle asset losses in accordance with Article 9 of this Decree;
6. Recognize risk provisions as business expenses in accordance with the Law on Credit Institutions and other relevant laws;
7. Other capital preservation measures as prescribed by law.”

1.2. Circular No. 20/2025/TT-NHNN elaborating applications and procedures for approving list of expected personnel of commercial banks, foreign bank branches, and non-bank credit institutions

• Name of legal document: Circular No. 20/2025/TT-NHNN issued on 31/07/2025 by the State Bank of Vietnam elaborating applications and procedures for approving list of expected personnel of commercial banks, foreign bank branches, and non-bank credit institutions (referred to as the “Circular No. 20/2025/TT-NHNN”).
• Effective date: 10/08/2025.

The content should be noted: Effective period of written approval for list of expected personnel.

Specifically, Article 5 of Circular No. 20/2025/TT-NHNN stipulates: “Article 5. Effective period of written approval for list of expected personnel

Written approval issued by SBV for list of expected personnel of banks and non-bank credit institutions shall remain effective for 6 months from the date of signing. Where election and assignment of personnel of banks and non-bank credit institutions have not been completed within the aforementioned time limit, written approval issued by SBV for expected personnel of banks and non-bank credit institutions shall expire by default.”

2.     LEGAL DOCUMENTS ARE ISSUED IN 07/2025

2.1. Consolidated Document No. 12/VBHN-NHNN operational network of commercial banks

• Name of legal document: Consolidated Document No. 12/VBHN-NHNN issued on 10/07/2025 by the the State Bank of Vietnam operational network of commercial banks.
• Consolidated date: 10/07/2025.

The content should be noted: This document consolidates:

Circular No. 32/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam operational network of commercial banks, effective from August 15, 2024 and Circular No. 08/2025/TT-NHNN dated June 6, 2025 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam regulating the organization and operation of postal transaction offices under Lien Viet Post Joint Stock Commercial Bank, Circular No. 29/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam regulating people’s credit funds and Circular No. 32/2024/TT-NHNN Decree dated June 30, 2024 of the Governor of the State Bank of Vietnam operational network of commercial banks, effective from July 1, 2025

2.2. Decision No. 2866/QD-NHNN on maximum outstanding balance for a borrower at a peer-to-peer lending solution and all peer-to-peer lending solutions participating in the Controlled Testing Mechanism

• Name of legal document: Decision No. 2866/QD-NHNN issued on 22/07/2025 by the State Bank of Vietnam on maximum outstanding balance for a borrower at a peer-to-peer lending solution and all peer-to-peer lending solutions participating in the Controlled Testing Mechanism (referred to as the “Decision No. 2866/QD-NHNN”).
• Effective date: 22/07/2025.

The content should be noted: The maximum outstanding balance of a borrower at one and all peer-to-peer lending solutions participating in the Controlled Testing Mechanism prescribed in Decree No. 94/2025/ND-CP.

Specifically, Article 1 of Decision No. 2866/QD-NHNN stipulates: “Article 1. The maximum outstanding balance of a borrower at one and all peer-to-peer lending solutions participating in the Controlled Testing Mechanism prescribed in Decree No. 94/2025/ND-CP dated April 29, 2025 of the Government regulating the Controlled Testing Mechanism in the banking sector is as follows:

1. At one peer-to-peer lending solution participating in the Controlled Testing Mechanism: VND 100 million (VND 100,000,000).
2. At all peer-to-peer lending solutions participating in the Controlled Testing Mechanism: VND 400 million (VND 400,000,000).”

2.3. Consolidated Document No. 13/VBHN-NHNN regulating the system of bank codes used in banking activities and operations

• Name of legal document: Consolidated Document No. 13/VBHN-NHNN issued on 23/07/2025 by the the State Bank of Vietnam regulating the system of bank codes used in banking activities and operations.
• Consolidated date: 23/07/2025.

The content should be noted: This document consolidates: Circular No. 17/2015/TT-NHNN dated October 21, 2015 of the Governor of the State Bank of Vietnam regulating the system of bank codes used in banking activities and operations, effective from July 1, 2016; Circular No. 18/2023/TT-NHNN dated December 28, 2023 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 17/2015/TT-NHNN dated October 21, 2015 of the Governor of the State Bank of Vietnam regulating the system of bank codes used in banking activities and operations, effective from July 1, 2024; and Circular No. 11/2025/TT-NHNN dated June 26, 2025 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 17/2015/TT-NHNN dated October 21, 2015 of the Governor of the State Bank of Vietnam regulating the banking code system used in banking activities and operations, effective from June 26, 2025./.

1.     LEGAL DOCUMENTS ARE EFFECTIVE IN 07/2025

1.1. 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;
3. 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.
4. Organizations participating in the Regulatory Sandbox must ensure that they continuously meet all conditions during their participation in the sandbox.”

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

1. 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.
2. 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.
3. 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.
4. Comply with the regulations of law on anti-money laundering and combating the financing of terrorism and proliferation of weapons of mass destruction.
5. 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.”

2.     LEGAL DOCUMENTS ARE ISSUED IN 06/2025

2.1. Consolidated Document No. 05/VBHN-NHNN prescribing operation of payment agents

• Name of legal document: Consolidated Document No. 05/VBHN-NHNN issued on 10/06/2025 by the the State Bank of Vietnam prescribing operation of payment agents.
• Consolidated date: 10/06/2025.

The content should be noted: This document consolidates: The Circular No. 07/2024/TT-NHNN dated June 21, 2024 of the Governor of the State Bank of Vietnam prescribing operation of payment agents, which has been effective since July 01, 2024 and the Circular No. 06/2025/TT-NHNN dated May 30, 2025 on amendments to clause 7 Article 7 of the Circular No. 07/2024/TT-NHNN dated June 21, 2024 of the Governor of the State Bank of Vietnam prescribing operation of payment agents, which comes into force from July 01, 2025.

2.2. Consolidated Document No. 07/VBHN-NHNN stipulating the delivery, receipt, preservation and transport of cash, precious assets and valuable papers

• Name of legal document: Consolidated Document No. 07/VBHN-NHNN issued on 20/06/2025 by the the State Bank of Vietnam stipulating the delivery, receipt, preservation and transport of cash, precious assets and valuable papers.
• Consolidated date: 20/06/2025.

The content should be noted: This document consolidates: The Circular No. 01/2014/TT-NHNN dated January 6, 2014, of the Governor of the State Bank of Vietnam stipulating the delivery, receipt, preservation and transport of cash, precious assets and valuable papers, and took effect on February 20, 2014; the Circular No. 12/2017/TT-NHNN dated August 31, 2017, of the Governor of the State Bank of Vietnam, amends and supplements certain articles of Circular No. 01/2014/TT-NHNN dated January 6, 2014, stipulating the delivery, receipt, preservation and transport of cash, precious assets and valuable papers, and took effect on October 16, 2017; the Circular No. 14/2019/TT-NHNN dated August 30, 2019, of the Governor of the State Bank of Vietnam, amends and supplements certain articles of circulars regulating the periodic reporting regime of the State Bank of Vietnam, and took effect on October 15, 2019; Circular No. 19/2021/TT-NHNN dated November 24, 2021, of the Governor of the State Bank of Vietnam, amends and supplements certain articles of Circular No. 01/2014/TT-NHNN dated January 6, 2014, stipulating the delivery, receipt, preservation and transport of cash, precious assets and valuable papers, and took effect on January 8, 2022; and the Circular No. 05/2025/TT-NHNN dated May 19, 2025, of the Governor of the State Bank of Vietnam, amends and supplements certain articles of Circular No. 01/2014/TT-NHNN dated January 6, 2014, stipulating the delivery, receipt, preservation and transport of cash, precious assets and valuable papers, and took effect on May 19, 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

1. 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.
2. 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.
3. 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.
4. Comply with the regulations of law on anti-money laundering and combating the financing of terrorism and proliferation of weapons of mass destruction.
5. 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.”

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.”