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.”

1.       LEGAL DOCUMENTS ARE EFFECTIVE IN 02/2025

1.1.  Circular No. 58/2024/TT-NHNN instructing on handling counterfeit money and suspected counterfeit money in the banking industry

• Name of legal document: Circular No. 58/2024/TT-NHNN issued on 31/12/2024 by the State Bank of Vietnam instructing on handling counterfeit money and suspected counterfeit money in the banking industry (referred to as the “Circular No. 58/2024/TT-NHNN”).
• Effective date: 14/02/2025.

The content should be noted: Stipulating on confiscation of counterfeit money.

Specifically, Article 5 of Circular No. 58/2024/TT-NHNN stipulates: “Article 5. Confiscation of counterfeit money

1. In cash transactions with customers, when detecting money with signs of counterfeiting, the State Bank branches, Transaction Offices, credit institutions, and foreign bank branches shall compare with the security features on real money (or sample money) of the same type or the notice on the characteristics and ways to identify Vietnamese money announced by the State Bank, compare with the notice on the characteristics of identifying counterfeit money of the State Bank or the Ministry of Public Security and handle as follows:a) In case it is confirmed that the type of counterfeit money has been notified in writing by the State Bank or the Ministry of Public Security, it is necessary to confiscate, make a record according to Form No. 01 in the Appendix issued with Decree No. 87/2023/ND-CP dated December 8, 2023 of the Government regulating the prevention and combat of counterfeit money and protection of Vietnamese money, stamp and punch counterfeit money. Stamping and punching counterfeit money shall be carried out in accordance with the provisions of Clause 2, Article 7 of this Circular.b) In case of determining that the money is a new type of counterfeit money, it is necessary to confiscate and make a record according to Form No. 01 in the Appendix issued with Decree No. 87/2023/ND-CP but the counterfeit money is not stamped or punched.

Within 02 working days from the date of confiscation of the new type of counterfeit money, the State Bank branch or the Transaction Office must notify in writing the Issuance and Treasury Department; the credit institution or foreign bank branch must notify in writing the Transaction Office or the State Bank branch in the locality where the credit institution, credit institution branch or foreign bank branch opens a payment account (hereinafter referred to as the State Bank branch in the locality). The notification shall include information on the type of money, quantity, serial number and description of the characteristics of the counterfeit money.

2. The State Bank branches, Transaction Offices, credit institutions, and foreign bank branches must promptly notify the nearest police agency for coordination and handling when detecting one of the following cases:a) There are signs of suspicion of storing, transporting, or circulating counterfeit money.b) New counterfeit money.c) There are 5 counterfeit bills (or 5 pieces of counterfeit metal money) or more in a transaction.d) The customer does not comply with the minutes and confiscation of counterfeit money.
3. During the process of counting, classifying, and selecting money, after handing over and receiving cash in bundles or sealed bags in the banking sector according to the regulations of the State Bank, when detecting counterfeit money, the units under the State Bank, credit institutions, and foreign bank branches shall handle it as for counterfeit money detected in cash transactions as prescribed in Clause 1 and Points b and c, Clause 2 of this Article.”

1.2.  Circular No. 60/2024/TT-NHNN regulations on treasury services for credit institutions and foreign bank branches

• Name of legal document: Circular No. 60/2024/TT-NHNN issued on 31/12/2024 by the State Bank of Vietnam regulations on treasury services for credit institutions and foreign bank branches (referred to as the “Circular No. 60/2024/TT-NHNN”).
• Effective date: 14/02/2025.

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

Specifically, Article 4 of Circular No. 60/2024/TT-NHNN stipulates: “Article 4. Principles for providing treasury services

1. Service providers may only provide treasury services when:a) The establishment and operation license of a commercial bank, cooperative bank, or the establishment license of a foreign bank branch includes the permission to provide treasury services to other credit institutions and foreign bank branches;b) There are internal regulations and procedures for each type of treasury service provided to ensure the safety of assets for the service provider and the service user.
2. When providing treasury services, service providers must have facilities that meet the requirements for treasury service provision, including:a) In the case of providing asset transportation services, they must be equipped with money transport vehicles according to the standards prescribed by the State Bank. If using other means (other than cash transport vehicles) to transport cash, valuable assets, and valuable papers, the service provider must stipulate in writing and provide instructions on the transportation and protection procedures; measures to ensure the safety of assets;b) In case of asset preservation, a vault must be used with technical standards as prescribed by the State Bank;c) Equip vehicles, machinery, and equipment suitable for each type of treasury service provision;d) Have a payment, accounting, and cash management system when providing treasury services.”

2.       LEGAL DOCUMENTS ARE ISSUED IN 01/2025

2.1. Consolidated Document No. 01/VBHN-NHNN guiding foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange

• Name of legal document: Consolidated Document No. 01/VBHN-NHNN issued on 02/01/2025 by the State Bank of Vietnam guiding foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange.
• Consolidated date: 02/01/2025.

The content should be noted: Consolidation of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange, effective from February 15, 2022; Circular No. 12/2023/TT-NHNN dated October 12, 2023 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of legal documents regulating the implementation of the task of managing state foreign exchange reserves, effective from November 27, 2023; and Circular No. 54/2024/TT-NHNN dated December 17, 2024 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign currency trading between the State bank of Vietnam and credit institutions permitted to engage in foreign exchange, effective from February 5, 2025.

2.2.  Decision No. 09/QĐ-NHNN on organizing a survey on inflation expectations for credit institutions and foreign bank branches in the period 2025-2030

• Name of legal document: Decision No. 09/QĐ-NHNN issued on 03/01/2025 by the State Bank of Vietnam on organizing a survey on inflation expectations for credit institutions and foreign bank branches in the period 2025-2030 (referred to as the “Decision No. 09/QĐ-NHNN”).
• Effective date: 05/01/2025.

The content should be noted: Stipulating on the responsibilities of credit institutions and foreign bank branches.

Specifically, Clause 3 Article 4 of Decision No. 09/QĐ-NHNN stipulates: “Article 2. Responsibilities of relevant agencies and units

…

3. Credit institutions and foreign bank branches: Provide complete information as requested within the prescribed time limit and exercise other rights and obligations as prescribed by law.”

2.3.  Decision No. 11/QĐ-NHNN on organizing a survey on credit trends for credit institutions and foreign bank branches in the period 2025-2030

• Name of legal document: Decision No. 11/QĐ-NHNN issued on 03/01/2025 by the State Bank of Vietnam on organizing a survey on credit trends for credit institutions and foreign bank branches in the period 2025-2030 (referred to as the “Decision No. 11/QĐ-NHNN”).
• Effective date: 05/01/2025.

The content should be noted: Stipulating on the responsibilities of credit institutions and foreign bank branches.

Specifically, Clause 3 Article 4 of Decision No. 11/QĐ-NHNN stipulates: “Article 2. Responsibilities of relevant agencies and units

…

3. Credit institutions and foreign bank branches: Provide complete information as requested within the prescribed time limit and exercise other rights and obligations as prescribed by law.”

2.4. Consolidated Document No. 03/VBHN-NHNN prescribing credit institutions and foreign bank branches’ trading of[1] deposit certificates and bonds domestically issued by other credit institutions and foreign bank branches

• Name of legal document: Consolidated Document No. 03/VBHN-NHNN issued on 07/01/2025 by the State Bank of Vietnam prescribing credit institutions and foreign bank branches’ trading of[1] deposit certificates and bonds domestically issued by other credit institutions and foreign bank branches.
• Consolidated date: 07/01/2025.

The content should be noted: Consolidation of Circular No. 12/2021/TT-NHNN dated July 30, 2021 of the Governor of the State Bank of Vietnam prescribing credit institutions and foreign bank branches’ trading of promissory notes, treasury bills, deposit certificates and bonds domestically issued by other credit institutions and foreign bank branches, coming into force from October 27, 2021; and Circular No. 59/2024/TT-NHNN dated December 31, 2024 of the Governor of the State Bank of Vietnam providing amendments to Circular No. 12/2021/TT-NHNN dated July 30, 2021 of the Governor of the State Bank of Vietnam prescribing credit institutions and foreign bank branches’ trading of promissory notes, treasury bills, deposit certificates and bonds domestically issued by other credit institutions and foreign bank branches, coming to force from March 15, 2025.

1.       LEGAL DOCUMENTS ARE EFFECTIVE IN 01/2025

1.1.  Circular No. 15/2023/TT-NHNN regulating credit information activities of the State Bank of Vietnam

• Name of legal document: Circular No. 15/2023/TT-NHNN issued on 05/12/2023 by the State Bank of Vietnam regulating credit information activities of the State Bank of Vietnam (referred to as the “Circular No. 15/2023/TT-NHNN”).
• Effective date: 01/01/2025.

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

Specifically, Article 16 of Circular No. 15/2023/TT-NHNN stipulates: “Article 16. Rights and obligations of credit institutions

1. Establish an information infrastructure to meet the requirements of data creation and control of data provided to CIC; promulgate internal regulations and manage the credit information criteria system throughout the system.
2. Pay in full and on time the fees for exploiting and using credit information services according to the contract signed with CIC.
3. Send officials and employees to participate in credit information training courses organized or coordinated by CIC.
4. Implement other rights and obligations as agreed with CIC and relevant provisions of law.”

1.2. Circular No. 50/2024/TT-NHNN regulations on safety and security for providing online services in the banking industry

• Name of legal document: Circular No. 50/2024/TT-NHNN issued on 31/10/2024 by the State Bank of Vietnam regulations on safety and security for providing online services in the banking industry (referred to as the “Circular No. 50/2024/TT-NHNN”).
• Effective date: 01/01/2025.

The content should be noted: Amending forms of deposits eligible for premature withdrawal.

Specifically, Clause 6 Article 7 of Circular No. 50/2024/TT-NHNN stipulates: “6. Mandatory functions of Online Banking application software:

a) All data transmitted over the network environment or data exchanged between Online Banking application software and related equipment must apply the end-to-end encryption mechanism;

b) Ensure the integrity of transaction data, any unauthorized modifications must be detected, warned, prevented or have appropriate handling measures to ensure the accuracy of transaction data during the transaction process, data storage;

c) Control transaction sessions: the system has a mechanism to automatically disconnect the transaction session when the user does not operate for a period of time specified by the unit or apply other protection measures;

d) Has a concealment function for displaying secret keys, PIN codes used to log into the system;

dd) Has an anti-automatic login function;

e) In case the electronic transaction account specified in Clause 1, Article 9 of this Circular uses a PIN code or secret key as a form of confirmation, the Online Banking application software must have functions to control the PIN code and secret key:

(i) Require customers to change the PIN code or secret key in case the customer is issued a default PIN code or secret key for the first time;

(ii) Notify customers when the PIN code or secret key is about to expire;

(iii) Cancel the validity of the PIN code or secret key when it expires; request customers to change the expired PIN code or secret key when the customer uses the PIN code or secret key to log in;

(iv) Cancel the validity of the PIN code or secret key in case the PIN code or secret key is entered incorrectly more than the number of times specified by the unit (but not more than 10 times) and notify the customer;

(v) The unit shall only reissue the PIN code or secret key when requested by the customer and must check and identify the customer before reissuing it, ensuring against fraud and forgery.

g) For customers who are organizations, the application software is designed to ensure that the implementation of online payment transactions includes at least two steps: transaction creation and approval. In the case where the customer is a business household or a micro-enterprise applying a simple accounting regime, the implementation of the transaction does not require separating the two steps of transaction creation and approval;

h) There is a function to notify the first login to the Online Banking application software or the login to the Online Banking application software on a device other than the device that last logged in to the Online Banking application software via SMS or other channels registered by the customer (phone, email, etc.), except in the case where the customer is an organization: logging in on devices that have registered to use the service; or log in using at least one of the confirmation forms specified in Clause 3, Clause 4, Clause 5, Clause 7, Clause 8, Clause 9, Article 11 of this Circular.”

1.3. Decision No. 2690/QD-NHNN prescribing interest rates imposed by commercial banks in 2025 on outstanding debts of concessional housing loans granted under Circular No. 11/2013/TT-NHNN dated May 15, 2013, Circular No. 32/2014/TT-NHNN dated November 18, 2014 and Circular No. 25/2016/TT-NHNN dated July 29, 2016

• Name of legal document: Decision No. 2690/QD-NHNN issued on 18/11/2024 by the State Bank of Vietnam prescribing interest rates imposed by commercial banks in 2025 on outstanding debts of concessional housing loans granted under Circular No. 11/2013/TT-NHNN dated May 15, 2013, Circular No. 32/2014/TT-NHNN dated November 18, 2014 and Circular No. 25/2016/TT-NHNN dated July 29, 2016 (referred to as the “Decision No. 2690/QD-NHNN”).
• Effective date: 01/01/2025.

The content should be noted: The interest rate imposed by commercial banks in 2025 on outstanding debts of concessional housing loans granted under the Circular No. 11/2013/TT-NHNN, the Circular No. 32/2014/TT-NHNN and the Circular No. 25/2016/TT-NHNN.

Specifically, Article 1 of Circular Circular No. 25/2016/TT-NHNN stipulates: “Article 1. The interest rate imposed by commercial banks in 2025 on outstanding debts of concessional housing loans granted under the Circular No. 11/2013/TT-NHNN dated May 15, 2013, the Circular No. 32/2014/TT-NHNN dated November 18, 2014 and the Circular No. 25/2016/TT-NHNN dated July 29, 2016 is 4,7%/year.”

1.4. Circular No. 51/2024/TT-NHNN regulations on safety and security for providing online services in the banking industry

• Name of legal document: Circular No. 51/2024/TT-NHNN issued on 29/11/2024 by the State Bank of Vietnam prescribing independent audit of commercial banks, non-bank credit institutions, microfinance institutions, and foreign bank branches (referred to as the “Circular No. 51/2024/TT-NHNN”).
• Effective date: 15/01/2025.

The content should be noted: Responsibilities of credit institutions and FBBs.

Specifically, Article 15 of Circular No. 51/2024/TT-NHNN stipulates: “Article 15. Responsibilities of credit institutions and FBBs

1. Select independent audit organizations in accordance with provisions of this Circular.
2. Within 30 days from their decision on selection of independent audit organization, send written notice of the selected independent audit organization to SBV according to the following provisions:a) Credit institutions and FBBs shall send their notices to SBV (via the SBV Banking Supervision Agency), except the case in point b of this clause;b) An FBB that is subject to microprudential supervision of a SBV’s branch in province or central-affiliated city where it is located (hereinafter referred to as “SBV’s provincial branch”) shall send its notice to that SBV’s provincial branch.
3. Fulfill the obligations specified in Article 39 of the Law on Independent Audit and other regulations of law on independent audit.
4. Within 90 days from the end of a fiscal year, send independent audit outcomes to SBV according to points a and b clause 2 of this Article.
5. Send written notification to SBV of any dispute about independent audit outcomes, in which description, explanation and proposed solutions for settling the dispute must be included in accordance with relevant laws.
6. Carry out public disclosure of financial information in accordance with regulations of law in force.”

1.5. Circular No. 52/2024/TT-NHNN prescribing formulation and implementation of roadmap for compliance with provisions of Law on credit institutions No. 32/2024/QH15 by commercial banks whose shareholders, shareholders and their related persons owning shares in excess of limits prescribed in Article 55 of the Law on credit institutions No. 47/2010/QH12, as amended by Law No. 17/2017/QH14

• Name of legal document: Circular No. 52/2024/TT-NHNN issued on 29/11/2024 by the State Bank of Vietnam prescribing formulation and implementation of roadmap for compliance with provisions of Law on credit institutions No. 32/2024/QH15 by commercial banks whose shareholders, shareholders and their related persons owning shares in excess of limits prescribed in Article 55 of the Law on credit institutions No. 47/2010/QH12, as amended by Law No. 17/2017/QH14 (referred to as the “Circular No. 52/2024/TT-NHNN”).
• Effective date: 15/01/2025.

The content should be noted: Responsibilities of commercial banks.

Specifically, Article 05 of Circular No. 52/2024/TT-NHNN stipulates: “Article 5. Responsibilities of commercial banks

1. Commercial banks shall act as focal points in formulating and implementing compliance roadmaps; monitor and expedite shareholders, shareholders and their related persons owning shares beyond prescribed limit to cooperate in formulating and implementing compliance roadmaps as prescribed in this Circular.
2. Prepare physical quarterly reports on implementation of compliance roadmaps using the form in the Appendix enclosed herewith, and submit them directly or by post to SBV (via the SBV Banking Supervision Agency). Such a quarterly report includes data collected from the 15^thday of the month preceding the reporting quarter to the 14^thday of the last month of the reporting quarter. A quarterly report must be submitted by the 25^th day of the last month of the reporting quarter (report of Quarter III, 2025 shall be the first reporting quarter).
3. Assume legal responsibility for the accuracy and adequacy of their information provided for SBV, and relevant organizations and individuals.”

1.       LEGAL DOCUMENTS ARE EFFECTIVE IN 12/2024

1.1. Circular No. 49/2024/TT-NHNN amending and supplementing a number of articles of Circular No. 11/2022/TT-NHNN dated september 30, 2022 of the Governor of the State bank of Vietnam prescribing bank guarantee

• Name of legal document: Circular No. 49/2024/TT-NHNN issued on 25/10/2024 by the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 11/2022/TT-NHNN dated september 30, 2022 of the Governor of the State bank of Vietnam prescribing bank guarantee (referred to as the “Circular No. 49/2024/TT-NHNN”).
• Effective date: 10/12/2024.

The content should be noted: Amending forms of deposits eligible for premature withdrawal.

Specifically, Clause 3 Article 1 of Circular No. 49/2024/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 11/2022/TT-NHNN

…

3. Amending and supplementing Article 13 as follows:

“Article 13. Off-plan housing guarantee

1. Commercial banks and foreign bank branches shall consider and decide to grant guarantees to investors whena) Investors meet all requirements specified in Article 11 of this Circular (except for cases where commercial banks and foreign bank branches provide guarantees for investors on the basis of counter-guarantees);b) Investors have received a document from the provincial-level state management agency for real estate business responding to investors about housing that is eligible for sale or lease-purchase.

…

6. The maximum guarantee amount for each buyer is equal to the total amount the investor is allowed to receive in advance from the buyer as prescribed in Article 25 of the Law on Real Estate Business and other amounts (if any) under the house purchase or hire-purchase contract.

…””

2.       LEGAL DOCUMENTS ARE ISSUED IN 11/2024

2.1. Decision No. 2410/QD-NHNN on maximum interest rates for USD deposits of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 46/2024/TT-NHNN dated September 30, 2024

• Name of legal document: Decision No. 2410/QD-NHNN issued on 01/11/2024 by the State Bank of Vietnam on maximum interest rates for USD deposits of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 46/2024/TT-NHNN dated September 30, 2024 (referred to as the “Decision No. 2410/QD-NHNN”).
• Effective date: 20/11/2024.

The content should be noted: Maximum interest rates on US dollar deposits of organizations and individuals at credit institutions and foreign bank branches.

Specifically, Article 1 of Decision No. 2410/QD-NHNN stipulates: “Article 1. The maximum interest rate for deposits in US dollars of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 46/2024/TT-NHNN dated September 30, 2024 is as follows:

1. The interest rate applicable to deposits of organizations (except credit institutions and foreign bank branches) is 0%/year.
2. The interest rate applicable to deposits of individuals is 0%/year.”

2.2. Decision No. 2411/QD-NHNN on maximum interest rates for deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 48/2024/TT-NHNN dated September 30, 2024

• Name of legal document: Decision No. 2411/QD-NHNN issued on 01/11/2024 by the State Bank of Vietnam on maximum interest rates for deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 48/2024/TT-NHNN dated September 30, 2024 (referred to as the “Decision No. 2411/QD-NHNN”).
• Effective date: 20/11/2024.

The content should be noted: Maximum interest rates for deposits in Vietnamese Dong of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches.

Specifically, Article 1 of Decision No. 2411/QD-NHNN stipulates: “Article 1. The maximum interest rate for deposits in Vietnamese Dong of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 48/2024/TT-NHNN dated September 30, 2024 is as follows:

1. The maximum interest rate applicable to non-term deposits and deposits with terms of less than 1 month is 0.5%/year.

2. The maximum interest rate applicable to deposits with terms from 1 month to less than 6 months is 4.75%/year; People’s Credit Funds and Microfinance Institutions apply the maximum interest rate for deposits with terms from 1 month to less than 6 months at 5.25%/year.”

1.       LEGAL DOCUMENTS ARE EFFECTIVE IN 11/2024

1.1. Circular No. 46/2024/TT-NHNN regulating the application of interest rates on US dollar deposits of organizations and individuals at credit institutions and foreign bank branches

• Name of legal document: Circular No. 46/2024/TT-NHNN issued on 30/09/2024 by the State Bank of Vietnam regulating the application of interest rates on US dollar deposits of organizations and individuals at credit institutions and foreign bank branches (referred to as the “Circular No. 46/2024/TT-NHNN”).
• Effective date: 20/11/2024.

The content should be noted: Stipulating interest rates on deposits in US dollars.

Specifically, Article 3 of Circular No. 46/2024/TT-NHNN stipulates: “Article 3. Interest rates

1. Credit institutions shall apply interest rates on deposits in US dollars not exceeding the maximum interest rates decided by the Governor of the State Bank of Vietnam from time to time for:a) Deposits of organizations.b) Deposits of individuals.
2. The maximum interest rates on deposits in US dollars prescribed in this Circular include promotional expenses in all forms, applied to the method of paying interest at the end of the term and other interest payment methods converted according to the method of paying interest at the end of the term.
3. Credit institutions shall publicly post interest rates on deposits in US dollars at legal transaction locations within the credit institution’s network of operations and post them on the credit institution’s website (if any). When receiving deposits, credit institutions shall not conduct promotions in any form (in cash, interest rates and other forms) that are not in accordance with the provisions of law.”

1.2. Circular No. 47/2024/TT-NHNN amendment of clause 3, Article 3 of Circular No. 04/2022/TT-NHNN dated june 16, 2022 of the Governor of the State bank of Vietnam regulations on application of interest rates on premature withdrawal of deposits from credit institutions and foreign bank branches

• Name of legal document: Circular No. 47/2024/TT-NHNN issued on 30/09/2024 by the State Bank of Vietnam amendment of clause 3, Article 3 of Circular No. 04/2022/TT-NHNN dated june 16, 2022 of the Governor of the State bank of Vietnam regulations on application of interest rates on premature withdrawal of deposits from credit institutions and foreign bank branches (referred to as the “Circular No. 47/2024/TT-NHNN”).
• Effective date: 20/11/2024.

The content should be noted: Amending forms of deposits eligible for premature withdrawal.

Specifically, Article 1 of Circular No. 47/2024/TT-NHNN stipulates: “Article 1. Amend Clause 3, Article 3 of Circular No. 04/2022/TT-NHNN[1] as follows:

“3. Deposit certificates issued by credit institutions.””

2.       LEGAL DOCUMENTS ARE ISSUED IN 10/2024

2.1. Circular No. 49/2024/TT-NHNN amending and supplementing a number of articles of Circular No. 11/2022/TT-NHNN dated september 30, 2022 of the Governor of the State bank of Vietnam prescribing bank guarantee

• Name of legal document: Circular No. 49/2024/TT-NHNN issued on 25/10/2024 by the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 11/2022/TT-NHNN dated september 30, 2022 of the Governor of the State bank of Vietnam prescribing bank guarantee (referred to as the “Circular No. 49/2024/TT-NHNN”).
• Effective date: 10/12/2024.

The content should be noted: Amending forms of deposits eligible for premature withdrawal.

Specifically, Clause 3 Article 1 of Circular No. 49/2024/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 11/2022/TT-NHNN

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3. Amending and supplementing Article 13 as follows:

“Article 13. Off-plan housing guarantee

1. Commercial banks and foreign bank branches shall consider and decide to grant guarantees to investors when:
2. a) Investors meet all requirements specified in Article 11 of this Circular (except for cases where commercial banks and foreign bank branches provide guarantees for investors on the basis of counter-guarantees);
3. b) Investors have received a document from the provincial-level state management agency for real estate business responding to investors about housing that is eligible for sale or lease-purchase.

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6. The maximum guarantee amount for each buyer is equal to the total amount the investor is allowed to receive in advance from the buyer as prescribed in Article 25 of the Law on Real Estate Business and other amounts (if any) under the house purchase or hire-purchase contract.

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[1] Article 3 of Circular No. 04/2022/TT-NHNN: “Article 3. Forms of deposits eligible for premature withdrawal

1. Time savings deposits 2. Time deposits. 3. Deposit certificates, bills, treasury bills, and bonds issued by credit institutions. 4. Other forms of receiving time deposits according to the Law on Credit Institutions of Vietnam.”