Tiếng Việt

LEGAL UPDATE RELATING TO FINANCE AND CREDIT (MONTHLY LEGAL UPDATE – 02/2025)

by | Feb 10, 2025 | Banking, EN, Legal Update

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.

  1. 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.
  2. 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

…

  1. 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

…

  1. 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.