Tiếng Việt

LEGAL UPDATE RELATING TO FINANCE AND CREDIT (MONTHLY LEGAL UPDATE – 12/12025)

by | Feb 5, 2026 | Banking, EN, Legal Update

1. Legal documents are issued in 11/2025

1.1. Circular No. 41/2025/TT-NHNN amendment to circular No. 40/2024/TT-NHNN on intermediary payment service

  • Name of legal document: Circular N 41/2025/TT-NHNN dated 05/11/2025 amendment to circular No. 40/2024/TT-NHNN on intermediary payment service (referred to as the “Circular No. 41/2025/TT-NHNN”).
  • Effective date: 05/11/2025.

The content should be noted: Amendments and supplements relating to the use of e-wallet services.

Specifically, Article 9 of Circular No. 41/2025/TT-NHNN provides: “Article 9. Amendment and repeal of Article 25

  1. Repeal Clause 1.
  2. Amend Point a and Point b Clause 2:

“a) Withdraw from e-wallet to VND accounts or debit cards associated with VND accounts of e-wallet owners at co-operative banks;

b) Transfer to VND accounts or debit cards associated with VND accounts opened by banks and FBBs with the exception of Point a of this Clause;”

  1. Amend Clause 5:

“5. E-wallet service providers are not allowed to receive cash from customers to deposit to e-wallet; let customers from withdrawing cash from e-wallet at e-wallet service providers; grant credit extension to customers using e-wallets; pay interest for e-wallet balance.”

  1. Amend Point d Clause 6:

“d) Means for electronic transaction verification are adopted for each type of transaction in payments using electronic means in accordance with regulations of SBV pertaining to safety and security in provision of online services in banking sector.”.”

1.2. Consolidated Document No. 25/VBHN-NHNN on the classification, packaging and delivery of precious metals and gemstones

  • Name of legal document: Consolidated Document No. 25/VBHN-NHNN dated 13/11/2025 consolidating regulations on the classification, packaging, and delivery of precious metals and gemstones (referred to as the “Consolidated Document No. 25/VBHN-NHNN”).
  • Effective date: 13/11/2025.

The content should be noted: Consolidation of Circular No. 17/2014/TT-NHNN dated 01/08/2014 of Governor of State Bank of Vietnam on the classification, packaging, and delivery of precious metals and gemstones and Circular No. 33/2025/TT-NHNN 30/09/2025 of Governor of State Bank of Vietnam amending and supplementing Circular No. 17/2014/TT-NHNN.

1.3. Consolidated Document No. 26/VBHN-NHNN consolidating regulations on the provision of non-cash payment services

  • Name of legal document: Consolidated Document No. 26/VBHN-NHNN dated 13/11/2025 consolidating regulations on non-cash payment services (referred to as the “Consolidated Document No. 26/VBHN-NHNN”).
  • Effective date: 13/11/2025.

The content should be noted: Consolidation of Circular No. 15/2024/TT-NHNN dated 28/06/2025 of Governor of State Bank of Vietnam on non-cash payment services and Circular No. 30/2025/TT-NHNN dated 30/09/2025 of Governor of State Bank of Vietnam amending and supplementing Circular No. 15/2024/TT-NHNN.

1.4. Circular No. 43/2025/TT-NHNN amendments to some articles of circular No. 08/2022/TT-NHNN on banking supervision procedures

  • Name of legal document: Circular 43/2025/TT-NHNN dated 14/11/2025 amendments to some articles of circular No. 08/2022/TT-NHNN on banking supervision procedures (referred to as the “Circular No. 43/2025/TT-NHNN”).
  • Effective date: 01/01/2026.

The content should be noted: Amendments and supplements relating to microprudential supervision of credit institutions and branches of foreign banks.

Specifically, Clause 1 of Article 4 Circular No. 43/2025/TT-NHNN provides: “Article 4. Amendments to some points and clauses of Article 9

  1. Points a, b and c clause 1 shall be amended as follows:

“a) Supervision of compliance with statistical reporting regimes, information reporting regimes according to regulations of the Law No. 46/2010/QH12, the Law No. 32/2024/QH15 and relevant guiding documents within the scope of jurisdiction and responsibilities of the micro-prudential supervision unit;

  1. b) Supervision of compliance with prudential ratios and limits in the operation of credit institutions and foreign bank branches as prescribed in Articles 134, 135, 136, 137 and 138 of the Law No. 32/2024/QH15; classification of existing assets, making and use of provisions for management of risks to operation of credit institutions and foreign bank branches;
  2. c) Supervision of compliance with regulations on satisfaction of conditions and standards applied to managers and executives prescribed in Article 41 and clause 3 Article 98 of the Law No. 32/2024/QH15; and compliance with regulations on organizational structure, administration, management and control by entities subject to supervision as prescribed in Chapter IV of the Law No. 32/2024/QH15;”.”

1.5. Circular No. 44/2025/TT-NHNN amendments to certain articles of circular No. 07/2024/TT-NHNN prescribing operation of payment agents

  • Name of legal document: Circular 44/2025/TT-NHNN dated 18/11/2025 amendments to certain articles of circular No. 07/2024/TT-NHNN prescribing operation of payment agents (referred to as the “Circular No. 44/2025/TT-NHNN”).
  • Effective date: 03/01/2026.

The content should be noted: Amendments and supplements to the scope of payment agency activities.

Specifically, Article 1 of Circular No. 44/2025/TT-NHNN provides: “Article 1. Amendments to Article 4

“Article 4. Details of payment agent operation

The Principal is entitled to appoint the Agent to perform one or more professional operations below:

  1. Receive applications for opening of checking accounts; check legitimacy and validity; carry out cross-check to ensure the consistency and accuracy of documents, information and data provided by clients; verify client identification information in accordance with the instructions of the Principal so as to send it to the Principal and instruct clients to use their checking accounts.
  2. Receive applications for issuance of bank cards; check legitimacy and validity; carry out cross-check to ensure the consistency and accuracy of documents, information and data provided by clients; verify client identification information in accordance with the Principal’s instructions so as to send it to the Principal and instruct clients to use their bank cards.
  3. Receive clients’ requests for payment services, prepare, sign or apply methods of electronic confirmation of, control and process clients’ transaction documents, transfer clients’ transaction information to the Principal, receive cash from clients or provide cash to clients in order to carry out the following transactions:
  4. a) Depositing/withdrawing cash into/from clients’ checking accounts opened at the Principal;
  5. b) Depositing/withdrawing cash into/from clients’ debit cards or personalized prepaid cards issued by the Principal;
  6. c) Depositing cash to pay clients’ credit cards issued by the Principal;
  7. d) Providing payment order execution, collection order execution, money transfer, cash collection and payment services.
  8. Within 01 working day from the receipt of the client’s request for payment services, the Agent shall process the client’s transaction document and transfer the client’s transaction information to the Principal, unless any system breakdown and/or other force majeure event results in the client’s transaction not being able to be conducted.”.”

1.6. Circular No. 45/2025/TT-NHNN amending and supplementing a number of articles of Circular No. 18/2024/TT-NHNN on bank card operations

  • Name of legal document: Circular No. 45/2025/TT-NHNN dated 19/11/2025 on amending and supplementing a number of articles of Circular No. 18/2024/TT-NHNN on bank card operations (referred to as the “Circular No. 45/2025/TT-NHNN”).
  • Effective date: 05/01/2026.

The content should be noted: Amendments and supplements to regulations on card issuance procedures.

Specifically, Clause 1 Article 2 of Circular No. 45/2025/TT-NHNN provides: “Article 2. Amendments and supplements to a number of clauses of Article 9

  1. Amend and supplement Clause 2 as follows:

“2. Prior to entering into a card issuance and usage agreement at the request of the customer, the Card Issuer shall require the cardholder to provide sufficient documents, information, and data for customer identification in accordance with the laws on anti-money laundering and other relevant laws:

  1. a) For Vietnamese individual customers, the Card Issuer shall require the customer to provide identification documents: Citizen Identity Card, Identity Card, or Electronic Identity;
  2. b) For individual customers of Vietnamese origin who have not yet determined their nationality, the Card Issuer shall require the customer to provide identification documents: Certificate of Identity;
  3. c) For foreign individual customers, the Card Issuer shall require the customer to provide identification documents: Passport or electronic identity (via access to the Level-2 electronic identification account) (if available). The Card Issuer shall require the customer to provide necessary documents to verify the permitted duration of residence in Vietnam;
  4. d) For institutional customers, the Card Issuer shall require the customer to provide information, documents, and data for customer identification in accordance with the laws on anti-money laundering and the provisions of this Article; including documents, information, and data relating to the organization’s legal representative or authorized representative (collectively referred to as the “legal representative”) and supplementary cardholders.”.”

1.7. Decision No. 3730/QĐ-NHNN announcing amended administrative procedures within the State Bank of Vietnam’s One-Stop Department

  • Name of legal document: Decision No. 3730/QĐ-NHNN dated 28/11/2025 announcing amended administrative procedures within the State Bank of Vietnam’s One-Stop Department (referred to as the “Decision No. 3730/QĐ-NHNN”).
  • Effective date: 28/11/2025.

The content should be noted: Amendments and supplements to the procedure for requesting approval for the maximum credit limit exceeding statutory thresholds applicable to credit institutions and branches of foreign banks, as listed in Section I.2.1 of the amended and supplemented administrative procedures implemented at the One-Stop Department under the management authority of the State Bank of Vietnam, promulgated together with Decision No. 3730/QĐ-NHNN.

  1. 2. Legal documents are effective in 12/2025

2.1. Decree No. 304/2025/NĐ-CP on conditions for collateral of non-performing loans subject to seizure

  • Name of legal document: Decree No. 304/2025/NĐ-CP dated 25/11/2025 on conditions for collateral of non-performing loans subject to seizure (referred to as the “Decree No. 304/2025/NĐ-CP”).
  • Effective date: 01/12/2025.

The content should be noted: Regulations on the conditions for seizing collateral securing non-performing loans.

Specifically, Article 4 of Decree No. 304/2025/NĐ-CP provides: “Article 4. Conditions for collateral of non-performing loans to be seized

  1. Collateral securing non-performing loans that constitutes the debtor’s sole residence or primary or sole means of livelihood may only be seized when the conditions under Points a, b, c, d, dd Clause 2, Article 198a of Law No. 32/2024/QH15, as amended by Law No. 96/2025/QH15, are met, and one of the following conditions is satisfied:
  2. a) For seizure of the sole residence that has been verified and proven under Clause 1, Article 5 of this Decree, the secured party shall provide the securing party with an amount equal to 12 months of salary, calculated based on the minimum wage provided in Clause 2, Article 3 of this Decree;
  3. b) For seizure of the primary or sole means of livelihood that was not formed from loan proceeds and has been verified and proven under Clause 1, Article 5 of this Decree, the secured party shall provide the securing party with an amount equal to 06 months of salary, calculated based on the minimum wage provided in Clause 2, Article 3 of this Decree.
  4. Collateral of non-performing loans that is not among the assets specified in Clause 1 of this Article may be seized when the conditions under Points a, b, c, d, dd Clause 2, Article 198a of Law No. 32/2024/QH15, as amended by Law No. 96/2025/QH15, are met.”.”

2.2. Circular No. 37/2025/TT-NHNN amendments to circular No. 31/2024/TT-NHNN of governor of the state bank of vietnam prescribing classification of assets in operations of commercial banks, non-bank credit institutions and foreign bank branches

  • Name of legal document: Circular 37/2025/TT-NHNN dated 31/10/2025 amendments to circular no. 31/2024/TT-NHNN of governor of the state bank of vietnam prescribing classification of assets in operations of commercial banks, non-bank credit institutions and foreign bank branches (referred to as the “Circular No. 37/2025/TT-NHNN”).
  • Effective date: 15/12/2025.

The content should be noted: Amendments and supplements relating to internal regulations on credit granting, debt management, and provisioning policies.

Specifically, Article 2 of Circular No. 37/2025/TT-NHNN provides: “Article 2. Amendments to clause 2 Article 7

“2. Banks and non-bank credit institutions shall send reports to SBV as prescribed in clause 1 of this Article as follows:

  1. a) Banks and non-bank credit institutions shall send their reports to SBV (via the Credit Institution Management and Supervision Department), except the cases in point b of this clause;
  2. b) If an FBB is subject to microprudential inspection and supervision of a SBV’s regional branch, it shall submit reports to that SBV’s regional branch.”.”

2.3. Circular No. 39/2025/TT-NHNN on opening and use of foreign-currency accounts abroad by resident organizations

  • Name of legal document: Circular 39/2025/TT-NHNN dated 31/10/2025 on opening and use of foreign-currency accounts abroad by resident organizations (referred to as the “Circular No. 39/2025/TT-NHNN”).
  • Effective date: 15/12/2025.

The content should be noted: Regulations on cases in which licensed credit institutions may open and use foreign currency accounts abroad.

Specifically, Article 2 of Circular No. 39/2025/TT-NHNN provides: “Article 2. Cases of opening and use of foreign-currency accounts abroad by licensed credit institutions

  1. Licensed credit institutions that conduct foreign exchange activities abroad in accordance with the License issued by the State Bank of Vietnam (hereinafter referred to as the State Bank) may open and use foreign-currency accounts abroad to carry out foreign exchange activities consistent with the contents approved by the State Bank and the regulations of the host-country law where the accounts are opened, without having to apply for permission to open and use foreign-currency accounts abroad under this Circular.
  2. Where implementing offshore loans in accordance with current regulations of law, licensed credit institutions may open and use foreign-currency accounts abroad to carry out offshore loans under the contract or agreement signed with the foreign lender requiring the opening of foreign-currency accounts abroad for implementation of the offshore loans, and in accordance with the host-country law where the accounts are opened, without having to apply for permission to open and use foreign-currency accounts abroad under this Circular.
  3. After being granted the License to open and use foreign-currency accounts abroad (hereinafter referred to as the License), licensed credit institutions may open and use foreign-currency accounts abroad in accordance with the contents stated in the License, the Decision on amendments to the License (if any), this Circular, and the host-country law where the licensed credit institutions open the accounts in the following cases:
  4. a) Licensed credit institutions open and use foreign-currency accounts abroad to meet licensing conditions for establishment and operation of representative offices, branches or wholly-owned banks abroad in accordance with the host-country law;
  5. b) Licensed credit institutions open and use foreign-currency accounts abroad to serve the operation of representative offices abroad.”

2.4. Decision No. 3707/QĐ-NHNN on amended administrative procedures in banking establishment and operations

  • Name of legal document: Decision No. 3707/QĐ-NHNN dated 25/11/2025 on amended administrative procedures in banking establishment and operations (referred to as the “Decision No. 3707/QĐ-NHNN”).
  • Effective date: 15/12/2025.

The content should be noted: Amendments and supplements to procedures for approving qualitative methods for loan classification and off-balance sheet item classification for commercial banks, non-bank credit institutions, and branches of foreign banks, as listed in Section I of the amended administrative procedures issued together with Decision No. 3707/QĐ-NHNN.

2.5. Decision No. 3708/QĐ-NHNN on amended, supplemented, replaced and abolished administrative procedures in foreign exchange activities

  • Name of legal document: Decision No. 3708/QĐ-NHNN dated 25/11/2025 on amended, supplemented, replaced and abolished administrative procedures in foreign exchange activities (referred to as the “Decision No. 3708/QĐ-NHNN”).
  • Effective date: 15/12/2025.

The content should be noted: Amendments and supplements to procedures for licensing the opening and use of offshore foreign currency accounts to serve the operations of branches and representative offices abroad of economic entities, as listed in Section I.1.4 of the amended administrative procedures issued together with Decision No. 3708/QĐ-NHNN.

Translate »