Circular 02/2026/TT-NHNN amending Circular 35/2025/TT-NHNN on special loans to credit institutions

CIRCULAR

Amending and supplementing a number of articles of Circular No. 35/2025/TT-NHNN on the provision of special loans to credit institutions

Pursuant to Law No. 32/2024/QH15 on Credit Institutions, which is amended and supplemented under Law No. 43/2024/QH15 and Law No. 96/2025/QH15;

Pursuant to Law No. 111/2025/QH15 on Deposit Insurance;

Pursuant to the Government’s Decree No. 26/2025/ND-CP, defining the functions, tasks, powers and organization structure of the State Bank of Vietnam;

At the proposal of the Director of the Monetary Policy Department;

The Governor of the State Bank of Vietnam promulgates the Circular amending and supplementing a number of articles of Circular No. 35/2025/TT-NHNN on the provision of special loans to credit institutions.

Article 1. To amend and supplement Article 1

“Article 1. Scope of regulation

This Circular provides regulations on special loans provided by the State Bank of Vietnam (below referred to as the State Bank), the deposit insurance organization, and other credit institutions to credit institutions; and special loans provided by the State Bank to the deposit insurance organization.”.

Article 2. To amend and supplement Article 2

“Article 2. Subjects of application

1. The credit institution established and operating in accordance with the Law on Credit Institutions.

2. Deposit insurance organization.

3. Other organizations and individuals involved in the special loans provided by the State Bank, the deposit insurance organization, or other credit institutions to credit institutions; and the provision of special loans by the State Bank to the deposit insurance organization.”.

Article 3. To amend and supplement a number of clauses of Article 3

1. To amend and supplement Clause 1 as follows:

“1. The special lender refers to the State Bank, the deposit insurance organization, or other credit institutions providing special loans to credit institutions; and the State Bank providing special loans to the deposit insurance organization.”.

2. To amend and supplement Clause 3 as follows:

“3. The special borrower refers to a credit institution borrowing under the provision of special loans from the State Bank, the deposit insurance organization, or other credit institutions; the deposit insurance organization borrowing a special loan from the State Bank.”.

3. To amend and supplement Clause 14 as follows:

“14. The State Bank's decision on the provision of special loans refers to the Decision of the Governor of the State Bank, the Director of the State Bank Regional Branch concerning the provision of special loans to a credit institution in the event that the provision of special loans falls within the decision-making authority of the State Bank or the Decision of the Governor of the State Bank to implement the provision of special loans pursuant to the Decision of the Prime Minister, in the event that the provision of special loans has been approved by the Prime Minister in accordance with Clause 4, Article 193 of the Law No. 32/2024/QH15 on Credit Institutions or the Decision of the Governor of the State Bank concerning the provision of special loans to the deposit insurance organization.”.

4. To supplement the phrase “deposit insurance organization” before the phrase “other credit institutions” in Clause 15.

Article 4. To amend and supplement a number of points and clauses of Article 4

1. To add Point dd, Clause 1 as follows:

“dd) The provision of special loans at an interest rate of 0% per annum, without collateral, to the deposit insurance organization in the case prescribed in Clause 1, Article 38 of Law No. 111/2025/QH15 on Deposit Insurance (below referred to as Law No. 111/2025/QH15).”.

2. To add Clause 1a after Clause 1 as follows:

“1a. The deposit insurance organization shall provide special loans to credit institutions from the operational reserve fund in the cases prescribed in Clause 1, Article 35 of Law No. 111/2025/QH15.”.

Article 5. To amend and supplement a number of clauses of Article 5

1. To add Clause 3a after Clause 3 as follows:

“3a. For the provision of special loans prescribed at Point dd, Clause 1, Article 4 of this Circular, the provision of special loans shall be conducted in accordance with the provisions of Chapter IIIa of this Circular.”.

2. To add the phrase “Clause 1a,” before the phrase “Clause 2” in Clause 4.

3. To add Clause 4a after Clause 4 as follows:

“4a. A people’s credit fund shall not provide special loans to another people’s credit fund.”.

4. To add Clause 9 as follows:

“9. For the provision of special loans prescribed in Clause 1a, Article 4 of this Circular, after the special borrower’s bankruptcy plan has been approved, the amount of the special loan provided by the deposit insurance organization shall be handled in accordance with Clause 2, Article 37 of Law No. 111/2025/QH15.”.

Article 6. To amend and supplement Clause 1, Article 6

“1. The Governor of the State Bank shall decide on the provision of special loans by the State Bank to credit institutions and the deposit insurance organization in cases prescribed at Point a, Point b, Point c, and Point dd, Clause 1, Article 4 of this Circular, except for credit institutions that are people’s credit funds.”.

Article 7. To add Chapter IIIa after Chapter III

“Chapter IIIa

PROVISION OF SPECIAL LOANS BY THE STATE BANK TO THE DEPOSIT INSURANCE ORGANIZATION

Article 29a. Purpose of use, amount, term, and interest rate of the provision of special loans

1. The deposit insurance organization shall use the provision of special loans solely for the payment of insurance claims.

2. The amount of the special loan shall be determined by the State Bank upon the request of the deposit insurance organization and not exceed the amount in the operational reserve fund that is insufficient to pay insurance claims in accordance with Clause 1, Article 38 of Law No. 111/2025/QH15.

3. The term of special loans, and any extension of such term, shall be determined upon the proposal of the deposit insurance organization in accordance with the deposit insurance organization’s projections regarding the sources for repaying the special loan as prescribed in Clause 2, Article 38 of Law No. 111/2025/QH15.

4. Interest rate of the special loan:

a) The interest rate on the principal of the special loans, including on-principal within term, principal with extended term, and overdue principal, shall be 0% per annum;

b) No interest shall be applied to overdue interest.

Article 29b. Procedure for the provision of special loans

1. When requiring the provision of special loans, the deposit insurance organization shall submit two sets of application dossiers for the provision of special loans to the State Bank (the Monetary Policy Department).

The application dossier shall comprise:

a) The application for a special loan, specifying: the requested amount, the proposed term of special loans, the purpose of using special loans; the reasons for requesting the provision of special loans; the VND account number opened at the State Bank’s Head Office; and the commitment to use the funds for the stated purpose and to comply with the law provisions on the provision of special loans;

b) A detailed report on the following matters: the deposit insurance organization falls within the cases entitled to the provision of special loans from the State Bank as prescribed in Clause 1, Article 38 of Law No. 111/2025/QH15; a detailed explanation regarding the requested amount of special loans, confirming that it does not exceed the amount in the operational reserve fund that is insufficient to pay insurance claims, and the proposed term of special loans; the repayment schedule of special loans and the projected sources for repayment to the State Bank (specifying the sources of funds prescribed in Clause 2, Article 38 of Law No. 111/2025/QH15);

c) The resolution of the Board of Directors of the deposit insurance organization approving the request for a special loan from the State Bank.

2. Within a maximum period of 20 working days from the date of receipt of the complete application dossier from the deposit insurance organization, the Governor of the State Bank shall consider and decide on the provision of a special loan to the deposit insurance organization.

Article 29c. Extension of the special loan term

1. In the event that an extension of the special loan term is required, the deposit insurance organization shall, at least 40 working days prior to the repayment due date, submit 02 sets of the application dossier for extension of the special loan term to the State Bank.

The application dossier shall comprise:

a) The application for extension of the special loan term, specifying: the name of the deposit insurance organization; the reason for the requested extension, the amount, and the proposed extension period; and the commitment to comply with the law on the provision of special loans;

b) A detailed report on the following matters: a specific explanation of the amount and the proposed extension period; the reasons why the deposit insurance organization has not been able to repay the special loan (including a statement of measures already undertaken to repay the special loan; the status of implementing the repayment schedule for the special loan, and the sources of funds for repayment of the special loan as reported to the State Bank in the application dossier for the special loan); the measures planned to be implemented to repay the special loan, the repayment schedule for the special loan, and the anticipated sources of funds for repayment of the special loan (including the funds prescribed in Clause 2, Article 38 of Law No. 111/2025/QH15);

c) The resolution of the Board of Directors of the deposit insurance organization approving the request for an extension of the special loan term.

2. Within a maximum of 20 working days from the date of receipt of the complete application dossier from the deposit insurance organization, the Governor of the State Bank shall consider and decide on the extension of the special loan term for the deposit insurance organization.

Article 29d. Execution of the special loan agreement and disbursement of the special loan

1. On the basis of the decision on the special loan prescribed in Clause 2, Article 29b of this Circular, the State Bank (Transaction Office) and the deposit insurance organization shall execute a special loan agreement containing the principal terms set out in Appendix VII attached to this Circular.

2. Disbursement of the special loan:

a) When requesting the disbursement of the special loan, the deposit insurance organization shall submit a written request for disbursement of the special loan to the State Bank (Transaction Office), specifying the amount, timing, and reasons for the disbursement request;

b) On the basis of the executed special loan agreement, within 2 working days from the date of receipt of the written request for disbursement of the special loan, the State Bank (Transaction Office) shall approve and disburse the special loan in the amount specified in the disbursement request of deposit insurance organization.

Article 29dd. Repayment of the special loan

1. When the special loan becomes due, the deposit insurance organization shall fully repay the outstanding debt to the State Bank.

2. The deposit insurance organization may repay the special loan before its maturity date; no prepayment fee shall be charged to the deposit insurance organization.

3. In the event that the deposit insurance organization has funds obtained from the sources prescribed in Clause 2, Article 38 of Law No. 111/2025/QH15, within the first 5 working days of the following month (month T+1), the deposit insurance organization shall use the funds collected in the immediately preceding month (month T) to repay the special loan to the State Bank after deducting the amount of insurance payable to the insured depositors in accordance with the provisions of Law No. 111/2025/QH15 (if any arise) and the collected insurance premiums shall be used to offset the expenditures prescribed in Clause 5, Article 30 of Law No. 111/2025/QH15.

4. In the event that the failure to repay the special loan in accordance with the provisions of Clause 3 of this Article is detected, within 7 working days from the date that the State Bank issues the notice of violation under Point c, Clause 2, and Point c, Clause 3, Article 36b of this Circular, the deposit insurance organization shall repay the amount of the special loan due in accordance with the provisions but not repaid on time.

5. In the event that, through the inspection and supervision, it is detected that the deposit insurance organization has used the special loan funds for purposes other than those intended, within 7 working days from the date the State Bank issues the notice of violation under Point c, Clause 2, and Point c, Clause 3, Article 36b of this Circular, the deposit insurance organization shall repay the amount of the special loan found to have been used for purposes other than those intended.

6. In the event that the deposit insurance organization fails to repay the loan in accordance with Clause 1 of this Article, the State Bank shall apply the following remedial measures:

a) Transferring the outstanding special loan balance to overdue monitoring in accordance with the State Bank’s regulations on the methods of calculating and accounting for interest collection and repayment in the activities of deposit-taking and lending between the State Bank and credit institutions and other organizations;

b) Debiting the account of the deposit insurance organization at the State Bank to recover the overdue special loan within 5 working days from the date that the State Bank issues the notice to the deposit insurance organization regarding the debit of its account at the State Bank to recover the loan; in the event that the full amount of the special loan due is not recovered, the State Bank shall continue to monitor and debit the account of the deposit insurance organization until the loan is fully repaid.

7. In the event that the deposit insurance organization fails to repay the loan in accordance with Clause 4 and Clause 5 of this Article, the State Bank shall debit the account of the deposit insurance organization at the State Bank to recover the special loan on the next working day following the maturity date of the special loan in accordance with Clause 4 and Clause 5 of this Article; in the event that the full amount of the special loan due is not recovered, the State Bank shall continue to monitor and debit the account of the deposit insurance organization until the loan is fully repaid.”.

Article 8. To amend and supplement the title of Chapter IV

“Chapter IV

PROVISION OF SPECIAL LOANS BY THE DEPOSIT INSURANCE ORGANIZATION AND OTHER CREDIT INSTITUTIONS”

Article 9. To amend and supplement a number of clauses of Article 30

1. To amend and supplement Clause 1 as follows:

“1. In the event of requiring a special loan as prescribed at Point c, Clause 1, Article 35 of Law No. 111/2025/QH15, and Point a, Clause 2, and Point a, Clause 3, Article 4 of this Circular, the credit institution shall submit the application dossier to the deposit insurance organization and other credit institutions in accordance with the internal regulations of the deposit insurance organization and other credit institutions regarding the provision of special loans to credit institutions.”.

2. To add the phrase “the deposit insurance organization,” before the phrase “other credit institutions” in Clause 2.

3. To amend and supplement Clause 3 as follows:

“3. The deposit insurance organization and other credit institutions shall consider and decide on the special loan applications of credit institutions in accordance with their internal regulations on the provision of special loans.”.

4. To amend and supplement the heading of Clause 4 as follows:

“4. When requiring an extension of the term of a special loan as prescribed at Point c, Clause 1, Article 35 of Law No. 111/2025/QH15, and Point a, Clause 2, and Point a, Clause 3, Article 4 of this Circular:”.

Article 10. To amend and supplement Article 31

“Article 31. Procedures for the provision of special loans and extension of the special loan term to implement the approved recovery plan and mandatory transfer plan

1. In the event of requiring a special loan or an extension of the special loan term as prescribed at Point a and Point b, Clause 1, Article 35 of Law No. 111/2025/QH15, and Point b, Clause 2, and Point b and Point c, Clause 3, Article 4 of this Circular, the credit institution shall submit the application dossier to the deposit insurance organization and other credit institutions in accordance with the internal regulations of the deposit insurance organization and other credit institutions regarding the provision of special loans to credit institutions.

2. The deposit insurance organization and other credit institutions shall decide on the special loan and the extension of the special loan term in accordance with their internal regulations on the provision of special loans to credit institutions and in conformity with the approved recovery plan and mandatory transfer plan of the special borrower.”.

Article 11. To add the title of Section 1 after the title of Chapter V

“Section 1

RESPONSIBILITIES OF THE PARTIES IN THE PROVISION OF SPECIAL LOANS TO CREDIT INSTITUTIONS”

Article 12. To amend and supplement Point b, Clause 7, Article 32

“b) The special lender (in the event that the deposit insurance organization or other credit institutions provide the special loan).”.

Article 13. To amend and supplement Article 34

1. To amend the title of Article 34 as follows:

“Article 34. Responsibilities of the deposit insurance organization and credit institutions providing special loans”.

2. To add the phrase “Clause 1a,” before the phrase “Clause 2” in Clause 3.

Article 14. To add Clause 6a after Clause 6, Article 35

“6a. To provide information for the special lender, especially the deposit insurance organization or other credit institutions, regarding issues arising in connection with the special loan of that special lender and propose remedial measures (if any).”.

Article 15. To add Section 2 after Article 36

“Section 2

RESPONSIBILITIES OF THE PARTIES IN THE PROVISION OF SPECIAL LOANS TO THE DEPOSIT INSURANCE ORGANIZATION

Article 36a. Responsibilities of the deposit insurance organization

1. To provide the State Bank with complete, timely, and accurate documents and materials regarding the special loan and the extension of the special loan term; to bear legal responsibility for the accuracy and legality of the content and data of the documents provided; to be solely responsible for complying with the law provisions regarding the payment of insurance claims to depositors.

2. To use the special loan for its intended purpose and repay the special loan in accordance with this Circular, the executed special loan agreement, and the relevant laws.

3. To execute the special loan agreement, receive the disbursement of the special loan, and repay the special loan in accordance with this Circular.

4. To fulfill other responsibilities prescribed in this Circular, the relevant laws, and the executed special loan agreement.

Article 36b. Responsibilities of units under the State Bank

1. The Monetary Policy Department:

To act as the focal point for submitting to the Governor of the State Bank for consideration and decision on the special loans and the extension of the special loan term in accordance with this Circular.

2. The Credit Institutions Supervision Department:

a) To coordinate with the Monetary Policy Department to implement the provisions of Clause 1 of this Article;

b) To supervise and take measures within its authority regarding the deposit insurance organization in the implementation of the provisions of this Circular;

c) In the event of receiving a notice from a competent authority or detecting, through the supervision, that the deposit insurance organization has used the special loan funds for purposes other than those intended or has failed to repay the special loan in accordance with Clause 3, Article 29dd of this Circular, the Credit Institutions Supervision Department shall issue a written notice of violation to the deposit insurance organization, the Transaction Office, and simultaneously submit a copy to the Monetary Policy Department;

d) To fulfill other responsibilities as prescribed in this Circular.

3. The State Bank Inspectorate:

a) To coordinate with the Monetary Policy Department to implement the provisions of Clause 1 of this Article;

b) To inspect and take measures within its authority regarding the deposit insurance organization in the implementation of this Circular;

c) In the event of detecting, through inspection, that the deposit insurance organization has used the special loan funds for purposes other than those intended or has failed to repay the special loan in accordance with Clause 3, Article 29dd of this Circular, the State Bank Inspectorate shall issue a written notice of violation to the deposit insurance organization, the Transaction Office, and simultaneously submit a copy to the Monetary Policy Department and the Credit Institutions Supervision Department;

d) To fulfill other responsibilities as prescribed in this Circular.

4. The Transaction Office:

a) To execute the special loan agreement in accordance with Appendix VII attached to this Circular, and carry out the disbursement and repayment of the special loan in accordance with this Circular, the Decision on the special loan, the Decision on the extension of the special loan term, and the relevant law provisions;

b) To implement the provisions of Clause 6 and Clause 7, Article 29dd of this Circular;

c) Within the first 7 working days of the month following the month in which there is an outstanding balance of the special loan or a change in the special loan to the deposit insurance organization, report to the Governor of the State Bank and simultaneously submit the data on special loans to the deposit insurance organization to the Credit Institutions Supervision Department and the Monetary Policy Department in accordance with Appendix VIII attached to this Circular.

5. The Finance and Accounting Department:

To provide guidance on accounting entries related to the provision of special loans by the State Bank to the deposit insurance organization.

6. Relevant units under the State Bank:

To coordinate in addressing issues related to the special loan and the extension of the special loan term as prescribed in this Circular in accordance with the assignment of the Governor of the State Bank or upon the request of the focal unit for matters within their functions and responsibilities.”.

Article 16. To amend and supplement the title, the content of the basis section, and the Appendix attached to Circular No. 35/2025/TT-NHNN

1. To remove the phrase “to credit institutions” from the title of the Circular.

2. To implement the phrase “Pursuant to Law No. 111/2025/QH15 on Deposit Insurance;” after the phrase “Pursuant to Law No. 32/2024/QH15 on Credit Institutions, as amended and supplemented under Law No. 43/2024/QH15 and Law No. 96/2025/QH15;”.

3. To add the phrase “the deposit insurance organization,” before the phrase “credit institutions providing special loans” at Point 1 and Point 2 of the instructions for preparing forms in Appendix VI attached to Circular No. 35/2025/TT-NHNN.

4. To add Appendix VII and Appendix VIII to this Circular.

Article 17. Effect

This Circular takes effect from May 01, 2026.

Article 18. Responsibilities for organization of implementation

The heads of units under the State Bank, the special control board of credit institutions under special control, the deposit insurance organizations and credit institutions shall organize the implementation of this Circular./.