Circular 17/2026/TT-NHNN amend articles on foreign exchange management decentralization and administrative procedures

CIRCULAR

Amending and supplementing a number of articles of Circulars in the field of foreign exchange management regarding decentralization and simplification of administrative procedures

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12;

Pursuant to the Law on Credit Institutions No. 32/2024/QH15 as amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Ordinance on Foreign Exchange Control No. 28/2005/PL-UBTVQH11 as amended and supplemented by Ordinance No. 06/2013/UBTVQH13;

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

At the proposal of the Director General of the Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam hereby issues this Circular amending and supplementing a number of articles of Circulars in the field of foreign exchange management regarding decentralization and simplification of administrative procedures.

Chapter I

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 22/2013/TT-NHNN GUIDING PROCEDURES FOR REGISTRATION AND CHANGE REGISTRATION OF FOREIGN LOANS AND INTERNATIONAL BOND ISSUANCE GUARANTEED BY THE GOVERNMENT AS AMENDED AND SUPPLEMENTED BY CIRCULAR NO. 78/2025/TT-NHNN

Article 1. Amending and supplementing Article 3

“Article 3. Procedures for registration of Government-guaranteed foreign loans and international bond issuances

1. An application dossier for confirmation of registration of a foreign loan or an international bond issuance shall comprise:

a) An application form for foreign loan registration (issued herewith as Appendix 1A) or an application form for international bond issuance registration (issued herewith as Appendix 1B);

b) A letter of guarantee issued by the Ministry of Finance;

c) An approval document issued by a competent authority in accordance with the law on the investment project or the production and business plan utilizing the capital raised from the foreign loan or the international bond issuance;

d) The signed foreign loan agreement or agreements relating to the international bond issuance (in accordance with the issuance structure).

2. Sequence of procedures for confirmation of registration of a foreign loan or an international bond issuance:

a) Within 30 (thirty) days from the date on which the letter of guarantee is signed and prior to the withdrawal of capital under the foreign loan or the international bond issuance, the borrower or the bond issuer shall submit 01 (one) set of the dossier as prescribed in Clause 1 of this Article to the State Bank of Vietnam;

b) Within 05 (five) working days from the date of receipt of a complete and valid dossier, the State Bank of Vietnam shall send a written confirmation of registration of the foreign loan or the international bond issuance to the borrower or the bond issuer.

The written confirmation of registration of the foreign loan or the international bond issuance issued by the State Bank of Vietnam shall contain the following primary contents: the borrower or the international bond issuer; the lender (for a bilateral foreign loan, or a syndicated foreign loan where no lender representative is used) or the lender representative (for a syndicated foreign loan, or an international bond issuance where a lender representative or a bondholders' representative is used); agents related to the foreign loan or the international bond issuance (if any); core terms and conditions of the foreign loan or the international bond issuance (loan value, total value of the international bond issuance; purpose of utilizing the foreign loan capital or capital from the international bond issuance; interest rate; penalty interest; fees; security forms; loan term; capital withdrawal plan, and principal and interest repayment schedule); the authorized credit institution or foreign bank branch where the borrower or the bond issuer opens an account for capital withdrawal and debt repayment of the foreign loan or the international bond issuance, and other contents related to the foreign loan or the international bond issuance (if any) In case of refusal to confirm the registration, the State Bank of Vietnam shall issue a written response clearly stating the reasons therefor;

c) For a dossier that is unqualified for processing, within 04 (four) working days from the date of receiving the dossier, the State Bank of Vietnam shall issue a written notification to the borrower or the bond issuer requesting supplements and completions to the dossier. The processing time limit shall be recalculated from the beginning upon receipt of the complete dossier. After 60 (sixty) days from the date of notification, if the borrower or the bond issuer fails to complete the dossier, the official at the Single-Window Department of the State Bank of Vietnam shall close the application dossier for confirmation of registration of the foreign loan or the international bond issuance.”.

Article 2. Adding Article 4a after Article 4

“Article 4a. Competence to confirm the registration and registration of changes of Government-guaranteed foreign loans and international bond issuances

1. The competence to confirm the registration and registration of changes of Government-guaranteed foreign loans and international bond issuances as prescribed in this Circular shall belong to the Director of the Regional branch of the State Bank of Vietnam where the borrower or the bond issuer's head office is located.

2. In cases where the relocation of the head office of the borrower or the bond issuer to another province or city, or the change of the borrower or the bond issuer to an enterprise having its head office in another province or city results in a change in the competent authority to confirm the registration of changes of the foreign loan or the international bond issuance as prescribed in Clause 1 of this Article:

a) The borrower or the bond issuer shall be responsible for submitting the application dossier for registration of changes of the foreign loan or the international bond issuance to the new competent authority responsible for processing administrative procedures as prescribed in Clause 1 of this Article;

b) The authority that confirmed the registration or registration of changes of the foreign loan or the international bond issuance most recently shall coordinate in providing information and transferring the dossier of the foreign loan or the international bond issuance at the request of the processing competent authority. The transfer of the dossier (original or electronic copy) shall be executed within 02 working days from the time of receiving the request.

Article 3. Replacing phrases and Appendices

1. Replacing the phrase "State Bank of Vietnam (Foreign Exchange Management Department)" with the phrase "State Bank of Vietnam (Foreign Exchange Management Department) and the Regional branch of the State Bank of Vietnam where the borrower or the bond issuer's head office is located" in Article 5.

2. Replacing Appendix 1A, Appendix 1B, Appendix 2A, and Appendix 2B issued together with Circular No. 22/2013/TT-NHNN with Appendix 1A, Appendix 1B, Appendix 2A, and Appendix 2B under Appendix I issued together with this Circular.

Chapter II

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 37/2013/TT-NHNN ON GUIDING SOME DETAILS RELATING TO FOREIGN EXCHANGE CONTROL AGAINST OFFSHORE LOANS AND COLLECTION OF GUARANTEED DEBTS FROM NON-RESIDENTS AS AMENDED AND SUPPLEMENTED BY CIRCULAR NO. 78/2025/TT-NHNN

Article 4. Adding Article 5a after Article 5

“Article 5a. Competence to confirm the registration and registration of changes of offshore loans and recovery of guarantee debts of economic organizations

1. Competence to confirm the registration and registration of changes of offshore loans:

a) Director General of the Foreign Exchange Management Department: for loans with an agreed loan amount exceeding USD 10 million (or equivalent in another currency);

b) Director of the Regional branch of the State Bank of Vietnam where the lender's head office is located: for loans with an agreed loan amount of up to USD 10 million (or equivalent in another currency).

2. The competence to confirm the registration and registration of changes of recovery of guarantee debts as prescribed in this Circular shall belong to the Director of the Regional branch of the State Bank of Vietnam where the guarantor's head office is located.

3. In cases where an increase or decrease in the agreed loan amount, a change in the lending currency, a relocation of the lender's head office, or a change of the lender to an enterprise having its head office in another province or city results in a change in the competent authority to confirm the registration of changes of the loan as prescribed in Clause 1 of this Article:

a) The lender shall be responsible for submitting the application dossier for registration of changes of the offshore loan to the new competent authority responsible for processing administrative procedures as prescribed in Clause 1 of this Article;

b) The authority that confirmed the registration or registration of changes of the offshore loan most recently shall coordinate in providing information and transferring the dossier for registration and registration of changes of the offshore loan at the request of the processing competent authority. The transfer of the dossier (original or electronic copy) shall be executed within 02 working days from the time of receiving the request.

4. The exchange rate used to determine the competent authority to confirm the registration and registration of changes of the offshore loan as prescribed in Clause 1 of this Article is the accounting exchange rate announced by the Ministry of Finance, applicable at the time of signing the offshore loan agreements or the modification agreements of the offshore loan related to the most recently agreed loan amount.”

Article 5. Amending and supplementing Article 12

“Article 12. Sequence of procedures for registration of recovery of guarantee debts of economic organizations

1. After obtaining the Prime Minister's approval for the economic organization to provide a guarantee for a non-resident, within 60 (sixty) days from the date of money transfer for performance of the guarantee obligation, the guarantor shall submit directly at the Single-Window Department of the State Bank of Vietnam or send via postal service to the State Bank of Vietnam 01 (one) set of the dossier as prescribed in Article 11 of this Circular, unless the Guarantor completes the recovery of the entire guarantee debt obligation within thirty (30) days from the date of money transfer for performance of the guarantee obligation.

2. Within 07 (seven) working days from the date of receipt of a complete and valid dossier from the guarantor, the State Bank of Vietnam shall send the guarantor a written confirmation of registration of the recovery of the guarantee debt, which shall contain the following primary contents: guarantor; guaranteed party; guarantee beneficiary; core terms and conditions of the recovery of the guarantee debt: guarantee limit, guaranteed amount, guarantee purpose, debt recovery interest rate, penalty interest, fees, debt recovery schedule; account service-providing credit institution and other contents related to the recovery of the guarantee debt (if any). In case of refusal to confirm the registration of the recovery of the guarantee debt, the State Bank of Vietnam shall issue a written response clearly stating the reasons therefor.

3. For a dossier that is unqualified for processing, within 05 (five) working days from the date of receiving the dossier, the State Bank of Vietnam shall issue a written notification requesting the guarantor to supplement and complete the dossier. The processing time limit shall be recalculated from the beginning upon receipt of the complete dossier. After 60 (sixty) days from the date of notification, if the guarantor fails to complete the dossier, the official at the Single-Window Department of the State Bank of Vietnam shall close the application dossier for registration of the recovery of the guarantee debt of the economic organization.”

Article 6. Amending and supplementing Article 14

“Article 14. Sequence of procedures for registration of changes of recovery of guarantee debts of economic organizations

1. Within thirty (30) days from the date of signing the agreement on changes of the recovery of the guarantee debt, the guarantor shall submit directly at the Single-Window Department of the State Bank of Vietnam or send via postal service to the State Bank of Vietnam 01 (one) set of the dossier as prescribed in Article 13 of this Circular.

2. Within five (5) working days from the date of receipt of a complete and valid dossier from the Guarantor, the State Bank of Vietnam shall send the guarantor a written confirmation of registration of changes of the recovery of the guarantee debt. In case of refusal to confirm the registration of changes of the recovery of the guarantee debt, the State Bank of Vietnam shall issue a written response clearly stating the reasons therefor.

3. For a dossier that is unqualified for processing, within 4 (four) working days from the date of receiving the dossier, the State Bank of Vietnam shall issue a written notification requesting the guarantor to supplement and complete the dossier. The processing time limit shall be recalculated from the beginning upon receipt of the complete dossier. After 60 (sixty) days from the date of notification, if the guarantor fails to complete the dossier, the official at the Single-Window Department shall close the application dossier for registration of changes of the recovery of the guarantee debt of the economic organization.”

Article 7. Replacing phrases and Appendices

1. Replacing the phrase "State Bank of Vietnam (Foreign Exchange Management Department)" with the phrase "State Bank of Vietnam (Foreign Exchange Management Department) and the Regional branch of the State Bank of Vietnam where the lender's head office is located" in Clause 1, Article 18.

2. Replacing the phrase "State Bank of Vietnam (Foreign Exchange Management Department)" with the phrase "State Bank of Vietnam (Foreign Exchange Management Department) and the Regional branch of the State Bank of Vietnam where the guarantor's head office is located" in Clause 1 and Clause 2, Article 19.

3. Replacing the phrase "Director of the Foreign Exchange Management Department" with the phrase "Director General of the Foreign Exchange Management Department", and the phrase "Director of the branch of the State Bank of Vietnam in provinces and centrally-run cities" with the phrase "Director of the Regional branch of the State Bank of Vietnam" in Article 23.

4. Replacing Appendix No. 1, Appendix No. 2, Appendix No. 3, Appendix No. 4, Appendix No. 5, Appendix No. 6, and Appendix No. 7 issued together with Circular No. 37/2013/TT-NHNN with Appendix No. 1, Appendix No. 2, Appendix No. 3, Appendix No. 4, Appendix No. 5, Appendix No. 6, and Appendix No. 7 under Appendix II issued together with this Circular.

Chapter III

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 10/2016/TT-NHNN GUIDING A NUMBER OF PROVISIONS OF THE GOVERNMENT’S DECREE NO. 135/2015/ND-CP OF DECEMBER 31, 2015, ON OFFSHORE INDIRECT INVESTMENT

Article 8. Amending and supplementing a number of points in Clause 2, Article 6

1. Amending and supplementing Point b, Clause 2, Article 6 as follows:

"b) The time limit for checking the completeness of the dossier is 03 (three) working days from the time the Single-Window Department of the State Bank of Vietnam receives the dossier directly or via postal service.

Within 05 (five) working days from the date of receipt of a complete and valid dossier, the State Bank of Vietnam shall send to seek opinions from the Ministry of Finance and relevant ministries;".

2. Amending and supplementing Point c, Clause 2, Article 6 as follows:

"c) Within 10 (ten) working days from the date of receipt of a complete and valid dossier, the State Bank of Vietnam shall consolidate the opinions of the agencies prescribed at point b of this Clause and submit them to the Prime Minister for consideration and decision;".

Article 9. Amending and supplementing Clause 2, Article 15

“2. Sequence and procedures for granting the certificate of registration for activities of receiving offshore indirect investment entrustment:

a) A commercial bank wishing to carry out activities of receiving entrustment shall submit directly or send via postal service 01 (one) set of the dossier as prescribed in Clause 1 of this Article to the State Bank of Vietnam.


 

The time limit for checking the completeness of the dossier is 03 (three) working days from the time the Single-Window Department of the State Bank of Vietnam receives the dossier directly or via postal service.

In cases where the dossier is unqualified for processing, within 10 (ten) working days from the date of receiving the dossier, the State Bank of Vietnam shall issue a written request to the commercial bank to supplement and complete the dossier;

b) Within 15 (fifteen) working days from the date of receipt of a complete and valid dossier, the State Bank of Vietnam shall consider granting or refusing to grant the certificate of registration for activities of receiving offshore indirect investment entrustment to the commercial bank. In case of refusal, the State Bank of Vietnam shall notify in writing and clearly state the reasons therefor."

Article 10. Replacing phrases

1. Replacing the phrase "Foreign Exchange Management Department" (Vụ Quản lý ngoại hối) with the phrase "Foreign Exchange Management Department" (Cục Quản lý ngoại hối) in the basis of issuance, Article 29, Article 31, and Article 38.

2. Replacing the word "Director" (Vụ trưởng) with the phrase "Director General" (Cục trưởng) in the basis of issuance, Article 38.

3. Replacing the phrase "Banking Supervision Agency" with the phrase "Credit Institutions Supervision Department, State Bank’s Inspectorate” in Article 31.

4. Replacing the phrase "Director of the branch of the State Bank of Vietnam in provinces and centrally-run cities" with the phrase "Director of the Regional branches of the State Bank of Vietnam" in Article 38.

Chapter IV

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 39/2025/TT-NHNN PROVIDING THE OPENING AND USE OF OVERSEAS FOREIGN-CURRENCY ACCOUNTS OF INSTITUTIONAL RESIDENTS

Article 11. Amending and supplementing Article 8

“Article 8. Competence to grant, revoke, amend, and supplement Licenses

1. The Director General of the Foreign Exchange Management Department shall consider and decide on the granting, revocation, amendment, and supplementation of Licenses for cases of opening and using offshore foreign currency accounts as prescribed in Clause 1, Clause 2, Clause 4, and Clause 5, Article 3 of this Circular.

2. For the case prescribed in Clause 3, Article 3 of this Circular, the competence to grant, revoke, amend, and supplement Licenses is implemented as follows:

a) The Director General of the Foreign Exchange Management Department grants, revokes, amends, and supplements Licenses in the following cases:

a.1) Offshore foreign currency accounts for the execution of short-term offshore loans;

a.2) Offshore foreign currency accounts for the execution of offshore loans subject to registration or registration of changes with the State Bank of Vietnam in accordance with current regulations guiding foreign exchange management for enterprises' foreign borrowing and repayment, and having an agreed loan amount exceeding USD 20 million (or equivalent in another currency);

a.3) Offshore foreign currency accounts for the execution of multiple offshore loans, among which there is an offshore loan having an agreed loan amount exceeding USD 20 million (or equivalent in another currency);

b) The Director of the Regional branch of the State Bank of Vietnam where the institutional resident's head office is located grants, revokes, amends, and supplements Licenses except for the cases prescribed at point a, Clause 2 of this Article.

c) In cases where an increase or decrease in the loan amount, a change in the lending currency, a relocation of the head office of the institutional resident, or a change of the institutional resident into an enterprise having its head office in another province or city results in a change in the competence to grant the Decision on amending and supplementing the License as prescribed at Point a and Point b of this Clause:

c.1) The institutional resident's shall be responsible for submitting the application dossier for granting the Decision on amending and supplementing the License to the new competent authority responsible for processing administrative procedures as prescribed at point a and Point b of this Clause;

c.2) The competent authority that granted the License or the Decision on amending and supplementing the License most recently shall coordinate in providing information and transferring the dossier related to the offshore foreign currency account at the request of the processing competent authority. The transfer of the dossier (original or electronic copy) shall be executed within 02 working days from the time of receiving the request. The transfer of the dossier (original or electronic copy) shall be executed within 02 working days from the time of receiving the request.

d) The exchange rate used to determine the competent authority to grant, revoke, amend, and supplement Licenses shall be the accounting exchange rate announced by the Ministry of Finance, applicable at the time of signing the offshore loan agreements or the modification agreements of the offshore loan related to the loan amount.

Article 12. Amending and supplementing Clause 1, Article 9

“1. Institutional residents (except for the authorized credit institutions prescribed in Clause 1 and Clause 2, Article 2 of this Circular) wishing to open an offshore foreign currency account shall prepare 01 (one) set of the dossier and submit it to the State Bank of Vietnam according to the competence prescribed in Article 8 of this Circular.”

Article 13. Amending and supplementing Clause 1, Article 12

“1. Institutional residents (except for the authorized credit institutions prescribed in Clause 1 and Clause 2, Article 2 of this Circular) wishing to amend or supplement the contents of the License shall prepare 01 (one) set of the dossier and submit it to the State Bank of Vietnam according to the competence prescribed in Article 8 of this Circular.”

Article 14. Amending and supplementing Clause 3 and Clause 4, Article 16

“3. The State Bank of Vietnam shall send the Decision on license revocation to the institutional resident for implementation; and send a copy of the Decision on license revocation to the Regional branch of the State Bank of Vietnam where the institutional resident's head office is located or the State Bank of Vietnam (Foreign Exchange Management Department), and the authorized credit institution where the institutional resident transfers money to the offshore foreign currency account, for coordinated management and monitoring.

4. Within 30 days from the effective date of the Decision on license revocation, the institutional resident shall be responsible for:

a) Closing the account and transferring the entire balance on the account back to the country;

b) Reporting, enclosed with a confirmation from the foreign bank regarding the account closure, to the State Bank of Vietnam (Foreign Exchange Management Department) and the Regional branch of the State Bank of Vietnam where the institutional resident's head office is located;

c) Returning the original License and the Decisions on amending and supplementing the License (if any) to the State Bank of Vietnam according to the competence prescribed in Article 8 of this Circular.”

Article 15. Amending and supplementing Clause 1 and Clause 2, Article 17

“1. Responsibilities of the Foreign Exchange Management Department:

a) Receiving dossiers, considering and granting, and revoking the Licenses and the Decisions on amending and supplementing the Licenses of institutional residents according to its competence;

b) Receiving and consolidating reports related to the opening and use of offshore foreign currency accounts by institutional residents;

c) Monitoring, inspecting, and coordinating with relevant units to handle difficulties and obstacles arising in the course of implementing this Circular.

2. Responsibilities of Regional branches of the State Bank of Vietnam:

a) Receiving dossiers, considering and granting, and revoking the Licenses and the Decisions on amending and supplementing the Licenses of institutional residents according to its competence;

b) Conducting inspections, examinations, and handling of violations regarding the opening and use of offshore foreign currency accounts by institutional residents within the locality according to its competence;

c) Receiving and monitoring the implementation of reports related to the opening and use of offshore foreign currency accounts by institutional residents within the locality according to its competence;

d) Urging and reminding institutional residents within the locality to comply with the reporting regime as prescribed in this Circular.”

Article 16. Replacing Appendices

Replacing Appendix I, Appendix II, Appendix III, Appendix IV, Appendix V, and Appendix VI issued together with Circular No. 39/2025/TT-NHNN with Appendix 1, Appendix 2, Appendix 3, Appendix 4, Appendix 5, and Appendix 6 under Appendix III issued together with this Circular.

Chapter V

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 26/2021/TT-NHNN GUIDING FOREIGN CURRENCY TRANSACTIONS BETWEEN THE STATE BANK OF VIETNAM AND CREDIT INSTITUTIONS LICENSED TO ENGAGE IN FOREIGN EXCHANGE TRANSACTIONS

Article 17. Amending and supplementing Article 6

“Article 6. Receipt and processing of application dossiers for registration of establishing foreign currency transaction relationships

Within 04 (four) working days from the date of receipt of a complete and valid application dossier for registration of establishing foreign currency transaction relationships, the State Bank of Vietnam shall notify the authorized credit institution in writing of its approval or disapproval of the establishment of foreign currency transaction relationships (in case of disapproval, the State Bank of Vietnam shall clearly state the reasons therefor).

In cases where the dossier needs to be amended or supplemented, the State Bank of Vietnam shall notify the authorized credit institution in writing within 04 (four) working days from the date of receipt of the application dossier for registration of establishing foreign currency transaction relationships. The authorized credit institution shall amend and supplement the dossier and send it to the State Bank of Vietnam within 15 (fifteen) working days from the date of receiving the notification.”

Chapter VI

IMPLEMENTATION PROVISIONS

Article 18. Effect

1. This Circular takes effect from July 25, 2026.

2. To annul Article 2, Clause 3 Article 4, Article 11, Article 13, Article 14, Article 16, and Article 19 of Circular No. 78/2025/TT-NHNN amending, supplementing, and annulling a number of regulations in normative legal documents in the field of foreign exchange management for capital transactions to implement the plan on reduction and simplification of administrative procedures.

Article 19. Transitional provisions

1. For Government-guaranteed foreign loans and international bond issuances, offshore loans, and recovery of guarantee debts of economic organizations that have been confirmed for registration or registration of changes before the effective date of this Circular, the competence to confirm the registration of changes shall be determined in accordance with Circular No. 22/2013/TT-NHNN as amended and supplemented by Circular No. 78/2025/TT-NHNN and Circular No. 37/2013/TT-NHNN as amended and supplemented by Circular No. 78/2025/TT-NHNN.

2. In cases where the subject implementing the administrative procedure has submitted the dossier in accordance with regulations before the effective date of this Circular, the State Bank of Vietnam shall continue to consider and process the administrative procedure in accordance with the regulations in the circulars effective at the time of dossier submission.

Article 20. Responsibilities for organization of implementation

Heads of units affiliated to the State Bank of Vietnam, credit institutions, foreign bank branches, enterprises, cooperatives, and cooperative alliances shall be responsible for organizing the implementation of this Circular.

 * All Appendices are not translated herein.