Circular 20/2025/TT-NHNN approval of the provisional list of personnel for banks

CIRCULAR

Guidelines on the application dossiers and procedures for approval of the provisional list of personnel of commercial banks, foreign bank branches, and non-bank credit institutions

^{___________________}

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;

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

At the request of the Director General of the Department of Banking System Safety;

The Governor of the State Bank of Vietnam hereby promulgates the Circular providing guidelines on the application dossiers and procedures for approval of the provisional list of personnel of commercial banks, foreign bank branches, and non-bank credit institutions.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Circular provides guidelines on the application dossiers and procedures for approval of the provisional list of persons elected or appointed as members of the Board of Directors, members of the Members’ Council, members of the Supervisory Board, and the Chief Executive Officer (hereinafter collectively referred to as “personnel”) of commercial banks, foreign bank branches, and non-bank credit institutions; stipulates the standards and conditions regarding professional ethics applicable to personnel and provisional personnel to be elected or appointed of commercial banks, non-bank credit institutions, and foreign bank branches; and prescribes the notification of information on the legal representative of commercial banks, non-bank credit institutions, and the Chief Executive Officer of foreign bank branches to the concerned business registration agency for updating to the national information system on enterprise and cooperative registration.

2. The approval of the provisional personnel list of State-owned commercial banks; the approval of the provisional personnel list with respect to personnel nominated or designated by the State capital owner to serve as the members of the Board of Directors, the members of the Supervisory Board, or the Chief Executive Officer of joint-stock commercial banks in which the State holds more than 50% of charter capital shall be carried out in accordance with the documents on personnel affairs issued by the Governor of the State Bank of Vietnam.

Article 2. Subjects of application

1. Commercial banks, foreign bank branches (hereinafter referred to as banks).

2. Non-bank credit institutions.

3. Organizations and individuals related to the dossiers and procedures for approval of the provisional personnel list of banks and non-bank credit institutions.

Article 3. Principles of preparing and submitting dossiers

1. The dossiers for requesting approval of the provisional personnel list of banks and non-bank credit institutions must be prepared in accordance with the following principles:

a) The dossier must be made in Vietnamese. In case the document is granted, notarized or certified by a competent foreign agency or organization, it must ensure consular legalization in accordance with Vietnamese law (except for cases exempted from consular legalization in accordance with the law on consular legalization) and translated into Vietnamese;

b) Translations from foreign languages into Vietnamese must have the translator’s signature certified in accordance with the law;

c) Copies of documents of personnel to be elected or appointed must be copies from the master register or certified true copies as prescribed by law;

d) Documents prepared by personnel to be elected or appointed must have their signatures certified in accordance with the law.

2. The written request of the bank or non-bank credit institution submitted to the State Bank of Vietnam (hereinafter referred to as the “State Bank”) for approval of the provisional personnel list:

a) For commercial banks and non-bank credit institutions: The written request must be signed by the legal representative.

In case of vacancy of the legal representative of commercial bank or non-bank credit institution, the written request of the commercial bank or non-bank credit institution shall be that of the Board of Directors or the Members’ Council, signed by the Chairperson of the Board of Directors or the Chairperson of the Members’ Council.

In case the legal representative authorizes another person to sign, or the Chairperson of the Board of Directors or the Chairperson of the Members’ Council authorizes another member of the Board of Directors or another member of the Members’ Council to sign, or the authorized representative of the Owner authorizes another person to sign, such authorization shall be carried out in accordance with the law, and the dossier must include a power of attorney prepared in compliance with the law;

For commercial banks or non-bank credit institutions organized as one-member limited liability companies which have vacancy of the legal representative, have no Chairperson of the Members’ Council, and whose Members’ Council does not have the minimum number of members or is left with only one member, the written request for approval of the provisional personnel list of such commercial bank or non-bank credit institution must be signed by the duly authorized representative of the Owner.

b) For foreign bank branches: The written request must be signed by the Chief Executive Officer. In case the Chief Executive Officer authorizes another person to sign, the dossier must include a power of attorney prepared in accordance with the law. In case of vacancy of the Chief Executive Officer of the foreign bank branch, the authorized representative of the foreign bank shall sign the written request.

3. The dossiers for requesting approval of the provisional personnel list of banks and non-bank credit institutions shall be submitted directly at the Single-Window Section or sent via postal service to the State Bank of Vietnam or the Regional Branch of the State Bank as prescribed in Article 4 of this Circular, or submitted online via the National Public Service Portal.

4. In case of online submission via the National Public Service Portal, the electronic dossier must use a digital signature in accordance with the law on administrative procedures in the electronic environment.

 In case the National Public Service Portal system has problems or errors that prevent it from receiving and exchanging electronic information, then exploiting, sending, receiving, and returning results, information exchange and feedback shall be carried out via postal service or directly at the State Bank's single-window section.

5. The documents in the electronic dossier must be electronic copies scanned from the original documents, master documents (files in PDF format).

6. The banks, non-bank credit institutions, and the personnel to be elected or appointed shall be legally responsible for the completeness, accuracy, and truthfulness of the dossier.

Article 4. Authority to approve the provisional list of personnel of commercial banks, foreign bank branches, and non-bank credit institutions

1. The Governor of the State Bank of Vietnam shall review and approve the provisional list of personnel of commercial banks.

2. The Director General of the Credit Institution Supervision Department shall review and approve the provisional list of personnel of non-bank credit institutions and foreign bank branches under the micro-prudential supervision authority of the Credit Institution Supervision Department.

3. The Director of the Regional Branch of the State Bank shall review and approve the provisional list of personnel of foreign bank branches headquartered in the locality and subject to the micro-prudential inspection and supervision of the Regional Branch of the State Bank.

Article 5. Effective period of written approval for provisional lists o personnel

The State Bank’s written approval for provisional lists of personnel of banks and non-bank credit institutions shall be valid for 06 months from the date of signing. After the effective period, if the election or appointment of personnel of banks and non-bank credit institutions fail to be completed, the State Bank's written approval for provisional lists of personnel of banks and non-bank credit institutions shall become automatically null and void.

Article 6. Assessment of professional ethics

1. Persons falling under the following cases shall be deemed as failing to meet the requirements of professional ethics:

a) Persons held responsible under inspection or examination conclusions that resulted in a credit institution or foreign bank branch being subject to administrative penalties in the monetary and banking sector at the highest fine bracket, for violations related to licensing, governance, management, shares, stocks, capital contribution, share purchase, credit extension, corporate bond purchase, prudential ratios, in accordance with the law on administrative sanctions in the monetary and banking sector;

b) Persons held responsible under inspection or examination conclusions that resulted in a credit institution or foreign bank branch being subject to administrative penalties in the monetary and banking sector, within 06 months from the date of completion of the administrative sanction decision;

c) Persons directly sanctioned for administrative violations in the monetary and banking sector, within 01 year from the date of completion of the administrative sanction decision;

d) Persons personally responsible for violations relating to licensing, governance, management, shares, stocks, capital contribution, share purchase, credit extension, corporate bond purchase, prudential ratios, asset classification, off-balance sheet commitments, provisioning and use of provisions for risk handling, as stated in inspection, examination, or audit conclusions of competent State agencies, where the recommendations concerning such violations have not yet been confirmed by competent State agencies as having been fully rectified or remedied.

2. For persons not falling under Clause 1 of this Article, during their tenure at a credit institution or foreign bank branch, they must comply with the professional ethics rules and standards issued by that credit institution or foreign bank branch, in accordance with the State Bank’s regulations on internal control systems, except in cases of first-time licensing where such professional ethics rules and standards have not yet been promulgated.

3. For persons who have previously worked at foreign credit institutions, they must comply with the professional ethics rules and standards issued by such foreign credit institution (if any).

Chapter II

DOSSIER AND PROCEDURES FOR APPROVAL OF THE PROVISIONAL PERSONNEL LIST OF BANKS AND NON-BANK CREDIT INSTITUTIONS

Article 7. Dossier for requesting approval of the provisional list of personnel of commercial banks and non-bank credit institutions

1. Written request from the commercial bank or non-bank credit institution to the State Bank for approval of the provisional list of personnel, which must at least include the following contents:

a) Reasons for the election or appointment of personnel;

b) Provisional list of personnel, specifying: full name, title, and current working unit; the title proposed for election or appointment at the commercial bank or non-bank credit institution; the name of the individual or organization nominating the candidate; the shareholding ratio or capital contribution for which the proposed personnel is nominated to act as the authorized representative of the nominating organization (if applicable).

c) Structure and list of members of the Board of Directors, Members’ Council, and Supervisory Board currently in place and as projected after the election/appointment of the commercial bank or non-bank credit institution (in cases where the proposed personnel are to be elected/appointed to the Board of Directors, Members’ Council, or Supervisory Board), including:

(i) For commercial banks and non-bank credit institutions organized as joint-stock companies: specifying number of members of the Board of Directors; number of independent members; number of non-executive members; number of members who are related parties; number of members of the Supervisory Board.

(ii) For commercial banks and non-bank credit institutions organized as limited liability companies: specifying number of members of the Members’ Council; number of members of the Supervisory Board.

d) Assessment confirming that the proposed personnel for election/appointment meet the required standards and conditions as stipulated in the Law on Credit Institutions, including a specific evaluation of compliance with each condition.

dd) Commitment to assume legal responsibility for ensuring that the proposed personnel for election/appointment are not subject to any of the disqualifications from holding office as prescribed by the Law on Credit Institutions.

2. Documents approving the provisional list of personnel of the commercial bank or non-bank credit institution (for the Board of Directors, Members’ Council, or Supervisory Board, it must clearly state the term of office), specifically:

a) For commercial banks and non-bank credit institutions organized as joint-stock companies: Resolution of the Board of Directors;

b) For commercial banks and non-bank credit institutions organized as one-member limited liability companies: Written document of the Owner or of the Owner’s duly authorized representative;

c) For commercial banks and non-bank credit institutions organized as limited liability companies with two or more members:

(i) In cases of proposal for appointment of Members’ Council members or Supervisory Board members: Document of the duly authorized representative of the capital contributing members;

(ii) In cases of proposal for appointment of the Chief Executive Officer: Resolution of the Members’ Council.

3. Personal curriculum vitae of the proposed personnel for election/appointment, in accordance with the form in Appendix I issued together with this Circular.

4. Judicial record sheet of the proposed personnel for election/appointment:

a) In case the proposed personnel holds Vietnamese nationality: His/her judicial record sheet must be issued by the agency managing the judicial record database, which must contain sufficient information on criminal convictions (including both expunged and unexpunged convictions) and information on prohibition from holding certain positions, incorporation and management of enterprises and cooperatives.

b) In case the proposed personnel does not hold Vietnamese nationality: His/her judicial record sheet or an equivalent document (containing sufficient information on criminal convictions and on prohibitions from holding certain positions, incorporation and management of enterprises and cooperatives) must be issued either by the competent authority of Vietnam or by the competent authority of a foreign country as prescribed. In case the judicial record sheet or equivalent document issued by the competent foreign authority does not contain information regarding prohibitions from holding certain positions, incorporation and management of enterprises and cooperatives, the Owner (for commercial banks/non-bank credit institutions organized as single-member limited liability companies), capital contributing members (for commercial banks/non-bank credit institutions organized as multi-member limited liability companies), or shareholders/shareholder groups, the Board of Directors, or the Supervisory Board (for commercial banks/non-bank credit institutions organized as joint-stock companies) nominating the proposed personnel must provide a written explanation regarding the absence of such information in the judicial record sheet or equivalent document issued by the competent foreign authority, and a commitment to assume legal responsibility that the proposed personnel is not subject to any of the prohibitions under the Law on Credit Institutions;

c) The validity of judicial record sheet or equivalent document specified at points a and b above must be issued by the competent authority no more than 06 months prior to the date on which the commercial bank or non-bank credit institution submits the application dossier for approval of the provisional list of personnel.

The proposed personnel may present an electronic judicial record sheet issued via the VNeID electronic identification and authentication application, or submit the electronic judicial record sheet in accordance with the law.

5. Declaration of related persons in accordance with the Law on Credit Institutions of the proposed personnel for election or appointment, using the form set out in Appendix II issued together with this Circular.

6. Copies of diplomas and certificates evidencing the professional qualifications of the proposed personnel for election or appointment, in which diplomas awarded by foreign educational institutions to the persons holding Vietnamese citizenship must be recognized by the Ministry of Education and Training in accordance with the relevant laws.

7. Documents evidencing the fulfillment of standards and conditions by the proposed personnel for election or appointment to the positions of member of the Board of Directors or member of the Members’ Council of a commercial bank or non-bank credit institution, as stipulated at Point d, Clause 1, Article 41 of the Law on Credit Institutions, specifically:

a) For the condition of “have at least 03 years’ experience of working as a manager or executive of a credit institution”: Written confirmation issued by the legal representative of the credit institution where the proposed personnel has worked or is currently working, specifying the positions held and the period of holding such positions, including confirmation that the proposed personnel was/is a manager or executive; or copy of documents evidencing the positions and the period of holding such positions at the credit institution by the proposed personnel.

b) For the condition of “having at least 05 years’ experience of working as a manager of an enterprise operating in the fields of finance, accounting, or auditing, or of another enterprise with owners’ equity at least equal to the statutory capital applicable to the corresponding type of credit institution”:

(i) Provisions of the enterprise’s Charter regarding managers, or internal regulations of the enterprise in case the Charter does not provide for managers;

(ii) In case of another enterprise with owners’ equity at least equal to the statutory capital applicable to the corresponding type of credit institution: Copies of the audited financial statements of the enterprise, audited by an independent auditing organization, where the proposed personnel has served or is serving as a manager. In case the enterprise is not subject to the requirement of annual audited financial statements, the financial statements submitted to the tax authority in accordance with the law must be provided;

(iii) Written confirmation issued by the legal representative of the entity where the proposed personnel has worked or is currently working, specifying the positions held (including confirmation that the proposed personnel was/is a manager) and the period of holding such position; or a copy of documents evidencing the positions and the period of holding such positions at the entity by the proposed personnel.

c) For the condition of “having at least 05 years’ experience in the professional division related to finance, banking, accounting or audit”: Written confirmation issued by the legal representative of the entity where the proposed personnel has worked or is currently working, certifying that the proposed personnel has directly worked in the finance, banking, accounting, or auditing divisions and the duration of such work; or copies of documents evidencing the division in which the proposed personnel worked and the duration of their assignment in that division.

d) For the condition of “having at least 05 years’ experience in the professional division of a credit institution or foreign bank branch”: Written confirmation issued by the legal representative of the credit institution or foreign bank branch where the proposed personnel has worked or is currently working, certifying that the proposed personnel has directly worked in the professional division of such credit institution or foreign bank branch and the duration of such work; or copies of documents evidencing the division in which the proposed personnel worked and the duration of their assignment in that division.

8. Documents evidencing the fulfillment of standards and conditions for the proposed personnel to hold the position of Chief Executive Officer of a commercial bank or non-bank credit institution as prescribed at Point c, Clause 4, Article 41 of the Law on Credit Institutions, specifically:

a) For the condition of “have at least 05 years’ experience of working as an executive of a credit institution”: Written confirmation issued by the legal representative of the credit institution where the proposed personnel has worked or is currently working, specifying the positions held and the period of holding such positions or copy of documents evidencing the positions and the period of holding such positions at the credit institution by the proposed personnel.

b) For the condition of “having at least 05 years’ experience of working as a Chief Executive Officer, Chief Operations Officer of an enterprise with charter capital not less than the statutory capital level applicable to the corresponding type of credit institution, and having at least 05 years’ experience of working in finance, banking, accounting, or audit”:

(i) Copies of audited financial statements of the enterprise where the proposed personnel has served or is serving as Chief Executive Officer or Chief Operations Officer, audited by an independent auditing organization. In case the enterprise is not subject to the requirement of annual audited financial statements, the financial statements submitted to the tax authority in accordance with the law must be provided;

(ii) Written confirmation issued by the legal representative of the enterprise where the proposed personnel has worked or is currently working, specifying the positions held and the period of holding such positions or copy of documents evidencing the positions and the period of holding such positions at the enterprise by the proposed personnel;

(iii) Written confirmation issued by the legal representative of the entity where the proposed personnel has worked or is currently working, certifying that the proposed personnel has directly worked in finance, banking, accounting, or audit and specifying the duration of such work; or copies of documents evidencing the field of work and the duration of service of the proposed personnel in such field.

c) For the condition of “having at least 10 years’ experience in finance, banking, accounting, or audit”: Written confirmation issued by the legal representative of the entity where the proposed personnel has worked or is currently working, certifying that the proposed personnel has directly worked in finance, banking, accounting, or audit and specifying the duration of such work; or copies of documents evidencing the field of work and the duration of service of the proposed personnel in such field.

9. Documents evidencing the fulfillment of standards and conditions of “having at least 03 years’ experience in finance, banking, accounting, or audit” for the proposed personnel to hold the position of member of the Supervisory Board of a commercial bank or non-bank credit institution as prescribed at Point c, Clause 3, Article 41 of the Law on Credit Institutions: Written confirmation issued by the legal representative of the entity where the proposed personnel has worked or is currently working, certifying that the proposed personnel has directly worked in finance, banking, accounting, or audit and specifying the duration of such work; or copies of documents evidencing the field of work and the duration of service of the proposed personnel in such field.

10. For the proposed personnel for election or appointment under the exceptional cases prescribed at Point c, Clause 1 and Points dd, e, Clause 2, Article 42 of the Law on Credit Institutions: Written document issued by the competent authority assigning the proposed personnel to act as the representative managing the State’s capital contribution, or that of an enterprise in which the State holds 50% or more of charter capital, at a credit institution; or assigning, designating, or appointing the proposed personnel to participate in the management, administration and control of a credit institution, or of a credit institution declared bankrupt as required by assigned duties.

11. Documents evidencing the fulfillment of the condition of “having professional ethics”:

a) Self-assessment and commitment of the proposed personnel regarding compliance with the requirement of “having professional ethics” as stipulated in Article 6 using the form provided in Appendix I issued together with this Circular;

b) Evaluation report issued by the credit institution or foreign bank branch where the proposed personnel previously worked, using the form provided in Appendix IV issued together with this Circular, except for cases where the credit institution or foreign bank branch has been dissolved, declared bankrupt, merged, or consolidated.

Article 8. Dossiers for requesting approval of the proposal for appointment of the Chief Executive Officer of a foreign bank branch

1. A written request from the foreign bank branch submitted to the State Bank of Vietnam for approval of the proposal for appointment of the Chief Executive Officer of the branch in Vietnam, which must at least include the following contents:

a) Reasons for the appointment of the Chief Executive Officer of the foreign bank branch;

b) Full name; title and current employing entity; citizen identification number or personal identification number (for Vietnamese nationals), personal identification number (for persons of Vietnamese origin residing in Vietnam with unknown citizenship but eligible for issuance of a identity certificate under the law on identity), passport number or other valid documents substituting for a passport, date and place of issuance (for non-Vietnamese nationals) of the proposed Chief Executive Officer;

c) Assessment of whether the proposed Chief Executive Officer satisfies all criteria and conditions as prescribed by the Law on Credit Institutions, including a specific evaluation of compliance with each condition.

2. Written document issued by the competent representative of the foreign bank approving the proposal for appointment of the Chief Executive Officer of its branch in Vietnam.

3. Judicial record sheet of the proposed personnel for appointment:

a) In case the proposed personnel holds Vietnamese nationality: His/her judicial record sheet must be issued by the agency managing the judicial record database, which must contain sufficient information on criminal convictions (including both expunged and unexpunged convictions) and information on prohibition from holding certain positions, incorporation and management of enterprises and cooperatives.

b) In case the proposed personnel does not hold Vietnamese nationality: His/her judicial record sheet or an equivalent document (containing sufficient information on criminal convictions and on prohibitions from holding certain positions, incorporation and management of enterprises and cooperatives) must be issued either by the competent authority of Vietnam or by the competent authority of a foreign country as prescribed. In case the judicial record sheet or equivalent document issued by a competent foreign authority does not contain information on prohibitions from holding positions, establishment, management of enterprises or cooperatives, the foreign bank must provide a written explanation stating that no competent authority in the issuing country provides such information and must undertake to be legally responsible for ensuring that the proposed personnel is not subject to any prohibitions from holding positions in accordance with the Law on Credit Institutions.

c) The judicial record sheet or equivalent document as specified at Points a and b of this Clause must be issued by a competent authority within no more than 06 months prior to the submission of the application dossier for approval of the provisional list of personnel by the foreign bank branch.

The proposed personnel may present an electronic judicial record sheet issued via the VNeID electronic identification and authentication application, or submit the electronic judicial record sheet in accordance with the law.

4. The dossiers and documents specified in Clauses 3, 5, 6, 8, 10, and 11, Article 7 of this Circular.

Article 9. Procedures for approval of the provisional list of personnel of commercial banks, foreign bank branches, and non-bank credit institutions

1. The commercial banks, foreign bank branches, and non-bank credit institutions shall prepare 01 set of application dossiers as prescribed in Articles 7 and 8 of this Circular and submit it to the State Bank of Vietnam for the entities specified in Clauses 1 and 2, Article 4, or to the Regional Branch of the State Bank of Vietnam for the entities specified in Clause 3, Article 4 of this Circular. In case the dossier is incomplete or invalid, within 07 working days from the date of receipt of the dossier, the State Bank of Vietnam, the Credit Institution Supervision Department, or the Regional Branch of the State Bank of Vietnam shall issue a written request for the commercial bank, foreign bank branch, or non-bank credit institution to supplement the dossier.

2. The commercial bank, foreign bank branch, or non-bank credit institution shall supplement and complete the dossier as requested by the State Bank of Vietnam, the Credit Institution Supervision Department, or the Regional Branch of the State Bank of Vietnam within a maximum of 45 working days from the date the written request for supplementation is issued by the State Bank of Vietnam, the Credit Institution Supervision Department, or the Regional Branch of the State Bank of Vietnam. After this period, the commercial bank, foreign bank branch, or non-bank credit institution must resubmit the set of application dossiers in accordance with this Circular for consideration and approval by the State Bank of Vietnam, the Credit Institution Supervision Department, or the Regional Branch of the State Bank of Vietnam.

3. Within 30 working days from the date of receipt of a complete dossier as prescribed in Articles 7 and 8 of this Circular, the State Bank of Vietnam, the Credit Institution Supervision Department, or the Regional Branch of the State Bank of Vietnam shall issue a written approval or disapproval of the proposed personnel of the commercial bank, foreign bank branch, or non-bank credit institution. In case of disapproval, the written response from the State Bank of Vietnam, the Credit Institution Supervision Department, or the Regional Branch of the State Bank of Vietnam to the commercial bank, foreign bank branch, or non-bank credit institution must clearly state the reasons.

Chapter III

RESPONSIBILITIES OF RELEVANT ENTITIES

Section 1

RESPONSIBILITIES OF CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES

Article 10. Implementation of the review of personnel qualifications and conditions

1. The banks and non-bank credit institutions must review and assess whether the proposed personnel fully meet the qualifications and conditions as prescribed by law, and shall bear legal responsibility for the completeness, accuracy, and truthfulness of the dossiers and documents provided to the State Bank of Vietnam.

2. The credit institutions and foreign bank branches where the proposed personnel previously worked shall be responsible for assessing compliance with the requirement of “having professional ethics” in accordance with the form set out in Appendix IV issued together with this Circular.

Article 11. Implementation of the procedures related to personnel election or appointment

1. The banks and non-bank credit institutions shall prepare application dossiers, supplement and complete dossiers as requested, and carry out procedures for requesting the State Bank of Vietnam to approve the provisional list of personnel in accordance with this Circular and relevant laws.

2. The banks and non-bank credit institutions shall conduct the election and appointment of personnel in strict compliance with the law and based on the provisional list of personnel approved by the State Bank of Vietnam.

Article 12. Implementation of notification and reporting regime

1. The banks and non-bank credit institutions must promptly notify in writing the State Bank of Vietnam of any changes related to the fulfillment of qualifications and conditions by the proposed personnel to be elected or appointed, arising during the State Bank’s review of the application dossier for approval of the provisional list of personnel, or from the date the State Bank issues the written approval of the provisional list of personnel until the personnel are elected or appointed, in accordance with the following provisions:

a) For the banks and non-bank credit institutions as stipulated in Clauses 1 and 2, Article 4 of this Circular: send to the Credit Institution Supervision Department;

b) For foreign bank branches as stipulated in Clause 3, Article 4 of this Circular: send to the Regional Branch of the State Bank of Vietnam where the foreign bank branch is located.

2. Within 10 days from the date of election or appointment of the positions of Chairperson and members of the Board of Directors, Chairperson and members of the Members’ Council, Head and members of the Supervisory Board, and Chief Executive Officer, the banks and non-bank credit institutions must submit a written notification to the State Bank, as prescribed at Points a and b, Clause 1 of this Article, regarding the list of elected or appointed persons using the form in Appendix III issued together with this Circular.

3. The commercial banks and non-bank credit institutions shall send notifications to the State Bank in accordance with Point a, Clause 1 of this Article regarding the legal representative as stipulated in Clause 3, Article 11 of the Law on Credit Institutions, and in case there are changes to the information of the legal representative.

The foreign bank branches shall send notifications to the State Bank in accordance with Points a and b, Clause 1 of this Article within 10 days from the date of appointment of the Chief Executive Officer of the foreign bank branch and in case there are changes to the information of the Chief Executive Officer of the foreign bank branch.

Section 2

RESPONSIBILITIES OF UNITS OF THE STATE BANK

Article 13. Responsibilities of the Credit Institution Supervision Department

1. The Credit Institution Supervision Department shall act as the focal point in assessing the compliance of the dossiers, qualifications, and conditions of proposed personnel of the banks and non-bank credit institutions as stipulated in Clauses 1 and 2, Article 4 of this Circular, in accordance with the Law on Credit Institutions and this Circular; seek opinions from relevant units; consolidate and submit to the Governor of the State Bank for consideration and issuance of written approval or disapproval of the proposed personnel of the commercial banks as provided in Clause 1, Article 4 of this Circular; and issue written approval or disapproval of the proposed personnel of the non-bank credit institutions and foreign bank branches as provided in Clause 2, Article 4 of this Circular.

2. The Credit Institution Supervision Department shall receive notifications from the banks and non-bank credit institutions as provided in Clause 1, Article 12 of this Circular; review the fulfillment of qualifications and conditions of the proposed personnel and take appropriate measures (if necessary).

3. The Credit Institution Supervision Department shall receive and review notifications from the banks and non-bank credit institutions as provided in Clause 2, Article 12 of this Circular and take appropriate measures (if necessary).

4. Within 05 days from the date a bank or non-bank credit institution submits a written notification to the State Bank in accordance with Clause 3, Article 12 of this Circular, the Credit Institution Supervision Department shall notify in writing the business registration agency in the province or centrally run-city where the bank or non-bank credit institution is headquartered, for updating into the national business registration information system.

Article 14. Responsibilities of the Regional Branch of the State Bank of Vietnam

1. The Regional Branch of the State Bank of Vietnam shall assess the compliance of dossiers, qualifications, and conditions of proposed personnel of foreign bank branches in accordance with the Law on Credit Institutions and this Circular; seek opinions from relevant units; and issue written approval or disapproval of the proposed personnel of the foreign bank branch.

2. The Regional Branch of the State Bank of Vietnam shall provide written opinions (using the form in Appendix V attached to this Circular) at the request of the Credit Institution Supervision Department within 05 working days from the date of receipt of such request.

3. The Regional Branch of the State Bank of Vietnam shall receive notifications from foreign bank branches as provided in Clause 1, Article 12 of this Circular; review the fulfillment of qualifications and conditions of the proposed personnel and take appropriate measures (if necessary).

4. The Regional Branch of the State Bank of Vietnam shall receive and review notifications from foreign bank branches as provided in Clause 2, Article 12 of this Circular and take appropriate measures (if necessary).

5. Within 05 days from the date a foreign bank branch submits a written notification to the State Bank of Vietnam in accordance with Clause 3, Article 12 of this Circular, the Regional Branch of the State Bank of Vietnam shall notify in writing the business registration agency in the province or centrally run-city where the foreign bank branch is headquartered, for updating into the national business registration information system.

Article 15. Responsibilities of relevant units under the State Bank of Vietnam

The relevant units under the State Bank of Vietnam shall provide written opinions at the request of the Credit Institution Supervision Department or the Regional Branch of the State Bank of Vietnam within 05 working days from the date of receipt of such request.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 16. Effect

1. This Circular shall take effect from August 10, 2025.

2. These Circulars cease to be effective on the date this Circular takes effect:

a) The Circular No. 22/2018/TT-NHNN providing guidance on the procedures and dossiers for approval of the provisional list of personnel of commercial banks, non-bank credit institutions, and foreign bank branches;

b) The Circular No. 10/2024/TT-NHNN amending and supplementing a number of articles of the Circular No. 22/2018/TT-NHNN dated September 05, 2018 of the Governor of the State Bank providing guidance on the procedures and dossiers for approval of the provisional list of personnel of commercial banks, non-bank credit institutions, and foreign bank branches.

3. The Clauses 3, 4, 5, 6, and 11 of Article 2 of the Circular No. 13/2019/TT-NHNN amending and supplementing a number of articles of the related Circulars on licensing, organization, and operation of the credit institutions and foreign bank branches shall be hereby annulled.

Article 17. Transitional provisions

1. The application dossiers for approval of the provisional list of personnel of the commercial banks, foreign bank branches, and non-bank credit institutions that were duly submitted to the State Bank before the effective date of this Circular shall be processed in accordance with the Circular No. 22/2018/TT-NHNN as amended and supplemented by the Circular No. 13/2019/TT-NHNN and the Circular No. 10/2024/TT-NHNN.

2. The professional ethics assessment reports prepared by the credit institutions or foreign bank branches using the form provided in Appendix No. 04 issued together with the Circular No. 10/2024/TT-NHNN prior to the effective date of this Circular may continue to be used when applying to the State Bank for approval of the provisional list of personnel of other commercial banks, foreign bank branches, and non-bank credit institutions in accordance with this Circular.

Article 18. Implementation organization

The heads of units under the State Bank of Vietnam, the credit institutions, and the foreign bank branches shall be responsible for the implementation of this Circular./.
 

* All Appendices are not translated herein.