Circular 48/2026/TT-NHNN amending Circular 26/2021/TT-NHNN on foreign currency transactions between State Bank and credit institutions

CIRCULAR

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

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, which is amended and supplemented under Law No. 43/2024/QH15 and Law No. 96/2025/QH15;

Pursuant to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11, which is amended and supplemented under the Ordinance No. 06/2013/UBTVQH13;

Pursuant to the Decree No. 70/2014/ND-CP of the Government detailing a number of articles of the Ordinance on Foreign Exchange and the Ordinance amending and supplementing a number of articles of the Ordinance on Foreign Exchange;

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, which is amended and supplemented under Decree No. 198/2026/ND-CP;

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

The Governor of the State Bank of Vietnam promulgates a Circular 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 1. To amend and supplement a number of clauses of Article 4

1. To amend and supplement Clause 1 as follows:

“1. Licensed credit institutions wishing to establish foreign currency transaction relations with the State Bank shall submit online via the State Bank of Vietnam's online public service portal or submit directly or via postal service to the State Bank 01 (one) set of dossiers of registration for establishment of foreign currency transactions as prescribed in Article 5 of this Circular.”.

2. To amend and supplement Clause 2 as follows:

“2. The State Bank shall establish foreign currency transaction relations with licensed credit institutions on the basis of the completeness and validity of dossier.”.

Article 2. To amend and supplement Article 5

“Article 5. Dossier for registration for establishment of foreign currency transaction relations

The dossier for registration for establishment of foreign currency transaction relations includes:

1. Application for registration for establishment of foreign currency transaction relations with the State Bank in accordance with Appendix 1 to this Circular.

2. Standard payment instructions for foreign currency transactions with the State Bank in accordance with Appendix 2 to this Circular.”.

Article 3. To amend and supplement a number of clauses of Article 13

1. To amend and supplement Clause 1 as follows:

“1. Payment for foreign currency transactions must be made in accordance with the standard payment instructions registered by the licensed credit institutions with the State Bank according to Appendix 2 to this Circular.”.

2. To amend and supplement Clause 3 as follows:

“3. In case of late payment compared to the payment date agreed upon in the transaction between the State Bank and the licensed credit institution, the party making late payment shall be subject to a fine as follows:

a) If payment is made in foreign currency, the fine shall be equal to 150% of the overnight interest rate applied by the correspondent bank of the party receiving late payment to the standard payment account receiving foreign currency at the time of occurrence, calculated based on the amount and number of days of late payment;

b) If payment is made in Vietnamese Dong, the fine shall be equal to 150% of the overnight lending interest rate in the State Bank’s interbank electronic payment system at the time of late payment, calculated based on the amount and number of days of late payment.”.

3. To add Clause 3a below Clause 3 as follows:

“3a. In case the occurrence of force majeure event results in delayed payment, Clause 3 of this Article shall not apply. The determination of a force majeure event shall be carried out in accordance with the Civil Code.”.

Article 4. To amend and supplement Clause 1 Article 14

“1. The State Bank of Vietnam shall suspend foreign currency transactions with a licensed credit institution for 03 (three) months in case such institution fails to submit reports or fails to submit reports within the prescribed period under Clause 1, Article 15 of this Circular on 03 (three) or more times within 03 (three) consecutive months, except for the case specified in Clause 3, Article 15 of this Circular.”.

Article 5. To amend and supplement Clause 2 Article 15

“2. The licensed credit institution shall notify the State Bank of Vietnam (the Foreign Exchange Management Department) in writing of any changes to the information registered with the State Bank of Vietnam in accordance with Appendices 2 and 4 to this Circular.”.

Article 6. To amend and supplement a number of clauses of Article 17

1. To amend and supplement Clause 3 as follows:

“3. To determine the fine amount and handle delayed payment as specified in Clauses 3 and 3a Article 13 of this Circular.”.

2. To amend and supplement Clause 5 as follows:

“5. To notify the Inspectorate, the Credit Institution Supervision Department, and regional branches of the State Bank of Vietnam of the list of licensed credit institutions under their respective management approved by the State Bank of Vietnam for establishment, suspension and cancellation of foreign exchange transaction relations.”.

Article 7. To add Article 18a below Article 18

“Article 18a. Central Banking Department

To coordinate with the Foreign Exchange Management Department in handling delayed payment as specified in Clauses 3 and 3a Article 13 of this Circular.”.

Article 8. To amend and supplement Article 19

“Article 19. Credit Institution Supervision Department, SBV Regional branches

1. To provide copies (certified copies or copies of certified copies) of the License for Establishment and Operation of a credit institution or the License for Establishment of a Foreign Bank Branch in Vietnam, and documents evidencing that the credit institution is permitted to conduct foreign exchange business and provide foreign exchange services in the domestic market, issued by the State Bank of Vietnam, within 02 (two) working days from the date of receipt of the written request from the Foreign Exchange Management Department, and promptly update the Foreign Exchange Management Department upon any amendments or supplements to the aforesaid documents.

2. To promptly notify the Foreign Exchange Management Department when the licensed credit institution having foreign currency transaction relations with the State Bank is put under special control; has its License revoked in accordance with the Law on Credit Institutions, or violates the provisions of this Circular.”.

Article 9. To add Article 19a below Article 19

“Article 19a. SBV Inspectorate

To promptly notify the Foreign Exchange Management Department in case the licensed credit institution having foreign exchange transaction relations with the State Bank of Vietnam has its foreign exchange activities suspended.”.

Article 10. To add, replace and annul a number of phrases, clauses and appendices

1. To replace the phrase “Central Banking Department” with the phrase “Foreign Exchange Management Department” in Clause 2 Article 12, Clauses 1 and 4 Article 15, the title of Article 17, Article 18.

2. To replace Appendices 1, 2 and 3 to the Circular No. 26/2021/TT-NHNN with Appendices 1, 2 and 3 to this Circular.

3. To add Appendix 4 to this Circular.

4. To annul Clause 10 Article 3.

Article 11. Implementation provisions

1. This Circular shall take effect on November 9, 2026.

2. To annul Article 3 of the Circular No. 12/2023/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of legal documents providing for the implementation of state foreign exchange reserve management.

Article 12. Responsibilities for implementation organization

The Chief of the Office, the Director of the Foreign Exchange Management Department, heads of units affiliated to the State Bank of Vietnam, credit institutions and foreign bank branches licensed to conduct foreign exchange activities shall be responsible for organizing the implementation of this Circular.

* All Appendices are not translated herein.