Circular 47/2025/TT-NHNN guidance on the procedures for obtaining the State Bank of Vietnam’s approval of the listing of stocks on foreign securities markets by joint-stock credit institutions

CIRCULAR

On provision of guidance on the procedures for obtaining the State Bank of Vietnam’s approval of the listing of stocks on foreign securities markets by joint-stock credit institutions

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

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

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 General of the Department for Banking System Safety;

The Governor of the State Bank of Vietnam promulgates the Circular on provision of guidance on the procedures for obtaining the State Bank of Vietnam’s approval of the listing of stocks on foreign securities markets by joint-stock credit institutions.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular guides the procedures for obtaining the State Bank of Vietnam (below referred to as the State Bank)’s approval of the listing of stocks on foreign securities markets by joint-stock credit institutions.

Article 2. Subjects of application

1. Joint-stock credit institutions, including:

a/ Joint-stock commercial banks;

b/ Joint-stock non-bank credit institutions.

2. Organizations and individuals related to the listing of stocks on foreign securities markets by joint-stock credit institutions.

Article 3. Principles of making and sending of dossiers of request for approval of the listing of stocks on foreign securities markets

1. Joint-stock credit institutions shall make dossiers in Vietnamese.

2. Joint-stock credit institutions’ written requests for approval of the listing of stocks on foreign securities markets must be signed by their legal representatives or authorized representatives. In case written requests are signed under authorization, dossiers must comprise letters of authorization formulated in accordance with law.

3. Joint-stock credit institutions’ dossiers must be hand-delivered or sent by post to the State Bank’s head office (via single-window unit).

Article 4. Effect of the State Bank’s written approvals of the listing of stocks on foreign securities markets

1. The State Bank’s written approvals take effect on the date of their signing.

2. The State Bank’s written approvals shall automatically cease to be effective in the following cases:

a/ Within 12 months after written approvals are signed, joint-stock credit institutions’ stocks have not yet been listed on foreign securities markets;

b/ Joint-stock credit institutions’ stocks already listed on foreign stock exchanges are delisted.

Chapter II

PROCEDURES FOR APPROVAL OF THE LISTING OF STOCKS ON FOREIGN SECURITIES MARKETS BY JOINT-STOCK CREDIT INSTITUTIONS

Article 5. A dossier of request for approval of the listing of stocks on foreign securities markets must comprise:

1. A written request of the joint-stock credit institution for the State Bank’s approval of the listing of stocks on foreign securities markets (made according to Appendix I to this Circular).

2. A letter of authorization in case the written request is signed by an authorized representative.

Article 6. Procedures for approval of the listing of stocks on foreign securities markets

1. A joint-stock credit institution shall make 1 set of dossier as specified in Article 5 of this Circular, and send it to the State Bank of Vietnam (via single-window unit). In case the dossier is incomplete or invalid, within 5 working days after receiving the dossier, the State Bank shall request in writing the credit institution to supplement and complete the dossier.

2. Within 28 days after receiving a complete dossier as specified in Article 5 of this Circular, the State Bank shall issue a written approval of the listing of stocks on the foreign securities market by the joint-stock credit institution (made according to the Form provided in Appendix II to this Circular) or issue a document to refuse the listing of stocks on the foreign securities market by the joint-stock credit institution; in case of refusal, the document must clearly state the reason(s).

Chapter III

RESPONSIBILITIES OF JOINT-STOCK CREDIT INSTITUTIONS AND RELATED UNITS

Article 7. Responsibilities of joint-stock credit institutions

1. To take responsibility for the truthfulness and accuracy of dossiers, and report them to the State Bank in accordance with this Circular.

2. To list stocks on foreign securities markets within 12 months after the State Bank signs written approvals.

3. To report in writing to the State Bank (the Credit Institutions Supervision Department) within 5 working days after receiving overseas competent agencies’ decisions on approval or refusal of the listing of stocks at foreign stock exchanges.

4. To make reports in writing to the State Bank (the Credit Institutions Supervision Department) on the delisting of their stocks within 5 working days after receiving written documents on delisting from foreign stock exchanges. Such reports must clearly state the reason(s) for the delisting.

Article 8. Responsibilities of the Credit Institutions Supervision Department

1. To act as the focal agency for settlement, consideration and submission to the State Bank to approve or refuse the listing of stocks on foreign securities markets by joint-stock credit institutions as specified in Clause 2, Article 6 of this Circular.

2. To receive reports as specified in Clauses 3 and 4, Article 7 of this Circular; to study and propose the State Bank Governor solutions for handling arising problems (if any) of listed joint-stock credit institutions.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 9. Implementation responsibility

Heads of units under the State Bank and joint-stock credit institutions shall implement this Circular.

Article 10. Implementation provisions

1. This Circular takes effect on January 29, 2026.

2. On the effective date of this Circular, the following documents and regulations will cease to be effective:

a/ The Governor of the State Bank of Vietnam’s Circular No. 26/2012/TT-NHNN of September 13, 2012, on provision of guidance on the procedures for obtaining the State Bank of Vietnam’s approval of the listing of stocks on domestic and foreign securities markets by joint-stock credit institutions;

b/ Article 10 of the Governor of the State Bank of Vietnam’s Circular No. 29/2015/TT-NHNN of December 22, 2015, amending and supplementing a number of the State Bank of Vietnam’s legal documents on composition of dossiers that comprise certified copies of papers or documents.-

For the Governor of the State Bank

Deputy Governor

DOAN THAI SON

* The Appendices to this Circular are not translated.