Circular 76/2025/TT-NHNN amending Circular 24/2019/TT-NHNN on refinancing on-lending for credit institutions

CIRCULAR

Amending and supplementing a number of articles of Circular No. 24/2019/TT-NHNN providing for refinancing in the form of on-lending under credit dossiers for 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, as 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 organizational structure of the State Bank of Vietnam;

At the Director of the Monetary Policy Department’s proposal

The Governor of the State Bank of Vietnam promulgates a Circular amending and supplementing a number of articles of Circular No. 24/2019/TT-NHNN providing for refinancing in the form of on-lending under credit dossiers for credit institutions.

Article 1. Amending and supplementing Point c, Clause 2, Article 1

"c) General finance companies, specialized finance companies.".

Article 2. Amending and supplementing a number of clauses of Article 15

1. To amend and supplement Clause 2 as follows:

"2. Within 02 working days from the date of receipt of the complete dossier of the credit institution as prescribed in Clause 1 of this Article, the Monetary Policy Department shall seek opinions from the Credit Institutions Supervision Department, the Department of Credit for Economic Sectors, and the State Bank's Regional Branch where the credit institution's head office is located (in case the State Bank's Regional Branch is tasked with inspecting and supervising the credit institution requesting refinancing or refinancing extension)."

2. To amend and supplement Clause 3 as follows:

"3. Within 05 working days from the date of receipt of the written request for opinion from the Monetary Policy Department as prescribed in Clause 2 of this Article, the Credit Institutions Supervision Department, the Department of Credit for Economic Sectors, and the State Bank's Regional Branch where the credit institution's head office is located (hereinafter referred to as the State Bank's Regional Branch) shall provide written opinions to the Monetary Policy Department on the following contents:

a) The Credit Institutions Supervision Department: Assessment of whether the credit institution meets or does not meet the conditions for refinancing or refinancing extension prescribed in Clause 1, Article 12 of this Circular; opinions on the credit institution's request for refinancing or refinancing extension; other contents (if any);

b) The Department of Credit for Economic Sectors: Based on the credit institution's reports and dossiers, provide opinions on the conditions for refinancing or refinancing extension of the credit institution as prescribed in Article 12 of this Circular; opinions on the credit institution's request for refinancing or refinancing extension; other contents (if any);

c) The State Bank's Regional Branch: Assessment of whether the credit institution meets or does not meet the conditions for refinancing or refinancing extension prescribed in Clause 1, Article 12 of this Circular; opinions on the credit institution's request for refinancing or refinancing extension; other contents (if any).".

3. To amend and supplement Clause 6 as follows:

"6. Based on the Governor of the State Bank's Decision on refinancing or refinancing extension for the credit institution and relevant legal provisions, the Director of the Transactions Office or the Director of the State Bank's Regional Branch shall sign the refinancing contract, disburse, extend, and collect the refinancing debt from the credit institution.".

Article 3. Amending and supplementing Clause 2, Article 16

"2. To comply with the prudential ratios as prescribed in Clause 1, Article 138 of the Law on Credit Institutions No. 32/2024/QH15, as amended and supplemented under Law No. 96/2025/QH15, and the guidance of the State Bank during the continuous 12-month period preceding the date of the Request for refinancing.".

Article 4. Amending and supplementing a number of clauses of Article 20

1. To amend and supplement Clause 2 as follows:

"2. Within 03 working days from the date of receipt of the complete dossier of the credit institution as prescribed in Clause 1 of this Article, the Monetary Policy Department shall seek opinions from the Credit Institutions Supervision Department, the State Bank's Inspectorate, the Department of Credit for Economic Sectors, and the State Bank's Regional Branch (in case the State Bank's Regional Branch is tasked with inspecting and supervising the credit institution requesting refinancing or refinancing extension).".

2. To amend and supplement Clause 3 as follows:

"3. Within 07 working days from the date of receipt of the written request for opinion from the Monetary Policy Department as prescribed in Clause 2 of this Article, the Credit Institutions Supervision Department, the State Bank's Inspectorate, the Department of Credit for Economic Sectors, and the State Bank's Regional Branch shall provide written opinions to the Monetary Policy Department on the following contents:

a) The Credit Institutions Supervision Department: Assessment of whether the credit institution meets or does not meet the conditions prescribed in Clauses 1 and 2, Article 16 of this Circular (for cases where the credit institution requests refinancing) or the conditions prescribed in Clauses 1 and 2, Article 17 of this Circular (for cases where the credit institution requests refinancing extension); opinions on the credit institution's request for refinancing or refinancing extension; other contents (if any);

a1) The State Bank's Inspectorate shall provide opinions on whether the credit institution falls under the violations prescribed in Clauses 1 and 2, Article 11 of this Circular; opinions on the credit institution's request for refinancing or refinancing extension; other contents (if any);

b) The Department of Credit for Economic Sectors: Provide data on the outstanding loans of the credit institution for sectors and fields encouraged for development under the Department of Credit for Economic Sectors’ monitoring and management; based on the credit institution's reports and dossiers, provide opinions on the conditions for refinancing or refinancing extension of the credit institution as prescribed in Articles 16 and 17 of this Circular; opinions on the credit institution's request for refinancing or refinancing extension; other contents (if any);

c) The State Bank's Regional Branch: Assessment of whether the credit institution meets or does not meet the conditions prescribed in Clauses 1 and 2, Article 16 of this Circular (for cases where the credit institution requests refinancing) or the conditions prescribed in Clauses 1 and 2, Article 17 of this Circular (for cases where the credit institution requests refinancing extension); opinions on the credit institution's request for refinancing or refinancing extension; other contents (if any).".

3. To amend and supplement Clause 6 as follows:

"6. Based on the Governor of the State Bank’s Decision on refinancing or refinancing extension for the credit institution and relevant legal provisions, the Director of the Transactions Office or the Director of the State Bank's Regional Branch shall sign the refinancing contract, disburse, extend, and collect the refinancing debt from the credit institution.".

Article 5. Amending and supplementing a number of points and clauses of Article 21

1. To amend and supplement Point c, Clause 6 as follows:

“c) To monitor and evaluate the standards of the loans in the list of credit dossiers for refinancing or refinancing extension; within 03 working days from the date on which a loan no longer exists, or the principal outstanding balance of a loan decreases, or a loan no longer meets all the standards prescribed in Clauses 1 and 2, Article 13 of this Circular (for refinancing under Clause 1, Article 4 of this Circular) or Clauses 1 and 2, Article 18 of this Circular (for refinancing under Clause 2, Article 4 of this Circular), the credit institution must replace or supplement with a loan meeting the standards to ensure that the total principal outstanding balance of the loans after replacement or supplementation is not lower than the total principal outstanding balance of the loans in the list of credit dossiers attached to the Governor of the State Bank's Decision on refinancing or refinancing extension, and simultaneously report to the State Bank (the Credit Institutions Supervision Department, the State Bank's Inspectorate, the Monetary Policy Department, the Department of Credit for Economic Sectors, the Transactions Office or the State Bank's Regional Branch where the credit institution receives refinancing disbursement).".

2. To amend and supplement Clause 7 as follows:

"7. On a weekly basis, within the first 02 working days of the week immediately following the reporting week, submit a written report directly or by post to the State Bank (the Credit Institutions Supervision Department, the State Bank's Inspectorate, the State Bank's Regional Branch tasked with inspecting and supervising the credit institution borrowing refinancing) on the use of the refinancing loan for liquidity support according to Appendix No. 08 issued together with this Circular until the refinancing loan is fully used.".

Article 6. Amending and supplementing a number of points and clauses of Article 22

1. To amend and supplement Point c, Clause 1 as follows:

“c) Aggregate data on refinancing in the form of on-lending under credit dossiers at the Transactions Office and State Bank's Regional Branches and report to the Governor of the State Bank within 05 working days from the date of receipt of complete reports from the Transactions Office and State Bank's Regional Branches until the outstanding debt is cleared and there are no further changes to the refinancing in the form of on-lending under credit dossiers.".

2. To amend and supplement Clause 2 as follows:

"2. The Credit Institutions Supervision Department

a) Provide opinions on refinancing or refinancing extension in the form of on-lending under credit dossiers as prescribed in this Circular;

b) Act as the focal point for submitting to the Governor of the State Bank for consideration and decision on the implementation of measures prescribed at Point c, Clause 4, Article 8 of this Circular;

c) In case of receipt of a competent agency’s notice, or through supervision, detection of a credit institution’s violation against regulations of Clauses 1 and 2, Article 11 of this Circular, the Credit Institutions Supervision Department shall issue a written notice of violation to the credit institution, and simultaneously send it to the Monetary Policy Department, the Transactions Office, the Department of Credit for Economic Sectors, the State Bank's Inspectorate, and the State Bank's Regional Branch; such notice must contain at least information about the credit institution's violation and the handling measures taken by the State Bank as prescribed in this Circular;

d) Supervise and handle, within its authority, credit institutions in implementing the regulations of this Circular.".

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

"2a. State Bank's Inspectorate

a) Provide opinions on refinancing or refinancing extension in the form of on-lending against credit dossiers as prescribed at Point a1, Clause 3, Article 20 of this Circular;

b) Inspect and handle violations, within its authority, against credit institutions in implementing the regulations of this Circular;

c) In case of receipt of the competent agency’s notice or through inspection, detection of a credit institution’s violation against regulations of Clause 1 and Clause 2, Article 11 of this Circular, the State Bank's Inspectorate shall issue a written notice of violation to the credit institution, and simultaneously send it to the Monetary Policy Department, the Credit Institutions Supervision Department, the Transactions Office, the Department of Credit for Economic Sectors, and the State Bank's Regional Branch; such notice must  contain at least information about the credit institution's violation and the handling measures taken by the State Bank as prescribed in this Circular.".

4. To amend and supplement the title and Point d, Clause 4 as follows:

a) To amend the title of Clause 4 as follows:

"4. Transactions Office"

b) To amend and supplement Point d, Clause 4 as follows:

"d) Within the first 07 working days of the month following the month in which there is outstanding debt or changes occur in the refinancing in the form of on-lending under credit dossiers at the Transactions Office, submit a written report to the Credit Institutions Supervision Department, the State Bank's Inspectorate, the Monetary Policy Department, and the Department of Credit for Economic Sectors on refinancing data according to Appendix No. 09 issued together with this Circular;".

5. To amend and supplement Clause 5 as follows:

"5. State Bank's Regional Branch

a) Provide opinions on refinancing or refinancing extension in the form of on-lending under credit dossiers as prescribed in this Circular (for the State Bank's Regional Branches tasked with inspecting and supervising the credit institution requesting refinancing or refinancing extension);

b) Sign refinancing contracts containing principal contents according to Appendix No. 07 issued together with this Circular; disburse, extend, and collect refinancing debt as prescribed in this Circular, the Governor of the State Bank's Decision on refinancing or refinancing extension in the form of on-lending under credit dossiers for the credit institution, and relevant legal provisions;

c) Implement handling measures against credit institutions as prescribed at Points a and b, Clause 4, Article 8 of this Circular;

d) Supervise, inspect, and handle violations, within its authority, against credit institutions in implementing the regulations of this Circular (for the State Bank's Regional Branches tasked with inspecting and supervising the credit institution borrowing refinancing);

dd) In case of detection of credit institution’s violations against regulations of  Clause 1 and Clause 2, Article 11 of this Circular through inspection or supervision (for State Bank's Regional Branches tasked with inspecting and supervising the credit institution borrowing refinancing loans), the State Bank's Regional Branch shall issue a written notice of violation to the credit institution, and simultaneously send it to the Monetary Policy Department, the Credit Institutions Supervision Department, the State Bank's Inspectorate, the Transactions Office, and the Department of Credit for Economic Sectors; the written notice of violation must, at a minimum, contain information about the credit institution's violation and the handling measures taken by the State Bank as prescribed in this Circular;

e) Within the first 07 working days of the month following the month in which there is outstanding debt or changes occur in the refinancing in the form of on-lending under credit dossiers at the State Bank's Regional Branch, submit a written report to the Credit Institutions Supervision Department, the State Bank's Inspectorate, the Monetary Policy Department, and the Department of Credit for Economic Sectors on refinancing data according to Appendix No. 09 issued together with this Circular.".

6. To amend and supplement Point a, Clause 7 as follows:

“a) Act as the focal point, coordinate with the Transactions Office and relevant units to develop and install software programs, and ensure the computer network infrastructure for the refinancing operations in the form of on-lending under credit dossiers for credit institutions’ stable, smooth, safe and secure operations;".

Article 7. Amending and supplementing Article 24 as follows:

"Article 24. Implementation organization

The Chief of Office, the Director of the Monetary Policy Department, the Heads of units under the State Bank, the Directors of the State Bank's Regional Branches, the Chairpersons of the Board of Directors, the Chairpersons of the Members' Council, and the General Directors (Directors) of credit institutions shall implement this Circular.".

Article 8. Amending and supplementing a number of Appendices

1. To replace the phrase "the Transaction Office of the State Bank" with the phrase "the Transaction Office" in Appendix No. 01, Appendix No. 02, Appendix No. 07, Appendix No. 09.

2. To replace the phrase "provincial State Bank branches" with the phrase "State Bank’s Regional Branches" in Appendix No. 01, Appendix No. 02, Appendix No. 07, Appendix No. 08, Appendix No. 09.

3. To replace the phrase "Banking Supervision Agency" with the phrase "Credit Institutions Supervision Department, State Bank’s Inspectorate" in Appendix 08, Appendix 09.

Article 9. Implementation responsibility

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

Article 10. Effect

This Circular takes effect from December 31, 2025./.