Circular 85/2025/TT-NHNN amend circulars on letter of credit operations and credit programs

CIRCULAR

Amending and supplementing a number of circulars of the Governor of the State Bank of Vietnam prescribing letter of credit operations and guiding the implementation of a number of credit programs due to changes in its organizational structure and apparatus

Pursuant to the Law No. 46/2020/QH12 on the State Bank of Vietnam;

Pursuant to the Law No. 32/2024/QH15 on Credit Institutions, amended and supplemented by the 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 proposal of the Director of the Department of Credit for Economic Sectors;

The Governor of the State Bank of Vietnam hereby promulgates the Circular amending and supplementing a number of circulars of the Governor of the State Bank of Vietnam prescribing letter of credit operations and guiding the implementation of a number of credit programs due to changes in its organizational structure and apparatus.

Chapter I

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 11/2013/TT-NHNN PROVIDING THE GRANT OF HOUSING SUPPORT LOANS UNDER RESOLUTION NO. 02/NQ-CP

Article 1. Amending and supplementing Clause 5, Article 8

“5. Process and procedures for refinancing:

a) The State Bank shall sign a principle contract on refinancing housing support loans with each bank;

b) Monthly, no later than the 05^th day of the month following the reporting month, the bank shall send an official dispatch and a report on the results of the grant of housing support loans, using the form in Appendix No. 02 to this Circular, to the State Bank (via the Department of Credit for Economic Sectors) serving as a basis for the State Bank to disburse or withdraw the refinancing debts;

c) In cases where the refinancing amount is disbursed:

i) The bank shall make a written request for refinancing using the form in Appendix No. 01 to this Circular, enclosed with a report on the results of the grant of housing support loans;

ii) Within 01 working day from the date it receives the complete dossier of the bank, the Department of Credit for Economic Sectors shall assume the prime responsibility for seeking opinions of the Monetary Policy Department, the SBV Inspectorate, and the Credit Institutions Supervision Department on the bank's request for refinancing;

iii) Within a maximum time limit of 04 working days from the date they receive the written request for opinions from the Department of Credit for Economic Sectors, the SBV Inspectorate, the Credit Institutions Supervision Department, and the Monetary Policy Department shall send their written opinions to the Department of Credit for Economic Sectors. Within 02 working days from the date it receives the written opinions of the above-mentioned units, the Department of Credit for Economic Sectors shall summarize and submit them to the Governor of the State Bank for decision and approval of the refinancing amount to the bank;

iv) Pursuant to the decision of the Governor of the State Bank and the principle contract on refinancing housing support loans between the State Bank and the bank, within 03 working days from the date it receives the written notice of refinancing from the State Bank and the dossier of the bank, the Central Banking Department of the State Bank shall approve the debt acknowledgment contracts and disburse the approved refinancing amounts to the banks.

d) In cases where the refinancing debts are withdrawn:

i) Within 02 working days from the date it receives the bank's report on the results of the grant of housing support loans, the State Bank (the Department of Credit for Economic Sectors) shall determine and notify the Central Banking Department of the State Bank and the bank about the refinancing principal to be repaid by the bank to the State Bank;

ii) Within 01 working day from the date it receives the notification of the State Bank (the Department of Credit for Economic Sectors), the bank must be responsible for repaying the refinancing principal to the State Bank;

iii) The withdrawal of the refinancing principal shall be effected by incrementally deducting from the debt acknowledgment contracts of the bank at the State Bank according to their chronological order, from the first debt acknowledgment contract;

At the time of repaying the refinancing principal to the State Bank, the bank is responsible for fully paying the interest for the debt acknowledgment contracts for which the principal is fully paid. For debt acknowledgment contracts for which the principal is partially paid, the State Bank shall collect the interests as prescribed at Point b, Clause 2, Article 8 of this Circular;

iv) By June 1, 2031 at the latest, the bank must fully pay the refinancing principal and interests to the State Bank.”.

Article 2. Amending and supplementing Clause 3, Article 10

To replace the phrase “Credit Department” with the phrase “Department of Credit for Economic Sectors”.

Article 3. Amending and supplementing Article 11

“Article 11. Responsibilities of affiliates of the State Bank

1. The Department of Credit for Economic Sectors shall:

a) Assume the prime responsibility for, and coordinate with the Monetary Policy Department, the SBV Inspectorate, and the Credit Institutions Supervision Department in, advising the Governor of the State Bank on in addressing issues arising while implementing this Circular;

b) On a monthly basis, summarize and report to the Governor of the State Bank on the banks’ results of the grant of housing support loans, and concurrently send these reports to the Monetary Policy Department, the SBV Inspectorate, and the Credit Institutions Supervision Department;

c) Propose monitoring measures and advise the Governor of the State Bank on deciding the specific total amount for refinancing and the ending time of disbursement for refinancing as prescribed in this Circular;

d) Monitor and summarize the banks’ demand for loans to enterprises. Within a maximum time limit of 03 working days from the date it receives a bank’s report as prescribed in Clause 4, Article 10 of this Circular, it shall notify the bank of the refinancing source for these entities.

2. The Monetary Policy Department shall:

a) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular;

b) Assume the prime responsibility for, and coordinate with the Department of Credit for Economic Sectors, the SBV Inspectorate, and the Credit Institutions Supervision Department in, determining and submitting the lending interest rates for housing support loans as prescribed in Clause 3, Article 4 of this Circular to the Governor of the State Bank.

3. The Central Banking Department shall:

a) Draft and conclude principle contracts on housing support loans between the State Bank and banks; disburse capital for refinancing, withdraw loan principals; calculate, notify and collect interests; account and monitor refinancing amounts for housing support to banks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

4. The Finance and Accounting Department shall:

Assume the prime responsibility for addressing accounting issues related to housing support loans as prescribed in this Circular.

5. The SBV Inspectorate shall:

a) Inspect the grant of loans by banks to clients as prescribed in this Circular and relevant law regulations;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

6. The Credit Institutions Supervision Department shall:

a) Supervise banks’ implementation of this Circular within the scope of its functions and tasks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

7. Regional branches of the State Bank shall monitor and coordinate in addressing issues arising during the grant of housing support loans in their localities.”.

Article 4. Amending and supplementing Clause 2, Article 12

“2. The heads of units under the State Bank, the banks, and the entities eligible for housing support loans shall be responsible for implementing this Circular.”.

Article 5. Adding the Appendices to Circular No. 11/2013/TT-NHNN

To add Appendix No. 01, Appendix No. 02, Appendix No. 03, and Appendix No. 04 to this Circular.

Chapter II

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 13/2014/TT-NHNN GUIDING LENDING UNDER DECISION NO. 68/2013/QD-TTG ON SUPPORT POLICIES TO REDUCE LOSSES IN AGRICULTURE

Article 6. Amending and supplementing Clause 1, Article 4

To replace the phrase “Ministry of Agriculture and Rural Development” with the phrase “Ministry of Agriculture and Environment”.

Article 7. Amending and supplementing Article 9

“Article 9. Responsibilities of affiliates of the State Bank

1. The Department of Credit for Economic Sectors shall:

a) Assume the prime responsibility for, and coordinate with the SBV Inspectorate, the Credit Institutions Supervision Department, and related units in addressing issues arising while implementing this Circular;

b) Summarize and report the results of lending aimed at reducing losses in agriculture to the Governor.

2. The SBV Inspectorate shall:

a) Inspect the implementation of the regulations in this Circular by commercial banks within the scope of its functions and tasks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

3. The Credit Institutions Supervision Department shall:

a) Supervise commercial banks’ implementation of this Circular within the scope of its functions and tasks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.”.

Article 8. Amending and supplementing Clause 2, Article 10

“2. The heads of units under the State Bank and commercial banks shall be responsible for organizing the implementation of this Circular.”.

Chapter III

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 22/2014/TT-NHNN GUIDING THE IMPLEMENTATION OF CREDIT POLICIES UNDER DECREE NO. 67/2014/ND-CP ON A NUMBER OF FISHERIES DEVELOPMENT POLICIES

Article 9. Amending and supplementing Article 10

“Article 10. Responsibilities of affiliates of the State Bank of Vietnam

1. The Department of Credit for Economic Sectors shall:

a) Assume the prime responsibility for, and coordinate with the Monetary Policy Department, the SBV Inspectorate, the Credit Institutions Supervision Department, and related units in, advising the Governor of the State Bank on in addressing issues arising while implementing this Circular;

b) On a periodical or ad-hoc basis, summarize and report the results of lending as prescribed in this Circular to the Governor of the State Bank.

2. The Monetary Policy Department shall:

a) Advise the Governor of the State Bank on the implementation of monetary policy management tools as prescribed at Point d, Clause 4, Article 9 of Decree No. 67/2014/ND-CP;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising in the implementation thereof.

3. The SBV Inspectorate shall:

a) Inspect the implementation of the regulations in this Circular by commercial banks within the scope of its functions and tasks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

4. The Credit Institutions Supervision Department shall:

a) Supervise commercial banks’ implementation of this Circular within the scope of its functions and tasks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

5. Regional branches of the State Bank shall monitor and inspect the lending by commercial banks to ship owners in their localities, and promptly report to the State Bank of Vietnam, and the provincial-level People's Committees of the municipalities and provinces on the results and difficulties arising in the process thereof in their localities.”.

Article 10. Amending and supplementing Clause 3, Article 11

“3. The heads of units under the State Bank, the commercial banks, and related organizations and individuals shall be responsible for organizing the implementation of this Circular.”.

Chapter IV

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 27/2015/TT-NHNN GUIDING LOANS FOR PRODUCTION FOREST GROWING AND LIVESTOCK DEVELOPMENT AS PRESCRIBED IN DECREE NO. 75/2015/ND-CP ON MECHANISM AND POLICY ON FOREST PROTECTION AND DEVELOPMENT ASSOCIATED WITH THE POLICY ON RAPID AND SUSTAINABLE POVERTY REDUCTION AND ASSISTANCE FOR ETHNIC MINORITIES IN THE 2015-2020 PERIOD

Article 11. Amending and supplementing Article 10

“Article 10. Responsibilities of the State Bank of Vietnam

1. The Department of Credit for Economic Sectors shall:

a) Act as the point of contact for monitoring and summarizing the grant of loans prescribed in Decree No. 75/2015/ND-CP;

b) Assume the prime responsibility for, and coordinate with related units in addressing issues arising while implementing this Circular.

2. The SBV Inspectorate shall inspect and handle, within its competence, violations committed by lenders with respect to the compliance with Decree No. 75/2015/ND-CP and this Circular when granting loans for production forest growing and livestock development.

3. The Credit Institutions Supervision Department shall supervise commercial banks in implementing this Circular within the scope of its functions and tasks.

4. Regional branches of the State Bank shall:

a) Monitor the grant of loans for production forest growing and livestock development as prescribed in Decree No. 75/2015/ND-CP by the Vietnam Bank for Social Policies and the Vietnam Bank for Agriculture and Rural Development in their localities in order to make reports to the State Bank of Vietnam upon request; advise the provincial-level People's Committees of municipalities and provinces on addressing issues arising in the process thereof. In cases where an issue is beyond their competence, promptly report it to the State Bank of Vietnam (the Department of Credit for Economic Sectors) for consideration and settlement;

b) Inspect and supervise commercial banks’ implementation of this Circular within the scope of its functions and tasks.”.

Article 12. Amending and supplementing Clause 4, Article 11

“4. The heads of units under the State Bank, the Vietnam Bank for Social Policies, the Vietnam Bank for Agriculture and Rural Development, and related organizations and individuals shall be responsible for organizing the implementation of this Circular.”.

Article 13. Annulling a number of articles of and appendices to Circular No. 27/2015/TT-NHNN

1. To annul Article 8.

2. To annul Form No. 01 and Form No. 02 attached to Circular No. 27/2015/TT-NHNN.

Chapter V

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 01/2016/TT-NHNN GUIDING POLICIES ON PROVISION OF LOANS TO DEVELOP SUPPORTING INDUSTRIES

Article 14. Amending and supplementing Clause 2, Article 8

To replace the phrase “Banking Supervision Agency” with the phrase “Credit Institution Supervision Department”.

Article 15. Amending and supplementing Article 9

“Article 9. Responsibilities of affiliates of the State Bank of Vietnam

1. The Department of Credit for Economic Sectors shall:

a) Act as the point of contact for monitoring and summarizing the provision of loans by credit institutions and foreign bank branches as prescribed in this Circular;

b) Assume the prime responsibility for, and coordinate with related units in addressing issues arising while implementing this Circular.

2. The Monetary Policy Department shall:

Assist the Governor of the State Bank in determining the maximum Vietnam-dong short-term lending interest rate from time to time as prescribed in Clause 1, Article 3 of this Circular.

3. The SBV Inspectorate shall:

a) Inspect the provision of loans by credit institutions and foreign bank branches as prescribed in this Circular within the scope of its functions and tasks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

4. The Credit Institution Supervision Department shall:

a) Supervise the implementation of the regulations in this Circular by credit institutions and foreign bank branches within the scope of its functions and tasks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in addressing issues arising while implementing this Circular.

5. Regional branches of the State Bank shall:

a) Monitor and summarize the provision of loans by credit institutions and foreign bank branches to carry out policies on development of supporting industries in their localities;

b) Coordinate with local provincial-level Departments and sectoral authorities in addressing issues arising in the provision of loans to carry out policies on development of supporting industries in their localities. In cases where an issue is beyond their competence, promptly report it to the provincial-level People's Committee of the municipality or province, and the State Bank of Vietnam (the Department of Credit for Economic Sectors) for consideration and settlement.”.

Article 16. Amending and supplementing Article 11

“Article 11. Responsibilities for implementation

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

Chapter VI

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 45/2018/TT-NHNN PROVIDING CREDIT INSTITUTIONS WITH INSTRUCTIONS FOR GRANT OF LOANS GUARANTEED BY CREDIT GUARANTEE FUNDS UNDER DECREE NO. 34/2018/ND-CP ON ESTABLISHMENT, ORGANIZATION AND OPERATION OF CREDIT GUARANTEE FUNDS FOR SMALL- AND MEDIUM-SIZED ENTERPRISES

Article 17. Amending and supplementing Article 8

“1. The Department of Credit for Economic Sectors shall:

a) Act as the point of contact for monitoring and summarizing the lenders’ loans guaranteed by the Credit Guarantee Funds to small- and medium-sized enterprises;

b) Assume the prime responsibility for, and coordinate with related units in addressing issues arising while implementing this Circular.

2. The SBV Inspectorate shall inspect the implementation of the regulations in this Circular and handle violations within the scope of its functions and tasks.

3. The Credit Institutions Supervision Department shall supervise credit institutions’ implementation of this Circular within the scope of its functions and tasks.

4. Regional branches of the State Bank in the localities where the head offices of the Credit Guarantee Funds are located shall be responsible for:

a) Coordinating with provincial-level Departments and sectoral authorities in their localities in addressing issues arising in the process of providing loans guaranteed by the Credit Guarantee Funds in their localities. In cases where an issue is beyond their competence, promptly report it to the provincial-level People's Committee of the respective municipality or province, and the State Bank (via the Department of Credit for Economic Sectors);

b) Inspecting and supervising credit institutions’ implementation of the regulations in this Circular within the scope of their functions and duties.”.

Article 18. Amending and supplementing Article 10

“Article 10. Responsibilities for implementation

The heads of units under the State Bank, the credit institutions, the Credit Guarantee Funds, and the borrowing small and medium-sized enterprises shall be responsible for organizing the implementation of this Circular.”.

Article 19. Annulling and replacing phrases and appendices to Circular No. 45/2018/TT-NHNN

1. To annul Clause 2, Article 7.

2. To replace the phrase “State Bank branches in cities and provinces” in Clause 3, Article 7 with the phrase “Regional branches of the State Bank”.

3. To annul Appendix No. 01 and Appendix No. 02 to Circular No. 45/2018/TT-NHNN.

Chapter VII

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 21/2024/TT-NHNN PRESCRIBING LETTER OF CREDIT OPERATIONS AND OTHER BUSINESS OPERATIONS RELATED TO LETTERS OF CREDIT

Article 20. Amending and supplementing Clause 2, Article 17

“2. The bank shall send its internal regulations on letter of credit operations to the State Bank (via the Credit Institutions Supervision Department or the respective Regional Branch of the State Bank) in accordance with relevant law regulations.”.

Article 21. Amending and supplementing Article 55

“Article 55. Responsibilities of affiliates of the State Bank

1. The Department of Credit for Economic Sectors shall:

a) Monitor, summarize and check the performance of letter of credit operations and other business operations related to letters of credit of banks for resident clients;

b) Be the contact point and coordinate with relevant units to settle arising problems related to letter of credit operations and other business operations related to letters of credit for resident clients.

2. The Foreign Exchange Management Department shall:

a) Monitor, summarize and check the performance of letter of credit operations and other business operations related to letters of credit of banks for non-resident clients;

b) Be the contact point and coordinate with relevant units to settle arising problems related to letter of credit operations and other business operations related to letters of credit for non-resident clients.

3. The SBV Inspectorate shall be responsible for checking and inspecting letter of credit operations and other business operations related to letters of credit by banks and handling arising violations within its competence.

4. The Credit Institutions Supervision Department shall inspect and supervise the implementation of this Circular by credit institutions and foreign bank branches within the scope of its functions and tasks.

5. The Finance and Accounting Department shall guide the banks to implement accounting regimes for transactions related to letter of credit operations and other business operations related to letters of credit prescribed in this Circular.

6. Regional branches of the State Bank shall be responsible for supervising, checking, and inspecting banks’ compliance with this Circular within their competence.”.

Article 22. Amending and supplementing Clause 3, Article 56

“3. The banks that have been licensed to perform domestic payment services; international payment services; payment services among clients; and provide payment services on the domestic or international market before the effective date of this Circular may continue to perform letter of credit operations and other business operations related to letters of credit until June 30, 2026 without making any amendments or supplements to their licenses.”.

Article 23. Amending and supplementing Article 58

“Article 58. Responsibilities for implementation

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

Chapter VIII

IMPLEMENTATION PROVISIONS

Article 24. Responsibilities for implementation

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

Article 25. Implementation provisions

1. This Circular takes effect on December 31, 2025.

2. This Circular annuls Point b, Point c, Clause 3, and Clause 5, Article 1 of Circular No. 25/2016/TT-NHNN dated July 29, 2016 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 11/2013/TT-NHNN dated May 15, 2013 of the Governor of the State Bank of Vietnam providing the grant of housing support loans under the Government’s Resolution No. 02/NQ-CP dated January 7, 2013.

3. This Circular annuls Point b, Point c, Point d, Clause 5, and Clause 7, Article 1 of Circular No. 32/2014/TT-NHNN dated November 18, 2014 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 11/2013/TT-NHNN dated May 15, 2013 of the State Bank of Vietnam providing the grant of housing support loans under the Government’s Resolution No. 02/NQ-CP dated January 7, 2013.

4. From the effective date of this Circular, Circular No. 06/2009/TT-NHNN dated April 9, 2009 of the State Bank of Vietnam detailing the policy on lending with preferential interest rate under the program of supporting poor districts in the Government’s Resolution No. 30a/2008/NQ-CP dated December 27, 2008 ceases to be effective, unless otherwise prescribed at Point d, Point dd, Point e, Clause 3, Article 5 and Point b, Article 6./.