The State Bank of Vietnam has promulgated a document providing guidance on the listing of stocks on foreign securities markets by credit institutions, which takes effect from January 29, 2026. Below are the major changes of Circular No. 47/2025/TT-NHNN.
1. Supplementation of dossier requirements for approval of listing by credit institutions
This is one of the notable new points of Circular No. 47/2025/TT-NHNN. Specifically, Clause 2, Article 3 of Circular No. 47/2025/TT-NHNN supplements provisions clarifying the dossier of request for approval of the listing of stocks on foreign securities markets in case the written request is signed by an authorized representative.
Accordingly, in case written requests are signed under authorization, dossiers must comprise letters of authorization formulated in accordance with the law.
Previously, Clause 2, Article 3 of Circular No. 26/2012/TT-NHNN only stipulated that the legal representative of a joint-stock credit institution could authorize another person to sign.
2. Change in the authority receiving dossiers of joint-stock credit institutions
Also stipulated in Article 3 of Circular No. 47/2025/TT-NHNN, dossiers of joint-stock credit institutions are now sent to the State Bank of Vietnam’s head office (via the single-window unit) instead of the Banking Inspection and Supervision Agency as previously prescribed, in one of the following forms:
Hand delivery;
Sending by post.
3. Reduction of dossier components for approval of listing on foreign securities markets
Instead of having to prepare four types of documents for approval of listing on securities markets as required under Article 6 of Circular No. 26/2012/TT-NHNN, Article 5 of Circular No. 47/2025/TT-NHNN now requires only two types of documents, namely:
A written request of the joint-stock credit institution for the State Bank of Vietnam’s approval of the listing of stocks on foreign securities markets;
A letter of authorization (if any).
Accordingly, the new regulations no longer require:
A resolution of the General Meeting of Shareholders approving the listing on securities markets;
Audited consolidated financial statements and audited separate financial statements for two consecutive years preceding the year of request;
Dossiers reporting business operation results and balance sheets of the year concerned, and written commitments to supplement financial statements after audit results are available in case the immediately preceding year has no audited financial statements.
4. Shortening of the time limit for settlement of requests for approval of listing on foreign securities markets
Pursuant to Clause 2, Article 6 of Circular No. 47/2025/TT-NHNN, requests for approval of the listing of stocks on foreign securities markets shall be responded to by the State Bank of Vietnam within 28 days after receiving a complete dossier.
Accordingly, the State Bank of Vietnam shall issue a written approval of the listing of stocks on the foreign securities market by the joint-stock credit institution or issue a document to refuse the listing, in which case the document must clearly state the reason(s).
Compared with Clause 2, Article 7 of Circular No. 26/2012/TT-NHNN, the time limit for the State Bank of Vietnam’s response has been reduced from 40 days to 28 days.
At the same time, the new regulations also supplement the time limit for the State Bank of Vietnam to issue a written request for supplementation and completion of dossiers in case the dossier is incomplete or invalid, which is within five working days after receiving the dossier.
5. Removal of the requirement for registration of listing on securities markets under Circular No. 47
This is another notable new point of Circular No. 47/2025/TT-NHNN in terms of the procedures for approval of listing on foreign securities markets.
Accordingly, the procedures for approval of the listing of stocks on foreign securities markets by the State Bank of Vietnam, as prescribed in Article 6 of Circular No. 47/2025/TT-NHNN no longer mention the requirement applicable after the State Bank of Vietnam’s written approval takes effect.
Specifically, the content previously stipulated in Clause 3, Article 7 of Circular No. 26/2012/TT-NHNN is no longer provided, namely:
“After the State Bank of Vietnam’s written approval of the listing of stocks on securities markets by a joint-stock credit institution takes effect, the joint-stock credit institution must register the listing on securities markets in accordance with the law on securities.”
Above are the major changes of Circular No. 47/2025/TT-NHNN regarding the listing of stocks on foreign securities markets by joint-stock credit institutions, which takes effect from January 29, 2026.
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