CIRCULAR

Prescribing the domestic issuance of deposit certificates by credit institutions and foreign bank branches

Pursuant to the Law on the State bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Government’s Decree No. 26/2025/ND-CP dated February 24, 2025, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Monetary Policy Department;

The Governor of the State Bank of Vietnam promulgates the Circular prescribing the domestic issuance of deposit certificates by credit institutions and foreign bank branches.

Article 1. Scope of regulation

This Circular prescribes the domestic issuance of deposit certificates by credit institutions and foreign bank branches in the territory of Vietnam.

Article 2. Deposit certificate issuers

Credit institutions and foreign bank branches issuing deposit certificates under their establishment and operation licenses or foreign bank branch establishment licenses include:

1. Commercial banks.

2. Cooperative banks.

3. General finance companies and specialized financial companies.

4. Foreign bank branches.

Article 3. Purchasers of deposit certificates

1. Purchasers of deposit certificates issued by commercial banks, cooperative banks and foreign bank branches include organizations (including credit institutions and foreign bank branches), Vietnamese individuals, and foreign organizations and individuals.

2. Purchasers of deposit certificates issued by general finance companies and specialized financial companies include Vietnamese organizations (including credit institutions and foreign bank branches), and foreign organizations.

Article 4. Interpretation of terms

For the purpose of this Circular, the term below is construed as follows:

Deposit certificate means a form of deposit in the form of a valuable paper and serves as evidence acknowledging the obligation of an issuing credit institution or foreign bank branch to repay debts to a purchaser of deposit certificates within a certain time limit and under interest payment conditions and other conditions.

Article 5. Currency used in issuance and payment

Deposit certificates shall be issued and paid in Vietnam dong.

Article 6. Interest rates

1. Interest rates of deposit certificates shall be decided by issuing credit institutions or foreign bank branches in accordance with regulations of the State Bank of Vietnam (below referred to as the State Bank) on interest rates in each period.

2. Methods of calculating interest rates of deposit certificates must comply with the State Bank’s regulations.

Article 7. Term to maturity, date of issuance and maturity date of deposit certificates

1. The term to maturity, date of issuance and maturity date of deposit certificates shall be decided by issuing credit institutions or foreign bank branches.

2. In case where the purchasers are other credit institutions and foreign bank branches, the issuing credit institutions and foreign bank branches may only issue deposit certificates with a term of under 12 months.

Article 8. Par value of deposit certificates

 Par value of a deposit certificate is VND 100,000 (one hundred thousand) or a multiple of VND 100,000 (one hundred thousand). The specific par value of a deposit certificate shall be decided by the issuing credit institution or foreign bank branch, or as agreed upon between the credit institution or foreign bank branch and the purchaser.

Article 9. Issuance method

1. Credit institutions and foreign bank branches shall directly issue deposit certificates to purchasers at lawful transaction locations within their domestic operating networks (hereinafter referred to as transaction locations) or via electronic means.

2. In case of issuance via electronic means, the issuing credit institution or foreign bank branch shall issue to the purchaser a certificate of ownership over the deposit certificate in the electronic environment.

3. In case of issuance of deposit certificates to purchasers at transaction locations, the issuing credit institution or foreign bank branch shall provide the purchaser with the deposit certificate in the form of a physical certificate. The credit institution or foreign bank branch shall design and print such certificates in a way that avoids them from being counterfeited.

4. In case non-residents being organizations or individuals, and residents being foreign individuals, purchase deposit certificates, the credit institution or foreign bank branch shall only issue deposit certificates at transaction locations directly to the purchaser.

Article 10. Contents of deposit certificates

1. A deposit certificate in the form of a physical certificate or a certificate of ownership over the deposit certificate in the electronic environment must contain the following contents:

a) Name of the issuing credit institution or foreign bank branch;

b) Title of the deposit certificate;

c) Code or issuance serial number;

d) Par value, term to maturity, date of issuance and maturity date;

dd) Interest rate, method of interest payment, and time of interest payment;

e) Transaction location for principal and interest payment, or the purchaser’s payment account for receiving principal and interest;

g) Full name of the purchaser, valid personal identification number or passport (for an individual purchaser); or name, serial number of establishment license or enterprise identification number (for an institutional purchaser), and address of the purchaser;

h) Means for the purchaser to access information on the deposit certificate;

i) Signature of the lawful representative of the issuing credit institution or foreign bank branch;

h) The content stating that the owner may only transfer its/his/her ownership to an organization, for deposit certificates issued by general finance companies or specialized financial companies.

2. Other contents of deposit certificates shall be prescribed by the issuing credit institution or foreign bank branch, provided that they are not contrary to current legal regulations.

Article 11. Use of deposit certificates as collaterals

Deposit certificates may be used as collaterals under guidance of credit institutions or foreign bank branches in accordance with the law on securing the performance of obligations.

Article 12. Transfer of ownership over deposit certificates and handling of risks

1. Ownership over deposit certificates shall be transferred by modes of purchase, sale, giving as gifts, donation, exchange, and inheritance, and other modes in accordance with laws.

2. Procedures for transferring ownership over deposit certificates or handling risks (when deposit certificates are creased, torn or lost and other risks) shall be specified by credit institutions or foreign bank branches in accordance with relevant laws and in conformity with business characteristics and conditions of issuing credit institutions or foreign bank branches, while guaranteeing the lawful interests of purchasers of deposit certificates and the operational safety of the credit institutions or foreign bank branches.

The procedures for receiving the transfer of ownership of deposit certificates by non-residents being organizations or individuals, and residents being foreign individuals, must be carried out directly at the transaction locations of the issuing credit institutions or foreign bank branches.

3. Deposit certificates issued by general finance companies or specialized financial companies may only be transferred in ownership between organizations.

Article 13. Information inquiry measures and notification measures upon changes in deposit certificate information

1. Credit institutions and foreign bank branches shall provide at least one measure for purchasers to inquire about information related to the purchased deposit certificates.

2. Credit institutions and foreign bank branches and purchasers may agree upon additional measures, in addition to the measure specified in Clause 1 of this Article, to enable purchasers to inquire about information related to the purchased deposit certificates, and measures for credit institutions and foreign bank branches to notify purchasers in case of any changes to information concerning the purchased deposit certificates.

3. Credit institutions and foreign bank branches shall ensure the retention, in accordance with legal regulations, of information related to the issuance and payment of deposit certificates, information related to the use of deposit certificates as collateral (if any), and the transfer of ownership of deposit certificates, in order to meet purchasers’ requests for inquiry and verification of deposit certificate information and for dispute resolution.

Article 14. Payment of deposit certificates

1. Credit institutions and foreign bank branches shall be responsible for fully and punctually paying the principal and interest of deposit certificates to purchasers in accordance with the agreement and in compliance with this Circular and relevant laws.

2. Methods of payment of principals and interests of deposit certificates shall be prescribed by credit institutions or foreign bank branches in accordance with relevant laws, and informed to purchasers of deposit certificates before the issuance of deposit certificates.

3. Premature payment of deposit certificates at the request of the purchaser shall be regulated by credit institutions or foreign bank branches, ensuring the operational safety of the credit institutions or foreign bank branches. Interests applied in case of premature payment of deposit certificates must comply with the State Bank’s regulations on the application of interest rates for premature withdrawal of deposits at credit institutions or foreign bank branches.

4. In case non-residents being organizations or individuals, and residents being foreign individuals, purchase deposit certificates in cash, credit institutions or foreign bank branches shall only make payment of the corresponding principal and interest in cash.

Article 15. Process for issuance and payment of deposit certificates

1. The process for issuance and payment of deposit certificates, including the process for issuance and payment via electronic means (if any), shall be prescribed by credit institutions or foreign bank branches in compliance with the provisions of this Circular, regulations on the opening and use of accounts, regulations on cybersecurity and information security, regulations on electronic transactions, regulations on anti-money laundering, and other relevant laws; in conformity with the characteristics and management model of the credit institutions or foreign bank branches; ensuring the accuracy of issuance and payment of deposit certificates; and ensuring the operational safety of the credit institutions or foreign bank branches as well as the security of assets for the purchasers of deposit certificates.

2. Credit institutions and foreign bank branches shall provide full information to purchasers of deposit certificates regarding their rights and obligations, and the process of issuance and payment of deposit certificates between the purchasers and the credit institutions or foreign bank branches.

Article 16. Issuance and payment of deposit certificates via electronic means

1. The issuance and payment of deposit certificates via electronic means shall be guided by credit institutions or foreign bank branches in conformity with this Circular and relevant laws.

2. For the method of issuing deposit certificates via electronic means, the transfer of funds for purchase and the receipt of payments for deposit certificates shall be conducted through the purchaser’s payment account at credit institutions or foreign bank branches; or through the purchaser’s payment account at the State Bank, in the case where the purchaser is a credit institution or foreign bank branch.

3. Credit institutions and foreign bank branches shall display to the purchaser at least the information on the contents of the deposit certificate as prescribed in Article 10 of this Circular, and shall implement technical solutions enabling the purchaser to confirm that they have fully read the contents of the deposit certificate.

Article 17. Internal regulations

Pursuant to the Law on Credit Institutions, this Circular and relevant laws, credit institutions and foreign bank branches shall promulgate their internal regulations on issuance and payment of deposit certificates, including the issuance and payment of deposit certificates via electronic means (if any) in compatibility with their management models and business characteristics and conditions, ensuring the safety of their operation. Such internal regulations must specify responsibilities and obligations of each division and individual involved in the issuance of deposit certificates.

Article 18. Implementation provision

1. This Circular takes effect from June 16, 2025.

2. This Circular repeals:

a) The State Bank Governor’s Circular No. 01/2021/TT-NHNN dated March 31, 2021, prescribing the domestic issuance of promissory notes, treasury bills, deposit certificates and bonds by credit institutions and foreign bank branches;

b) Clause 2, Article 6 of the State Bank Governor’s Circular No. 12/2021/TT-NHNN dated July 30, 2021, prescribing purchase and sale by credit institutions or foreign bank branches of promissory notes, treasury bills, deposit certificates and bonds issued domestically by other credit institutions or foreign bank branches.

3. For deposit certificates that have been issued and remain outstanding as of the effective date of this Circular, credit institutions, foreign bank branches, and purchasers of deposit certificates shall continue to comply with the agreed-upon terms until full payment of the deposit certificates is completed.

Article 19. Implementation organization

The Chief of the Office, the Director of the Monetary Policy Department, and heads of the units of the State Bank, credit institutions and foreign bank branches shall organize the implementation of this Circular./.