Circular 02/2025/TT-NHNN domestic issuance of deposit certificates by credit institutions and foreign bank branches

CIRCULAR

On the issuance of domestic deposit certificates by credit institutions and foreign bank branches^[1]

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

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

Pursuant to the Government’s Decree No. 26/2025/ND-CP of 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 on the issuance of domestic deposit certificates by credit institutions and foreign bank branches.

Article 1. Scope of regulation

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

Article 2. Issuers of deposit certificates

Credit institutions and foreign bank branches issuing deposit certificates under their establishment and operation licenses, for credit institutions, or establishment licenses, for foreign bank backs, include:

1. Commercial banks.

2. Cooperative banks.

3. General finance companies and specialized finance 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 are Vietnamese organizations (including also credit institutions and foreign bank branches) and individuals, and foreign organizations and individuals.

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

Article 4. Interpretation of terms

In this Circular, the term below is construed as follows:

Deposit certificate means a type of deposit in the form of valuable paper and constitutes evidence acknowledging the issuing credit institution’s or foreign bank branch’s obligation to repay the debt to the purchaser of the deposit certificate within a certain time, with 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 the issuing credit institutions or foreign bank branches in accordance with current 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 amounts 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. Term to maturity, date of issuance and maturity date of deposit certificates shall be decided by the issuing credit institutions or foreign bank branches.

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

Article 8. Par value of deposit certificates

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

Article 9. Methods of issuance

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

2. In case of issuance of deposit certificates via electronic means, credit institutions and foreign bank branches shall issue a certificate of deposit certificate ownership to purchasers in the electronic environment.

3. In case of issuing deposit certificates to purchasers at transaction locations, credit institutions and foreign bank branches shall issue deposit certificates to the purchasers in the form of certificate. Credit institutions and foreign bank branches shall design and print certificates in a way that can ensure their high anti-counterfeiting capability.

4. In case purchasers are non-resident organizations or individuals or foreign resident individuals, credit institutions and foreign bank branches may only issue deposit certificates directly to purchasers at transaction locations.

Article 10. Contents of deposit certificates

1. A deposit certificate in the form of certificate or certificate of deposit certificate ownership in the electronic environment must have the following contents:

a/ Name of the issuer;

b/ Title of the deposit certificate;

c/ Issuance code and serial number;

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

dd/ Interest rate, mode of interest payment, and time of interest payment;

e/ Place for principal and interest payment; or bank account of the purchaser of the deposit certificate for receiving principal and interest payment;

g/ Full name, valid personal identification number or passport number of the purchaser being an individual; or name, serial number of the establishment license or enterprise identification number of the purchaser being an organization; and address of the purchaser;

h/ Measures for the purchaser to look up information on the deposit certificate;

i/ Signature of the legal representative of the credit institution or foreign bank branch issuing the certificate;

k/ The statement that the purchaser may only transfer the ownership over the deposit certificate to an organization, for deposit certificates issued by general finance companies or specialized finance companies.

2. Other contents of a deposit certificate shall be specified by the issuing credit institution or foreign bank branch but must not contravene current regulations.

Article 11. Use of deposit certificates as collateral

Deposit certificates may be used as collateral under instructions of credit institutions or foreign bank branches in accordance with the law on security for performance of obligations.

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

1. Ownership over deposit certificates may be transferred in the forms of purchase, sale, giving as gifts, donation, exchange and inheritance, and other forms in accordance with law. 

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

3. Ownership over deposit certificates issued by general finance companies or specialized financial companies shall only be transferred among organizations.

Article 13. Measures for information lookup and notification in case of changes in deposit certificate information

1. Credit institutions and foreign bank branches must provide at least one method for purchasers to look up information about the deposit certificates they have purchased.

2. The credit institutions or foreign bank branches and the purchasers may reach an agreement on additional methods in addition to the method specified in Clause 1 of this Article for the purchasers to look up information about their purchased deposit certificates and methods for the credit institutions or foreign bank branches to notify the purchasers of changes in information about the deposit certificates they have purchased.

3. The credit institutions and foreign bank branches must retain information relating to the issuance and payment of deposit certificates, the use of deposit certificates as collateral (if any) and the transfer of ownership over deposit certificates to meet the purchasers’ requirements for looking up, cross-checking and examining information about deposit certificates and resolving disputes.

Article 14. Payment of deposit certificates

1. Credit institutions and foreign bank branches shall pay principals and interests in full and on time to purchasers of deposit certificates as agreed upon in accordance with this Circular and other relevant laws.

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

3. The premature payment of deposit certificates at the request of deposit certificate purchasers shall be specified by credit institutions or foreign bank branches, ensuring the safety of their operation. 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 and foreign bank branches.

4. In case a non-resident organization or individual, or a resident who is a foreign individual, purchases a deposit certificate in cash, the issuing credit institution or foreign bank branch may only pay the principal and corresponding interest in cash.

Article 15. Process of issuance and payment of deposit certificates

1. The process of issuance and payment of deposit certificates, including also the process of issuance and payment of deposit certificates via electronic means (if any) shall be specified by credit institutions or foreign bank branches in accordance with this Circular, regulations on opening and use of accounts, regulations on cyber information security and cyber security, regulations on e-transactions, regulations on anti-money laundering, and other relevant laws; in conformity with their characteristics and management models; ensuring the accurate issuance and payment of deposit certificates, operational safety for credit institutions or foreign bank branches, and asset safety for deposit certificate purchasers.

2. Credit institutions or foreign bank branches shall provide deposit certificate purchasers with sufficient information about rights and obligations of purchasers, the process of issuance and payment of deposit certificates between them and the purchasers.

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

1. Credit institutions and foreign bank branches shall provide instructions on issuance and payment of deposit certificates via electronic means in accordance with this Circular and other relevant laws.

2. For cases of issuance of deposit certificates via electronic means, the transfer and receipt of payments for purchase of deposit certificates shall be carried out through the purchasers’ payment accounts at credit institutions or foreign bank branches, or through the purchasers’ payment accounts at the State Bank of Vietnam, in the case the purchasers are credit institutions or foreign bank branches.

3. Credit institutions and foreign bank branches must display to the purchasers at least the information specified in Article 10 of this Circular regarding the contents of deposit certificates, and must implement technical solutions for the purchasers to confirm that they have fully read the contents of the deposit certificates.

Article 17. Internal regulations

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

Article 18. Implementation provisions

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

2. This Circular annuls:

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

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

3. For issued deposit certificates which have outstanding balances by the effective date of this Circular, credit institutions, foreign bank branches, and purchasers of deposit certificates shall continue to implement the agreed-upon terms until the deposit certificates are fully paid.

Article 19. Organization of implementation

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.-

For the Governor of the State Bank of Vietnam
Deputy Governor
PHAM THANH HA