Circular 59/2024/TT-NHNN amend Circular 12/2021/TT-NHNN prescribing purchase and sale of deposit certificates and bonds

CIRCULAR

Amending and supplementing a number of articles of Circular No. 12/2021/TT-NHNN dated July 30, 2021, of the Governor of the State Bank of Vietnam, 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

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Pursuant to the Law No.46/2010/QH12 on the State Bank of Vietnam dated June 16, 2010;

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

Pursuant to the Law on Securities dated November 26, 2019; the Law Amending and Supplementing a Number of Articles of the Law on Securities, Accounting Law, Law on Independent Audit, Law on the State Budget, Law on Management and Use of Public Property, Law on Tax Administration, Law on Personal Income Tax, Law on the National Reserve and Law on Handling of Administrative Violations dated November 29, 2025;

Pursuant to the Government’s Decree No. 102/2022/ND-CP dated December 12, 2022, 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 hereby promulgates the Circular amending and supplementing a number of articles of Circular No. 12/2021/TT-NHNN dated July 30, 2021, of the Governor of the State Bank of Vietnam, 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.

Article 1. Amending and supplementing a number of articles of Circular No. 12/2021/TT-NHNN

1. To amend and supplement Clause 1 Article 2 as follows:

“1. Credit institutions and foreign bank branches established and operating in accordance with the Law on Credit Institutions, including commercial banks, cooperative banks, non-bank credit institutions, and foreign bank branches (below collectively referred to as credit institutions and foreign bank branches).”

2. To amend and supplement Clause 1 Article 3 as follows:

“1. Credit institutions and foreign bank branches may purchase and sell valuable papers when obtaining permission as prescribed by law, as specified in establishment and operation licenses (for credit institutions), or foreign bank branch establishment licenses (for foreign bank branches) issued by the State Bank of Vietnam (hereinafter referred to as Licenses) as follows:

a) Credit institutions (except for credit institutions specified at Point b of this Clause), foreign bank branches may purchase and sell deposit certificates if their Licenses specify the purchase and sale of other valuable papers; may purchase and sell bonds issued domestically by other credit institutions or foreign bank branches if their Licenses specify the purchase and sale of corporate bonds;

b) Specialized finance companies may purchase and sell deposit certificates if their Licenses specify the purchase and sale of deposit certificates issued domestically by credit institutions or foreign bank branches.”

3. To amend and supplement Clause 5 Article 3 as follows:

“5. Credit institutions and foreign bank branches (except for specialized finance companies) shall purchase and sell bonds issued domestically by other credit institutions in accordance with the Law on Credit Institutions, the Law on Securities, the Government’s decree on issuance of corporate bonds, other documents guiding the Law on Securities, relevant laws, and this Circular.”

4. To amend and supplement Clause 8 Article 3 as follows:

“8. For valuable papers synthesized by finance companies or specialized finance companies, credit institutions and foreign bank branches may only purchase or sell them from/to organizations (including also credit institutions and foreign bank branches).”

Article 2. Annulling phrases of Circular No. 12/2021/TT-NHNN

To annul the phrase “promissory notes, treasury bills” in Circular No. 12/2021/TT-NHNN (except for Clause 2 Article 6) and in the title of the Circular.

Article 3. Responsibility for implementation organization

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

Article 4. Implementation provisions

1. This Circular takes effect on March 15, 2025.

2. The purchase and sale of promissory notes, treasury bills issued before the effective date of the 2024 Law on Credit Institutions by credit institutions and foreign bank branches shall comply with provisions applicable to the purchase and sale of deposit certificates specified in Circular No. 12/2021/TT-NHNN, which was amended and supplemented under this Circular.