Press Release on issuance of Circular No.02/2025/TT-NHNN
Hanoi, April 29, 2025. The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 02/2025/TT-NHNN stipulating the issuance of domestic deposit certificates by the credit institutions and the foreign bank branches.
The new Circular is composed of 19 Articles, regulating the following operations:
- The issuance of domestic deposit certificates by the credit institutions and the foreign bank branches in Vietnam.
- The subjects allowed to purchase the deposit certificates are Vietnamese organizations (including the credit institutions and the foreign bank branches) and individuals, and foreign organizations and individuals. For the cases when the buyers of the deposit certificates are other credit institutions and foreign bank branches, the issuing credit institution or foreign bank branch shall only be permitted to issue deposit certificates with maturity terms of less than 12 months.
- The subjects allowed to purchase the deposit certificates issued by general finance companies and specialized finance companies are organizations in Vietnam (including the credit institutions and the foreign bank branches) and foreign organizations.
- The Circular supplements additional requirements for measures to look up the information of the purchased deposit certificates in order to provide a means of protection of the buyers’ rights.
- In addition to the direct issuance as already conducted, the Circular supplements additional regulations on the issuance of deposit certificates by electronic means to ensure compliance with the provisions of the 2023 Law on Electronic Transactions.
- The Circular also provides specific regulations on the issuance and payment methods for deposit certificates purchased by non-resident organizations and individuals, as well as resident foreign individuals. The credit institutions and the foreign bank branches are only permitted to issue deposit certificates at the transaction locations directly to the purchasers. When deposit certificates are purchased in cash, the credit institutions and the foreign bank branches must repay both the principal and the interest in cash accordingly. The purchasers are required to comply with the provisions of the law on foreign exchange management.
The new Circular will enter into force on June 16, 2025.
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