Circular No. 23/2026/TT-NHNN Amending and Supplementing Legal Documents on Foreign Exchange Management Related to Foreign Exchange Service Provision by Non-Credit Institutions

STATE BANK OF VIETNAM SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness No.: 23/2026/TT-NHNN Hanoi, June 10, 2026

CIRCULAR Amending and supplementing certain articles of legal documents on foreign exchange management related to the provision of foreign exchange services by organizations that are not credit institutions

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12; Pursuant to the Law on Credit Institutions No. 32/2024/QH15, as amended and supplemented by Law No. 96/2025/QH15; Pursuant to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11, as amended and supplemented by Ordinance No. 06/2013/UBTVQH13; Pursuant to Decree No. 26/2025/NĐ-CP of the Government regulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam; At the request of the Director of the Foreign Exchange Management Department; The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain articles of legal documents on foreign exchange management related to the provision of foreign exchange services by organizations that are not credit institutions.

CHAPTER I AMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF DECISION NO. 21/2008/QĐ-NHNN ISSUING THE REGULATIONS ON FOREIGN CURRENCY EXCHANGE AGENCY, AS AMENDED AND SUPPLEMENTED BY CIRCULAR NO. 11/2016/TT-NHNN, CIRCULAR NO. 15/2019/TT-NHNN, AND CIRCULAR NO. 75/2025/TT-NHNN

Article 1. Amendment and supplement to Article 7 "Article 7. Dossier for requesting approval for registration of foreign currency exchange agency; registration of change of foreign currency exchange agency

1. The dossier for requesting approval for registration of a foreign currency exchange agency includes: a) Application for approval for registration of a foreign currency exchange agency (according to the model in Appendix 1 issued with these Regulations); b) Power of attorney contract for acting as a foreign currency exchange agency signed by the authorized credit institution with the economic organization, including at least the following contents: (i) Name, address of the head office, and contact telephone number of the contracting parties; (ii) Name and address of the foreign currency exchange agencies; (iii) Regulations stating that the foreign currency exchange agency is only allowed to buy foreign currency in cash (except for agencies located in isolation zones at international border gates) and sell the cash foreign currency exchanged (excluding the retained cash balance) to the authorized credit institution; (iv) Regulations on the principles for determining buy/sell exchange rates (for agencies located in isolation zones at international border gates) for customers and the sell-back exchange rate for cash foreign currency to the authorized credit institution, in accordance with foreign exchange management regulations; regulations on agency commission fees (if any); (v) Rights and obligations of the parties to the contract, clearly stipulating that the foreign currency exchange agency must strictly follow the foreign currency exchange operational procedures; regulations requiring the authorized credit institution to periodically inspect the activities of the agencies to ensure compliance with the contract and legal provisions; (vi) Agreement on the retained cash balance level and the time limit for selling the purchased cash foreign currency to the authorized credit institution; c) Foreign currency exchange operational procedures including main contents: measures to ensure security and safety during foreign currency exchange; recording, issuing invoices to customers, retaining documents, invoices, and books; accounting and financial regimes; reporting regimes; measures and procedures for customer identification and handling suspicious transactions in accordance with anti-money laundering laws; d) Report on the economic organization providing complete public exchange rate notice boards, signs displaying the name of the authorized credit institution, and the name of the foreign currency exchange agency at the transaction location.
2. The dossier for registering a change of foreign currency exchange agency includes: a) Application for registration of change of foreign currency exchange agency (according to the model in Appendix 5 issued with these Regulations); b) Necessary documents related to the changes stipulated in Clause 1, Article 6a of these Regulations; c) Report on the economic organization providing complete public exchange rate notice boards, signs displaying the name of the authorized credit institution, and the name of the foreign currency exchange agency at the transaction location (in case of changing the location of the foreign currency exchange agency).".

Article 2. Amendment and supplement to Article 10 "Article 10. Rights and obligations of the foreign currency exchange agency

1. Publicly display and announce the buy exchange rate for cash foreign currency against the Vietnamese Dong at the location of the foreign currency exchange agency and execute purchases from customers according to the displayed and announced rates. Specifically, foreign currency exchange agencies located in the isolation zones of international border gates must publicly display and announce the buy and sell exchange rates for cash foreign currency against the Vietnamese Dong and execute purchases and sales with customers according to the displayed and announced rates.
2. The buy and sell exchange rates for foreign currency between the credit institution and the agency are implemented according to the agreement in the agency contract between the authorized credit institution and the organization acting as the foreign currency exchange agency, in accordance with current foreign exchange management regulations.
3. Implement the regime for recording invoices for buying and selling foreign currency, updating data and accounting books according to the guidance of the authorized credit institution, in accordance with current accounting and financial regimes. The foreign currency exchange agency acting for a specific authorized credit institution must use the invoices of that authorized credit institution. When performing foreign currency exchange, the agency must provide one copy of the invoice to the customer.
4. The foreign currency exchange agency must maintain the criteria set by the authorized credit institution regarding authorized subjects, strictly comply with the provisions in the foreign currency exchange agency contract, relevant provisions of laws on anti-money laundering, and provisions in these Regulations.
5. During operations, if the foreign currency exchange agency detects cases where customers use counterfeit foreign currency or foreign currency no longer valid for circulation as a means of payment, the agency is responsible for drawing up a report, temporarily detaining the foreign currency, and notifying the competent authority to investigate and handle the case.".

Article 3. Amendment and supplement to Article 11 "Article 11. Rights and obligations of the authorized credit institution

1. The authorized credit institution, based on the need to expand the foreign currency exchange network and the organization's fulfillment of criteria for authorization as a foreign currency exchange agency, considers signing the foreign currency exchange agency contract.
2. Define and apply criteria for selecting subjects to be authorized as foreign currency exchange agencies, including at least criteria regarding: locating the foreign currency exchange agency in areas with many foreign tourists (including: Hotels, tourist villas, tourist apartments, tourist accommodation ships classified according to national standards for tourist accommodation facilities; International border gates; Permitted entertainment and amusement areas for foreigners; Ticket offices of foreign airlines, shipping companies, and travel agencies, and international ticket offices of Vietnamese airlines; Tourist areas, pedestrian streets, shopping centers, supermarkets); the economic organization is not currently acting as a foreign currency exchange agency for another permitted credit institution.
3. Organize short-term classes to train and instruct on skills for identifying genuine and counterfeit foreign currency, methods for recording invoices and accounting books, and skills for identifying suspicious behaviors and transactions in accordance with anti-money laundering laws, and issue Certificates of Confirmation to employees of the foreign currency exchange agency.
4. Provide software to agencies for managing and monitoring foreign currency exchange activities, depending on the specific conditions of the credit institution and the agency organization.
5. Periodically or unexpectedly inspect and control the foreign currency exchange activities of the agencies it authorizes. If a foreign currency exchange agency is found to violate provisions in the Agency Contract and these Regulations, the credit institution shall take appropriate handling measures based on the nature and severity of the violation.
6. In the case of terminating the foreign currency exchange agency contract, within 5 (five) working days from the date of contract termination, the credit institution must notify in writing the State Bank of Vietnam Regional Branch to recall the Certificate of Registration of Foreign Currency Exchange Agency, Certificate of Adjustment of Foreign Currency Exchange Agency (if any), and terminate the agency's foreign currency exchange activities.".

Article 4. Amendment and supplement to Clause 3, Article 12 "3. Issue and revoke the Certificate of Registration of Foreign Currency Exchange Agency for organizations based on the provisions of these Regulations.".

Article 5. Amendment and supplement to Article 15 "Article 15. Reporting regime

1. Quarterly, before the 5th day of the first month of the following quarter, organizations acting as foreign currency exchange agencies must report directly or via postal service to the State Bank of Vietnam Regional Branch (One-Stop Shop) where the foreign currency exchange agency is located regarding the foreign currency exchange situation in the quarter according to Appendix 3 attached to these Regulations. The data cutoff time for reporting is calculated from the 15th of the month preceding the reporting period to the 14th of the last month of the quarter belonging to the reporting period.
2. Quarterly, before the 15th day of the first month of the following quarter, the State Bank of Vietnam Regional Branch synthesizes the foreign currency exchange situation in the area for the quarter and reports to the State Bank of Vietnam (Foreign Exchange Management Department) according to Appendix 4 attached to these Regulations. Electronic reports are sent via the State Bank of Vietnam Statistical Reporting System.".

Article 6. Repeal of Point c, Clause 4, Article 7a

CHAPTER II AMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF CIRCULAR NO. 04/2023/TT-NHNN REGULATING THE ACTIVITY OF EXCHANGE AGENCY FOR CURRENCY OF BORDERING COUNTRIES

Article 7. Supplement Article 2a after Article 2 "Article 2a. Interpretation of terms In this Circular, the following terms are understood as follows:

1. Authorized credit institution is a credit institution permitted to authorize an economic organization to act as an exchange agency for the currency of a bordering country. The authorized credit institution must have its head office and/or branch in the province/city where the land border area is located in the area where the economic organization places its currency exchange agency.
2. State Bank of Vietnam Regional Branch with a border province/city refers to the State Bank of Vietnam Regional Branch in provinces/cities with land border areas shared with China, Laos, and Cambodia.
3. Currency of a bordering country refers to Chinese Renminbi (CNY), Lao Kip (LAK), and Cambodian Riel (KHR). Currency of a specific country can only be exchanged in the land border area or the port economic zone adjacent to that country.
4. Land border area and port economic zone are determined according to relevant legal provisions.".

Article 8. Supplement Article 3a after Article 3 "Article 3a. Principles for preparing, sending, receiving, and returning results of dossiers for requesting issuance, re-issuance, adjustment, and extension of the Certificate of Registration of Exchange Agency for Currency of Bordering Countries

1. The dossier for requesting issuance, re-issuance, adjustment, or extension of the Certificate of Registration of Exchange Agency for Currency of Bordering Countries (hereinafter referred to as the Certificate) must be submitted directly at the One-Stop Shop of the State Bank of Vietnam Regional Branch with a border province/city, or sent via postal service to the State Bank of Vietnam Regional Branch with a border province/city, or submitted online via the National Public Service Portal.
2. The time limit for checking the completeness and accuracy of the dossier is 03 working days from when the State Bank of Vietnam Administrative Procedure Resolution Information System receives the dossier via online method, or from when the One-Stop Shop of the State Bank of Vietnam Regional Branch with a border province/city receives the dossier via direct or postal method.
3. In case the dossier is sent online via the National Public Service Portal, the electronic dossier must use digital signatures according to regulations on implementing administrative procedures in the electronic environment. In case the administrative procedure is not yet provided online on the National Public Service Portal or the National Public Service Portal system encounters faults preventing electronic information reception and exchange, the submission of dossiers, reception, return of results, and information exchange and feedback are implemented via postal service or directly at the One-Stop Shop of the State Bank of Vietnam Regional Branch with a border province/city.
4. Documents in the electronic dossier are electronic documents, scanned electronic copies from originals, or primary copies (PDF format files).
5. Documents in the paper dossier are implemented as follows: a) The application for issuance, re-issuance, adjustment, or extension of the Certificate of Exchange Agency for Currency of Bordering Countries must be the original or primary copy; b) Contracts, agreements, and documents signed or issued by the organization must be originals, primary copies, certified copies, or copies confirmed by the organization as being from the primary copy; c) Other documents in the dossier are originals, primary copies, copies from the original register, or certified copies.
6. The dossier for requesting issuance, re-issuance, adjustment, or extension of the Certificate must be prepared in Vietnamese. In case the original dossier is in a foreign language, it must be translated into Vietnamese and the translator's signature must be authenticated according to Vietnamese law on authentication, except for contracts, agreements, and documents signed or issued by the organizations, which may be self-translated and confirmed by the organization, bearing responsibility for the accuracy of the translation.
7. The organization is responsible for the accuracy and truthfulness of the information stated in the application dossier.".

Article 9. Supplement Article 3b after Article 3a "Article 3b. Cases for re-issuance and adjustment of the Certificate

1. The economic organization must make procedures to request re-issuance of the Certificate at the State Bank of Vietnam Regional Branch with a border province/city where the Certificate was issued in the following cases: a) The Certificate is lost or damaged due to natural disasters, fires, or other objective causes; b) The economic organization undergoes reorganization (division, separation, merger, amalgamation, conversion of business enterprise type) according to the Law on Enterprises. Within 30 days from the date of completing reorganization procedures, the economic organization must make procedures to request re-issuance of the Certificate with the State Bank of Vietnam Regional Branch with a border province/city.
2. The economic organization must make procedures to request adjustment of the Certificate at the State Bank of Vietnam Regional Branch with a border province/city where the Certificate was issued for the following changes: a) Change of name or address of the economic organization; b) Change of location of the exchange agency for currency of a bordering country; c) Increase in the number of exchange agencies for currency of a bordering country; d) Increase in the retained cash balance level for currency of a bordering country. In the case stipulated in point a, within 30 days from the date of completing name and address change procedures, the economic organization must make procedures to request adjustment of the Certificate with the State Bank of Vietnam Regional Branch with a border province/city.
3. The economic organization is still allowed to perform exchange agency activities for currency of a bordering country during the time of making procedures to request re-issuance or adjustment of the Certificate.
4. In case of change of name of the authorized credit institution, or decrease in the number of exchange agencies for currency of a bordering country, the economic organization must notify the State Bank of Vietnam Regional Branch with a border province/city where the Certificate was issued within 30 days from the date of change.".

Article 10. Supplement Article 3c after Article 3b "Article 3c. Dossiers for requesting issuance, re-issuance, adjustment, and extension of the Certificate

1. The dossier for requesting issuance of the Certificate includes: a) Application for issuance of the Certificate (according to Appendix 3 issued with this Circular); b) Report on the economic organization providing complete public exchange rate notice boards, signs displaying the name of the authorized credit institution, and the name of the exchange agency for currency of a bordering country at the transaction location; c) Operational procedures for exchanging currency of a bordering country including main contents: measures to ensure security and safety during the exchange of currency of a bordering country; recording, issuing invoices to customers, retaining documents, invoices, and books; accounting and financial regimes; reporting regimes; measures for handling cases of discovering counterfeit money or money not meeting circulation standards; d) Copy of the contract for exchange agency for currency of a bordering country signed with the authorized credit institution, including main contents: (i) Name, address of head office/branch, and contact telephone number of the contracting parties; (ii) Name and address of the exchange agencies for currency of a bordering country; (iii) Regulations stating that the exchange agency for currency of a bordering country is only allowed to buy currency of a bordering country in cash (except for agencies located in departure waiting areas at international border gates, main border gates) and sell the purchased cash (excluding the retained cash balance) to the authorized credit institution; (iv) Regulations on the principles for determining buy/sell exchange rates (regulations on determining the sell exchange rate only apply to agencies located in departure waiting areas at international border gates, main border gates) for customers and the sell-back exchange rate for cash currency of a bordering country to the authorized credit institution, in accordance with foreign exchange management regulations; regulations on agency commission fees (if any); (v) Rights and obligations of the parties to the contract, clearly stipulating that the exchange agency for currency of a bordering country must strictly follow the operational procedures for exchanging currency of a bordering country; regulations requiring the authorized credit institution to periodically inspect the activities of the agencies to ensure compliance with the contract and legal provisions; regulations on handling violations in case the exchange agency for currency of a bordering country violates the contract and legal provisions on exchange agency activities for currency of a bordering country; (vi) Agreement on the retained cash balance level and the time limit for selling the purchased cash currency of a bordering country to the authorized credit institution.
2. The dossier for requesting re-issuance of the Certificate includes: a) Application for re-issuance of the Certificate, specifically stating the reason for re-issuance (according to Appendix 3 issued with this Circular); b) Copy of the contract for exchange agency for currency of a bordering country signed with the authorized credit institution (in case the economic organization undergoes reorganization).
3. The dossier for requesting adjustment of the Certificate includes: a) Application for adjustment of the Certificate, specifically stating the reason for adjustment (according to Appendix 4 issued with this Circular); b) Copies of necessary documents related to the adjustments stipulated in Clause 2, Article 3b of this Circular; c) Report on the economic organization providing complete public exchange rate notice boards, signs displaying the name of the authorized credit institution, and the name of the exchange agency for currency of a bordering country at the transaction location (in case of changing the location of the exchange agency for currency of a bordering country).
4. The dossier for requesting extension of the Certificate includes: a) Application for extension of the Certificate (according to Appendix 4 issued with this Circular); b) Copy of the valid contract for exchange agency for currency of a bordering country signed with the authorized credit institution; c) Report evaluating the results of performing exchange agency activities for currency of a bordering country according to the issued Certificate.".

Article 11. Supplement Article 3d after Article 3c "Article 3d. Sequence and procedures for dossiers for requesting issuance, re-issuance, adjustment, and extension of the Certificate

1. The economic organization needing to request issuance, re-issuance, adjustment, or extension of the Certificate prepares 01 set of dossiers according to the principles stipulated in Clause 1, Article 3a of this Circular. In case the economic organization requests extension of the Certificate, the economic organization must submit the dossier at least 30 days before the Certificate expires.
2. In case the dossier is incomplete or invalid, within 07 working days from the date of receiving the dossier, the State Bank of Vietnam Regional Branch with a border province/city must issue a written request for the economic organization to supplement the dossier. Within 15 working days from the date of receiving a complete and valid dossier, the State Bank of Vietnam Regional Branch with a border province/city considers issuing/re-issuing the Certificate (according to Appendix 5 issued with this Circular) or Certificate of Adjustment/Extension (according to Appendix 6 issued with this Circular) for the economic organization. In case of refusal, the State Bank of Vietnam Regional Branch with a border province/city issues a written notice clearly stating the reason.
3. The Certificate is only issued to the economic organization, not to the branch of the economic organization.
4. The validity period of the Certificate is consistent with the validity period of the contract for exchange agency for currency of a bordering country signed between the economic organization and the authorized credit institution, but shall not exceed 05 years from the date of issuance.".

Article 12. Supplement Article 3đ after Article 3d "Article 3đ. Revocation of the Certificate

1. The State Bank of Vietnam Regional Branch with a border province/city revokes the Certificate, Certificate of Adjustment/Extension in the following cases: a) The economic organization does not perform exchange agency activities for currency of a bordering country for 12 months from the date of receiving the Certificate; b) The economic organization ceases operations or does not generate transaction volume for exchanging currency of a bordering country for 12 consecutive months; c) The economic organization sends a written request to the State Bank of Vietnam Regional Branch with a border province/city to terminate exchange agency activities for currency of a bordering country; d) Other cases of revocation according to regulations on administrative penalties in the field of currency and banking.
2. Sequence and procedures for revocation: a) The State Bank of Vietnam Regional Branch with a border province/city issues a Decision to revoke the Certificate, Certificate of Adjustment/Extension (according to Appendix 7 issued with this Circular); b) Within 15 days from the date the Decision to revoke takes effect, the economic organization is responsible for terminating exchange agency activities for currency of a bordering country and submitting the original Certificate, Certificate of Adjustment/Extension (if any) to the State Bank of Vietnam Regional Branch with a border province/city where the Certificate, Certificate of Adjustment/Extension was issued.".

Article 13. Supplement Article 3e after Article 3đ "Article 3e. Cases of automatic expiration of validity The Certificate automatically expires in the following cases:

1. The authorized credit institution or economic organization is dissolved or bankrupt according to legal provisions.
2. The authorized credit institution or economic organization has its Business Registration Certificate, Investment Registration Certificate, Branch Operation Registration Certificate, or other equivalent documents revoked by a competent state agency according to legal provisions.
3. The authorized credit institution terminates the contract for exchange agency for currency of a bordering country with the economic organization.".

Article 14. Amendment and supplement to Article 6 "Article 6. Rights and obligations of the exchange agency for currency of a bordering country

1. Publicly display and announce the buy exchange rate for cash currency of a bordering country against the Vietnamese Dong at the location of the exchange agency for currency of a bordering country and execute purchases from customers according to the displayed and announced rates. Specifically, exchange agencies for currency of a bordering country located in departure waiting areas at international border gates, main border gates, must publicly display and announce the buy and sell exchange rates for cash currency of a bordering country against the Vietnamese Dong and execute purchases and sales with customers according to the displayed and announced rates.
2. The buy and sell exchange rates for currency of a bordering country between the authorized credit institution and the agency are implemented according to the agreement in the contract for exchange agency for currency of a bordering country between the authorized credit institution and the economic organization acting as the exchange agency for currency of a bordering country, in accordance with current foreign exchange management regulations.
3. Implement the regime for recording invoices for buying and selling currency of a bordering country, updating data and accounting books according to the guidance of the authorized credit institution, in accordance with current accounting and financial regimes. The exchange agency for currency of a bordering country acting for a specific authorized credit institution must use the invoices of that authorized credit institution. When performing exchange of currency of a bordering country, the agency must provide one copy of the invoice to the customer.
4. The exchange agency for currency of a bordering country must maintain the criteria set by the authorized credit institution regarding authorized subjects, strictly comply with the...