Circular No. 23/2026/TT-NHNN Amending and Supplementing Certain Articles of 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 foreign exchange service provision by non-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, amended and supplemented by Law No. 96/2025/QH15; Pursuant to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11, amended and supplemented by Ordinance No. 06/2013/UBTVQH13; Pursuant to Decree No. 26/2025/ND-CP of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam; At the proposal of the Director of the Foreign Exchange Management Department; The Governor of the State Bank of Vietnam promulgates a Circular amending and supplementing certain articles of legal documents on foreign exchange management related to foreign exchange service provision by non-credit institutions.
Chapter I
AMENDING AND SUPPLEMENTING CERTAIN ARTICLES OF DECISION NO. 21/2008/QD-NHNN PROMULGATING THE REGULATION ON FOREIGN CURRENCY EXCHANGE AGENTS, 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. Amending and supplementing Article 7
“Article 7. Dossier for requesting approval of foreign currency exchange agent registration; registration for change of foreign currency exchange agent

1. A dossier for requesting approval of foreign currency exchange agent registration includes:
   a) Application for approval of foreign currency exchange agent registration (according to the form in Appendix 1 issued with this Regulation); b) Foreign currency exchange agent authorization contract signed by the authorizing credit institution with the economic organization, including at least the following contents:
   (i) Name, head office address, contact phone number of the contracting parties; (ii) Names, addresses of the foreign currency exchange agents; (iii) Stipulation that foreign currency exchange agents may only purchase foreign currency in cash (except for agents located in isolated areas at international border gates) and resell the purchased foreign currency cash (excluding the retained cash fund) to the authorizing credit institution; (iv) Stipulation on the principle for determining the buying and selling exchange rates (for agents located in isolated areas at international border gates) for customers and the resale exchange rate of foreign currency cash to the authorizing credit institution in accordance with foreign exchange management regulations; stipulation on types of agent commission fees (if any); (v) Rights and obligations of the parties to the contract, clearly stipulating that the foreign currency exchange agent must strictly comply with the foreign currency exchange operational procedures; stipulating that the authorizing credit institution must periodically inspect the agents' operations to ensure compliance with the contract and legal provisions; (vi) Agreement on the retained cash fund limit and the deadline for selling the purchased foreign currency cash to the authorizing credit institution; c) Foreign currency exchange operational procedures including the following main contents: measures to ensure security and safety during foreign currency exchange; recording, issuing invoices to customers, retaining documents, invoices, ledgers; accounting regime; reporting regime; measures and procedures for customer identification and handling suspicious transactions in accordance with anti-money laundering laws; d) Report on the economic organization's full display of public exchange rate boards, signs indicating the name of the authorizing credit institution and the foreign currency exchange agent at the transaction location.
2. A dossier for registering changes to a foreign currency exchange agent includes:
   a) Application for registering changes to a foreign currency exchange agent (according to the form in Appendix 5 issued with this Regulation); b) Necessary documents related to the changes stipulated in Clause 1, Article 6a of this Regulation; c) Report on the economic organization's full display of public exchange rate boards, signs indicating the name of the authorizing credit institution and the foreign currency exchange agent at the transaction location (in case of changing the location of the foreign currency exchange agent).”.
   Article 2. Amending and supplementing Article 10
   “Article 10. Rights and obligations of foreign currency exchange agents
3. Publicly list and announce the buying exchange rate of foreign currency cash against Vietnamese Dong at the foreign currency exchange agent's location and conduct foreign currency purchases with customers strictly according to the listed and announced rates. Specifically, foreign currency exchange agents located in isolated areas at international border gates must publicly list and announce the buying and selling exchange rates of foreign currency cash against Vietnamese Dong and conduct foreign currency purchases and sales with customers strictly according to the listed and announced rates.
4. The foreign currency buying and selling exchange rates between the credit institution and the agent shall be implemented according to the agreement in the agency contract between the authorizing credit institution and the economic organization acting as the foreign currency exchange agent, in accordance with current foreign exchange management regulations.
5. Implement the regime of recording foreign currency purchase and sale invoices, updating data and accounting ledgers according to the instructions of the authorizing credit institution, in accordance with the current accounting regime. A foreign currency exchange agent authorized by a credit institution shall use the invoices of that authorizing credit institution. When conducting foreign currency exchange, the foreign currency exchange agent must provide one copy of the invoice to the customer.
6. Foreign currency exchange agents must maintain the criteria stipulated by the authorizing credit institution regarding the authorized entity, strictly comply with the provisions of the foreign currency exchange agency contract, relevant anti-money laundering laws, and the provisions of this Regulation.
7. During operation, if a foreign currency exchange agent discovers cases where customers use counterfeit foreign currency or foreign currency no longer valid for circulation as a means of purchase and sale, the foreign currency exchange agent is responsible for making a record, temporarily holding this foreign currency, and notifying the responsible authority for investigation and handling.”.
   Article 3. Amending and supplementing Article 11
   “Article 11. Rights and obligations of authorizing credit institutions
8. Authorizing credit institutions shall, based on the need to expand their foreign currency exchange network and the organization's fulfillment of the criteria for authorization as a foreign currency exchange agent, consider signing a foreign currency exchange agency contract.
9. Stipulate and apply criteria for selecting entities to be authorized as foreign currency exchange agents, which must at least include criteria regarding: locating foreign currency exchange agents in areas with many foreign tourists (including: Hotels, tourist villas, tourist apartments, tourist accommodation ships ranked according to national standards for tourist accommodation establishments; International border gates; Entertainment areas with prizes for foreigners licensed according to legal regulations; Ticket offices of foreign airlines, shipping lines, tourism companies and international ticket offices of Vietnamese airlines; Tourist areas, pedestrian streets, commercial centers, supermarkets); the economic organization not currently acting as a foreign currency exchange agent for another licensed credit institution.
10. Organize short-term training courses to train and instruct staff of foreign currency exchange agents on identifying genuine and counterfeit foreign currency, how to record invoices, ledgers, and skills to identify suspicious behaviors and transactions in accordance with anti-money laundering laws, and issue Confirmation Certificates to them.
11. Provide software to agents to manage and monitor foreign currency exchange activities depending on the specific conditions of the credit institution and the economic organization acting as the foreign currency exchange agent.
12. Periodically or unexpectedly inspect and control the foreign currency exchange activities of the agents they authorize. If a foreign currency exchange agent is found to violate the provisions of the Agency Contract and this Regulation, the credit institution shall take appropriate measures depending on the nature and extent of the violation.
13. In case of liquidation of a foreign currency exchange agency contract, within 5 (five) working days from the date of contract liquidation, the credit institution must notify in writing the State Bank branch in the region to revoke the Foreign Currency Exchange Agent Registration Certificate, Foreign Currency Exchange Agent Adjustment Certificate (if any) issued, and terminate the agent's foreign currency exchange activities.”.
    Article 4. Amending and supplementing Clause 3, Article 12
    “3. Issue and revoke Foreign Currency Exchange Agent Registration Certificates for organizations based on the provisions of this Regulation.”.
    Article 5. Amending and supplementing Article 15
    “Article 15. Reporting regime
14. Quarterly, before the 5th day of the first month of the subsequent quarter, economic organizations acting as foreign currency exchange agents must submit reports directly or via postal service to the State Bank branch in the region (One-Stop Department) where the foreign currency exchange agent is located, on the foreign currency exchange situation in the quarter according to Appendix 3 attached to this Regulation. The data cut-off period for reporting is from the 15th day of the month preceding the reporting period to the 14th day of the last month of the quarter belonging to the reporting period.
15. Quarterly, before the 15th day of the first month of the subsequent quarter, the State Bank branch in the region shall synthesize the foreign currency exchange situation in the area during the quarter and report to the State Bank (Foreign Exchange Management Department) according to Appendix 4 attached to this Regulation. Electronic reports shall be sent via the Statistical Reporting System of the State Bank of Vietnam.”.
    Article 6. Abolishing point c, Clause 4, Article 7a
    Chapter II
    AMENDING AND SUPPLEMENTING CERTAIN ARTICLES OF CIRCULAR NO. 04/2023/TT-NHNN REGULATING THE OPERATION OF BORDER COUNTRY CURRENCY EXCHANGE AGENTS
    Article 7. Adding Article 2a after Article 2
    “Article 2a. Interpretation of terms
    In this Circular, the following terms are understood as follows:
16. Authorizing credit institution is a credit institution permitted to authorize an economic organization to act as a border country currency exchange agent. The authorizing credit institution must have its head office and/or branch in the province or city with a land border area in the locality where the economic organization establishes the currency exchange agent.
17. State Bank branch in a border province or city is the State Bank branch in provinces or cities with land border areas shared with China, Laos, Cambodia.
18. Border country currency is Chinese Yuan (CNY), Lao Kip (LAK), Cambodian Riel (KHR). The currency of a country may only be exchanged in the land border area or border gate economic zone adjacent to that country.
19. Land border area, border gate economic zone are defined according to relevant legal provisions.”.
    Article 8. Adding Article 3a after Article 3
    “Article 3a. Principles for preparing, submitting, receiving, and returning results of dossiers for requesting issuance, re-issuance, adjustment, extension of Border Country Currency Exchange Agent Certificates
20. Dossiers for requesting issuance, re-issuance, adjustment, extension of Border Country Currency Exchange Agent Certificates (hereinafter referred to as Certificates) shall be submitted directly to the One-Stop Department of the State Bank branch in the border province or city or sent via postal service to the State Bank branch in the border province or city or submitted online via the National Public Service Portal.
21. The time limit for checking the completeness and accuracy of the dossier is 03 working days from when the State Bank's administrative procedure resolution information system receives the dossier via online method or from when the One-Stop Department of the State Bank branch in the border province or city receives the dossier via direct method or postal service.
22. In case of submitting dossiers online via the National Public Service Portal, electronic dossiers shall use digital signatures in accordance with the law on implementing administrative procedures in an 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 an error or cannot receive or exchange electronic information, the submission of dossiers, receipt, return of results, exchange, and feedback of information shall be carried out via postal service or directly at the One-Stop Department of the State Bank branch in the border province or city.
23. Documents in electronic dossiers are electronic documents, electronic scans from originals, or certified copies (PDF format files).
24. Documents in paper dossiers shall be implemented as follows:
    a) Application for issuance, re-issuance, adjustment, extension of a border country currency exchange agent certificate must be an original or a certified copy; b) Contracts, agreements, documents signed or issued by the organization must be originals, certified copies, or copies certified by the organization as copied from the original; c) Other documents in the dossier must be originals, certified copies from the original register, or certified copies.
25. Dossiers for requesting issuance, re-issuance, adjustment, extension of Certificates must be prepared in Vietnamese. If the original dossier is in a foreign language, it must be translated into Vietnamese and the translator's signature must be certified in accordance with Vietnamese law on certification, except for contracts, agreements, documents signed or issued by the organization, which the organization may translate itself and certify, taking responsibility for the accuracy of the translation.
26. The organization is responsible for the accuracy and truthfulness of the information stated in the application dossier.”.
    Article 9. Adding Article 3b after Article 3a
    “Article 3b. Cases for re-issuance, adjustment of Certificates
27. Economic organizations must carry out procedures for requesting re-issuance of Certificates at the State Bank branch in the border province or city where the Certificate was issued in the following cases:
    a) The Certificate is lost or damaged due to natural disasters, fire, or other objective reasons; b) The economic organization has undergone reorganization (division, separation, merger, consolidation, conversion of enterprise type) in accordance with the Law on Enterprises. Within 30 days from the date of completing the reorganization procedures, the economic organization must carry out procedures for requesting re-issuance of the Certificate with the State Bank branch in the border province or city.
28. Economic organizations must carry out procedures for requesting adjustment of Certificates at the State Bank branch in the border province or city where the Certificate was issued for the following changes:
    a) Change of name, address of the economic organization; b) Change of location of the border country currency exchange agent; c) Increase in the number of border country currency exchange agents; d) Increase in the border country currency cash fund limit.
    For cases stipulated in point a, within 30 days from the date of completing the name or address change procedures, the economic organization must carry out procedures for requesting adjustment of the Certificate with the State Bank branch in the border province or city.
29. Economic organizations may continue to operate as border country currency exchange agents during the period of applying for re-issuance or adjustment of Certificates.
30. In case of changing the name of the authorizing credit institution, or reducing the number of border country currency exchange agents, the economic organization shall notify the State Bank branch in the border province or city where the Certificate was issued within 30 days from the date of change.”.
    Article 10. Adding Article 3c after Article 3b
    “Article 3c. Dossiers for requesting issuance, re-issuance, adjustment, extension of Certificates
31. A dossier for requesting issuance of a Certificate includes:
    a) Application for issuance of a Certificate (according to Appendix 3 issued with this Circular); b) Report on the economic organization's full display of public exchange rate boards, signs indicating the name of the authorizing credit institution and the name of the border country currency exchange agent at the transaction location; c) Border country currency exchange operational procedures including the following main contents: measures to ensure security and safety during border country currency exchange; recording, issuing invoices to customers, retaining documents, invoices, ledgers; accounting regime; reporting regime; measures for handling counterfeit currency, currency not meeting circulation standards; d) Copy of the border country currency exchange agency contract signed with the authorizing credit institution, including the following main contents:
    (i) Name, head office/branch address, contact phone number of the contracting parties; (ii) Names, addresses of the border country currency exchange agents; (iii) Stipulation that border country currency exchange agents may only purchase border country currency in cash (except for agents located in the departure waiting areas at international border gates, main border gates) and resell the purchased cash (excluding the retained cash fund) to the authorizing credit institution; (iv) Stipulation on the principle for determining the buying and selling exchange rates (the selling exchange rate stipulation only applies to agents located in the departure waiting areas at international border gates, main border gates) for customers and the resale exchange rate of border country currency cash to the authorizing credit institution in accordance with foreign exchange management regulations; stipulation on types of agent commission fees (if any); (v) Rights and obligations of the parties to the contract, clearly stipulating that the border country currency exchange agent must strictly comply with the border country currency exchange operational procedures; stipulating that the authorizing credit institution must periodically inspect the agents' operations to ensure compliance with the contract and legal provisions; stipulation on handling violations in case the border country currency exchange agent violates the contract and legal provisions on border country currency exchange agent activities; (vi) Agreement on the retained cash fund limit and the deadline for selling the purchased border country currency cash to the authorizing credit institution.
32. A dossier for requesting re-issuance of a Certificate includes:
    a) Application for re-issuance of a Certificate, clearly stating the reason for requesting re-issuance (according to Appendix 3 issued with this Circular); b) Copy of the border country currency exchange agency contract signed with the authorizing credit institution (for cases where the economic organization has undergone reorganization).
33. A dossier for requesting adjustment of a Certificate includes:
    a) Application for adjustment of a Certificate, clearly stating the reason for requesting adjustment (according to Appendix 4 issued with this Circular); b) Copies of necessary documents related to the adjustment stipulated in Clause 2, Article 3b of this Circular; c) Report on the economic organization's full display of public exchange rate boards, signs indicating the name of the authorizing credit institution and the name of the border country currency exchange agent at the transaction location (in case of changing the location of the border country currency exchange agent).
34. A dossier for requesting extension of a Certificate includes:
    a) Application for extension of a Certificate (according to Appendix 4 issued with this Circular); b) Copy of the valid border country currency exchange agency contract signed with the authorizing credit institution; c) Report assessing the results of border country currency exchange agent activities under the issued Certificate.”.
    Article 11. Adding Article 3d after Article 3c
    “Article 3d. Order and procedures for dossiers requesting issuance, re-issuance, adjustment, extension of Certificates
35. Economic organizations wishing to request issuance, re-issuance, adjustment, extension of Certificates shall prepare 01 set of dossiers according to the principles stipulated in Clause 1, Article 3a of this Circular.
    For cases where an economic organization requests an extension of a Certificate, the economic organization must submit the dossier at least 30 days before the Certificate expires.
36. If the dossier is incomplete or invalid, within 07 working days from the date of receiving the dossier, the State Bank branch in the border province or city shall 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 branch in the border province or city shall consider issuing/re-issuing the Certificate (according to Appendix 5 issued with this Circular) or the Adjustment/Extension Certificate (according to Appendix 6 issued with this Circular) to the economic organization. In case of refusal, the State Bank branch in the border province or city shall issue a written notification clearly stating the reason.
37. Certificates are only issued to economic organizations, not to branches of economic organizations.
38. The validity period of the Certificate shall be consistent with the validity period of the border country currency exchange agency contract signed between the economic organization and the authorizing credit institution but shall not exceed 05 years from the date of issuance.”.
    Article 12. Adding Article 3đ after Article 3d
    “Article 3đ. Revocation of Certificates
39. The State Bank branch in the border province or city shall revoke Certificates, Adjustment/Extension Certificates in the following cases:
    a) The economic organization does not operate as a border country currency exchange agent after 12 months from the date of issuance of the Certificate; b) The economic organization ceases operations or has no border country currency exchange turnover for 12 consecutive months; c) The economic organization sends a written request to the State Bank branch in the border province or city to terminate its border country currency exchange agent activities; d) Cases of revocation according to the law on administrative penalties in the monetary and banking sector.
40. Order and procedures for revocation:
    a) The State Bank branch in the border province or city shall issue a Decision to revoke the Certificate, Adjustment/Extension Certificate (according to Appendix 7 issued with this Circular); b) Within 15 days from the effective date of the revocation Decision, the economic organization is responsible for terminating its border country currency exchange agent activities and returning the original Certificate, Adjustment/Extension Certificate (if any) to the State Bank branch in the border province or city where the Certificate, Adjustment/Extension Certificate was issued.”.
    Article 13. Adding Article 3e after Article 3đ
    “Article 3e. Cases of automatic expiration
    Certificates automatically expire in the following cases:
41. The authorizing credit institution, economic organization is dissolved or bankrupt in accordance with legal provisions.
42. The authorizing credit institution, economic organization has its Enterprise Registration Certificate or Investment Registration Certificate or Branch Operation Registration Certificate or other equivalent documents revoked by a competent state agency in accordance with legal provisions.
43. The authorizing credit institution terminates the border country currency exchange agency contract with the economic organization.”.
    Article 14. Amending and supplementing Article 6
    “Article 6. Rights and obligations of border country currency exchange agents
44. Publicly list and announce the buying exchange rate of border country currency cash against Vietnamese Dong at the border country currency exchange agent's location and conduct border country currency purchases with customers strictly according to the listed and announced rates. Specifically, border country currency exchange agents located in the departure waiting areas at international border gates, main border gates must publicly list and announce the buying and selling exchange rates of border country currency cash against Vietnamese Dong and conduct border country currency purchases and sales with customers strictly according to the listed and announced rates.
45. The border country currency buying and selling exchange rates between the authorizing credit institution and the agent shall be implemented according to the agreement in the border country currency exchange agency contract between the authorizing credit institution and the economic organization acting as the border country currency exchange agent, in accordance with current foreign exchange management regulations.
46. Implement the regime of recording border country currency purchase and sale invoices, updating data and accounting ledgers according to the instructions of the authorizing credit institution, in accordance with the current accounting regime. A border country currency exchange agent authorized by a credit institution shall use the invoices of that authorizing credit institution. When conducting border country currency exchange, the agent must provide one copy of the invoice to the customer.
47. Border country currency exchange agents must maintain the criteria stipulated by the authorizing credit institution regarding the authorized entity, strictly comply with the