Circular No. 48/2026/TT-NHNN amending and supplementing a number of articles of Circular No. 26/2021/TT-NHNN guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to operate in foreign exchange

STATE BANK OF VIETNAM
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness

No.: 48 /2026/TT-NHNN
Hanoi, September 25, 2026

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CIRCULAR
Amending and supplementing a number of articles of Circular No. 26/2021/TT-NHNN guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to operate in foreign exchange

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. 43/2024/QH15 and 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 the Government’s Decree No. 70/2014/ND-CP detailing the implementation of a number of articles of the Ordinance on Foreign Exchange and the Ordinance amending and supplementing a number of articles of the Ordinance on Foreign Exchange; Pursuant to the Government’s Decree No. 26/2025/ND-CP stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam, amended and supplemented by Decree No. 198/2026/ND-CP; 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 a number of articles of Circular No. 26/2021/TT-NHNN guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to operate in foreign exchange.

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Article 1. Amending and supplementing a number of clauses of Article 4

1. Amending and supplementing Clause 1 as follows:
   “1. Licensed credit institutions wishing to establish foreign currency transaction relationships with the State Bank shall submit 01 (one) set of foreign currency transaction registration dossiers as stipulated in Article 5 of this Circular, either online through the State Bank’s online public service portal, directly, or via postal service to the State Bank.”

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2. Amending and supplementing Clause 2 as follows:
   “2. The State Bank shall establish foreign currency transaction relationships with licensed credit institutions based on a complete and valid dossier.”

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Article 2. Amending and supplementing Article 5 “Article 5. Dossier for registration to establish foreign currency transaction relationships The dossier for registration to establish foreign currency transaction relationships includes:

1. Registration form for establishing foreign currency transaction relationships with the State Bank according to Appendix 1 issued with this Circular.
2. Standard payment instructions for foreign currency transactions with the State Bank according to Appendix 2 issued with this Circular.”

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Article 3. Amending and supplementing a number of clauses of Article 13

1. Amending and supplementing Clause 1 as follows:
   “1. Payment for foreign currency transactions must be made according to the standard payment instructions registered by the licensed credit institution with the State Bank as stipulated in Appendix 2 issued with this Circular.”

2. Amending and supplementing Clause 3 as follows:
   “3. In case of late payment compared to the payment date agreed upon in the transaction between the State Bank and the licensed credit institution, the late-paying party shall be subject to a penalty as follows:
   a) If in foreign currency, the penalty rate shall be 150% of the overnight interest rate applied by the agent bank of the late-paid party on the standard foreign currency payment account at the time of occurrence, calculated on the amount and number of days of late payment; b) If in Vietnamese Dong, the penalty rate shall be 150% of the State Bank’s overnight interbank electronic payment lending rate at the time of occurrence of late payment, calculated on the amount and number of days of late payment.”

3. Supplementing Clause 3a after Clause 3 as follows:
   “3a. In case of a force majeure event leading to late payment, Clause 3 of this Article shall not apply. The determination of a force majeure event shall comply with the provisions of the Civil Code.”

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Article 4. Amending and supplementing Clause 1, Article 14 “1. The State Bank shall temporarily suspend foreign currency transactions with licensed credit institutions for a period of 03 (three) months in case of failure to submit reports or submitting reports not on time as stipulated in Clause 1, Article 15 of this Circular.” this from 03 (three) times or more in 03 (three) consecutive months, except for cases stipulated in Clause 3, Article 15 of this Circular.”.

Article 5. Amending and supplementing Clause 2, Article 15

“2. Licensed credit institutions must notify the State Bank (Foreign Exchange Management Department) in writing of any changes to the information registered with the State Bank according to Appendix 2 and Appendix 4 issued with this Circular.”

Article 6. Amending and supplementing a number of clauses of Article 17

1. Amending and supplementing Clause 3 as follows:
   “3. Determine the penalty amount and handle late payments as stipulated in Clause 3 and Clause 3a, Article 13 of this Circular.”

2. Amending and supplementing Clause 5 as follows:
   “5. Notify the State Bank Inspectorate, the Department of Credit Institution Supervision and Inspection, and the State Bank’s regional branches of the list of licensed credit institutions within their management scope that have been approved by the State Bank to establish foreign currency transaction relationships, temporarily suspended, and had foreign currency transaction relationships cancelled.”

Article 7. Supplementing Article 18a after Article 18

“Article 18a. Transaction Office
Coordinate with the Foreign Exchange Management Department to handle late payments as stipulated in Clause 3 and Clause 3a, Article 13 of this Circular.”

Article 8. Amending and supplementing Article 19

“Article 19. Department of Credit Institution Supervision and Inspection, State Bank’s regional branches

1. Provide certified true copies (certified or extracted) of the Establishment and Operation License of the credit institution or the Establishment License of a foreign bank branch in Vietnam and documents proving that the credit institution is licensed to conduct foreign exchange business and provide foreign exchange services in the domestic market within its management scope issued by the State Bank within 02 (two) working days from the receipt of a written request from the Foreign Exchange Management Department and promptly update the Foreign Exchange Management Department when there are amendments or supplements related to the aforementioned documents.

2. Promptly notify the Foreign Exchange Management Department when a licensed credit institution having foreign currency transaction relations with the State Bank within its management scope is placed under special control; has its License revoked according to the provisions of the Law on Credit Institutions; or violates the provisions of this Circular.”

Article 9. Supplementing Article 19a after Article 19

“Article 19a. State Bank Inspectorate
Promptly notify the Foreign Exchange Management Department when a licensed credit institution having foreign currency transaction relations with the State Bank is suspended from foreign exchange operations.”

Article 10. Supplementing, replacing, and abolishing a number of phrases, clauses, and appendices

1. Replace the phrase “Transaction Office” with the phrase “Foreign Exchange Management Department” in Clause 2, Article 12, Clause 1, Clause 4, Article 15, and the titles of Article 17, Article 18.

2. Replace Appendix 1, Appendix 2, Appendix 3 issued with Circular No. 26/2021/TT-NHNN with Appendix 1, Appendix 2, Appendix 3 issued with this Circular.

3. Supplement Appendix 4 issued with this Circular.

4. Abolish Clause 10, Article 3.

Article 11. Implementation provisions

1. This Circular takes effect from November 9, 2026.

2. Abolish the provisions in Article 3 of Circular No. 12/2023/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of legal normative documents stipulating the implementation of state foreign exchange reserve management tasks.

Article 12. Responsibility for organization of implementation

The Chief of Office, Director of the Foreign Exchange Management Department, Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches licensed to operate in foreign exchange are responsible for organizing the implementation of this Circular.

Recipients:

• As in Article 12;
• SBV Leadership Board;
• Government Office;
• Ministry of Justice (for verification);
• Official Gazette;
• SBV Electronic Information Portal;
• Archive: Office, PC, QLNH5 (03). ✓

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GOVERNOR
DEPUTY GOVERNOR

State Bank of Vietnam

Pham Thanh Ha

APPENDIX 1
(Issued with Circular No. 48/2026/TT-NHNN dated September 25, 2026, of the Governor of the State Bank of Vietnam)

NAME OF LICENSED CREDIT INSTITUTION

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

……, date … month … year ……

REGISTRATION FORM FOR ESTABLISHING FOREIGN CURRENCY TRANSACTION RELATIONSHIPS WITH THE STATE BANK

To: State Bank of Vietnam
(Foreign Exchange Management Department)

Name of Licensed Credit Institution:
Address:
Phone:
Head office or representative transaction branch:
Address:
Phone:
Registered transaction methods:
Transaction system:
Transaction code:
Transaction phone:
Establishment and Operation License No. … dated ….
List of authorized persons for foreign currency transactions with the State Bank as follows:

Full name	Position	Signature sample
Authorized person to sign and approve Foreign Currency Transaction Request with the State Bank
1...
2...
...
Authorized person to sign transaction confirmation (*)
1...
2...
...

The authorized person to sign and approve the Foreign Currency Transaction Request with the State Bank and the authorized person to sign the transaction confirmation are the Legal Representative or the authorized representative of the licensed credit institution (collectively referred to as the legal representative of the licensed credit institution)

(*) Sign transaction confirmation in case of telephone transactions.

(Licensed credit institution) hereby registers to establish foreign currency transaction relationships with the State Bank and commits to strictly comply with the provisions of Circular No. 26/2021/TT-NHNN on guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to operate in foreign exchange and amending and supplementing Circulars.

LEGAL REPRESENTATIVE OF THE LICENSED CREDIT INSTITUTION

(Sign, stamp)

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APPENDIX 2
(Issued with Circular No. 48/2026/TT-NHNN dated September 25, 2006, of the Governor of the State Bank of Vietnam)

NAME OF LICENSED CREDIT INSTITUTION
BIC Code: _______________

……, date … month … year …

STANDARD PAYMENT INSTRUCTIONS FOR FOREIGN CURRENCY TRANSACTIONS WITH THE STATE BANK

To: State Bank of Vietnam (Foreign Exchange Management Department)

Currency type	Payment instructions	Contact (name of payment officer and contact phone)
VND	At Bank: <br> Account number <br> CITAD Code
USD	At Bank: <br> Account number: <br> SWIFT Code/ CITAD Code

Note:

• In case of changes to payment instruction content, the licensed credit institution must resubmit new payment instructions according to this form to the State Bank (Foreign Exchange Management Department) before the effective date. Only register with USD and VND; other foreign currencies shall be registered upon notification from the State Bank.
• Only provide 01 (one) set of standard payment instructions for USD and 01 (one) set of standard payment instructions for VND.

LEGAL REPRESENTATIVE OF THE LICENSED CREDIT INSTITUTION

(Sign, stamp)

APPENDIX 3
(Issued with Circular No. 48/2026/TT-NHNN dated September 25, 2026, of the Governor of the State Bank of Vietnam)

Name of licensed credit institution
..............................................., date .... month .... year ....

REQUEST FOR FOREIGN CURRENCY TRANSACTION WITH THE STATE BANK To: State Bank of Vietnam (Foreign Exchange Management Department)

1. Purpose and reason for buying/selling foreign currency:
2. Transaction date:
3. Transaction type:
4. Quantity of foreign currency registered for transaction:
5. Total foreign currency position on the working day before the request to buy/sell foreign currency with the State Bank (According to the State Bank's regulations on foreign currency position for each period; for each transaction type):
6. Other information (for each transaction type)

AUTHORIZED SIGNATORY

(Sign, stamp)

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APPENDIX 4
(Issued with Circular No. 48/2026/TT-NHNN dated September 25, 2026, of the Governor of the State Bank of Vietnam)

Name of licensed credit institution
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
..., date ... month ... year ...

REGISTRATION FORM FOR CHANGE/SUPPLEMENT OF INFORMATION To: State Bank of Vietnam (Foreign Exchange Management Department)

Name of Licensed Credit Institution:
Address:
Phone:
Head office or representative transaction branch:
Address:
Phone:

We request the State Bank of Vietnam to change/supplement our registered information as follows:

I. CHANGE OF LICENSED CREDIT INSTITUTION INFORMATION

Information	Changed information (*)
Name of Licensed Credit Institution
Address
Phone
Head office or representative transaction branch
Address
Phone
Transaction system
Transaction code
Transaction phone
Establishment and Operation License (number, date)
...........

(*) Licensed credit institution only lists the information to be changed

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II. CHANGE/SUPPLEMENT OF INFORMATION OF AUTHORIZED PERSONS FOR FOREIGN CURRENCY TRANSACTIONS WITH THE STATE BANK
List of changes/supplements to authorized persons for foreign currency transactions with the State Bank as follows:

Full name	Position	Signature sample
Authorized person to sign and approve Foreign Currency Transaction Request with the State Bank
1...
2...
...
Authorized person to sign transaction confirmation (*)
1...
2...
...

The authorized person to sign and approve the Foreign Currency Transaction Request with the State Bank and the authorized person to sign the transaction confirmation are the Legal Representative or the authorized representative of the licensed credit institution (collectively referred to as the legal representative of the licensed credit institution)

(*) Sign transaction confirmation in case of telephone transactions.

(Licensed credit institution) hereby registers to change/supplement the above information and commits to strictly comply with the provisions of Circular No. 26/2021/TT-NHNN on guiding foreign currency transactions between the State Bank of Vietnam and credit institutions licensed to operate in foreign exchange and amending and supplementing Circulars.

LEGAL REPRESENTATIVE
OF THE LICENSED CREDIT INSTITUTION

(Sign, stamp)