Circular No. 48/2026/TT-NHNN Amending and Supplementing Certain Articles of Circular No. 26/2021/TT-NHNN on Foreign Exchange Transactions Between the State Bank of Vietnam and Credit Institutions Permitted to Operate in Foreign Exchange

STATE BANK OF VIETNAM
No. 48/2026/TT-NHNN
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
Hanoi, September 25, 2026

CIRCULAR
Amending and Supplementing Certain Articles of Circular No. 26/2021/TT-NHNN Guiding Foreign Exchange Transactions Between the State Bank of Vietnam and Credit Institutions Permitted 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, as 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, as amended and supplemented by Ordinance No. 06/2013/UBTVQH13; Pursuant to Decree No. 70/2014/NĐ-CP of the Government detailing the implementation of certain articles of the Ordinance on Foreign Exchange and the Ordinance amending and supplementing certain articles of the Ordinance on Foreign Exchange; Pursuant to Decree No. 26/2025/NĐ-CP of the Government defining the functions, tasks, powers, and organizational structure of the State Bank of Vietnam, as amended and supplemented by Decree No. 198/2026/NĐ-CP; 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 Circular No. 26/2021/TT-NHNN guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange.

Article 1. Amending and Supplementing Certain Paragraphs of Article 4

1. Amend and supplement Paragraph 1 as follows:
   “1. Credit institutions permitted to have a need to establish foreign exchange transaction relations with the State Bank of Vietnam shall submit online through the State Bank of Vietnam’s online public service portal, or submit directly, or send via postal service to the State Bank of Vietnam 01 (one) set of documents for registration of foreign exchange transactions as prescribed in Article 5 of this Circular.”

2. Amend and supplement Paragraph 2 as follows:
   “2. The State Bank of Vietnam establishes foreign exchange transaction relations with permitted credit institutions based on a complete and valid set of documents.”

Article 2. Amending and Supplementing Article 5
“Article 5. Documents for Registration of Foreign Exchange Transaction Relations The documents for registration of foreign exchange transaction relations include:

1. Registration form for establishing foreign exchange transaction relations with the State Bank of Vietnam according to Appendix 1 issued together with this Circular.
2. Standard payment guide for foreign exchange transactions with the State Bank of Vietnam according to Appendix 2 issued together with this Circular.”

Article 3. Amending and Supplementing Certain Paragraphs of Article 13

1. Amend and supplement Paragraph 1 as follows:
   “1. Payment for foreign exchange transactions must be implemented according to the standard payment guide registered by permitted credit institutions with the State Bank of Vietnam according to Appendix 2 issued together with this Circular.”

2. Amend and supplement Paragraph 3 as follows:
   “3. In the case of late payment compared to the payment date agreed upon in the transaction between the State Bank of Vietnam and the permitted credit institution, the late-paying party shall bear a penalty as follows:
   a) If in foreign currency, the penalty rate is 150% of the overnight interest rate applied by the correspondent bank of the late-paying party on the standard payment account receiving foreign currency at the time of occurrence, calculated on the amount and number of days of late payment; b) If in Vietnamese Dong, the penalty rate is 150% of the overnight lending interest rate in interbank electronic payments of the State Bank of Vietnam at the time of late payment occurrence, calculated on the amount and number of days of late payment.”

3. Add Paragraph 3a after Paragraph 3 as follows:
   “3a. In the event of force majeure leading to late payment, Paragraph 3 of this Article shall not apply. The determination of force majeure events shall be implemented according to the provisions of the Civil Code.”

Article 4. Amending and Supplementing Paragraph 1 of Article 14
“1. The State Bank of Vietnam temporarily suspends foreign exchange transactions with permitted credit institutions for a period of 03 (three) months in cases where the institution fails to submit reports or submits reports late as prescribed in Paragraph 1 of Article 15 of this Circular, 03 (three) times or more within 03 (three) consecutive months, except for cases prescribed in Paragraph 3 of Article 15 of this Circular.”

Article 5. Amending and Supplementing Paragraph 2 of Article 15
“2. Permitted credit institutions must notify the State Bank of Vietnam (Foreign Exchange Management Department) in writing about changes to information registered with the State Bank of Vietnam according to Appendix 2 and Appendix 4 issued together with this Circular.”

Article 6. Amending and Supplementing Certain Paragraphs of Article 17

1. Amend and supplement Paragraph 3 as follows:
   “3. Determine the penalty amount and handle late payment under Paragraph 3 and Paragraph 3a of Article 13 of this Circular.”

2. Amend and supplement Paragraph 5 as follows:
   “5. Notify the State Bank of Vietnam Inspectorate, the Banking Supervision Department, and the State Bank of Vietnam Regional Branches of the list of permitted credit institutions within their management scope whose foreign exchange transaction relations with the State Bank of Vietnam have been approved, temporarily suspended, or terminated.”

Article 7. Adding Article 18a after Article 18
“Article 18a. Trading Offices
Cooperate with the Foreign Exchange Management Department to handle late payment under Paragraph 3 and Paragraph 3a of Article 13 of this Circular.”

Article 8. Amending and Supplementing Article 19
“Article 19. Banking Supervision Department, State Bank of Vietnam Regional Branches

1. Provide copies (certified copies or extracts) of the Establishment and Operation License of credit institutions or the Establishment License of foreign bank branches in Vietnam and other documents proving that permitted credit institutions are allowed to provide foreign exchange services in the domestic market within their management scope, issued by the State Bank of Vietnam, within 02 (two) working days from the date of receiving the request from the Foreign Exchange Management Department, and update promptly with the Foreign Exchange Management Department when there are amendments or supplements related to the aforementioned documents.
2. Notify the Foreign Exchange Management Department promptly when permitted credit institutions within their management scope having foreign exchange transaction relations with the State Bank of Vietnam are placed under special control; their licenses are revoked according to the Law on Credit Institutions; or they violate the provisions of this Circular.”

Article 9. Adding Article 19a after Article 19
“Article 19a. State Bank of Vietnam Inspectorate Notify the Foreign Exchange Management Department promptly when permitted credit institutions having foreign exchange transaction relations with the State Bank of Vietnam have their foreign exchange operations suspended.”

Article 10. Adding, Replacing, and Abolishing Certain Phrases, Paragraphs, and Appendices

1. Replace the phrase “Trading Offices” with the phrase “Foreign Exchange Management Department” in Paragraph 2 of Article 12, Paragraph 1 and Paragraph 4 of Article 15, the title of Article 17, and Article 18.
2. Replace Appendix 1, Appendix 2, and Appendix 3 issued together with Circular No. 26/2021/TT-NHNN with Appendix 1, Appendix 2, and Appendix 3 issued together with this Circular.
3. Add Appendix 4 issued together with this Circular.
4. Abolish Paragraph 10 of Article 3.

Article 11. Implementation Provisions

1. This Circular takes effect from November 09, 2026.
2. Abolish the provision at Article 3 of Circular No. 12/2023/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing certain articles of legal documents regulating the implementation of state foreign exchange reserve management tasks.

Article 12. Responsibilities for Implementation
The Chief of Staff, Director of the Foreign Exchange Management Department, Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches permitted to operate in foreign exchange are responsible for organizing the implementation of this Circular.

For whom it may concern:

• As per Article 12;
• Leadership of SBV;
• Government Office;
• Ministry of Justice (for inspection);
• Official Gazette;
• SBV Electronic Portal;
• File: Office, Executive Office, QLNH5 (03).

GOVERNOR