Regulatory AlertsVietnam: fintech & payments regulation
RegulatedVietnam fintech & payments: SBV oversees licensing; FX services updated via Circular 23/2026/TT-NHNN
- Lead regulator
- State Bank of Vietnam (SBV)
- Also involved
- State Securities Commission (securities fees) · Ministry of Public Security (cybersecurity)
- Core law
- —
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- —
- Data protection
- Law on Cybersecurity 2018 & Decree 13/2023/ND-CP · Ministry of Public Security
- Sandbox
- No
The State Bank of Vietnam is the primary supervisor for fintech and payment services. Recent regulatory activity focuses on administrative simplification for credit institutions and updated licensing and reporting standards for foreign exchange services provided by non-credit institutions. The overall direction emphasizes tighter oversight of cross-border flows, operational transparency, and streamlined approval processes for licensed entities.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | Uncertainverify with regulator | — | — | — |
| E-money & wallet issuance | Uncertainverify with regulator | — | — | — |
| Domestic money transfer | Uncertainverify with regulator | — | — | — |
| Cross-border remittance | Uncertainverify with regulator | — | — | — |
| Agent network | Uncertainverify with regulator | — | — | — |
| Open banking / account information | Uncertainverify with regulator | — | — | — |
| Foreign-exchange services | Licence[1] Updated licensing, reporting & operational standards for non-credit institutions | — | — | State Bank of Vietnam |
New — what changed recently
- 2026-06Circular No. 23/2026/TT-NHNN — Updates licensing procedures, reporting obligations, and operational standards for foreign exchange services by non-credit institutions.[1]
- 2026-05Circular No. 13/2026/TT-NHNN — Simplifies administrative procedures and clarifies supervisory responsibilities for non-bank credit institution networks.[2]
- 2026-05Circular No. 14/2026/TT-NHNN — Decentralizes approval authority for establishment and termination of microfinance institutions.[3]
Market-entry checklist
- 1Incorporate local entity & secure SBV approvalRegister with the Ministry of Planning and Investment and submit capital and operational plans to the State Bank of Vietnam.
- 2Obtain FX service licenceApply under Circular 23/2026/TT-NHNN for non-credit institution foreign exchange authorization.
- 3Implement AML/CFT complianceRegister with the Financial Crimes Prevention Agency and establish transaction monitoring aligned with SBV guidelines.
- 4Secure cybersecurity clearanceObtain certification from the Ministry of Public Security for data localization and system security.
- 5Establish banking interfaceOpen corporate accounts and secure payment gateway integration with licensed commercial banks.
Sources
- 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 · 2026-06-15
- Circular No. 13/2026/TT-NHNN amending and supplementing certain articles of Circular No. 53/2018/TT-NHNN on the operational network of non-bank credit institutions · 2026-05-19
- Circular No. 14/2026/TT-NHNN dated May 19, 2026, amending and supplementing a number of articles of Circulars on microfinance institutions related to cutting, decentralizing, and simplifying administrative procedures · 2026-05-19
This guide is compiled automatically from 3 primary-source documents published by Vietnam's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.