Unofficial translation by Minh Nguyen at sidebyside113@gmail.

com

THE STATE BANK OF VIETNAM

THE SOCIALIST REPUBLIC OF VIETNAM

Independence Freedom Happiness

No. 28/2016/TT-NHNN

Hanoi, 5 October 2016

CIRCULAR
Amending and supplementing a certain number of articles of Circular 21/2014/TT-NHNN
dated 14 August 2014 of the Governor of the State Bank of Vietnam, which guides the
scope of foreign exchange operations, the conditions, process and procedures for
authorizing foreign exchange operations by credit institutions and foreign bank branches

Pursuant to the Law on the State Bank of Vietnam 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Credit Institutions 47/2010/QH12 dated 16 June 2010;
Pursuant to the Ordinance on Foreign Exchange 28/2005/PL-UBTVQH11 dated 13 December 2005 and
the Ordinance 06/2013/UBTVQH13 dated 18 March 2013 amending and supplementing a certain
number of articles of the Ordinance on Foreign Exchange;
Pursuant to Decree 156/2013/ND-CP dated 11 November 2013 of the Government, defining the
functions, mandates, powers and organisational 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 hereby promulgates this Circular to amend and
supplement a certain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014, which
guides the scope of foreign exchange operations, the conditions, process and procedures for
authorizing the foreign exchange operations by credit institutions and foreign bank branches.
Article 1. Amendments and/or supplements to a certain number of articles of Circular
21/2014/TT-NHNN dated 14 August 2014, which guides the scope of foreign exchange
operations, the conditions, process and procedures for authorizing the foreign exchange
operations by credit institutions and foreign bank branches Circular 21/2014/TT-NHNN:
1. Sub-Article 1.5 is supplemented as follows:
5. Offshore indirect investments by credit institutions or foreign bank branches shall be made in
accordance with the legislation on offshore indirect investments.
2. Sub-Article 3.2 is amended and supplemented as follows:
2. Foreign exchange operations by a permitted credit institution means foreign exchange trading
and services conducted by such permitted credit institution with resident or non-resident persons
in any current or capital transactions or other transactions in connection with foreign exchange,
including the basic foreign exchange operations on the domestic market, the basic foreign

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exchange operations on international markets and other foreign exchange operations on the
domestic and international markets.
3. Sub-Article 3.5 is annulled.
4. Article 4 is amended and supplemented as follows:
Article 4. Principles of foreign exchange operations
1. Basic foreign exchange operations:
a) After having been authorized by the State Bank of Vietnam (the SBV) in the form of a new
or replacement Establishment and Operation Licence or a Decision on Amendments and
Supplements to Establishment and Operation Licence, which covers the foreign exchange
trading and foreign exchange services authorized on the domestic and/or international markets
within the respective scope as defined by the SBV, a commercial bank, cooperative bank,
general finance company, factoring company, consumer credit company, finance leasing
company or a foreign bank branch may conduct all the basic foreign exchange operations on
the domestic and/or international markets within the respective scope stated herein;
b) In respect of foreign exchange related derivatives and other foreign exchange operations other
than those stated in Sub-Articles 4.1(a) and 4.2 hereof:
(i)

Permitted commercial banks and foreign bank branches may conduct foreign exchange
related derivatives without having to obtain further approval therefor when the SBV has
issued its written guidelines thereon and such commercial banks and foreign bank
branches have been authorized by the SBV to conduct such derivatives in Vietnam Dong;

(ii) Permitted commercial banks and foreign bank branches may conduct such other foreign
exchange operations without having to obtain further approval therefor when the SBV has
issued its written guidelines thereon;
c) Policy banks may conduct the basic foreign exchange operations on the domestic and
international markets under this Circular.
2. Other foreign exchange operations:
a) After having obtained a fixed term authorization from the SBV for each specific product or
group of products (fixed term authorization), a permitted credit institution may conduct
other foreign exchange operations on the domestic and/or international markets;
b) When the term of such fixed term authorization for other foreign exchange operations has
expired, the permitted credit institution may carry on its other foreign exchange operations on
the domestic and/or international markets after it has been considered and given by the SBV
an extension of its original fixed term authorization. Such an extension shall not exceed the
period allowed in the original fixed term authorization for other foreign exchange operations.

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3. In the course of their foreign exchange operations on international markets, the permitted
credit institutions shall be responsible to regularly review, monitor and assess their foreign
partners to make appropriate adjustments aimed at procuring their safe operations.
4. In the course of their foreign exchange operations, the permitted credit institutions shall
procure their compliance with the provisions of this Circular and other relevant laws in respect
of each of their foreign exchange operations. The policy banks shall procure their compliance
with the regulations of the Government and the Prime Minister and relevant laws.
5.

Sub-Article 5.2 shall be amended, and Sub-Articles 5.15, 5.16. 5.17 and 5.18 shall be
supplemented, as follows:
2. Conducting foreign exchange forwards, foreign exchange swaps and foreign exchange
options.
15. Opening current accounts for offshore credit institutions.
16. Receiving foreign currency deposits from offshore credit institutions.
17. Conducting interest rate derivatives and other foreign exchange related derivatives on the
domestic market in accordance with the principle stated in Sub-Article 4.1.b(i) hereof.
18. Conducting other foreign exchange operations on the domestic market other than those stated
in Sub-Articles 5.1 to 5.17 hereof in accordance with the principle stated in Sub-Article 4.1.b(ii)
hereof.

6. Article 6 is amended and supplemented as follows:

Article 6. Scope of basic foreign exchange operations by commercial banks on
international markets
1. International payment and remittance.
2. Conducting foreign exchange spots on international markets.
3. Conducting foreign exchange forwards and swaps with offshore credit institutions for the
purpose of hedging or reducing risks in respect of foreign exchange forwards and swaps
entered into and conducted with local customers.
4. Providing international factoring and guarantees in foreign currencies.
5. Offshore lending to the customers that are not credit institutions.
6. Making offshore deposits in foreign currencies (including fixed term and demand deposits).
7. Conducting interest rate derivatives and other foreign exchange related derivatives on
international markets in accordance with the principle stated in Sub-Article 4.1.b(i) hereof.

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8. Conducting other foreign exchange operations on international markets other than those
stated in Sub-Articles 6.1 to 6.7 hereof in accordance with the principle stated in Sub-Article
4.1.b(ii) hereof.
7. Article 7 is amended and supplemented as follows:
Article 7. Other foreign exchange operations on the domestic and international
markets
1. The SBV shall consider authorizing a commercial bank to conduct other foreign exchange
operations on the domestic and international markets for a limited period of time in respect of
each specific product or group of products, including other foreign exchange operations on the
domestic and international markets other than those stated in Articles 5 and 6 hereof.
2. After the term of the fixed term authorization to conduct other foreign exchange operations on
the domestic and international markets has expired, the SBV shall consider authorizing the
commercial bank to carry on such other foreign exchange operations by giving an extension of
the original fixed term authorization, if it has requested therefor and it has satisfied all the
conditions and the documents required in Sub-Articles 10.2 and 11.5 hereof and the SBVs
relevant regulations.
8. Article 8 is amended and supplemented as follows:
Article 8. Conditions for authorizing the basic foreign exchange operations on the
domestic market
The conditions under which a commercial bank shall be considered and authorized to conduct the
basic foreign exchange operations on the domestic market include:
1. it has an information technology system in place, satisfying the requirements as to
administration, risk management, safety and security in respect of its foreign exchange
operations, such as machines and facilities catering for its foreign exchange operations,
information and data storage devices, a disaster response plan, and software systems
supportive to its foreign exchange related operations.
2. it has internal regulations in place to manage risks in connection with its proposed foreign
exchange operations.
9. Article 9 is amended and supplemented as follows:
Article 9. Conditions for authorizing the basic foreign exchange operations on
international markets
The conditions under which a commercial bank shall be considered and authorized to conduct the
basic foreign exchange operations on international markets include:

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1. it has satisfied the conditions set forth under Article 8 hereof.

2. it has in place internal regulations on the standards used to select its institutional partners and
define transaction limits for its foreign partners, provided that the foreign partners with whom
it makes deposit transactions (other than current deposits) shall be offshore credit institutions
rated Baa3/P-3 or higher by Moodys Investor Service or rated BBB-/A-3 or higher by Standard
& Poors or rated BBB-/F3 or higher by Fitch Ratings.
3. The condition stated in Sub-Article 9.2 above shall not apply where the commercial bank
makes deposits (other than current deposits) at its own offshore branches and subsidiaries.
The aggregate of deposit balances maintained by a commercial bank in all of its own offshore
branches and subsidiaries shall not exceed 10% of its chartered capital.
10. Article 10 is amended and supplemented as follows:
Article 10. Conditions for authorizing other foreign exchange operations on the
domestic and international markets
1. From time to time and subject to the goals of the monetary policies and foreign exchange
administration policies, a commercial bank may be considered and authorized to conduct other
foreign exchange operations on the domestic and international markets for a limited period of
time, when it has satisfied the following conditions:
a) It has been authorized to conduct the basic foreign exchange operations on the domestic
market or international markets;
b) It has internal regulations on operational processes together with risk management
measures for each of its proposed foreign exchange operations;
c) It has in place internal regulations on the standards used to select its partners and define
transaction limits appropriate to each of its foreign partners;
d) It has complied with the laws on the capital adequacy ratios in banking in the year
immediately preceding the year, and up to the date, of its submitted application for a fixed
term authorization;
e) It has not been penalized for any administrative violations in respect of its foreign
exchange operations in the year immediately preceding the year, and up to the date, of its
submitted application for a fixed term authorization;
f)

As per its audited financial statements, its banking operations generated profits in the year
immediately preceding the year of its submitted application for a fixed term authorization.

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2. The conditions under which a commercial bank shall be considered and given an extension of
its fixed term authorization for other foreign exchange operations on the domestic and
international markets include:
a) it has obtained a fixed term authorization from the SBV;
b) it has not been penalized for any administrative violations in respect of its foreign
exchange operations in the course of the foreign exchange operations under its fixed term
authorization;
c) It has complied with the laws on the capital adequacy ratios in banking in the year
immediately preceding the year, and up to the date, of its submitted application for an
extension;
d) As per its audited financial statements, its banking operations generated profits in the year
immediately preceding the year of its submitted application for such extension.
11. Article 11 is amended and supplemented as follows:
Article 11. Application documents for authorization for foreign exchange operations
1. The principles of preparing and submitting application documents for authorization for foreign
exchange operations (the application documents):
a) The application documents shall be made in Vietnamese. Should any of its application
documents is a translation from a foreign language, the commercial bank may opt to
submit either such translation as is certified truly signed by the translator in accordance
with Vietnamese legislation on certification or such translation as is attested by its legal
representative;
b) The application documents shall include an application for authorization for foreign
exchange operations, internal regulations, and reports signed by its legal representative;
c) The application documents shall be delivered to the SBV in person or by post;
d) Where any of the application documents is a copy, the commercial bank shall submit the
copy certified as a true copy of the original by its legal representative.
2. Application documents for authorization for the basic foreign exchange operations on the
domestic market include:
a) an application for authorization for foreign exchange operations in the form set forth under
Appendix 1 hereof;
b) internal regulations on the management of risks in connection with the foreign exchange
operations, which at least cover the identification of risks and a plan for management of
such risks;

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c) a report describing the information technology system, technical solutions in place and
foreign exchange operations processes in the information technology system according to
the details as required in Appendix 3 hereof.
3. Application documents for authorization for the basic foreign exchange operations on
international markets include:
a) such documents as are stated in Sub-Article 11.2 above;
b) internal regulations on the standards used to select institutional partners and define
transaction limits for the partners, including the regulations on partner review and
reassessment on a periodic basis or in any unexpected events that may affect a partners
credit ratings.
4. Application documents for a fixed term authorization to conduct other foreign exchange
operations on the domestic and international markets include:
a) an application in the form set forth under Appendix 1 hereof, stating the product or group
of products proposed and its provision period;
b) a report on compliance with the statutory requirements as to the capital adequacy ratios in
banking in the year immediately preceding the year, and up to the date, of the submitted
application for a fixed term authorization;
c) internal regulations on operational processes together with risk management measures
appropriate to each of the proposed foreign exchange operations, which risk management
measures shall at least cover the identification of risks and a plan for management of such
risks;
d) internal regulations on the standards used to select institutional partners and define
transaction limits for the partners, including the regulations on partner review and
reassessment on a periodic basis and in any unexpected events that may affect a partners
credit ratings;
e) a status report on the foreign exchange operations conducted in the year immediately
preceding the year, and up to the date, of the submitted application for a fixed term
authorization, including an undertaking that no penalty has been imposed for any
administrative violations in respect of the foreign exchange operations;
f)

copies of the audited financial statements for the year immediately preceding the year of
the submitted application for a fixed term authorization.

5. Application documents for extension of a fixed term authorization for other foreign exchange
operations on the domestic and international markets include:

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a) an application in the form set forth under Appendix 1 hereof, which shall contain an
explanation of why such an extension is necessary and an undertaking that no penalty has
been imposed for any administrative violations in respect of the foreign exchange
operations in the course of the foreign exchange operations under the fixed term
authorization;
b) a performance assessment report on the foreign exchange operations conducted under
the fixed term authorization;
c) copies of the audited financial statements for the year immediately preceding the year of
the submitted application for such extension;
d) a report on compliance with the statutory requirements as to the capital adequacy ratios in
banking in the year immediately preceding the year, and up to the date, of the submitted
application for such extension.
12. Article 12 is amended and supplemented as follows:
Article 12. Authorizing and extension process and procedures for foreign exchange
operations
1. When a commercial bank wishes to conduct foreign exchange operations on the domestic
and/or international markets, it shall prepare and submit 1 (one) set of the documents as
stated in Article 11 hereof to the SBV. Should the submitted documents be insufficient, the
SBV shall, within 10 (ten) working days of its receipt of such documents, give the commercial
bank a written request for additional documents.
2. Within 40 (forty) days of its receipt of the sufficient valid documents as required herein, the
SBV shall consider:
a) giving its authorization for the basic foreign exchange operations on the domestic and/or
international markets to the commercial bank by way of issuing a new or replacement
Establishment and Operation Licence or a Decision on Amendments and Supplements to
Establishment and Operation Licence.
b) giving its authorization for other foreign exchange operations on the domestic and/or
international markets to the commercial bank.
The authorization given by the SBV to the commercial bank to conduct other foreign
exchange operations on the domestic and/or international markets shall contain the
following primary details: the designations of the operations, product or group of products
authorized; the authorized term; and any restrictions and conditions for safety assurance
(if any). The authorization given to the commercial bank for its other foreign exchange
operations shall be in the form as set forth under Appendix 4 hereof;

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c) In the event of refusal, the SBV shall give a notice in writing to the commercial bank of its
refusal and reasons therefor.
3. The process and procedures for giving a commercial bank an extension to carry on its other
foreign exchange operations on the domestic and/or international markets shall be as set forth
in Sub-Articles 12.1 and 12.2 hereof.
13. Article 14 is amended and supplemented as follows:
Article 14. Scope of the basic foreign exchange operations on international markets
1. Providing international payment and remittance services to the customers in Vietnam.
2. Conducting foreign exchange spots on international markets.
3. Conducting foreign exchange forwards and swaps with offshore credit institutions for the
purpose of hedging or reducing risks in respect of the foreign exchange forwards and swaps
entered into and conducted with local customers.
4. Providing international factoring and guarantees in foreign currencies to the customers in
Vietnam.
5. Making offshore deposits in foreign currencies (including fixed term and demand deposits).
6. Conducting interest rate derivatives and foreign exchange related derivatives on international
markets in accordance with the principle stated in Sub-Article 4.1.b(i) hereof, for which no
further approval is required.
7. Conducting other foreign exchange operations on international markets other than those
stated in Sub-Articles 14.1 to 14.6 above in accordance with the principle stated in Sub-Article
4.1.b(ii) hereof, for which no further approval is required.
14. Article 15 is amended and supplemented as follows:
Article 15. Other foreign exchange operations on the domestic and international
markets
1. In addition to such foreign exchange operations as are stated in Articles 13 and 14 hereof, the
SBV shall consider authorizing a foreign bank branch to conduct other foreign exchange
operations in respect of each specific product or group of products for a fixed term, covering:
a) other foreign exchange operations on the domestic market;
b) other foreign exchange operations on international markets for the purpose of serving the
customers in Vietnam.

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2. After the term of its fixed term authorization for other foreign exchange operations on the
domestic and international markets has expired, the foreign bank branch shall be considered
and authorized by the SBV to carry on such other foreign exchange operations by way of an
extension of its original fixed term authorization, if it has requested therefor and it has satisfied
all the conditions and the documents as required under Articles 18 and 20 hereof, and the
SBVs relevant regulations.
15. Article 16 is renamed as follows:
Article 16. Conditions for authorizing the basic foreign exchange operations on the
domestic market
16. Article 17 is renamed as follows:
Article 17. Conditions for authorizing the basic foreign exchange operations on
international markets
17. Article 18 is renamed as follows:
Article 18. Conditions for authorizing other foreign exchange operations on the
domestic and international markets
18. Article 19 is amended and supplemented as follows:
Article 19. Application documents, process and procedures for authorizing the basic
foreign exchange operations on the domestic and international markets
The application documents, process and procedures for authorizing the basic foreign exchange
operations on the domestic and international markets shall be as those provided for in the case of
a commercial bank under Sub-Articles 11.1, 11.2 and 11.3 and Article 12 hereof.
19. Article 20 is amended and supplemented as follows:
Article 20. Application documents, process and procedures for authorizing other
foreign exchange operations on the domestic and international markets
The application documents, process and procedures for authorizing, or extending an authorization
for, other foreign exchange operations on the domestic and international markets shall be as those
provided for in the case of a commercial bank under Sub-Articles 11.1, 11.4 and 11.5 and Article
12 hereof.
20. Article 21 is amended and supplemented as follows:
Article 21. Scope of the foreign exchange operations by general finance companies
1. Scope of the basic foreign exchange operations on the domestic market:

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a) Conducting foreign exchange spots;

b) Conducting foreign exchange forwards, foreign exchange swaps and foreign exchange
options;
c) Receiving foreign currency deposits from the institutional customers that are not credit
institutions; foreign currency lending to the customers that are not credit institutions;
d) Factoring and guarantee in foreign currencies;
e) Issuing international credit cards;
f)

Discounting and rediscounting of negotiable instruments and valuable papers in foreign

currencies;

g) Providing foreign currency reception and payment services; engaging business entities as
foreign exchange agents and foreign currency paying agents;
h) Providing management and custody services in respect of foreign exchange denominated
assets; entrusted lending in foreign currencies;
i)

Acting as agents in issuing valuable papers denominated in foreign currencies;

j)

Providing foreign exchange advice services to customers;

k) Opening foreign currency current accounts at the commercial banks and foreign bank
branches that are authorized to conduct foreign exchange operations;
l)

Borrowing and lending in foreign currencies from and to permitted credit institutions and
onshore financial institutions;

m) Making and accepting deposits in foreign currencies into and from other permitted credit
institutions;
n) Accepting deposits in foreign currencies from offshore credit institutions;
o) Finance leasing in foreign currencies.
2. Scope of the basic foreign exchange operations on international markets:
a) Conducting foreign exchange spots on international markets;
b) Conducting foreign exchange forwards and swaps with offshore credit institutions for the
purpose of hedging or reducing risks in respect of the foreign exchange forwards and
swaps entered into and conducted with local customers;
c) Offshore lending to the customers that are not credit institutions;

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d) Opening current accounts at offshore banks for the purpose of issuing credit cards;
e) Providing international factoring and bank guarantee in foreign currencies.
3. In regard to other foreign exchange operations on the domestic and international markets:
a) The SBV shall consider authorizing a general finance company to provide each specific
product or group of products for a fixed term, including other foreign exchange operations
on the domestic and international markets other than those stated in Sub-Articles 21.1 and
21.2 above, provided that all the conditions and the documents as required under SubArticles 26.1 and 27.3 hereof are satisfied;
b) After the term of its fixed term authorization to conduct other foreign exchange operations
on the domestic and international markets has expired, the general finance company may
be considered and authorized by the SBV to carry on such other foreign exchange
operations by way of an extension of its original fixed term authorization, if it has
requested therefor and it has satisfied all the conditions and the documents as required
under Sub-Articles 26.2 and 27.4 and the SBVs relevant regulations.
21. Article 22 is amended and supplemented as follows:
Article 22. Scope of the foreign exchange operations by factoring companies
1. Scope of the basic foreign exchange operations on the domestic market:
a) Accepting deposits in foreign currencies from the institutional customers that are not credit
institutions;
b) Making and accepting deposits in foreign currencies into and from permitted credit
institutions;
c) Borrowing in foreign currencies from permitted credit institutions and onshore financial
institutions;
d) Discounting and rediscounting of negotiable instruments and valuable papers in foreign
currencies;
e) Factoring in foreign currencies;
f)

Providing management and custody services in respect of foreign exchange denominated

assets;

g) Providing foreign exchange advice services to customers;

h) Opening foreign currency current accounts at the commercial banks and foreign bank
branches that are authorized to conduct foreign exchange operations.

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2. Scope of the basic foreign exchange operations on international markets: International

factoring.
22. Article 22a is supplemented after Article 22 as follows:
Article 22a. Scope of the foreign exchange operations by consumer credit companies
1. Scope of the basic foreign exchange operations on the domestic market:
a) Accepting deposits in foreign currencies from the institutional customers that are not credit
institutions;
b) Making and accepting deposits in foreign currencies into and from permitted credit
institutions;
c) Borrowing in foreign currencies from permitted credit institutions and onshore financial
institutions;
d) Discounting and rediscounting of negotiable instruments and valuable papers denominated
in foreign currencies;
e) Issuing international credit cards;
f)

Providing management and custody services in respect of foreign exchange denominated

assets;

g) Providing foreign exchange advice services to customers;

h) Opening foreign currency current accounts at the commercial banks and foreign bank
branches that are authorized to conduct foreign exchange operations.
2. Scope of the basic foreign exchange operations on international markets: Opening current
accounts at foreign banks for the issue of credit cards.
23. Article 23 is amended and supplemented as follows:
Article 23. Scope of the basic foreign exchange operations by finance leasing
companies on the domestic market
1. Accepting deposits in foreign currencies from the institutional customers that are not credit
institutions.
2. Making and accepting deposits in foreign currencies into and from permitted credit institutions.
3. Borrowing in foreign currencies from permitted credit institutions and onshore financial
institutions.

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4. Finance leasing in foreign currencies.

5. Extending working capital loans in foreign currencies to finance lessors.
6. Entrusted finance leasing in foreign currencies.
7. Providing management and custody services in respect of foreign exchange denominated
assets.
8. Providing foreign exchange advice services to customers.
9. Purchase and leaseback in the form of finance leasing in foreign currencies.
10. Opening foreign currency current accounts at the commercial banks and foreign bank
branches that are authorized to conduct foreign exchange operations.
24. Article 24 is amended and supplemented as follows:
Article 24. Conditions for authorizing general finance companies, factoring
companies, customer credit companies and finance leasing companies to conduct the
basic foreign exchange operations on the domestic market
1. General finance companies shall be considered and authorized by the SBV to conduct the basic
foreign exchange operations on the domestic market stated in Sub-Article 21.1 hereof when
they have satisfied the conditions as required for commercial banks under Article 8 hereof.
2. Factoring companies shall be considered and authorized by the SBV to conduct the basic
foreign exchange operations on the domestic market stated in Sub-Article 22.1 hereof when
they have satisfied the conditions as required for commercial banks under Article 8 hereof.
3. Customer credit companies shall be considered and authorized by the SBV to conduct the basic
foreign exchange operations on the domestic market stated in Sub-Article 22a.1 hereof when
they have satisfied the conditions as required for commercial banks under Article 8 hereof.
4. Finance leasing companies shall be considered and authorized by the SBV to conduct the basic
foreign exchange operations on the domestic market stated in Article 23 hereof when they
have satisfied the conditions as required for commercial banks under Article 8 hereof.
25. Article 25 is amended and supplemented as follows:
Article 25. Conditions for authorizing general finance companies, factoring companies
and customer credit companies to conduct the basic foreign exchange operations on
international markets
1. They have satisfied such conditions as are required under Article 9 hereof;

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2. As per their audited financial statements, their business operations generated profits in the 1
(one) year immediately preceding the year of their submitted applications for authorization for
the foreign exchange operations.
26. Article 26 is amended and supplemented as follows:
Article 26. Conditions for authorizing general finance companies to conduct other
foreign exchange operations on the domestic and international markets
1. From time to time and subject to the goals of the monetary policies and foreign exchange
administration policies, a general finance company may be considered and authorized to
conduct other foreign exchange operations on the domestic and international markets for a
fixed term when it has satisfied the following conditions:
a) It has satisfied the conditions as required for commercial banks under Sub-Articles 10.1(a),
(b), (c), (d) and (e) hereof;
b) As per its audited financial statements, its business operations generated profits in the 2
(two) years immediately preceding the year of its submitted applications for authorization.
2. The conditions under which a general finance company shall be considered and given an
extension to carry on its other foreign exchange operations on the domestic and international
markets include:
a) it has satisfied the conditions as required for a commercial bank under Sub-Articles 10.2
(a), (b) and (c) hereof;
b) as per its audited financial statements, its business operations generated profits in the 2
(two) years immediately preceding the year of its submitted application for such
extension.
27. Article 27 is amended and supplemented as follows:
Article 27. Application documents for authorization for foreign exchange operations
1. The application documents for authorization for the basic foreign exchange operations on the
domestic market, in the case of a general finance company, factoring company, customer
credit company or a finance leasing company, shall be as stated in Sub-Articles 11.1 and 11.2
hereof.
2. The application documents for authorization for the basic foreign exchange operations on
international markets, in the case of a general finance company, factoring company or a
customer credit company, shall include:
a) such documents as are stated in Sub-Article 11.3 hereof;

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b) copies of its audited financial statements for the 1 (one) year immediately preceding the
year of its submitted application for authorization for the foreign exchange operations.
3. The application documents for a fixed term authorization for other foreign exchange
operations on the domestic and international markets, in the case of a general finance
company, shall include:
a) such documents as are stated under Sub-Articles 11.4(a), (b), (c), (d) and (e) hereof;
b) copies of its audited financial statements for the 2 (two) years immediately preceding the
year of its submitted application for such fixed term authorization.
4. The application documents required of a general finance company for an extension to carry on
its other foreign exchange operations on the domestic and international markets shall include:
a) such documents as are stated under Sub-Article 11.5(a), (b) and (d) hereof;
b) copies of its audited financial statements for the 2 (two) years immediately preceding the
year of its submitted application for such extension.
28. Article 29 is amended and supplemented as follows:
Article 29. Foreign exchange operations for the Vietnam Bank for Social Policies
1. The Vietnam Bank for Social Policies may conduct the following basic foreign exchange
operations on the domestic market without having to obtain the SBVs authorization:
a) Conducting foreign exchange spots;
b) Conducting foreign exchange forwards, foreign exchange swaps and foreign exchange
options;
c) Accepting deposits, and extending loans, in foreign currencies, from and to the customers
that are not credit institutions;
d) Providing foreign currency remittance and payment services within the territory of
Vietnam; foreign currency reception and payment services;
e) Purchase, sale, discounting and rediscounting of negotiable instruments and valuable
papers denominated in foreign currencies;
f)

Providing management and custody services in respect of foreign exchange denominated

assets; entrusted lending in foreign currencies;

g) Providing foreign exchange advice services to customers;

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h) Opening foreign currency current accounts at the commercial banks and foreign bank
branches that are authorized for foreign exchange operations;
i)

Borrowing and lending in foreign currencies from and to other permitted credit institutions;

j)

Making and accepting deposits in foreign currencies into and from other permitted credit
institutions.

2. The Vietnam Bank for Social Policies may conduct the following basic foreign exchange
operations on international markets without having to obtain the SBVs authorization:
a) Providing international payment and remittance services;
b) Conducting foreign exchange spots on international markets;
c) Conducting foreign exchange forwards and swaps with offshore credit institutions for the
purpose of hedging or reducing risks in respect of the foreign exchange purchase and sale
contracts and foreign exchange swaps entered into and conducted with its local
customers.
3. In regard to other foreign exchange operations on the domestic and international markets:
a) Subject to the goals of the monetary policies and foreign exchange administration policies
from time to time, the SBV may consider authorizing the Vietnam Bank for Social Policies
to provide each specific product or group of products for a fixed term, including other
foreign exchange operations on the domestic and international markets other than those
stated in Sub-Articles 29.1 and 29.2 above, provided that the Vietnam Bank for Social
Policies has satisfied all the conditions and the documents as required for a commercial
bank under Sub-Articles 10.1(a), (b), (c), (e) and (f) and Sub-Articles 11.4(a), (c), (d), (e)
and (f) hereof;
b) After the term of its fixed term authorization to conduct other foreign exchange operations
on the domestic and international markets has expired, the Vietnam Bank for Social
Policies may be considered and authorized by the SBV to carry on such other foreign
exchange operations by way of an extension of its original fixed term authorization, if it
has requested therefor and it has satisfied all the conditions and the documents as
required for a commercial bank under Sub-Articles 10.2(a), (b) and (d) and Sub-Articles
11.5(a), (b) and (c) hereof and the SBVs relevant regulations.
4. The process and procedures under which an application for authorization or an extension of a
fixed term authorization for other foreign exchange operations is considered, shall be as stated
under Article 12 hereof.
29. Article 29a is supplemented after Article 29 as follows:
Article 29a. Foreign exchange operations for the Vietnam Development Bank

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

1. The Vietnam Development Bank may conduct the following basic foreign exchange operations
on the domestic market:
a) Conducting foreign exchange spots;
b) Conducting foreign exchange forwards, foreign exchange swaps and foreign exchange
options;
c) Accepting deposits, and extending loans, in foreign currencies, from and to the customers
that are not credit institutions;
d) Factoring and guarantee in foreign currencies;
e) Providing foreign currency remittance and payment services within the territory of
Vietnam;
f)

Purchase, sale, discounting and rediscounting of negotiable instruments and other valuable
papers denominated in foreign currencies;

g) Entrusted lending in foreign currencies;

h) Providing foreign exchange advice services to customers;
i)

Opening foreign currency current accounts at other commercial banks and foreign bank
branches that are authorized for foreign exchange operations;

j)

Borrowing and lending in foreign currencies from and to other permitted credit institutions;

k) Making and accepting deposits in foreign currencies into and from other permitted credit
institutions;
l)

Opening current accounts for offshore credit institutions;

m) Accepting deposits in foreign currencies from offshore credit institutions.

2. The Vietnam Development Bank may conduct the following basic foreign exchange operations
on international markets:
a) International payment and remittance;
b) Conducting foreign exchange spots on international markets;
c) Conducting foreign exchange forwards and swaps with offshore credit institutions for the
purpose of hedging or reducing risks in respect of the foreign exchange purchase and sale
contracts and foreign exchange swaps entered into and conducted with its local
customers;

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

d) Providing international factoring and guarantee in foreign currencies;

e) Offshore lending to its customers that are not credit institutions;
f)

Depositing foreign currencies offshore (including fixed term and demand deposits).

3. In regard to other foreign exchange operations on the domestic and international markets:
a) Subject to the goals of the monetary policies and foreign exchange administration policies
from time to time, the SBV may consider authorizing the Vietnam Development Bank to
provide each specific product or group of products for a fixed term, including other foreign
exchange operations on the domestic and international markets other than those stated in
Sub-Articles 29a.1 and 29a.2 above, provided that it has satisfied all the conditions and the
documents as required for a commercial bank under Sub-Articles 10.1(a), (b), (c), (e) and
(f) and Sub-Articles 11.4(a), (c), (d), (e), and (f) hereof;
b) After the term of its fixed term authorization to conduct other foreign exchange operations
on the domestic and international markets has expired, the Vietnam Development Bank
may be considered and authorized to carry on such other foreign exchange operations by
way of an extension of its original fixed term authorization, if it has requested therefor and
it has satisfied all the conditions and the documents as required for a commercial bank
under Sub-Articles 10.2(a), (b) and (d) and Sub-Articles 11.5(a), (b) and (c) hereof and
the SBVs relevant regulations.
4. The process and procedures under which an application for authorization or an extension of a
fixed term authorization for other foreign exchange operations is considered, shall be as stated
under Article 12 hereof.
30. Article 30 is amended and supplemented as follows:
Article 30. Foreign exchange operations for cooperative banks
1. Basic foreign exchange operations by cooperative banks on the domestic market:
a) Conducting foreign exchange spots;
b) Conducting foreign exchange forwards, foreign exchange swaps and foreign exchange
options;
c) Accepting deposits, and extending loans, in foreign currencies, from and to the customers
that are not credit institutions;
d) Providing foreign currency remittance and payment services within the territory of
Vietnam; foreign currency reception and payment services;
e) Providing management and custody services in respect of foreign exchange denominated
assets; entrusted lending in foreign currencies;

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

f)

Providing foreign exchange advice services to customers;

g) Opening foreign currency current accounts at other commercial banks and foreign bank
branches that are authorized for foreign exchange operations;
h) Borrowing and lending in foreign currencies from and to other permitted credit institutions
and onshore financial institutions;
i)

Making and accepting deposits in foreign currencies into and from other permitted credit
institutions.

2. Basic foreign exchange operations on international markets:

a) International payment and remittance;
b) Conducting foreign exchange spots on international markets:
c) Conducting foreign exchange forwards and swaps with offshore credit institutions for the
purpose of hedging or reducing risks in respect of the foreign exchange purchase and sale
contracts and foreign exchange swaps entered into and conducted with its local
customers.
3. The conditions, application documents, process and procedures under which the basic foreign
exchange operations on the domestic and international markets are considered and
authorized, shall be as provided for in the case of a commercial bank under Articles 8 and 9,
Sub-Articles 11.1, 11.2 and 11.3 and Article 12 hereof.
31. Article 31 is amended and supplemented as follows:
Article 31. Principles of exchange
1. The SBV shall exchange authorizations for foreign exchange operations that have been given
to commercial banks, general finance companies, factoring companies, customer credit
companies, finance leasing companies and foreign bank branches in accordance with the
following principles:
a) Establishment and Operation Licences or Decisions on Amendments and Supplements to
Establishment and Operation Licences shall be exchanged to incorporate the foreign
exchange trading and services on the domestic and/or international markets within the
respective scope as defined by the SBV, in the case of the commercial banks, general
finance companies, factoring companies, customer credit companies, finance leasing
companies and foreign bank branches that have been licensed to conduct one or a number
of basic foreign exchange operations on the domestic and/or international markets;
b) Fixed term authorizations shall be exchanged in the case of other foreign exchange
operations;

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

c) In regard to such a credit institution that is subjected to special control, exchange of its
authorization for foreign exchange operations shall be carried out in accordance with this
Circular. During the special control, the credit institution subjected to special control shall
operate in compliance with the SBVs decision on special control, its approved
organisational and operational consolidation plan and relevant laws;
d) Such exchanges shall be completed by 31 October 2017. Should any permitted commercial
bank, general finance company, factoring company, customer credit company, finance
leasing company or foreign bank branch fail, or be refused, to exchange its authorization
after this date, because of its failure to satisfy the conditions stated in Article 32 hereof in
the latter case, it shall terminate its foreign exchange operations.
2. The SBV shall exchange the authorization for foreign exchange operations given to the
Vietnam Development Bank in accordance with this Circular. After the exchange has been
completed, the Vietnam Development Bank may conduct all the basic foreign exchange
operations on the domestic and international markets in accordance with this Circular. The
authorization for foreign exchange operations exchanged for the Vietnam Development Bank
shall be in the form set forth under Appendix 5 hereof.
3. While such exchanges are underway, the Vietnam Development Bank, permitted commercial
banks, general finance companies, factoring companies, customer credit companies, finance
leasing companies and foreign bank branches may carry on their respective foreign exchange
operations under their Licences, Certificates of Qualification for foreign exchange operations on
the domestic market, Certificates of Registration of foreign exchange operations on
international markets or authorizations as issued by the SBV.
4. In respect of any pilot foreign exchange operations already authorized by the SBV, relevant
credit institutions and foreign bank branches may carry on the same until the end of the pilot
period stated in the authorization. After such pilot period, the credit institutions and foreign
bank branches may complete the procedures to obtain an extension of the authorization under
this Circular, if they wish to carry on those operations.
32. Article 32 is amended and supplemented as follows:
Article 32. Conditions for exchange
1. The SBV shall consider exchanging authorizations for the basic foreign exchange operations on
the domestic market when permitted commercial banks, general finance companies, factoring
companies, customer credit companies, finance leasing companies and foreign bank branches
have satisfied the conditions stated in Article 8 hereof.
2. The SBV shall consider exchanging authorizations for the basic foreign exchange operations on
international markets when permitted commercial banks, general finance companies, factoring
companies, customer credit companies, finance leasing companies and foreign bank branches
have satisfied the conditions stated in Article 9 hereof.

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

3. The SBV shall consider exchanging authorizations for other foreign exchange operations on the
domestic and international markets when commercial banks and foreign bank branches have
satisfied the conditions stated in Sub-Article 10.1 hereof.
4. The SBV shall consider exchanging authorisations for other foreign exchange operations on the
domestic and international markets when general finance companies have satisfied the
conditions stated in Sub-Article 26.1 hereof.
33. Article 33 is amended and supplemented as follows:
Article 33. Application documents for exchange
1. Application documents for exchange of authorization for the basic foreign exchange operations
on the domestic market include:
a) an application for exchange of authorization in the form set forth under Appendix 2 hereof;
b) copies of the Establishment and Operation Licence, Certificate of Qualification, Certificate
of Registration and authorizations for foreign exchange operations (if any);
c) internal regulations on the management of risks in connection with foreign exchange
operations, covering at least the identification of risks and a plan for management of such
risks;
d) a report describing the information technology system, technical solutions in place and
foreign exchange operations processes in the information technology system according to
the details stated under Appendix 3 hereof.
2. Application documents for exchange of authorization for the basic foreign exchange operations
on international markets include:
a) such documents as are stated under Sub-Article 33.1 above;
b) internal regulations on the standards used to select institutional partners and define
transaction limits for the partners, including the regulations on partner review and
reassessment on a periodic basis and in any unexpected events that may affect a partners
credit ratings.
3. Application documents for exchange of authorization for other foreign exchange operations on
the domestic and international markets include:
a) an application for exchange of authorization in the form set forth under Appendix 2 hereof;
b) such documents as are stated in Sub-Articles 11.4(b), (c), (d) and (e) hereof;
c) such document as is stated in Sub-Article 11.4(f) hereof (in the case of a commercial bank
or foreign bank branch);

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

d) such document as is stated in Sub-Article 27.3(b) hereof (in the case of a general finance
company);
e) a status report on each of other foreign exchange operations conducted since it was
authorized by the SBV.
4. Application documents for exchange of authorization in the case of the Vietnam Development
Bank include:
a) an application for exchange of authorization in the form set forth under Appendix 2 hereof;
b) copies of the Certificate of Qualification and Certificate of Registration of foreign exchange
operations.
34. Sub-Article 35.3 is amended and supplemented and Sub-Article 35.11 is supplemented as follows:
3. Permitted credit institutions shall develop and take self-responsibility for the content of their
internal regulations on operational processes and risk management processes in respect of their
foreign exchange operations; may conduct their foreign exchange operations only after their
internal regulations on operational processes have been in place; shall conduct their foreign
exchange operations in accordance with their developed internal regulations. Transactions shall be
controlled in accordance with the applicable regulations on internal check, control and audit.
11. On making deposits with their own offshore branches or subsidiaries under Sub-Article 9.3
hereof, commercial banks shall be responsible for their business performance. The commercial
banks shall submit reports on the deposit balances maintained with their own offshore branches
and subsidiaries to the SBV (the Bank Supervision Agency) on a quarterly basis and by the 10th of
the first month of the subsequent quarter.
35. Article 36 is amended and supplemented as follows:
Article 36. Responsibilities of the SBVs subordinate bodies
1. The Bank Supervision Agency:
a) shall take the role of receiving, and verifying the sufficiency and validity of, application
documents for authorization or exchange of authorization for foreign exchange operations;
b) shall send written requests for comments from the SBVs relevant subordinate bodies on
the applications by credit institutions or foreign bank branches for authorization or
exchange of authorization for foreign exchange operations;
c) shall consolidate the comments submitted by the relevant subordinate bodies, carry out
final verifications and make submissions to the Governor of the SBV for his authorizing or
refusing to authorize foreign exchange operations or exchange of authorization for foreign
exchange operations as proposed by the credit institutions or foreign bank branches;

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

d) shall take the role of dealing with any obstacles in relation to authorization for foreign
exchange operations or exchange of authorization for foreign exchange operations under
this Circular.
2. The Foreign Exchange Management Department:
Within 10 (ten) working days of its receipt of such a written request from the Bank Supervision
Agency, the Foreign Exchange Management Department shall, subject to its assigned functions
and mandates, be responsible to:
a) give its comments on the application by a credit institution or foreign bank branch for
authorization for foreign exchange operations in connection with its functions and
mandates;
b) give its comments on the application, by a credit institution or foreign bank branch that
has been authorized to conduct foreign exchange operations, for exchange of
authorization for foreign exchange operations in connection with its functions and
mandates;
c) take the role of dealing with obstacles arising out during the implementation of this
Circular.
3. The Monetary Policy Department:
Within 10 (ten) working days of its receipt of such a written request from the Bank Supervision
Agency, the Monetary Policy Department shall, subject to its assigned functions and mandates,
be responsible to:
a) give its comments on compliance with the aggregate foreign exchange position limits as
reported on the report on foreign exchange positions submitted by the credit institution or
foreign bank branch that is authorized to conduct foreign exchange operations;
b) give its comments on the application by the credit institution or foreign bank branch for
authorization for foreign exchange operations in connection with its functions and
mandates;
c) give its comments on the application, by the credit institution or foreign bank branch that
has been authorized to conduct foreign exchange operations, for exchange of
authorization for foreign exchange operations in connection with its functions and
mandate.
4. The Information Technology Department:
Within 10 (ten) working days of its receipt of such a written request from the Bank Supervision
Agency, the Information Technology Department shall, subject to its assigned functions and
mandates, give its comments on the report describing the information technology system,

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

technical solutions in place and foreign exchange operations processes in the information
technology, when the credit institution or foreign bank branch applies for authorization or
exchange of authorization for foreign exchange operations.
5. Other related bodies under the SBV:
Other related bodies under the SBV shall, subject to their respective assigned functions and
mandates, and as requested by the Bank Supervision Agency, be responsible to contribute
their comments on the issues related to authorization or exchange of authorization for foreign
exchange operations as applied for by credit institutions or foreign bank branches.
Article 2. Replaced and supplemented Appendices
1. Appendix 1 of Circular 21/2014/TT-NHNN shall be replaced by Appendix 1 hereof.
2. Appendix 2 of Circular 21/2014/TT-NHNN shall be replaced by Appendix 2 hereof.
3. Appendices 3, 4 and 5 are supplemented as attached hereto.
Article 3. Effectiveness
This Circular shall take effect as from 18 November 2016.
Article 4. Administration
The Chief of the SBV Office, the Director of the Foreign Exchange Management Department, the
heads of the SBVs subordinate bodies, the Directors of the SBVs provincial and municipal
branches, the Chairmen of the Boards of Directors, the Chairmen of the Boards of Members, the
Chief Executive Officers/General Directors (Executive Officers/Directors) of the commercial banks
and the Chief Executive Officers (Executive Officers) of the foreign bank branches, shall be
responsible to administer the implementation of this Circular.

Recepients:
-

As stated in Article 4;
SBV Management Board;
Government Office;
Ministry of Justice;
Official Gazette;
Archives: DLA, Office, FEMD (5 copies)

FOR GOVERNOR
DEPUTY GOVERNOR
(Signed and Stamped)
Nguyen Dong Tien

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Appendix 1
(Promulgated under Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a
certain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the
State Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches)
NAME OF CREDIT INSTITUTION OR
FOREIGN BANK BRANCH

THE SOCIALIST REPUBLIC OF VIETNAM

Independence Freedom Happiness
Dated.

APPLICATION FOR AUTHORIZATION/FIXED TERM/EXTENED AUTHORIZATION

FOR FOREIGN EXCHANGE OPERATIONS
Attention: The State Bank of Vietnam
(The Bank Supervision Agency)

Pursuant to the Law on the State Bank of Vietnam 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Credit Institutions 47/2010/QH12 dated 16 June 2010;
Pursuant to the Ordinance on Foreign Exchange 28/2005/PL-UBTVQH11 dated 13 December 2005 and
the Ordinance 06/2013/UBTVQH13 dated 18 March 2013 amending and supplementing a certain
number of articles of the Ordinance on Foreign Exchange;
Pursuant to Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State Bank of
Vietnam, guiding the scope of foreign exchange operations, the conditions, process and procedures for
authorizing the foreign exchange operations by credit institutions and foreign bank branches;
Pursuant to Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a certain
number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State
Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches;
The credit institution or the foreign bank branch would like to apply for the SBVs authorization/fixed
term authorization/extension of fixed term authorization for our foreign exchange operations within
the scope as detailed below:
I.

Basic foreign exchange operations on the domestic and international markets:

1.

Basic foreign exchange operations on the domestic market:

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

a.
b.
.
2.

Basic foreign exchange operations on international markets:

a.
b.
.

II. Other foreign exchange operations on the domestic and international markets:
1.
2.
.
The credit institution or the foreign bank branch hereby undertakes to:
-

be liable before the law for the content, accuracy and truth of its application documents for
authorization for the foreign exchange operations;

procure that it has satisfied the conditions required to conduct the foreign exchange operations
proposed in this Application and shall keep maintaining these conditions in accordance with the
SBVs regulations and relevant laws;

strictly comply with the applicable regulations of Vietnam on foreign exchange administration and
other relevant laws.
LEGAL REPPRESENTATIVE OF CREDIT
INSTITUTION OR FOREIGN BANK BRANCH
(Signature and Stamp)

Note: The credit institution or foreign bank branch is requested to specify the designation or number
of the document which has authorized it to conduct other foreign exchange operations on the
domestic and international markets for a fixed term and an extension of which is being applied for.

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Appendix 2
(Promulgated under Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a
certain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the
State Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches)
NAME OF CREDIT INSTITUTION OR
FOREIGN BANK BRANCH

THE SOCIALIST REPUBLIC OF VIETNAM

Independence Freedom Happiness
Dated.

APPLICATION FOR EXCHANGE OF AUTHORIZATION

FOR FOREIGN EXCHANGE OPERATIONS
Attention: The State Bank of Vietnam
(The Bank Supervision Agency)

Pursuant to the Law on the State Bank of Vietnam 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Credit Institutions 47/2010/QH12 dated 16 June 2010;
Pursuant to the Ordinance on Foreign Exchange 28/2005/PL-UBTVQH11 dated 13 December 2005 and
the Ordinance 06/2013/UBTVQH13 dated 18 March 2013 amending and supplementing a certain
number of articles of the Ordinance on Foreign Exchange;
Pursuant to Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State Bank of
Vietnam, guiding the scope of foreign exchange operations, the conditions, process and procedures for
authorizing the foreign exchange operations by credit institutions and foreign bank branches;
Pursuant to Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a certain
number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State
Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches;
The credit institution or the foreign bank branch would like to request the SBV to exchange our
Licence/Certificate of Qualification for foreign exchange operations on the domestic market/our
Certificate of Registration of foreign exchange operations on international markets/our authorization
for foreign exchange operations within the scope as detailed below:
I. Basic foreign exchange operations on the domestic and international markets:
1. Basic foreign exchange operations on the domestic market:

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

a.
b.
.
2. Basic foreign exchange operations on international markets:
a.
b.
.
II. Other foreign exchange operations on the domestic and international markets:
1.
2.
.
The credit institution or the foreign bank branch hereby undertakes to:
-

be liable before the law for the content, accuracy and truth of its application documents for
authorization for foreign exchange operations;

procure that it has satisfied the conditions required to conduct the foreign exchange operations
proposed in this Application and shall keep maintaining these conditions in accordance with the
SBVs regulations and relevant laws;

strictly comply with the applicable regulations of Vietnam on foreign exchange administration and
other relevant laws.
LEGAL REPPRESENTATIVE OF CREDIT
INSTITUTION OR FOREIGN BANK BRANCH
(Signature and Stamp)

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Appendix 3
(Promulgated under Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a
certain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the
State Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches)
Requirements as to Description of Information Technology System
No.
1

Information Technology
Infrastructure
Application software systems
for operations

Details to be Described
-

Server systems

Storage systems

Network infrastructure

Cybersecurity infrastructure

Data
center/server
infrastructure

room

Foreign exchange transaction processing and accounting

systems.
Domestic and international payment and settlement
systems.
Reporting, analysis and decision support systems.
Operational risk management tools for transaction
applications.
Anti-money laundering system.
Server system hardware and software.
Quantities, types and operating mechanics.
Storage system hardware and software.
Quantities and types.
Periodic backup, verification and recovery mechanics.
Network connecting branches and transaction offices to
data center/head office (quantities and types of
transmission line).
LAN systems in data center/server room.
Cybersecurity systems such as Firewall and intrusion
prevention systems (IDS/IPS) etc.
Malware prevention solutions.
Enciphering and protection solutions for sensitive data
on the network and in storage.
Decentralized access to information and applications and
control thereof.
Cybersecurity verification solutions for application
systems before the rendering of services.
Data center/server room locations and architecture.
Power supply and uninterrupted power systems.
Data center/server room environment management
systems.
Fire alarm and extinguishing systems.
Operation supervision and monitoring systems.

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Standby systems for disaster

response

Other systems

Data center/server room locations.

Standby information technology systems.
Plans for the assurance of uninterrupted operations.
Dedicated computer systems for foreign exchange
operations, printers, fax machines, photocopy machines
and telephones etc.
Ingress/egress monitoring and control systems at foreign
exchange operation sections (if any).

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Appendix 4
(Promulgated under Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a
certain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the
State Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches)
THE STATE BANK OF VIETNAM

THE SOCIALIST REPUBLIC OF VIETNAM

Independence Freedom Happiness

No: /QD-NHNN

Dated.

DICISION
on
Fixed Term Authorization for Other Foreign Exchange Operations

THE GOVERNOR
OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Credit Institutions 47/2010/QH12 dated 16 June 2010;
Pursuant to the Ordinance on Foreign Exchange 28/2005/PL-UBTVQH11 dated 13 December 2005 and
the Ordinance 06/2013/UBTVQH13 dated 18 March 2013 amending and supplementing a certain
number of articles of the Ordinance on Foreign Exchange;
Pursuant to Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State Bank of
Vietnam, guiding the scope of foreign exchange operations, the conditions, process and procedures for
authorizing the foreign exchange operations by credit institutions and foreign bank branches;
Pursuant to Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a certain
number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State
Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches;
Upon consideration of the request made by (the credit institution or the foreign bank branch) in its
Application No. for fixed term authorization for foreign exchange operations, dated;
At the request by the Chief Bank Supervisor,
DICIDES

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Article 1
To authorize (the credit institution or foreign bank branch), with Establishment and Operation Licence
No., dated., to conduct the foreign exchange operations as detailed below:
1. Designations of operations, product or group of products.
2. Authorized term.
3. Restrictions and conditions for safety assurance (if any).
4. Other details.
Article 2. In the course of its foreign exchange operations, (the credit institution or foreign bank
branch) shall comply fully with the applicable regulations on foreign exchange administration and
relevant laws.
Article 3. This Decision takes effect as from its signature date. This Decision shall be valid for a term
of year(s) as of the signature date.
Recipients:
-

Credit institution or foreign bank

branch;
For archives.

GOVERNOR
(Signature and Stamp)

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Appendix 5
(Promulgated under Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a
certain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the
State Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches)
THE STATE BANK OF VIETNAM

THE SOCIALIST REPUBLIC OF VIETNAM

Independence Freedom Happiness

No: /QD-NHNN

Dated.

DICISION
on
Authorization for Foreign Exchange Operations by Vietnam Development Bank

THE GOVERNOR
OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Credit Institutions 47/2010/QH12 dated 16 June 2010;
Pursuant to the Ordinance on Foreign Exchange 28/2005/PL-UBTVQH11 dated 13 December 2005 and
the Ordinance 06/2013/UBTVQH13 dated 18 March 2013 amending and supplementing a certain
number of articles of the Ordinance on Foreign Exchange;
Pursuant to Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State Bank of
Vietnam, guiding the scope of foreign exchange operations, the conditions, process and procedures for
authorizing the foreign exchange operations by credit institutions and foreign bank branches;
Pursuant to Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a certain
number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State
Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process and
procedures for authorizing the foreign exchange operations by credit institutions and foreign bank
branches;
Upon consideration of the request made by the Vietnam Development Bank in its Application No. for
exchange of authorization for foreign exchange operations, dated;
At the request by the Chief Bank Supervisor,
DICIDES

Unofficial translation by Minh Nguyen at sidebyside113@gmail.com

Article 1
To authorize the Vietnam Development Bank, with its Establishment Decision No., dated., to
conduct the basic foreign exchange operations on the domestic and international markets as detailed
below:
Trading in foreign exchange and providing foreign exchange services on the domestic and/or
international markets within the respective scope as defined by the SBV.
Article 2. In the course of its foreign exchange operations, the Vietnam Development Bank shall
comply fully with the applicable regulations on foreign exchange administration and relevant laws.
Article 3. This Decision takes effect as from its signature date and supersedes the authorizations for
foreign exchange operations previously issued.
Recipients:
-

Vietnam Development Bank;

For archives.

GOVERNOR
(Signature and Stamp)