The SBV issued Circular No. 02/2020/TT-NHNN dated March 30, 2020, guiding payment and money transfer activities related to merchanting trade transactions (Circular No. 02/2020/TT-NHNN).
Recently, the Government issued Decree No. 292/2026/ND-CP detailing the Law on Commercial Administration regarding international goods trading activities, which includes provisions on merchanting trade business. Furthermore, during the implementation of Circular No. 02/2020/TT-NHNN, authorized credit institutions and foreign bank branches raised several queries regarding payment and money transfer procedures for merchanting trade transactions.
Therefore, the promulgation of Circular No. 43/2026/TT-NHNN is necessary to ensure consistency with current legal regulations, resolve existing difficulties, and create favorable conditions for entities participating in merchanting trade operations.
Circular No. 43/2026/TT-NHNN consists of 10 articles regulating the following main areas:
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Scope of regulation and applicable entities: The Circular details payment and money transfer activities related to current account transactions in merchanting trade, applicable to authorized banks, traders involved in merchanting trade, and other relevant organizations and individuals.
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Principles of payment and money transfer: Payment and money transfer activities for merchanting trade must be conducted through authorized banks based on two distinct contracts (the purchase contract and the sale contract). Traders must perform payments and money transfers for the same merchanting trade transaction within a single authorized bank (except where such bank is unable to execute international payments).
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Sources of foreign currency for payments: Traders may utilize foreign currency from their foreign currency payment accounts or purchase foreign currency from authorized banks to fulfill purchase contracts.
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Responsibilities of authorized banks: Authorized banks are required to establish internal regulations to inspect documents, monitor foreign currency flows, ensure transactions are conducted for legitimate purposes, and strictly comply with laws on anti-money laundering and counter-terrorist financing.
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Responsibilities of traders: Traders must present required documents in accordance with bank regulations, declare the source of incoming funds from sale contracts, and are prohibited from using a single set of transaction documents to purchase foreign currency at multiple banks (except as explicitly permitted).
Circular No. 43/2026/TT-NHNN takes effect from September 05, 2026, and replaces Circular No. 02/2020/TT-NHNN dated March 30, 2020.
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