Circular No. 39/2025/TT-NHNN is developed on the basis of inheriting appropriate regulations from Circular No. 20/2015/TT-NHNN dated October 28, 2015. Simultaneously, it amends and supplements certain contents to reduce the time for administrative procedure settlement, streamline documentation requirements, and promote the processing of administrative procedures on electronic and digital platforms. These changes aim to facilitate citizens and enterprises, ensuring compliance with the spirit of Resolution No. 66/NQ-CP dated March 26, 2025, of the Government on the program for cutting and simplifying administrative procedures related to business activities in 2025 and 2026.
Circular No. 39/2025/TT-NHNN comprises 06 Chapters and 19 Articles, specifically:
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Chapter I (8 Articles): Prescribes cases allowed to open and use foreign currency accounts abroad; validity period of the License; principles for dossier preparation; and authority to grant, revoke Licenses and Decisions on amendment and supplementation of Licenses.
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Chapter II (2 Articles): Prescribes procedures and dossiers for requesting the granting of Licenses.
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Chapter III (4 Articles): Prescribes procedures and dossiers for requesting the amendment and supplementation of Licenses.
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Chapter IV (2 Articles): Prescribes cases of automatic expiration of Licenses and revocation of Licenses.
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Chapter V: Prescribes the responsibilities of relevant units.
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Chapter VI: Implementation provisions.
The Circular takes effect from December 15, 2025.
STATE BANK OF VIETNAM
KEY HIGHLIGHTS OF CIRCULAR NO. 39/2025/TT-NHNN
Based on the new regulations, here are the notable points regarding the rights and obligations of organizations, particularly authorized credit institutions, when opening accounts abroad:
1. Regulated Entities (Subjects of Application) The Circular applies to residents being organizations, categorized as:
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Authorized credit institutions (CIs) and foreign bank branches licensed to engage in foreign exchange activities.
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Economic organizations (excluding CIs).
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Other organizations (State agencies, armed forces, political organizations, social funds, charity funds operating in Vietnam, etc.).
2. Specific Regulations for Authorized Credit Institutions (Article 2) The Circular clearly distinguishes between cases requiring an SBV License and cases exempted from licensing procedures:
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Cases EXEMPTED from obtaining a separate License for opening accounts abroad:
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Forex Operations: Authorized CIs performing forex activities abroad under their establishment and operation license/SBV approval do not need a separate license to open accounts abroad, provided these accounts comply with host country laws.
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Foreign Loans: CIs executing foreign loans (borrowing abroad) do not need a separate license if the loan agreement/contract requires opening an account abroad for disbursement/repayment, subject to compliance with current laws on foreign borrowing and host country regulations.
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Cases REQUIRING an SBV License: Authorized CIs must obtain a specific License to open and use foreign currency accounts abroad in the following scenarios:
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To satisfy conditions for establishing a representative office, branch, or wholly-owned bank abroad (pre-establishment phase).
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To serve the operations of an existing representative office abroad.
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3. Administrative Reform The new Circular strongly emphasizes:
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Digitalization: Enhancing the submission and processing of files via electronic environments.
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Simplification: Reducing the composition of required dossiers and shortening processing times to facilitate business operations.
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