Hanoi, Vietnam – July 3, 2025 – The Governor of the State Bank of Vietnam (SBV) officially issued Circular No. 12/2025/TT-NHNN on June 30, 2025. This new Circular amends and supplements existing regulations concerning the documentation and procedures required for the initial licensing of commercial banks, foreign bank branches, foreign representative offices, and non-bank credit institutions.
Circular No. 12/2025/TT-NHNN, comprising four articles, introduces several key revisions aimed at modernizing and enhancing administrative efficiency:
- Digital Submission of Criminal Record Certificates: The Circular now permits the submission of electronic versions of Criminal Record Certificates, accessible via the VNeID electronic identification and authentication application, or through other electronic means in accordance with Decision No. 498/QD-TTg issued by the Prime Minister on June 11, 2024. This aligns with national efforts to streamline administrative procedures related to criminal record documentation.
- Alignment with SBV Organizational Restructuring: Amendments have been incorporated to reflect the reorganized structure, functions, and responsibilities of units within the State Bank of Vietnam, as stipulated by the Government's Decree No. 26/2025/ND-CP dated February 24, 2025.
- Introduction of Online Application Procedures: The Circular facilitates online application processes for specific administrative procedures, enhancing accessibility and efficiency.
Specifically, the Circular addresses the following:
- Article 1: Amends and supplements provisions within Circular No. 56/2024/TT-NHNN, dated December 24, 2024, which governs the documentation and procedures for granting initial licenses to commercial banks, foreign bank branches, and foreign representative offices.
- Article 2: Amends and supplements provisions within Circular No. 57/2024/TT-NHNN, dated December 24, 2024, on the documentation and procedures for granting initial licenses to non-bank credit institutions.
- Article 3: Delineates responsibilities for implementation.
- Article 4: Contains general implementation provisions.
Circular No. 12/2025/TT-NHNN is scheduled to take effect on August 14, 2025.
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