On Apr. 29, 2025, VIE CB issued circular 02/2025/TT-NHNN on Regulations on issuance of domestic deposit certificates by credit institutions and foreign bank branches.
The regulations will be effective from Jun. 16, 2025.
Document dated Apr. 29, 2025, received from VIE CB May 6, summarized on May 8.
On Apr. 25, VIE CB issued draft circular regulating certificate issuance.
VIE CB issued a draft circular regulating the issuance of domestic certificates of deposit by credit institutions and foreign bank branches, and an explanatory statement.
Issued in response to the enactment of the 2024 Law on credit institutions, #164756.
Background
The law on credit institutions includes amendments on deposit certificate issuance.
The draft circular comprises 21 articles, essentially inheriting the contents of circular No. 01/2021/TT-NHNN dated Mar. 31, 2021, with some key amendments.
Overview of Proposal
The scope of the draft circular adjusts the regulation concerning the issuance of domestic deposit certificates by credit institutions and foreign bank branches.
It does not cover the issuance of term deposits, promissory notes, or bonds, as these were omitted in the 2024 law, which now includes provisions for the transfer of these.
Issuance of bonds by credit institutions for other business activities is now regulated by securities laws, and thus, follows the same procedures as other corporate bonds.
The circular introduces provisions for the electronic issuance of deposit certificates.
It also includes provisions for information retrieval and notification measures in case of changes to deposit certificate information, as well as internal disclosure regulations.
These measures are aimed at ensuring the safe asset settlement for deposit certificate buyers and the safe operation of credit institutions and foreign bank branches.
Effectiveness
The consultation period was not specified.
Apr. 2025 Implementation
On Apr. 29, 2025, VIE CB issued circular 02/2025/TT-NHNN on Regulations on issuance of domestic deposit certificates by credit institutions and foreign bank branches.
The regulations will be effective from Jun. 16, 2025.
Document dated Apr. 29, 2025, received from VIE CB May 6, summarized on May 8.
