Vietnam cuts procedural requirements for foreign currency dealings
Authorised credit institutions can submit documents online, while revised rules cover late settlements and reporting failures.
Vietnam’s central bank has halved the number of procedures governing its foreign currency dealings with authorised credit institutions, reducing them from four to two. Circular 48/2026/TT-NHNN also introduces online filing as an alternative to postal delivery or submission in person.
To register, institutions need an application establishing a foreign currency trading relationship with the State Bank of Vietnam (SBV), plus standard payment instructions. They no longer have to supply internal transaction regulations or describe the means used to carry out those dealings.
Under the circular, settlements must follow procedures registered with the central bank. A party responsible for missing an agreed settlement date must pay a penalty, with the applicable rate depending on the currency.
For foreign currency settlements, the relevant overnight interest rate charged by the affected party’s correspondent bank is multiplied by 150 per cent. For Vietnamese dong, the penalty uses 150 per cent of the SBV rate for overnight lending through interbank electronic payments, as announced when the delay occurs.
The settlement amount and the duration of the delay determine the penalty payable. An exemption applies to delays arising from force majeure events defined under the Civil Code.
Missing reports or filing late at least three times over three consecutive months can lead to a three-month suspension of an institution’s foreign currency trading by the SBV. Institutions must send written notification to the bank’s Foreign Exchange Management Department when registered information requires updating.
