PROVIDING AMENDMENTS TO CIRCULAR NO. 27/2024/TT-NHNN ON COOPERATIVE BANK, CONTRIBUTION TO, MANAGEMENT AND USE OF FUND FOR MAINTENANCE OF PRUDENCE OF SYSTEM OF PEOPLE’S CREDIT FUNDS, AS AMENDED BY CIRCULAR NO. 28/2025/TT-NHNN

1. Heading of Article 5 is amended as follows:

2. Clause 3 is added to Article 5 as follows:

“3. Headquarters of the commercial bank must comply with regulations on headquarters of cooperatives set forth in the Law on Cooperatives, and meet the following requirements:

a) It shall be the workplace of the Management Board and the General Director, be specified in the License in accordance with regulations of law, and be open for conducting transactions with customers;

b) It must be located within the territory of Vietnam, have a specific address, telephone number, email address, and fax number (if any);

c) It must be convenient for conducting transactions with customers and comply with SBV's regulations on cash vaults in case transactions with customers are conducted at the headquarters;

d) It must have a management information system which is connected online between the headquarters, branches and business units of the bank, and meets the bank’s governance and risk management requirements and SBV’s management requirements.”.

1. Rules for preparing, submitting and receiving applications, and returning application processing results:

a) Documents included in an application for replacement issuance of the License or issuance of a copy of the License from the master register must be signed by the legal representative or authorized representative of the cooperative bank (hereinafter referred to as "lawful representative"). In case of authorized signatory, the application shall also include a power of attorney duly made in conformity with regulations of law;

b) Applications for replacement issuance of the License or issuance of a copy of the License from the master register shall be prepared in Vietnamese;

c) If the application includes copies of documents, the cooperative bank shall submit copies from master registers or certified true copies or copies presented with their originals for verification purpose. If a copy is presented together with its original for verification purpose, the officer in charge of conducting verification shall make certification on the copy that the copy corresponds to its original and assume responsibility for his/her certification;

d) Each application package must include a list of documents.  The application shall be submitted to SBV using one of the following methods:

(i) Direct submission at the SBV’s Single-Window Section;

(ii) Submission by post;

(iii) Online submission via the National Public Service Portal (if available).

Where an application is submitted online via the National Public Service Portal, electronic documents to be submitted may bear digital signatures in accordance with regulations of law on completion of administrative procedures in the electronic environment. Documents included in an electronic application package are electronic scanned copies of the original or physical original documents (in PDF format).

In the event that the National Public Service Portal failed or encountered a problem, and thus is unable to receive and exchange electronic information, declaration, sending, receipt, exchange, and response to information, as well as return of results will be made via postal services or directly at the SBV’s Single-window Section;

dd) Applications shall be received in accordance with current regulations of law on completion of administrative procedures under single-window system and inter-agency single-window system at the SBV’s Single-window Section and National Public Service Portal, and provisions of this Circular;

e) SBV shall return results of handling of administrative procedures as prescribed herein online via the National Public Service Portal, by post, or directly at the SBV’s Single-window Section.

2. Rules for replacement issuance of the License:

a) SBV shall not approve the replacement of the License in respect of operational contents that the cooperative bank is not permitted to carry out under regulations of law at the time of replacement issuance;

b) SBV shall adjust the names of permitted operational contents to conform to the provisions of the Law on Credit Institutions. The new License issued using the form in Appendix 01 enclosed herewith shall replace all Licenses, and amendments to such Licenses, issued by SBV to the cooperative bank prior to the time of replacement issuance;

c) If the cooperative bank applies for addition of operational contents to the License concurrently with replacement issuance of the License, SBV will consider issue a new License for replacing the old one that also contains additional operational contents according to the application provided that the cooperative bank satisfies all of the application requirements laid down in clause 3 of this Article.

3. An application for replacement issuance of the License shall include:

a) An application form which is made using the form in Appendix 05 enclosed herewith;

b) Documents supporting the request for addition of operational contents (in cases where the cooperative bank requests the addition of operational contents concurrently with replacement issuance of the License), comprising:

(i) A resolution of the General Meeting of Members (GMM) approving the request for addition of operational contents to the License;

 (ii) A plan for implementing its operational contents, which shall include at least: description of the operational contents, implementation procedures, efficiency analysis, risk prevention and control measures, and an implementation schedule;

(iii) Internal regulations on operational procedures, ensuring risk management and control;

(iv) Documents evidencing satisfaction of the conditions relating to the requested operational contents as prescribed by law (if any).

4. Procedures for replacement issuance of the License:

a) The cooperative bank seeking replacement issuance of its License shall prepare 01 application package as prescribed in clause 3 of this Article;

b) Within 30 days from its receipt of a complete and valid application from the cooperative bank, SBV shall issue a new License as a replacement for the old one (including addition of new operational contents concurrently with replacement issuance of the License) at the request of the cooperative bank. In case of refusal, SBV shall give a written response indicating reasons for such refusal;

c) Following the SBV's replacement issuance of the License, the cooperative bank must:

(i) Publish the changes to the License within 07 business days from the date on which SBV issues a new License as a replacement for the old one on an official media channel of SBV, and 03 consecutive issues of a printed newspaper, or an Vietnamese online newspaper;

(ii) Amend its Charter to conform to the contents of the new License;

d) Within 05 business days from the date of replacement issuance of the License, SBV shall give a written notification thereof, accompanied with the new License, to the relevant business registration authority for updating the national cooperative registration information system.

5. The cooperative bank to which a new License is issued to use as a replacement for its old one shall pay the required fee for such replacement issuance of the License at SBV (SBV Operations Center) or online via the National Public Service Portal within 15 days from the date of replacement issuance of the License. Such fee for replacement issuance of the License shall be determined in accordance with regulations of the Law on fees and charges.

6. In cases where the cooperative bank’s License is lost, torn, burnt, or otherwise damaged, the cooperative bank shall submit an application for issuance of a copy of the License from the master register, using the form in Appendix 06 enclosed herewith, either directly or by post to the SBV’s regional branch (Single-window Section) in charge of the area where the cooperative bank is headquartered, or online via the National Public Service Portal in order to be considered and processed in accordance with regulations of law.

The time limit for issuance of a copy of the License from the master register shall be in accordance with regulations of law on issuance of copies from master registers.”.

 “e. Purchase debts of people's credit funds."

1. Clause 1 is amended as follows:

“1. The Prudence Maintenance Fund is used for offering conventional loans, operates for unprofitable purposes, and is granted autonomy. The cooperative bank may make accounting entries to record a decrease in the balance of the Prudence Maintenance Fund to write off irrecoverable special loans in accordance with the Law on Credit Institutions.”.

2. Clause 4 is added as follows:

“4. The positive difference between interest income and operating expenses of the Prudence Maintenance Fund, and late payment amounts collected shall be paid to the Prudence Maintenance Fund.”.

1. Deadlines for making contributions to the Prudence Maintenance Fund:

a) The cooperative bank shall make its contribution to the Prudence Maintenance Fund once a year, by January 31 of the following year;

b) People's credit funds shall make their contributions to Prudence Maintenance Fund once a quarter, by the 20^th day of the first month of the following quarter;

c) Where the deadline for making contributions falls on a public holiday, New Year holiday, or weekend, such contributions to the Prudence Maintenance Fund as prescribed in points a and b of this clause shall be made on the business day immediately following such holiday or weekend.

2. The contribution to be made by the cooperative bank to Prudence Maintenance Fund shall be determined as follows:

a) The contribution made to the Prudence Maintenance Fund shall be 0,05%/year of the average outstanding loan balance of the year immediately preceding the year in which the contribution is payable, determined as of December 31;

b) The amount of contribution payable to the Prudence Maintenance Fund shall be calculated using the following formula:

Where:

- P: amount of contribution payable to the Prudence Maintenance Fund.

- A_i: total outstanding balance of group-1 and group-2 loan debts as of the end of month i of the year immediately preceding the year in which the contribution is payable (i = 1 → 12).

- B_i: outstanding balance of loans for capital trade-off purpose and loans for dealing with temporary liquidity difficulties extended by the cooperative bank to its member people's credit funds as of the end of month i of the year immediately preceding the year in which the contribution is payable (i = 1 → 12).

- m: rate of contribution to the Prudence Maintenance Fund as prescribed in point a of this clause.

3. The contribution to be made by a people’s credit fund to the Prudence Maintenance Fund shall be determined as follows:

a) The contribution made to the Prudence Maintenance Fund shall be 0,05%/year of the average quarterly balance of insured deposits as prescribed by the Law on Deposit Insurance;

b) The amount of contribution payable to the Prudence Maintenance Fund shall be calculated using the following formula:

Where:

- P: amount of contribution payable to the Prudence Maintenance Fund.

- S₀: balance of insured deposits at the beginning of the first day of the first month of the quarter immediately preceding the quarter in which the contribution is payable.

- S₁, S₂, S₃: balances of insured deposits at the end of the last day of the first, second, and third months of the quarter immediately preceding the quarter in which the contribution is payable.

- m: rate of contribution to the Prudence Maintenance Fund as prescribed in point a of this clause;

c) Where a people's credit fund participates in the Prudence Maintenance Fund for the first time, the amount of contribution payable to the Prudence Maintenance Fund for the first quarter shall be calculated using the following formula:

Where:

- P: amount of contribution payable to the Prudence Maintenance Fund.

- S_i: balance of insured deposits at the end of day i of the people's credit fund (i = 1 → n).

i = 1: first day of commencement of operations.

i = n: last day of the quarter in which operations commence.

- m: rate of contribution to the Prudence Maintenance Fund as prescribed in point a of this clause;

d) Where a people's credit fund is placed under special control, the amount of contribution payable to the Prudence Maintenance Fund for the quarter in which it is placed under special control shall be calculated using the formula prescribed in point c of this clause; where Sᵢ is the balance of insured deposits on day i (i = 1 → n); S₁ is the balance of insured deposits at the end of the first day of the quarter in which the decision to place the people's credit fund under special control takes effect; S_n is the balance of insured deposits at the end of the last day immediately preceding the date on which the decision to place the people's credit fund under special control takes effect;

dd) Where a people's credit fund is released from special control to resume its normal operations, the amount of contribution payable to the Prudence Maintenance Fund for the quarter in which the special control is terminated shall be calculated using the formula prescribed in point c of this clause; where Sᵢ is the balance of insured deposits on day i (i = 1 → n); S₁ is the balance of insured deposits at the end of the day immediately following the date on which the decision to terminate special control takes effect; S_n is the balance of insured deposits at the end of the last day of the quarter in which the decision to terminate special control takes effect;

e) Where a people's credit fund undergoes merger or consolidation, the amount of contribution payable to the Prudence Maintenance Fund for the quarter in which the merger or consolidation decision takes effect by the people's credit fund formed after the merger or consolidation shall be calculated using the formula prescribed in point b of this clause; where S₀ is the total balance of insured deposits at the beginning of the first day of the first month of the quarter in which the merger or consolidation decision takes effect of all people's credit funds participating in the merger or consolidation; S₁, S₂, S₃ are the total balances of insured deposits at the end of the last day of the first, second, and third months of the quarter in which the merger or consolidation decision takes effect of all people's credit funds participating in the merger or consolidation and the people's credit fund formed after the merger or consolidation;

g) Where the termination of special control and the merger or consolidation occur within the same quarter, the amount of contribution payable to the Prudence Maintenance Fund by the people's credit fund formed after the merger or consolidation shall be calculated using the formula: P = P1 + P2 + P3.

Where:

- P1 is calculated using the formula prescribed in point c of this clause; where S₁ is the balance of insured deposits of the people's credit fund placed under special control at the end of the day immediately following the date on which the decision to terminate special control takes effect; S_n is the balance of insured deposits of the people's credit fund placed under special control at the end of the day immediately preceding the date on which the merger or consolidation decision takes effect.

- P2 is calculated using the formula prescribed in point c of this clause; where S₁ is the balance of insured deposits at the end of the first day of the quarter of the people's credit fund that is not placed under special control; S_n is the balance of insured deposits of the people's credit fund that is not placed under special control and participates in the merger or consolidation at the end of the day immediately preceding the date on which the merger or consolidation decision takes effect.

- P3 is calculated using the formula prescribed in point c of this clause; where S₁ is the balance of insured deposits of the people's credit fund formed after the merger or consolidation at the end of the day on which the merger or consolidation decision takes effect; S_n is the balance of insured deposits of the people's credit fund formed after the merger or consolidation at the end of the last day of the quarter;

h) Where a people's credit fund undergoes a split-off, the amount of contribution payable to the Prudence Maintenance Fund for the quarter in which the split-off decision takes effect by the new people's credit fund formed after the split-off shall be calculated using the formula prescribed in point c of this clause; where S₁ is the balance of insured deposits at the end of the opening day of operations; S_n is the balance of insured deposits at the end of the last day of the quarter in which the split-off decision takes effect;

i) Where a people's credit fund undergoes a split-up, the amount of contribution payable to the Prudence Maintenance Fund for the quarter in which the split-up decision takes effect by the new people's credit fund formed after the split-up shall be calculated using the formula: P = P1 × T + P2.

Where:

- P1 is calculated using the formula prescribed in point c of this clause; where S₁ is the balance of insured deposits of the original people's credit fund at the end of the first day of the quarter in which the split-up decision takes effect; S_n is the balance of insured deposits of the original people's credit fund at the end of the day immediately preceding the opening day of operations of the new people's credit fund formed after the split-up.

- T is the ratio of the deposit balance of the new people's credit fund formed after the split-up to the deposit balance of the original people's credit fund at the time of split-up.

- P2 is calculated using the formula prescribed in point c of this clause; where S₁ is the balance of insured deposits at the end of the opening day of operations of the new people's credit fund formed after the split-up; S_n is the balance of insured deposits of the new people's credit fund formed after the split-up at the end of the last day of the quarter in which the split-up decision takes effect.

4. Exemption from and deferral of contribution to the Prudence Maintenance Fund:

a) A people's credit fund placed under special control shall be exempt from making contributions to the Prudence Maintenance Fund from the date on which the decision to place it under special control takes effect until the date on which the decision to terminate special control takes effect;

b) A people's credit fund placed under special control shall be granted deferral of making contribution to the Prudence Maintenance Fund for the quarter immediately preceding the quarter in which it is placed under special control, together with any contribution shortfalls, overdue contributions, and any late payment charges accrued prior to the time it was placed under special control (if any). Amounts deferred as prescribed in this point must be paid by the prescribed deadline for making contribution of the quarter immediately following the quarter in which the decision to terminate special control takes effect. Where a people's credit fund placed under special control is subsequently declared bankrupt, above-mentioned deferred amounts shall be treated in accordance with the regulations of the Law on bankruptcy;

c) Within 05 business days from its receipt of the decision to place a people's credit fund under special control or the decision to extend the special control period, the cooperative bank shall determine the amount whose payment may be deferred by the people's credit fund as prescribed in point b of this clause and notify the people's credit fund in writing of the exemption from, and deferral of, making contributions as prescribed in points a and b of this clause.

Such a written notice of exemption and deferral shall include the following contents: exemption from making contribution to the Prudence Maintenance Fund as prescribed in point a of this clause; and notification of the amount subject to deferral as prescribed in point b of this clause;

d) Where the amount notified by the cooperative bank is found inaccurate, the people's credit fund shall, within 15 days, send a written request to the cooperative bank for adjustment of the deferred amount.

Within 03 business days from its receipt of the written request from the people's credit fund, the cooperative bank shall send a written notice to the people's credit fund regarding whether the requested adjustment is accepted or not. If the request for adjustment is refused, the notice must clearly state reasons for such refusal;

dd) A people's credit fund placed under special control shall develop a plan for full repayment of the deferred amounts prescribed in point b of this clause as part of its restructuring plan submitted to a competent authority for approval, and shall send the approved plan to the cooperative bank.

5. Measures for handling underpayment and late payment of contributions to the Prudence Maintenance Fund:

a) A people's credit fund that fails to make the required contribution by the deadline prescribed in clause 1 of this Article shall, in addition to paying any contribution shortfall in full, be liable for late payment charges in accordance with the regulations on management and use of the Prudence Maintenance Fund, unless such late payment results from a force majeure event as prescribed by law or falls within the cases where payment of underpaid or overdue contributions to the Prudence Maintenance Fund is deferred as prescribed in clause 4 of this Article;

b) Within 20 days after the deadline for making contributions to the Prudence Maintenance Fund prescribed in clause 1 of this Article, the cooperative bank shall send its member people's credit funds a written notice of calculation and payment of contributions to the Prudence Maintenance Fund, clearly stating any additional contribution payable or contribution refund (if any). People's credit funds shall pay the outstanding contribution amount (if any), or the cooperative bank shall refund the overpaid contribution amount (if any), within a maximum of 15 days from the date of the notice;

c) Where any inaccuracy in the calculation and payment of contributions to the Prudence Maintenance Fund is identified, the cooperative bank shall issue a written notice and require payment of any additional contribution due or refund any overpaid contribution amount within 15 days from the date on which such inaccuracy is identified;

d) Where, within 30 days from the prescribed deadline for making contributions to the Prudence Maintenance Fund, a people's credit fund fails to pay, or fails to pay in full, the required contribution to the Prudence Maintenance Fund and any late payment charges, the cooperative bank shall submit a written report to the relevant SBV's regional branch for handling of such people's credit fund.

6. The cooperative bank and people's credit funds shall be required to make contributions to the Prudence Maintenance Fund only when the total operating capital of the Prudence Maintenance Fund as of the last day of the quarter immediately preceding the quarter for which contributions are collected is less than 1,5% of the total assets of the people's credit fund system.

Where, after contributions for a contribution quarter have been paid, the total operating capital of the Prudence Maintenance Fund reaches or exceeds 1,5% of the total assets of the people's credit fund system, contributions to the Prudence Maintenance Fund shall no longer be required from the following quarter.

7. Contributions made to the Prudence Maintenance Fund shall be recognized as operating expenses in the period in which the obligation to make such contributions arises, corresponding to the relevant quarter or year.

8. Calculation and payment of contributions to the Prudence Maintenance Fund by people's credit funds as prescribed in this Article shall be implemented from the third quarter of 2026.”.

1. Clause 1 is amended as follows:

“1. The Prudence Maintenance Fund is managed and used throughout the system of people’s credit funds according to regulations on management and use of Prudence Maintenance Fund developed and promulgated by the cooperative bank after they are ratified by its GMM. Any amendments to regulations on management and use of Prudence Maintenance Fund must be approved by the GMM of the cooperative bank. Where there are any changes in the law governing regulations on management and use of Prudence Maintenance Fund, the cooperative bank shall review and make appropriate amendments to such regulations, and submit them to the nearest GMM of the cooperative bank for approval.

Within 07 business days from the date on which regulations on management and use of the Prudence Maintenance Fund are promulgated or amended, the cooperative bank shall send these regulations and their amendments (if any) to SBV to serve its performance of inspection and supervision tasks.”.

2. Clause 2 is amended as follows:

a) Point b(iii) is amended as follows:

“(iii) Lending conditions; maximum lending limit for a single people’s credit fund; term of the support loan; rate of interest on the support loan; commitments to use borrowed funds (including loans granted as prescribed in point c clause 2 Article 159 and point c clause 2 Article 171 of the Law on Credit Institutions);”;

b) Point dd is amended as follows:

“dd) Procedures for reconciliation, collection, and payment of contributions; cases of exemption from and deferral of contribution; late payment charges;";

c) Point e is amended as follows:

“e) Principles, conditions, and authority for handling risks in respect of irrecoverable support loans; mechanism for recording a decrease in the balance of the Prudence Maintenance Fund in respect of irrecoverable special loans as prescribed by law;";

d) Point i is amended as follows:

“i) Organizational structure, duties, and powers of the unit directly managing the Prudence Maintenance Fund; information disclosure mechanism and reporting regime applicable to the Prudence Maintenance Fund’s participants and regulatory authorities.”.

“a) Loans are granted to help the people's credit funds experiencing financial difficulties or payment difficulties to ensure their solvency in accordance with regulations on management and use of the Prudence Maintenance Fund;"

“7. Cooperate with Deposit Insurance of Vietnam in sharing consolidated report data on total balances of insured deposits of people's credit funds for the purpose of calculating their contributions to the Prudence Maintenance Fund.”.

“4. Provide information to the cooperative bank according to Appendixes 07, 08, 09 and 10 enclosed herewith, and bear responsibility for the accuracy and truthfulness of such information.”.

1. Point c clause 2 is amended as follows:

“c) Act as the focal point in charge of appraising applications for replacement issuance of the License for submission to the SBV’s Governor for consideration and decision on replacement issuance of the License to the cooperative bank as prescribed in Article 6 of this Circular. Send notification of information to business registration authorities as prescribed in point d clause 4 Article 6 of this Circular;”.

2. Point d is added to clause 4 as follows:

“d) Issue copies of the License from the master register to the cooperative bank as prescribed in Article 6 of this Circular;”.

1. Appendix 01 enclosed with the Circular No. 27/2024/TT-NHNN is replaced by Appendix 01 enclosed herewith.

2. Appendix 01 enclosed with the Circular No. 28/2025/TT-NHNN is abrogated.

3. Appendixes 05, 06, 07, 08, 09 and 10 enclosed herewith are hereby added.

1. This Circular comes into force from July 03, 2026.

2. The calculation and payment of contributions to the Prudence Maintenance Fund by people's credit funds in 2026 shall be carried out as follows:

a) The contribution to the Prudence Maintenance Fund for the first and second quarters of 2026 shall be equal to 50% of the contribution amount payable for 2026 as prescribed in the Circular No. 27/2024/TT-NHNN, as amended by the Circular No. 28/2025/TT-NHNN;

b) People's credit funds shall make the required contribution as prescribed in point a of this clause by January 31, 2027.

3. Provisions of Article 6 and clause 1 Article 11 of the Circular No. 28/2025/TT-NHNN dated September 30, 2025 of the Governor of the State Bank of Vietnam are hereby abrogated.

Heads of SBV’s affiliated units, Deposit Insurance of Vietnam, the cooperative bank, and people’s credit funds are responsible for the implementation of this Circular./.