Circular No. 02/2026/TT-NHNN on amendments to Circular No. 35/2025/TT-NHNN prescribing grant of special loans to credit institutions

 

CIRCULAR

AMENDMENTS TO CIRCULAR NO. 35/2025/TT-NHNN PRESCRIBING GRANT OF SPECIAL LOANS TO CREDIT INSTITUTIONS

Pursuant to the Law on Credit Institutions No. 32/2024/QH15, as amended by the Law No. 43/2024/QH15 and the Law No. 96/2025/QH15;

Pursuant to the Law on Deposit Insurance No. 111/2025/QH15;

Pursuant to the Government’s Decree No. 26/2025/ND-CP defining functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);

At the request of the Director of the Monetary Policy Department;

The Governor of the State Bank of Vietnam promulgates a Circular to provide amendments to the Circular No. 35/2025/TT-NHNN prescribing the grant of special loans to credit institutions.

Article 1. Amendments to Article 1

“Article 1. Scope

This Circular provides regulations on the grant of special loans by the State Bank of Vietnam (hereinafter referred to as “SBV”), the deposit insurer, and other credit institutions to credit institutions; and the grant of special loans by SBV to the deposit insurer.”.

Article 2. Amendments to Article 2

“Article 2. Regulated entities

1. Credit institutions established and operating in accordance with the Law on Credit Institutions.

2. The deposit insurer.

3. Other organizations and individuals involved in the grant of special loans by SBV, the deposit insurer, or other credit institutions to credit institutions; and the grant of special loans by SBV to the deposit insurer.”.

Article 3. Amendments to some clauses of Article 3

1. Clause 1 is amended as follows:

“1. Lender means SBV, the deposit insurer, or another credit institution that grants a special loan to a credit institution; or SBV that grants a special loan to the deposit insurer.”.

2. Clause 3 is amended as follows:

“3. Borrower means a credit institution that gets a special loan from SBV, the deposit insurer, or another credit institution; or the deposit insurer that gets a special loan from SBV.”.

3. Clause 14 is amended as follows:

“14. SBV’s Decision to grant special loan means a Decision issued by the SBV’s Governor, or Director of a SBV’s regional branch, on the grant of a special loan to a credit institution (in case such grant of a special loan falls within the decision-making authority of SBV), or a Decision issued by the SBV’s Governor to grant a special loan pursuant to the Prime Minister’s Decision (in case such a special loan has been decided by the Prime Minister as prescribed in clause 4 Article 193 of the Law on Credit Institutions No. 32/2024/QH15), or a Decision issued by the SBV’s Governor on the grant of a special loan to the deposit insurer.”.

4. The phrase “tổ chức bảo hiểm tiền gửi,” (“the deposit insurer,”) is added before the phrase “tổ chức tín dụng khác” (“other credit institution”) in clause 15.

Article 4. Amendments to some points and clauses of Article 4

1. Point dd is added to clause 1 as follows:

“dd) Grant of unsecured special loans at the interest rate of 0%/year to the deposit insurer in the cases prescribed in clause 1 Article 38 of the Law on Deposit Insurance No. 111/2025/QH15 (hereinafter referred to as “the Law No. 111/2025/QH15“).”.

2. Clause 1a is added following clause 1 as follows:

“1a. The deposit insurer shall consider granting special loans to credit institutions from its operational reserve fund in the cases prescribed in clause 1 Article 35 of the Law No. 111/2025/QH15.”.

Article 5. Amendments to some clauses of Article 5

1. Clause 3a is added following clause 3 as follows:

“3a. With regard to the special loans specified in point dd clause 1 Article 4 hereof, the grant of special loan shall comply with provisions of Chapter IIIa hereof.”.

2. The phrase “khoản 1a,” (“clause 1a,”) is added before the phrase “khoản 2” (“clause 2”) in clause 4.

3. Clause 4a is added following clause 4 as follows:

“4a. A people’s credit fund is not allowed to grant special loans to another people’s credit fund.”.

4. Clause 9 is added as follows:

“9. With regard to the special loans specified in clause 1a Article 4 hereof, upon approval of the bankruptcy plan of the borrower, the special loan amounts already disbursed by the deposit insurer shall be handled in accordance with clause 2 Article 37 of the Law No. 111/2025/QH15.”.

Article 6. Amendments to clause 1 Article 6

“1. The SBV’s Governor shall decide the grant of special loans by SBV to credit institutions and the deposit insurer in the cases specified in points a, b, c and dd clause 1 Article 4 of this Circular, except credit institutions that are people’s credit funds.”.

Article 7. Addition of Chapter IIIa after Chapter III

“Chapter IIIa

SBV’S GRANT OF SPECIAL LOANS TO DEPOSIT INSURER

Article 29a. Purposes of special loans, loan amounts, terms, and interest rates

1. The deposit insurer may only use the special loan amount for making deposit insurance payouts.

2. The amount of the special loan shall be decided by SBV on the basis of the deposit insurer’s request, and shall not exceed the shortfall in the operational reserve fund required for making deposit insurance payouts as prescribed in clause 1 Article 38 of the Law No. 111/2025/QH15.

3. The term of the special loan and any extension thereof shall be consistent with the deposit insurer’s projected repayment sources as prescribed in clause 2 Article 38 of the Law No. 111/2025/QH15, as requested by the deposit insurer.

4. Interest rates on special loans:

a) The rate of interest on the principal of the special loan, including principal which is not yet due, principal the term of which has been extended, and overdue principal, shall be 0%/year;

b) No interest will be charged on late payment of outstanding interests.

Article 29b. Procedures for grant of special loans

1. When the deposit insurer wishes to apply for a special loan, it shall submit 02 sets of application documents to SBV (via the Monetary Policy Department).

Such an application includes:

a) An application form for special loan, which must clearly state: the requested loan amount and term, the intended purpose of the special loan; the reason for the application; the number of VND account opened at the SBV’s Operations Center; and a commitment to use the loan for the stated purpose and to comply with regulations of law on grant of special loans;

b) A report including: confirmation that the deposit insurer falls within the cases eligible for special loans from SBV as prescribed in clause 1 Article 38 of the Law No. 111/2025/QH15; a detailed explanation that the requested loan amount does not exceed the shortfall in the operational reserve fund required for making deposit insurance payouts, and the loan term; the schedule and projected funding sources for repayment of the special loan to SBV (clearly indicating the funding sources prescribed in clause 2 Article 38 of the Law No. 111/2025/QH15);

c) A resolution of the Board of Directors of the deposit insurer approving the application for a special loan from SBV.

2. Within a maximum period of 20 working days from its receipt of an adequate application from the deposit insurer, the SBV’s Governor shall consider and decide the grant of a special loan to the deposit insurer.

Article 29c. Extension of special loan term

1. When the deposit insurer wishes to apply for an extension of special loan term, it shall submit 02 sets of application documents for extension of special loan term to SBV at least 40 working days before the special loan becomes due.

Such an application includes:

a) An application form for extension of special loan term which must clearly state: the name of the deposit insurer; the reason for the extension, the requested amount and extension period; and a commitment to comply with regulations of law on grant of special loans;

b) A report including: a detailed explanation of the requested extension amount and period; the reason why the deposit insurer has been unable to repay the special loan (clearly indicating the measures already taken to repay the special loan; the status of implementation of the repayment schedule and funding sources for repayment as previously reported to SBV in the application for the special loan); the measures to be taken to repay the special loan, the schedule and projected funding sources for repayment (clearly indicating the funding sources prescribed in clause 2 Article 38 of the Law No. 111/2025/QH15);

c) A resolution of the Board of Directors of the deposit insurer approving the application for extension of special loan term.

2. Within a maximum period of 20 working days from its receipt of an adequate application from the deposit insurer, the SBV’s Governor shall consider and decide to grant extension of special loan term to the deposit insurer.

Article 29d. Conclusion of special loan agreement, disbursement of special loan

1. On the basis of the Decision to grant special loan specified in clause 2 Article 29b hereof, SBV (via the SBV’s Operations Center) and the deposit insurer shall enter into a special loan agreement which includes the primary contents as prescribed in Appendix VII enclosed herewith.

2. Disbursement of special loan:

a) When the deposit insurer wishes to receive disbursement of the special loan, it shall submit a written request for disbursement, clearly indicating the requested amount, time, and reason for the disbursement, to SBV (via the SBV’s Operations Center);

b) On the basis of the signed special loan agreement, within 02 working days from its receipt of the written request for disbursement, SBV (via the SBV’s Operations Center) shall approve the request and disburse the requested special loan amount specified in the deposit insurer’s disbursement request.

Article 29dd. Repayment of special loan debts

1. When a special loan becomes due, the deposit insurer shall repay the loan in full to SBV.

2. The deposit insurer may repay the special loan prior to its maturity date and shall not be subject to any early repayment charges.

3. Where the deposit insurer receives funds from the sources prescribed in clause 2 Article 38 of the Law No. 111/2025/QH15, within the first 05 working days of the following month (month T+1), it shall use the funds received in the immediately preceding month (month T), after deducting any amounts payable to insured depositors in accordance with the Law No. 111/2025/QH15 and any deposit insurance premiums used to cover expenditures as prescribed in clause 5 Article 30 of the Law No. 111/2025/QH15, to repay the special loan to SBV.

4. If the deposit insurer is found to have failed to repay the special loan as prescribed in clause 3 of this Article, within 07 working days from the date on which SBV gives a written notice of violation as prescribed in point c clause 2 or point c clause 3 Article 36b of this Circular, the deposit insurer shall repay the special loan amount that has become due but remains unpaid.

5. If, through inspection or supervision, the deposit insurer is found to have used the special loan amount for purposes other than the approved purpose, within 07 working days from the date on which SBV gives a written notice of violation as prescribed in point c clause 2 or point c clause 3 Article 36b of this Circular, the deposit insurer shall repay the special loan amount found to have been used for such improper purposes.

6. Where the deposit insurer fails to repay the special loan as prescribed in clause 1 of this Article, SBV shall apply the following remedial measures:

a) Transfer the outstanding balance of the special loan to overdue status in accordance with the SBV’s regulations on methods of calculating and accounting for interest collection and payment in deposit-taking and lending transactions between SBV and credit institutions and other organizations;

b) Deduct funds from the deposit insurer’s account maintained with SBV to recover the overdue special loan amount within 05 working days from the date on which SBV gives written notice of such deduction to the deposit insurer; where the amount due under the special loan has not been recovered in full, SBV shall continue to monitor and deduct funds from the deposit insurer’s account until the outstanding debt has been fully recovered.

7. Where the deposit insurer fails to repay the special loan as prescribed in clauses 4 and 5 of this Article, SBV shall deduct funds from the deposit insurer’s account maintained with SBV to recover the overdue special loan amount on the working day immediately following the deadline for repayment of the special loan as prescribed in clauses 4 and 5 of this Article; where the amount due under the special loan has not been recovered in full, SBV shall continue to monitor and deduct funds from the deposit insurer’s account until the outstanding debt has been fully recovered.”.

Article 8. Amendment of Heading of Chapter IV

“Chapter IV

GRANT OF SPECIAL LOANS BY DEPOSIT INSURER AND OTHER CREDIT INSTITUTIONS”

Article 9. Amendments to some clauses of Article 30

1. Clause 1 is amended as follows:

“1. When a credit institution wishes to apply for a special loan as prescribed in point c clause 1 Article 35 of the Law No. 111/2025/QH15, point a clause 2 or point a clause 3 Article 4 of this Circular, it shall submit an application to the deposit insurer or another credit institution in accordance with the internal regulations of such deposit insurer or other credit institution on the grant of special loans to credit institutions.”.

2. The phrase “tổ chức bảo hiểm tiền gửi,” (“deposit insurer,”) is added before the phrase “tổ chức tín dụng khác” (“other credit institution”) in clause 2.

3. Clause 3 is amended as follows:

“3. The deposit insurer or other credit institution shall consider and decide whether to approve the credit institution’s application for a special loan in accordance with its own internal regulations on the grant of special loans.”.

4. The introductory sentence of clause 4 is amended as follows:

“4. When a borrower wishes to apply for an extension of the special loan term as prescribed in point c clause 1 Article 35 of the Law No. 111/2025/QH15, point a clause 2 or point a clause 3 Article 4 of this Circular:”.

Article 10. Amendments to Article 31

“Article 31. Procedures for grant of special loan and extension of special loan term for implementing approved recovery plans or mandatory transfer plans

1. When a credit institution wishes to apply for a special loan or an extension of special loan term as prescribed in point a or b clause 1 Article 35 of the Law No. 111/2025/QH15, point b clause 2, points b or c clause 3 Article 4 of this Circular, it shall submit an application to the deposit insurer or other credit institution in accordance with the internal regulations of such deposit insurer or other credit institution on the grant of special loans to credit institutions.

2. The deposit insurer or other credit institution shall decide to grant a special loan or extension of special loan term in accordance with its own internal regulations on the grant of special loans to credit institutions and in a manner consistent with the approved recovery plan or mandatory transfer plan of the borrower.”.

Article 11. Additional heading of Section 1 after heading of Chapter V

“Section 1

RESPONSIBILITIES OF THE PARTIES IN CASE OF GRANT OF SPECIAL LOANS TO CREDIT INSTITUTIONS”

Article 12. Amendments to point b clause 7 Article 32

“b) The lender (in the case where the special loan is granted by the deposit insurer or another credit institution).”.

Article 13. Amendments to Article 34

1. Heading of Article 34 is amended as follows:

“Article 34. Responsibilities of the deposit insurer and credit institutions that grant special loans”.

2. The phrase “khoản 1a,” (“clause 1a,”) is added before the phrase “khoản 2” (“clause 2”) in clause 3.

Article 14. Addition of clause 6a following clause 6 Article 35

“6a. Provide the lender that is the deposit insurer or another credit institution with information on any issues relating to that lender’s special loan, and propose remedial measures (if any).”.

Article 15. Addition of Section 2 following Article 36

“Section 2

RESPONSIBILITIES OF THE PARTIES IN CASE OF GRANT OF SPECIAL LOANS TO THE DEPOSIT INSURER

Article 36a. Responsibilities of the deposit insurer

1. Provide SBV with complete, timely and accurate documents and materials regarding the special loan and any extension of special loan term; bear legal responsibility for the accuracy and legality of the contents and data in the documents provided; and take responsibility for compliance with regulations of law in making deposit insurance payouts to insured depositors.

2. Use the special loan amount for the approved purposes, and repay the special loan in accordance with the provisions of this Circular, the signed special loan agreement, and relevant regulations of law.

3. Conclude the special loan agreement, receive disbursement of special loan amount, and repay the special loan in accordance with the provisions of this Circular.

4. Fulfill other obligations as prescribed in this Circular, relevant regulations of law, and the signed special loan agreement.

Article 36b. Responsibilities of SBV’s units

1. The Monetary Policy Department:

Play the leading role in requesting the SBV’s Governor to consider and make decisions on grant of special loans or extension of special loan terms in accordance with the provisions of this Circular.

2. The Credit Institution Management and Supervision Department:

a) Cooperate with the Monetary Policy Department in implementing provisions of point a clause 1 of this Article;

b) Supervise the deposit insurer’s compliance with the provisions of this Circular, and take actions, within its authority, against any violations;

c) Upon receiving the notice from a competent authority, or through supervision activities, upon discovering that the deposit insurer has used the special loan for purposes other than the approved ones or failed to repay the special loan as prescribed in clause 3 Article 29dd of this Circular, issue a written notice of violation to the deposit insurer, the SBV’s Operations Center, and the Monetary Policy Department;

d) Discharge other responsibilities as prescribed in this Circular.

3. The SBV’s Inspectorate:

a) Cooperate with the Monetary Policy Department in implementing provisions of point a clause 1 of this Article;

b) Conduct inspections of the deposit insurer’s compliance with the provisions of this Circular and take actions, within its authority, against any violations found;

c) Where, through inspections, the deposit insurer is found to have used the special loan for purposes other than the approved ones or failed to repay the special loan as prescribed in clause 3 Article 29dd of this Circular, issue a written notice of violation to the deposit insurer, the SBV’s Operations Center, the Monetary Policy Department, and Credit Institution Management and Supervision Department;

d) Discharge other responsibilities as prescribed in this Circular.

4. The SBV’s Operations Center:

a) Carry out the conclusion of special loan agreements which must be prepared according to the Appendix VII enclosed herewith, disburse and collect debts of special loans in accordance with this Circular, the Decision to grant special loan, the Decision to grant extension of special loan term, and relevant regulations of law;

b) Implement the provisions of clauses 6 and 7 Article 29dd of this Circular;

c) Within the first 07 working days of the month following the month in which an outstanding special loan balance exists or any change to the special loan granted to the deposit insurer occurs, prepare a report on data on the special loan granted to the deposit insurer, as prescribed in Appendix VIII enclosed herewith, and submit it to the SBV’s Governor, and also send it to the Credit Institution Management and Supervision Department, and the Monetary Policy Department.

5. The Finance and Accounting Department:

Provide instructions on accounting tasks relating to special loans granted by SBV to the deposit insurer.

6. Relevant SBV’s affiliated units:

Cooperate in handling issues concerning the grant of special loans, and grant of extension of special loan terms as prescribed in this Circular, as assigned by the SBV’s Governor or at the request of the relevant focal points, in respect of the issues falling within the ambit of their functions and tasks.”.

Article 16. Amendments to headings, basis, and Appendixes enclosed with Circular No. 35/2025/TT-NHNN

1. The phrase “đối với tổ chức tín dụng” (“to credit institutions”) in the title of the Circular is deleted.

2. The phrase “Căn cứ Luật Bảo hiểm tiền gửi số 111/2025/QH15;” (“Pursuant to the Law on Deposit Insurance No. 111/2025/QH15;”) is added following the phrase “Căn cứ Luật Các tổ chức tín dụng số 32/2024/QH15 được sửa đổi, bổ sung bởi Luật số 43/2024/QH15 và Luật số 96/2025/QH15;” (“Pursuant to the Law on Credit Institutions No. 32/2024/QH15, as amended by the Law No. 43/2024/QH15 and the Law No. 96/2025/QH15;”).

3. The phrase “tổ chức bảo hiểm tiền gửi,” (“deposit insurer,”) is added before the phrase “tổ chức tín dụng cho vay đặc biệt” (“credit institution that grants special loans”) in items 1 and 2 of the Instructions for completing the form in Appendix VI enclosed with Circular No. 35/2025/TT-NHNN..

4. Appendix VII and Appendix VIII enclosed herewith are added.

Article 17. Effect

This Circular comes into force from May 01, 2026.

Article 18. Responsibility for implementation

Heads of units affiliated to SBV, Special Control Boards of credit institutions placed under special control, the deposit insurer, and credit institutions are responsible for the implementation of this Circular./.