Thông tư 12/2023/TT-NHNN sửa đổi văn bản quy phạm pháp luật quy định về triển khai nhiệm vụ quản lý dự trữ ngoại hối nhà nước do Thống đốc Ngân hàng Nhà nước Việt Nam ban hành

CIRCULAR

AMENDMENTS TO LEGISLATIVE DOCUMENTS PRESCRIBING MANAGEMENT OF STATE FOREIGN EXCHANGE RESERVES

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005; the Ordinance providing amendments to the Ordinance on Foreign Exchange dated March 18, 2013;

Pursuant to the Government’s Decree No. 50/2014/ND-CP dated May 20, 2014 on management of the State foreign exchange reserves;

Pursuant to the Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the request of the Director of the Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam (SBV) promulgates a Circular providing amendments to legislative documents prescribing management of State foreign exchange reserves.

Article 1. Amendments to and replacement of certain words, points, clauses and articles of the Circular No. 01/2014/TT-NHNN dated December 10, 2014 of SBV’s Governor

1. Point b Clause 2 Article 1 is amended as follows:

“b) SBV’s affiliated units, including: State Foreign Exchange Reserve Management Department, Foreign Exchange Management Department, Operations Center, Monetary Policy Department, Internal Audit Department, Finance and Accounting Department, Forecasting and Statistics Department, Department of Legal Affairs, Issue and Vault Department, International Cooperation Department, and Communications Department.”

2. Clause 2 and Clause 4 Article 3 are amended as follows:

a) Clause 2 is amended as follows:

“2. By the end of the first quarter every year, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department, Foreign Exchange Management Department and the Forecasting and Statistics Department in determining and submitting the annual amounts of state foreign exchange reserves to the SBV’s Governor for approval before reporting to the Prime Minister of Vietnam.”

b) Clause 4 is amended as follows:

“4. The State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department, Foreign Exchange Management Department, and the Forecasting and Statistics Department in determining limits on the exchange rate stabilization and gold market management fund, and submitting a report thereon to the SBV’s Governor for submission to the Prime Minister of Vietnam for approval in each period.”

3. Clause 5 Article 4 is amended and Clause 6a is added to Article 4 as follows:

a) Clause 5 (as amended by Clause 1 Article 1 of the Circular No. 01/2020/TT-NHNN dated December 31, 2020 of the SBV’s Governor) is amended as follows:

“5. On a periodic basis of every 06 months, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department, Foreign Exchange Management Department, and the Forecasting and Statistics Department in assessing the management and compliance with standards and limits on investment of foreign exchange reserves, and standards for selection of partners performing other state foreign exchange reserve management tasks; formulate standards and limits on investment of foreign exchange reserves, and standards for selection of partners performing other state foreign exchange reserve management tasks for the following period, and submit them to the Executive Board’s head for submission to the SBV's Governor for decision.”

b) Clause 6a is added as follows:

“6a. In case there are considerable changes in the domestic and international financial markets and/or rating systems of reputable credit rating agencies on the world and in other cases where standards and limits on investment of foreign exchange reserves may be affected, the State Foreign Exchange Reserve Management Department shall report such cases to the Executive Board’s head. The State Foreign Exchange Reserve Management Department shall, based on guidelines given by the Executive Board’s head, play the leading role and cooperate with relevant units in studying the case and proposing measures for amending standards and limits on investment of foreign exchange reserves, and standards for selection of partners performing other state foreign exchange reserve management tasks, and then submitting reports thereon to the Executive Board’s head for submission to the SBV’s Governor for decision.”

4. Clause 2, Clause 3 and Clause 4 Article 5 are amended as follows:

“2. The State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department, Foreign Exchange Management Department, and the Forecasting and Statistics Department in studying and submitting reports to the Executive Board’s head for obtaining decisions of the SBV’s Governor on the following:

a) Addition of other investment forms in each period;

b) Investment guidelines for investment trust and other investment forms as decided by the SBV’s Governor as prescribed in Point a of this Clause in each period.

3. Based on the decision on addition of investment forms given by the SBV’s Governor, the State Foreign Exchange Reserve Management Department shall include other investment forms in the official structure of investment of state foreign exchange reserves to be submitted to the SBV’s Governor for decision. Based on the decision on structure of investment made using state foreign exchange reserves given by the SBV’s Governor, the State Foreign Exchange Reserve Management Department shall include other investment forms in the official plan for making investments using state foreign exchange reserves.

4. Based on the decision given by the SBV’s Governor on investment guidelines for investment trust and other investment forms as prescribed in Clause 2 of this Article, the State Foreign Exchange Reserve Management Department shall submit list of partners and agreements reached with such partners to the Executive Board’s head for approval. Based on approval given by the Executive Board’s head, the State Foreign Exchange Reserve Management Department shall make investments and investment trust.”

5. Clause 2 and Clause 4 Article 6 (as amended in Clause 3 Article 1 of the Circular No. 01/2020/TT-NHNN) are amended as follows:

a) Clause 2 is amended as follows:

“2. On a periodic basis of every 06 months, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department, Foreign Exchange Management Department, and the Forecasting and Statistics Department in assessing the management and compliance with the official structure of investment of state foreign exchange reserves; formulate the official structure of investment made using state foreign exchange reserves for the following period, and submit it to the Executive Board’s head for submission to the SBV's Governor for decision.”

b) Clause 4 is amended as follows:

“4. In case there are considerable changes in the domestic and international financial markets, monetary policy objectives and tendencies for investment in foreign currencies and gold in international reserves of countries in the world, and scale of the state foreign exchange reserves, and in other cases where the official structure of investment of state foreign exchange reserves may be affected, the State Foreign Exchange Reserve Management Department shall report such cases to the Executive Board’s head. The State Foreign Exchange Reserve Management Department shall, based on guidelines given by the Executive Board’s head, play the leading role and cooperate with relevant units in studying the case and proposing measures for amending the official structure of investment of state foreign exchange reserves, and then submitting reports thereon to the Executive Board’s head for submission to the SBV’s Governor for decision.”

6. Clause 3 Article 7 is amended as follows:

“3. On a periodic basis of every quarter or where necessary, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Foreign Exchange Management Department, Monetary Policy Department, and the Forecasting and Statistics Department in accessing the implementation of the official plan for making investments using state foreign exchange reserves of the previous period, and formulating and submitting a new plan for the following period to the Executive Board’s head for approval.”

7. Article 8 is amended as follows:

“Article 8. Foreign exchange derivatives

1. Based on demands for management of risks associated with official investment made using foreign exchange reserves, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department in submitting reports to the Executive Board’s head for requesting the SBV’s Governor to decide performance of foreign exchange derivative operations and specific limit on each of such operation.

2. Based on the foreign exchange derivative operations and specific limit on each of such operation decided by the SBV’s Governor and the investment plan approved by the Executive Board’s head, the State Foreign Exchange Reserve Management Department shall organize the performance of foreign exchange derivative operations.”

8. Point a Clause 2 Article 9 (as amended in Clause 4 Article 1 of the Circular No. 01/2020/TT-NHNN) is amended as follows:

“a) In consideration of the Ministry of Finance’s written request for purchase of foreign currencies to meet foreign currency demands of state budget, the State Foreign Exchange Reserve Management Department cooperate with the Monetary Policy Department in developing a plan for balancing and selling foreign currencies to state budget, submitting the plan to the SBV’s Governor for approval, and giving response to the Ministry of Finance;"

9. Article 10 is amended as follows:

“Article 10. Gold export and import

1. Based on the official structure of investment using gold as state foreign exchange reserves, the State Foreign Exchange Reserve Management Department shall cooperate with the Monetary Policy Department, Issue and Vault Department, Foreign Exchange Management Department, and relevant units in submitting relevant reports to the Executive Board’s head that shall then take charge of requesting the SBV’s Governor to consider giving approval for gold export and import plan which includes the following contents:

a) Amounts of gold imported/exported;

b) Type of gold to be imported/exported;

c) Rules for determining the price of gold imported/exported;

d) Time of gold import/export;

dd) Other relevant contents.

2. Gold import/export for offsetting amounts of gold sold/purchased when intervening in the domestic gold market shall adhere to the provisions of Article 19 of this Circular.

3. Based on the approval given by the SBV's Governor for gold import/export, the State Foreign Exchange Reserve Management Department shall conduct transactions with foreign partners, follow payment procedures and gold receipt and delivery guidelines. The Issue and Vault Department shall play the leading role and cooperate with relevant units in following customs procedures as well as gold receipt and delivery procedures.”

10. Article 11 is amended as follows:

“Article 11. Transfer of foreign exchange from foreign exchange reserve fund to exchange rate stabilization and gold market management fund

1. In case the foreign exchange balance on the exchange rate stabilization and gold market management fund is not sufficient to meet market intervention demands, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department in submitting reports to the SBV’s Governor for following procedures for obtaining the Prime Minister's approval of transfer of foreign exchange amounts from the foreign exchange reserve fund to the exchange rate stabilization and gold market management fund.

2. Based on the Prime Minister's approval, the State Foreign Exchange Reserve Management Department shall request the SBV’s Governor to issue a decision to transfer foreign exchange from the foreign exchange reserve fund to the exchange rate stabilization and gold market management fund.

3. The State Foreign Exchange Reserve Management Department shall carry out transfer of foreign exchange from the foreign exchange reserve fund to the exchange rate stabilization and gold market management fund according to the decision issued by the SBV’s Governor.”

11. Article 14 is amended as follows:

“Article 14. Use of foreign exchange reserve fund to meet State's unexpected and urgent demands

1. Based on the Ministry of Finance’s request for use of the foreign exchange reserve fund to meet the State's unexpected and urgent demands, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department in obtaining opinions of the SBV's Governor about the Ministry of Finance’s request and then submitting report thereon to the Prime Minister for decision.

2. Based on the Prime Minister's decision and the Ministry of Finance’s request, the State Foreign Exchange Reserve Management Department shall request the SBV's Governor to issue a decision to use the foreign exchange reserve fund to meet the State's unexpected and urgent demands.

3. The State Foreign Exchange Reserve Management Department shall withdraw foreign exchange from the fund to make payment according to the decision issued by the SBV's Governor, and submit reports thereon to the Executive Board’s head and relevant Departments.

4. In case foreign exchange is used for making advance payments or giving loans to state budget according to the Prime Minister’s decision, the State Foreign Exchange Reserve Management Department shall record, monitor and recover such foreign exchange amounts advanced or lent according to decisions issued by the SBV’s Governor, and submit quarterly reports on repayment of advanced amounts and loans to the SBV’s Governor, the Executive Board’s head, and the Internal Audit Department.

5. In case advanced amounts and loans cannot be repaid according to the Prime Minister’s decision to use the foreign exchange reserve fund to meet the State's unexpected and urgent demands, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department and relevant units in requesting the SBV's Governor to consult with the Ministry of Finance about requesting the Prime Minister to issue a decision on recovery of such amounts and loans.”

12. Clause 2 Article 15 (as amended in Clause 5 Article 1 of the Circular No. 01/2020/TT-NHNN) is amended as follows:

“2. The Monetary Policy Department shall play the leading role and cooperate with the State Foreign Exchange Reserve Management Department in:

a) submitting reports to the SBV’s Governor for requesting the Prime Minister to give approval of other interventions in the foreign currency market as prescribed in Point c Clause 1 of this Article;

b) requesting the SBV’s Governor to decide other sale and purchase methods as prescribed in Point a Clause 1 of this Article; and

c) submitting the proposed plan for intervention in the foreign currency market to the Executive Board’s head for submission to the SBV’s Governor for approval.”

13. Clause 2 Article 23 is amended as follows:

“2. The State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department and relevant units in submitting reports to the Executive Board’s head for requesting the SBV’s Governor to decide application of other short-term investment forms and management operations as prescribed in Points a and d Clause 1 of this Article in each period."

14. Article 25 is amended as follows:

“Article 25. Guidelines for investment of foreign currency and gold deposits of State Treasury and credit institutions at SBV and other foreign exchange sources

1 . The State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department, the Foreign Exchange Management Department, the Forecasting and Statistics Department, and relevant units in submitting reports to the Executive Board’s head for requesting the SBV’s Governor to decide to issue guidelines for investment of foreign currency and gold deposits of State Treasury and credit institutions at the SBV and other foreign exchange sources in each period.

2. Based on investment guidelines decided by the SBV’s Governor, the State Foreign Exchange Reserve Management Department shall organize the investment of foreign currency and gold deposits of State Treasury and credit institutions at the SBV and other foreign exchange sources.”

15. Article 27 is amended as follows:

"Article 27. Reporting

1. By August 15 of each year, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with relevant units in preparing and submitting reports on scale and use of state foreign exchange reserves in the first 06 months to the SBV's Governor for approval before they are submitted to the Prime Minister and the Ministry of Finance.

2. By March 31 of each year, the State Foreign Exchange Reserve Management Department shall play the leading role and cooperate with the Monetary Policy Department, Foreign Exchange Management Department, and the Forecasting and Statistics Department in preparing and submitting reports on management of state foreign exchange reserves of the previous year and estimated amounts of state foreign exchange reserves in current year to the SBV's Governor for approval before they are submitted to the Prime Minister and the Ministry of Finance.

3. By the last business day of each month, the State Foreign Exchange Reserve Management Department shall submit reports on management of state foreign exchange reserves of the previous month to the SBV's Governor and the Executive Board’s head. Such reports shall also be sent to member units of the Executive Board and the Internal Audit Department.”

16. Article 28 is amended as follows:

“Article 28. Information provision

Provision of information to serve the management of state foreign exchange reserves shall comply with the following provisions:

1. The State Foreign Exchange Reserve Management Department shall:

a) On a daily basis: provide figures on state foreign exchange reserves of the previous business day, using the form in Appendix 01 enclosed herewith;

b) By the 05^th of each month: provide report on the official structure of foreign exchange reserves and report on purchase, sale and use of state foreign exchange reserves of the previous month, which is made using the forms in Appendix 02 and Appendix 03 enclosed herewith;

c) By the 15^th of each month:

- Provide report on investments of state foreign exchange reserves made abroad of the previous month, which is made using the form in Appendix 06 enclosed herewith;

- Provide report on investments of state foreign exchange reserves made abroad and sorted by investment partners of the previous month, which is made using the form in Appendix 07 enclosed herewith;

d) By the last day of the first month of each quarter or where necessary: provide the Internal Audit Department with documents on assessment and ranking of agent banks of the previous quarter, including: documents of international credit rating agencies and assessment documents issued by the State Foreign Exchange Reserve Management Department on the basis of assessment standards of international credit rating agencies;

dd) Submit reports to the SBV’s Governor and the Executive Board’s head on results of domestic bidding for gold bullion and purchase of gold in the international market within the day on which the bidding session is held by the SBV; send such reports to the Foreign Exchange Management Department, the Monetary Policy Department, and the Internal Audit Department;

e) Provide member units of the Executive Board and the Internal Audit Department with:

- The decisions issued by the SBV’s Governor on the official structure of foreign exchange reserves, and standards and limits on investment of state foreign exchange reserves in the period;

- Limits on the exchange rate stabilization and gold market management fund approved by the Prime Minister in each period;

- Decisions and documents on use of state foreign exchange reserves according to the Prime Minister’s decisions.

2. The Forecasting and Statistics Department shall provide the State Foreign Exchange Reserve Management Department with the following:

a) By the 25^th of each month: figures on liquidation of foreign currencies and foreign currency and gold deposits of the State Treasury and credit institutions at the SBV of the previous month;

b) Within 45 days from the end of the reporting quarter/60 days from the end of the reporting year: figures on the implementation of the balance of international payments of the previous quarter/ year and expected implementation of the balance of international payments of the current quarter/year;

c) By the 20^th of the last month of each quarter: Forecasts about international financial market development sorted by countries and regions whose currencies are used as state foreign exchange reserves in the following quarter;

d) By the 15^th of the first month of each quarter: Reports on domestic currency inflation rate and other macroeconomic indicators of the previous quarter;

dd) By the last day of each month: Monetary balance sheets of the SBV and of the whole banking sector of the previous month.

3. The Monetary Policy Department shall provide the State Foreign Exchange Reserve Management Department with the following:

a) On a periodic basis of every 06 months: Reports on weights of foreign currencies in foreign currency transactions between credit institutions and their clients, which are made using the form in Appendix 08 enclosed herewith;

b) Reports on implementation of monetary policies, banking operations and management solutions.

4. By the 15^th of the first month of each quarter and upon occurrence of changes, the Issue and Vault Department shall provide reports on amounts of gold meeting international standards, gold bullion and other gold types kept in the SBV’s vaults, which are made using the form in Appendix 04 enclosed herewith.

5. By January 31 of each year, the International Cooperation Department shall provide the State Foreign Exchange Reserve Management Department with a report on amounts quarterly disbursed to state budget under direct assistance programs/projects from international organizations/partners during the year, which is made using the form in Appendix 05 enclosed herewith.

6. By the 15^th of each month, the Finance and Accounting Department shall provide the State Foreign Exchange Reserve Management Department, the Monetary Policy Department, and the Internal Audit Department with a report on balance on capital account arising asset revaluation, foreign currency revaluation and exchange difference of the previous month.

7. The State Foreign Exchange Reserve Management Department, the Monetary Policy Department, and relevant units shall provide the Internal Audit Department with necessary information on state foreign exchange reserves to meet internal audit requirements.

8. The Foreign Exchange Management Department shall provide the State Foreign Exchange Reserve Management Department with the following:

a) On a periodic basis of every 06 months: Proportion of foreign currencies used in foreign borrowing and debt repayment transactions of Vietnam.

b) Information on domestic and international gold markets, ability to intervene in gold markets and gold import demands (if any).

9. The SBV‘s Operations Center shall provide:

a) On a daily basis: report on balances on foreign currency and gold deposit accounts of the State Treasury and credit institutions at the SBV and other foreign exchange sources, which is made using the form in Appendix 09 enclosed herewith.

b) Report on figures on state foreign exchange reserves of the previous business day, which is made using the form in Appendix 01 enclosed herewith, and report on sale, purchase and use of state foreign exchange reserves of the previous business day, which is made using the form in Appendix 03 enclosed herewith; these reports shall be provided until the SBV’s Governor issues a decision to assign the State Foreign Exchange Reserve Management Department to perform this task as prescribed in Points a and b Clause 1 of this Article.”

17. Article 29 is amended as follows:

“Article 29. Information disclosure

The State Foreign Exchange Reserve Management Department shall cooperate with the Communications Department and the International Cooperation Department in disclosing information on state foreign exchange reserves in accordance with regulations of law.”

18. Clause 1 and Clause 2 Article 32 are amended and Clause 6 is added to Article 32 as follows:

a) Clause 1 and Clause 2 are amended as follows:

“1. The State Foreign Exchange Reserve Management Department shall:

a) play the leading role and cooperate with the Monetary Policy Department and relevant units in formulating and submitting legislative documents on state foreign exchange reserves to the Executive Board’s head for submission to the SBV’s Governor for promulgation;

b) play the leading role and cooperate with the Monetary Policy Department and the Internal Audit Department in compiling and presenting the decision on establishment, organization and operation of the Executive Board for state foreign exchange reserves and the decision on authority of the Executive Board’s head and of the Director of the State Foreign Exchange Reserve Management Department in each period to the Executive Board’s head for submission to the SBV’s Governor for promulgation;

c) play the leading role and cooperate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department in submitting reports to the Executive Board’s head for requesting the SBV’s Governor to decide application of other official operations for management of state foreign exchange reserves as prescribed in Clause 5 Article 10 of the Government’s Decree No. 50/2014/ND-CP dated May 20, 2014;

d) play the leading role and cooperate with the Monetary Policy Department, the Foreign Exchange Management Department, and the Forecasting and Statistics Department in submitting reports to the Executive Board’s head for requesting the SBV’s Governor to decide the inclusion of additional foreign currencies to be invested in the official structure of investment of foreign exchange reserves as prescribed in Article 7 of the Government’s Decree No. 50/2014/ND-CP dated May 20, 2014;

dd) determine the gold prices in USD and VND of gold used as state foreign exchange reserves, and notify relevant units adopting the rules laid down in Clause 2 Article 26 of this Circular;

e) formulate internal management procedures of the State Foreign Exchange Reserve Management Department which shall be adopted during the management of state foreign exchange reserves in accordance with the provisions of this Circular;

g) play the leading role and cooperate with the Department of Legal Affairs and relevant units in negotiating terms and conditions of written agreements on management of state foreign exchange reserves signed by and between the SBV and foreign partners;

h) act on behalf of the SBV to sign the record of inspection of management of state foreign exchange reserves with the inspection team established by the Ministry of Finance of Vietnam on the basis of approval given by the SBV’s Governor or in-charge Deputy Governor;

i) Request the head of the Executive Board for management of state foreign exchange reserves to consider approving purchase and sale of foreign currencies with credit institutions under his/her jurisdiction;

k) Publish on the FXT trading floor or on other means certain contents of the intervention plan under approval given by the SBV’s Governor to each specific plan for intervention in the foreign currency market;

l) Publish the reference exchange rates between VND and other foreign currencies included in the official structure of investment of foreign exchange reserves on the SBV’s website and Refinitiv information system;

m) Record operations arising in connection with state foreign exchange reserves according to guidelines given by the Finance and Accounting Department;

n) Perform other tasks as prescribed in this Circular.

2. The SBV’s Operations Center shall:

a) Record operations arising in connection with state foreign exchange reserves according to guidelines given by the Finance and Accounting Department;

b) Perform other tasks as prescribed in this Circular.”

b) Clause 6 is added as follows:

“6. In case the Executive Board’s head is absent, the contact points shall get opinions from relevant units as prescribed in this Circular, and present them to the SBV’s Governor for approval or decision."

19. The following phrases are replaced:

a) The phrase “Vụ Quản lý ngoại hối” (“Foreign Exchange Management Department”) is replaced with the phrase “Cục Quản lý dự trữ ngoại hối nhà nước” (“State Foreign Exchange Reserve Management Department”) in Article 13 and Clause 1 Article 22.

b) The phrase “Sở Giao dịch” (“Operations Center”) is replaced with the phrase “Cục Quản lý dự trữ ngoại hối nhà nước” (“State Foreign Exchange Reserve Management Department”) in Clause 6 Article 4, Clause 3 Article 6, Clause 4 Article 7, Clause 1, Point b Clause 2 Article 9, Clause 2 Article 12, Clause 6 Article 15, Clauses 2, 3, 7 Article 16, Clause 2 Article 17, Article 18, Clause 2 Article 19, Clause 1 Article 20, Article 21, Clauses 2, 3 Article 22 and Clause 3 Article 26.

c) The phrase “Giám đốc Sở Giao dịch” (“Operations Center’s Director”) is replaced with the phrase “Cục trưởng Cục Quản lý dự trữ ngoại hối nhà nước” (“Director of the State Foreign Exchange Reserve Management Department”) in Point b Clause 3 Article 12, Clause 8 Article 16, Clause 4 Article 19, Point b Clause 2 Article 30 and Article 31.

20. The following Appendixes are replaced and amended:

a) Appendixes No. 01, 02, 03, 04, 05, 06, 07, 08 enclosed with the Circular No. 01/2014/TT-NHNN are replaced with corresponding Appendixes No. 01, 02, 03, 04, 05, 06, 07, 08 enclosed herewith.

b) Appendix No. 09 is abrogated.

Article 2. Amendments to and replacement of some phrases, points, clauses and articles of the Circular No. 06/2013/TT-NHNN dated March 12, 2013 of SBV’s Governor

1. Article 14 is amended as follows:

“Article 14. Notification of transaction results

The State Foreign Exchange Reserve Management Department shall notify the Foreign Exchange Management Department, the Finance and Accounting Department, the Operations Center, and the Issue and Vault Department of results of gold bullion sale and purchase transactions conducted with credit institutions and enterprises upon certification of transactions.”

2. Point b Clause 1 and Point b Clause 2 Article 15 are amended as follows:

a) Point b Clause 1 is amended as follows:

“b) At the end of the date of the transaction certification and at the end of the following business day, the State Foreign Exchange Reserve Management Department shall compile the list of credit institutions and enterprises that have make full payment of gold bullion purchase amounts within a day, and notify the Finance and Accounting Department, and the Issue and Vault Department in writing for processing procedures for delivery of gold bullion to such credit institutions and enterprises as prescribed in Point c of this Clause.”

b) Point b Clause 2 is amended as follows:

“b) Upon completion of delivery of gold bullion, the Issue and Vault Department shall send a written notification thereof to the State Foreign Exchange Reserve Management Department and the Operations Center for making payments to credit institutions and enterprises.”

3. Article 20 is amended as follows:

“Article 20. Responsibilities of State Foreign Exchange Reserve Management Department

1. Act as a contact point cooperating with the Foreign Exchange Management Department in requesting the SBV’s Governor to consider deciding suspension of transactions, cancel gold bullion purchase and sale with credit institutions and enterprises as prescribed in Article 5 of this Circular; notify credit institutions and enterprises of such decision.

2. Act as a contact point cooperating with the Operations Center in performing gold bullion purchase and sale operations.

3. Notify credit institutions and enterprises in writing of non-refund of deposits.

4. Notify and update the SBV Banking Supervision Agency, and the Foreign Exchange Management Department of the list of credit institutions and enterprises establishing gold bullion purchase and sale relationship with the SBV.

5. Cooperate with the Foreign Exchange Management Department and the Monetary Policy Department in developing the SBV's gold bullion purchase and sale plan.

6. Cooperate with the Foreign Exchange Management Department in determining the gold bullion purchase and sale prices (in case of direct purchase and sale or gold quality-based bidding), floor price, ceiling price (in case of price-based bidding) under the approved gold bullion purchase and sale plan.

7. Notify the Operations Center in writing of credit institutions/enterprises’ failure to fulfill their obligations as prescribed in Article 13 of this Circular as the basis for settlement of deposit as prescribed in Article 16 of this Circular.

8. Perform other responsibilities as prescribed in this Circular.”

4. Clause 2 Article 23 is amended as follows:

“2. Notify the Operations Center and the State Foreign Exchange Reserve Management Department in writing of credit institutions/enterprises’ failure to fulfill their obligations to deliver the gold bullion as the basis for settlement of deposit as prescribed in Article 16 of this Circular and for suspension of transactions as prescribed in Clause 1 Article 5 of this Circular.”

5. Article 25 is amended as follows:

“Article 25. Responsibilities of SBV Banking Supervision Agency

1. Notify the State Foreign Exchange Reserve Management Department in writing of the information prescribed in Point d Clause 1, Clause 2 and Clause 3 Article 5 of this Circular.

2. At the request of the special control board of the credit institution as prescribed in Point b Clause 2 Article 5 of this Circular, act as the contact point in charge of requesting the SBV’s Governor to permit or terminate placing of the credit institution into the special control in respect of gold bullion purchase and sale with the SBV; notify the credit institution of the SBV’s decision to permit or terminate validity of permission to gold bullion purchase and sale, and also send such a decision to the special control board of the credit institution, the State Foreign Exchange Reserve Management Department and the Operations Center.

3. Perform supervision of gold bullion purchase and sale of credit institutions and enterprises with the SBV as prescribed by law”.

6. Article 25a is added as follows:

“Article 25a. Responsibility of SBV’s Operations Center

1. Perform gold bullion purchase and sale operations on the basis of reports sent by the State Foreign Exchange Reserve Management Department.

2. Perform other tasks as prescribed in this Circular.”

7. The following phrases are replaced:

a) The phrase “Sở Giao dịch” (“Operations Center”) is replaced with the phrase “Cục Quản lý dự trữ ngoại hối nhà nước” (“State Foreign Exchange Reserve Management Department”) in Article 3, Clause 4 Article 4, Clause 1 and Clause 3 Article 11, Clauses 1 and 2 Article 12, Clause 6 Article 19, Clause 2 and Clause 3 Article 21, Article 22, Appendixes No. 1, 2, 3 enclosed with the Circular No. 06/2013/TT-NHNN .

b) The phrase “Giám đốc Sở Giao dịch” (“Operations Center’s Director”) is replaced with the phrase “Cục trưởng Cục Quản lý dự trữ ngoại hối nhà nước” (“Director of the State Foreign Exchange Reserve Management Department”) in Appendix 3 enclosed with the Circular No. 06/2013/TT-NHNN .

Article 3. Replacement of phrases in Circular No. 26/2021/TT-NHNN dated December 31, 2021 of SBV’s Governor

The phrase “Sở Giao dịch” (“Operations Center”) is replaced with the phrase “Cục Quản lý dự trữ ngoại hối nhà nước” (“State Foreign Exchange Reserve Management Department”) in Clause 2 Article 12, Clause 1, Clause 2 and Clause 4 Article 15, Article 17, Article 18, Article 19, Appendixes 1, 2 and 3 enclosed with the Circular No. 26/2021/TT-NHNN .

Article 4. Replacement and abrogation of certain phrases and clauses in Circular No. 32/2018/TT-NHNN dated December 18, 2018 of SBV’s Governor

1. The phrase “Sở Giao dịch” (“Operations Center”) is replaced with the phrase “Cục Quản lý dự trữ ngoại hối nhà nước” (“State Foreign Exchange Reserve Management Department”) in Clause 2 Article 4, Article 5, Clauses 1 and 3 Article 6, Article 9 and Article 10.

2. Clause 2 Article 6 is abrogated.

Article 5. Addition of phrases to the Circular No. 38/2013/TT-NHNN dated December 31, 2013 of SBV’s Governor

The phrase “và Cục Quản lý dự trữ ngoại hối nhà nước” (“and the State Foreign Exchange Reserve Management Department”) is added following the phrase “Sở Giao dịch” (“Operations Center”) in Article 5, Clause 3 Article 8 and Clause 3 Article 9.

Article 6. Amendments to Clause 3 Article 1 of Circular No. 39/2013/TT-NHNN dated December 31, 2013 of SBV’s Governor

Clause 3 Article 1 is amended as follows:

“3. This Circular applies to the State Foreign Exchange Reserve Management Department, the Finance and Accounting Department, the Operations Center, the Information Technology Department, the Issue and Vault Department, the Administration Department, SBV Banking Supervision Agency, SBV’s provincial banks and other SBV’s administrative units that are not yet granted the autonomy (hereinafter referred to as “SBV’s affiliated units”).”

Article 7. Amendments to Article 12 of Circular No. 25/2020/TT-NHNN dated December 31, 2020 of SBV’s Governor

Article 12 is amended as follows:

“Article 12. Transfer, control, comparison and consolidation of documents at SBV’s Operations Center and State Foreign Exchange Reserve Management Department

The SBV’s Operations Center and State Foreign Exchange Reserve Management Department shall issue internal regulations on transfer, control, comparison, consolidation, arrangement and binding of documents in conformity with operation and organization of accounting works and the following rules:

1. Transfer, control and comparison of documents comply with the provisions of Article 4 of this Circular; ensure matching between detailed accounting and general accounting.

2. Consolidation, arrangement and binding of documents must facilitate post-inspection and searching of documents during their storage in order to avoid loss of documents."

Article 8. Amendments to and replacement of certain phrases and articles of Circular No. 26/2013/TT-NHNN dated December 05, 2013 of SBV’s Governor

1. Article 2 is amended as follows:

“Article 2. SBV’s provincial branches and Operations Center shall monthly use the form of list in Appendix 01 to Appendix 07 and Appendixes No. 09, 11 enclosed with this Circular for calculating and collecting payment service fees and consolidating collected amounts of services fees using the form in Appendixes 08, 12 enclosed with this Circular; The State Foreign Exchange Reserve Management Department shall use the form of list in Appendix No. 10 for calculating and collecting international payment service fees.

In case the balance on the payer's foreign currency checking account opened at the SBV is not sufficient to debit account and collect fees, the SBV's Operations Center (for fees for maintaining balance on foreign currency checking account as prescribed in Article 1b of this Circular) and the State Foreign Exchange Reserve Management Department (for international payment service fees specified in Part IV of the Schedule of fees for making payment through the SBV enclosed with this Circular) shall convert the fee amounts to be collected into VND according to the exchange rate quoted by the SBV on the fee collection date, and then debit the VND checking account of the payer for collecting fees.”

2. The phrase “Sở Giao dịch Ngân hàng Nhà nước” (“SBV’s Operations Center”) is replaced with the phrase “Cục Quản lý dự trữ ngoại hối nhà nước” (“State Foreign Exchange Reserve Management Department”) in Part IV “International payment service fees” of the Schedule of fees for making payment through the SBV enclosed with the Circular No. 26/2013/TT-NHNN (as amended in Clause 3 Article 1 of the Circular No. 15/2020/TT-NHNN dated November 20, 2020 of the SBV’s Governor).

Article 9. Amendments to and abrogation of certain clauses of Circular No. 15/2020/TT-NHNN dated November 20, 2020 of SBV’s Governor

1. Clause 2, Clause 3 and Clause 4 Article 3 are amended as follows:

“2. The State Foreign Exchange Reserve Management Department shall act as the contact point in charge of cooperating with the SBV’s Operations Center, the Monetary Policy Department and relevant units in studying and sending proposed fees for maintaining balances on foreign currency checking accounts to the Payment Department as the basis for requesting the SBV’s Governor to issue a decision on fees for maintaining balances on foreign currency checking accounts opened at SBV.

3. The Information Technology Department shall develop a software program for calculating and collecting fees for maintaining balances on foreign currency checking accounts and international payment service fees of SBV’s provincial branches, the State Foreign Exchange Reserve Management Department and the SBV’s Operations Center in conformity with the provisions of this Circular.

4. The Finance and Accounting Department shall provide guidelines on accounting for collected amounts of fees for maintaining balances on foreign currency checking accounts and international payment service fees of SBV’s provincial branches, the State Foreign Exchange Reserve Management Department and the SBV’s Operations Center.”

2. Clause 2 Article 1 is abrogated.

Article 10. Amendments to and replacement of certain phrases and clauses of SBV’s annual statement regulations enclosed with Circular No. 1710/2005/QD-NHNN dated November 28, 2005 of SBV’s Governor

1. Clause 2 Article 1 is amended as follows:

“2. Regulated entities: SBV’s provincial branches; Operations Center; Administration Department; branch of SBV’s Administration Department in Ho Chi Minh City; Issue and Vault Department; State Foreign Exchange Reserve Management Department; Information Technology Department; Information Technology Sub-Department; Banking Review; Banking Times; National Credit Information Center of Vietnam; SBV’s specialized investment and construction management board; Finance and Accounting Department and other SBV’s affiliated units having accounting apparatus (hereinafter referred to as “accounting units”).”

2. The following phrases are replaced:

a) The phrase “Vụ Kế toán - Tài chính” (“Accounting and Finance Department”) is replaced with the phrase “Vụ Tài chính - Kế toán” (“Finance and Accounting Department”) in Clause 2 Article 1, Clause 1 Article 3, Clause 2 Article 5, Clause 5 Article 6, Clause 1 Article 7, Clause 3, Clause 4 Article 8, Clause 2 Article 9, Clause 1 Article 10, Clause 2 Article 15, Article 16, Article 17 and Article 20.

b) The phrase “Cục Công nghệ tin học ngân hàng” (“Banking Information Technology Department”) is replaced with the phrase “Cục Công nghệ thông tin” (“Information Technology Department”) in Clause 2 Article 1 and Clause 4 Article 8.

c) The phrase “Vụ Tổng Kiểm soát” (“General Control Department”) is replaced with the phrase “Vụ Kiểm toán nội bộ” (“Internal Audit Department”) in Clause 3 Article 10 and Clause 2 Article 20.

Article 11. Amendments to and replacement of certain phrases and points of regulations on SBV’s financial statements enclosed with Decision No. 23/2008/QD-NHNN dated August 08, 2008 of SBV’s Governor

1. Point a Clause 3 Article 2 is amended as follows:

“a. SBV’s units that are its dependent accounting units, including: SBV’s provincial branches; Finance and Accounting Department; Operations Center; Administration Department; branch of SBV’s Administration Department in Ho Chi Minh City; Issue and Vault Department; Issue and Vault Sub-Department; State Foreign Exchange Reserve Management Department; Information Technology Department; Information Technology Sub-Department, and other SBV’s affiliated units having accounting apparatus;”

2. The following phrases are replaced:

a) The phrase “Vụ Kế toán - Tài chính” (“Accounting and Finance Department”) is replaced with the phrase “Vụ Tài chính - Kế toán” (“Finance and Accounting Department”) in Clause 2 Article 7, Article 8, Article 13, Clause 1 Article 15, Point a Clause 1 Article 19 and Forms No. B01a/NHNN, B01b/NHNN, B03/ĐV-NHNN, B03/NHNN, B04/ĐV-NHNN enclosed with Decision No. 23/2008/QD-NHNN dated August 08, 2008 of SBV’s Governor.

b) The phrase “Cục Công nghệ tin học ngân hàng” (“Banking Information Technology Department”) is replaced with the phrase “Cục Công nghệ thông tin” (“Information Technology Department”) in Article 8.

c) The phrase “Vụ Tổng Kiểm soát” (“General Control Department”) is replaced with the phrase “Vụ Kiểm toán nội bộ” (“Internal Audit Department”) in Clause 3 Article 8 and Clause 1 Article 15.

Article 12. Responsibility for implementation

The Chief of Office, the Director of the State Foreign Exchange Reserve Management Department, and heads of SBV’s affiliated units shall be responsible for the implementation of this Circular.

Article 13. Transition

The SBV’s Operations Center shall continue recording operations arising in connection with state foreign exchange reserves until such recording task is divided between the State Foreign Exchange Reserve Management Department and the Operations Center according to a decision issued by the SBV’s Governor.

Article 14. Implementation

1. This Circular comes into force from November 27, 2023.

2. The following regulations are abrogated:

a) Clause 2, Clause 11, Clause 12, Clause 14 and Clause 15 Article 1 of the Circular No. 01/2020/TT-NHNN dated December 31, 2020 of the SBV’s Governor;

b) Clauses 2 and 3 Article 1 of the Circular No. 12/2015/TT-NHNN dated August 28, 2015 of SBV’s Governor;

c) Clause 1 Article 1 of the Circular No. 37/2018/TT-NHNN dated December 25, 2018 of SBV’s Governor./.