Circular 09/2026/TT-NHNN: Custody and Use of Valuable Papers at the State Bank of Vietnam
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Based on:09/2026/TT-NHNN - Government Official Gazette
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The State Bank of Vietnam (SBV) has issued Circular No. 09/2026/TT-NHNN dated May 19, 2026, replacing Circular 16/2022/TT-NHNN, to set out detailed rules on the custody and use of valuable papers at the SBV. Covered instruments include SBV bills, government bonds, treasury bills, government-guaranteed bonds, local government bonds, special bonds or bad-debt-purchase bonds issued for VAMC, and certain bonds issued by commercial banks or other enterprises. The rules apply to SBV units, the Deposit Insurance of Vietnam, credit institutions, foreign bank branches, and other entities designated by the SBV Governor (collectively, members). The Circular establishes two custody channels: direct custody at the SBV (via its Trading Floor Department) or custody through the SBV customer account opened at the Vietnam Securities Depository and Clearing Corporation (VSDC). Valuable papers may be used in monetary market operations such as open market operations, refinancing (secured lending, discounting), special lending, and pledging or margin deposits to set overdraft and overnight lending limits, net debit limits, centralized payment limits, and electronic clearing limits, as well as secured lending and sale-purchase transactions between members on the interbank market. The Circular also specifies the documentation, procedures, and timelines for opening and closing accounts, ownership transfer, principal and interest payment, and withdrawal of valuable papers, with most processing steps set at one to two business days. This is a technical, operational circular that mainly governs the relationship between the SBV, credit institutions, foreign bank branches, and VSDC on the money market. It has no direct provisions on tax, e-invoicing, labor, or customs matters relevant to SMEs or general accounting practitioners. The Circular takes effect on July 4, 2026.
Scope and applicable entities
Circular 09/2026/TT-NHNN (issued May 19, 2026) governs the custody and use of valuable papers at the State Bank of Vietnam (SBV), replacing Circular 16/2022/TT-NHNN. It applies to SBV units; the Deposit Insurance of Vietnam; credit institutions and foreign bank branches; and other entities designated by the SBV Governor from time to time (collectively, «members»).
Types of valuable papers eligible for custody
Covered instruments include: SBV bills; government bonds; treasury bills; bonds fully guaranteed by the Government for principal and interest; local government bonds (as decided by the Governor); special bonds or bonds issued directly to credit institutions selling bad debt at market value to the Vietnam Asset Management Company (VAMC); bonds issued by state-majority-owned commercial banks; bonds issued by credit institutions not under special control, or by other enterprises; and other instruments designated by the Governor. Face value must be VND 100,000 or a multiple thereof (except for special instruments or foreign-currency instruments). Instruments must be legally owned by the member, not yet past the record date for principal/interest entitlement, and, if in certificate form, physically intact without damage or alteration.
Custody mechanisms
Two custody channels are set out:
- Direct custody at the SBV: members submit an account-opening dossier (in person, by post, or via the National Public Service Portal) including the application form, specimen signature/seal registration, and documents proving legal status and legal representation. The SBV (Trading Floor Department) opens the account within 2 business days of receiving a complete, valid dossier.
- Via the SBV's customer account at VSDC: for instruments already held at the Vietnam Securities Depository and Clearing Corporation (VSDC), members transfer the instruments into the SBV's customer account opened at VSDC.
Account information changes must be reported to the SBV within 15 business days of the change. The SBV may use national business-registration and population databases to replace certain dossier components, reducing paperwork.
Use in monetary market operations
Valuable papers held in custody at the SBV may be used for:
- Open market operations (outright or repo purchase/sale by the SBV);
- Refinancing operations: secured lending against pledged instruments, and discounting, for credit institutions and foreign bank branches;
- Special lending by the SBV to credit institutions;
- Pledging or margin deposits to establish overdraft and overnight lending limits, net debit limits, centralized payment limits, and electronic clearing limits in interbank payment systems;
- Secured lending and direct sale-purchase transactions of valuable papers between members on the interbank market.
The SBV accepts dossiers/documents for processing usage requests up to 15:30 on each business day; requests received later are processed the next business day.
Ownership transfer, principal/interest payment, withdrawal, and account closure
The Circular sets detailed principles for transferring ownership of valuable papers between accounts (depending on whether the SBV is the buyer or seller, whether collateral is being enforced, or in the case of a credit institution split or merger); procedures for paying principal and interest at maturity (with a check on any outstanding obligations of the member before releasing the instruments); procedures for withdrawing certificate-form instruments or transferring them out of VSDC; and procedures for closing custody accounts (within 2 business days of a member's request, or within 15 business days if a member is split, consolidated, dissolved, or declared bankrupt without completing closure itself). Most processing steps carry a 1-2 business day turnaround from receipt of a complete, valid dossier.
Effective date
The Circular takes effect on July 4, 2026, and repeals Circular No. 16/2022/TT-NHNN dated November 30, 2022. Transactions in valuable papers completed before the effective date continue under the agreements already signed between the parties. It was signed by Deputy Governor Pham Thanh Ha on behalf of the Governor.