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Consolidated Circular 22/VBHN-NHNN: SBV Refinancing via Re-lending Based on Credit Dossiers for Credit Institutions

RegHub explainer by New MarketerLast updated:

Based on:22/VBHN-NHNN - Government Official Gazette

This explanation was generated by AI and checked by an automated AI review, not by a human expert. It is not legal, tax or accounting advice and may contain errors. Check the official document before you rely on it.

Consolidated document 22/VBHN-NHNN (certified January 19, 2026) merges Circular 24/2019/TT-NHNN (effective January 18, 2020) with its amending Circular 76/2025/TT-NHNN (effective December 31, 2025) from the State Bank of Vietnam (SBV). It governs SBV refinancing of credit institutions -- commercial banks, cooperative banks, and finance companies -- in the form of re-lending secured by the institution's own credit dossiers. Under this mechanism, the SBV lends VND to a credit institution in two scenarios: (1) liquidity support, when the institution has trouble meeting payment obligations, and (2) funding support for lending to sectors the Government wants to encourage through monetary-policy tools. Loans run under 12 months, carry the refinancing rate the SBV announces from time to time, and are capped at 60 percent of the outstanding principal of the loans listed in the pledged credit dossier. The Circular also sets detailed eligibility conditions, extension rules, application procedures, periodic reporting duties, and remedies for late repayment or violations. This is an internal operational document governing the SBV's relationship with credit institutions (banks and finance companies); it does not create tax, invoicing, customs, or labor obligations for ordinary businesses. It therefore has little direct relevance to SME owners, accountants, or foreign investors, and mainly serves banks and finance companies dealing with SBV refinancing.

Scope and Applicability

  • The Circular governs the State Bank of Vietnam (SBV)'s refinancing of credit institutions in the form of re-lending based on credit dossiers.
  • Applies to: commercial banks, cooperative banks, and general or specialized finance companies.
  • Refinancing currency: Vietnamese dong (VND).

Purpose of Refinancing

  1. Liquidity support: helps a credit institution pay depositors or repay loans to other institutions when it faces payment difficulties.
  2. Priority-sector lending support: channels central-bank funding toward sectors the Government wants to encourage, via monetary-policy tools.

Conditions, Interest Rate, Term

  • The interest rate follows the refinancing rate the SBV announces from time to time; overdue principal is charged at 150 percent of the applicable rate.
  • Term is under 12 months; the combined term including any extension may not exceed 12 months.
  • The loan amount may not exceed 60 percent of the total outstanding principal of the loans listed in the credit dossier used as the borrowing base.
  • Underlying loans must be VND-denominated, fully secured, classified as Group 1 (standard) debt, outside any credit-restricted sector, and have a remaining term at least 60 days longer than the refinancing term requested.

Application and Extension Procedure

  • Credit institutions submit dossiers to the SBV's Monetary Policy Department, including: the refinancing/extension request form, an explanatory report, the credit dossier schedule, and capital source/use reports.
  • The SBV consults the Department of Credit Institution Supervision, the SBV Inspectorate, the Department of Credit for Economic Sectors, and the relevant Regional SBV branch before submitting the case to the Governor for a decision.
  • Total processing time is 20 working days for liquidity-support loans or 25 working days for priority-sector loans, counted from receipt of a complete dossier.

Repayment and Handling of Violations

  • Credit institutions must repay principal and interest in full at maturity; early repayment is allowed.
  • If repayment is late and no extension is granted, the SBV reclassifies the debt as overdue, debits the institution's VND payment account held at the SBV, or recovers funds from other sources of the institution.
  • Institutions that misreport information or misuse refinancing funds are barred from new refinancing applications for one to two years, depending on the violation.
  • The SBV does not waive or reduce refinancing interest under any circumstance.

Responsibilities

  • Credit institutions: provide accurate dossiers, use funds only for the stated purpose, and file weekly reports on the use of liquidity-support refinancing.
  • SBV units (Monetary Policy Department, Department of Credit Institution Supervision, SBV Inspectorate, Department of Credit for Economic Sectors, Transaction Office/Regional SBV branches): review dossiers, supervise compliance, handle violations, and execute refinancing contracts.

Effective-Date History

  • Original Circular 24/2019/TT-NHNN: effective January 18, 2020.
  • Amending Circular 76/2025/TT-NHNN: effective December 31, 2025 (updated the legal basis to reference the 2024 Law on Credit Institutions, renamed «State Bank Transaction Office» to «Transaction Office» and «provincial SBV branch» to «Regional SBV branch», and added the SBV Inspectorate's role in dossier review).
  • Consolidated document 22/VBHN-NHNN was certified on January 19, 2026 by Deputy Governor Doan Thai Son; it is for reference purposes only and does not itself replace or supersede either underlying Circular.
22/VBHN-NHNNEffective: December 31, 2025