Consolidated Circular Guiding Foreign Currency Remittance Receipt and Payment Services (Circular 34/2015/TT-NHNN, as amended through Circular 75/2025/TT-NHNN)
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Based on:34/2015/TT-NHNN - Government Official Gazette
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This is a State Bank of Vietnam (SBV) consolidated text that merges the original Circular 34/2015/TT-NHNN (guiding foreign currency remittance receipt and payment services) with four rounds of amendments made by Circulars 11/2016, 15/2019, 24/2022, and most recently 75/2025/TT-NHNN. The rules cover two service models: (1) an economic organization directly receiving foreign currency sent home by overseas Vietnamese or foreign nationals and paying it to beneficiaries in Vietnam, and (2) agency-based payment services provided by banks, foreign bank branches, or other economic organizations. Covered entities include licensed forex-service credit institutions, credit institutions acting only as agents, and economic organizations (including Vietnam Post Corporation). Key principles: an economic organization that directly receives and pays remittances may only appoint a credit institution as its agent, not another economic organization, and no sub-delegation is allowed. A single credit institution may act as agent for only one economic organization, while an economic organization or credit institution may act as agent for multiple licensed institutions. New registrations, and changes to name, address, foreign partner, or agent bank require approval from the SBV Regional Branch where the company is headquartered (20-working-day processing, valid up to 5 years, renewal filed at least 30 days before expiry). Smaller changes, such as adding payment locations or switching bank accounts, only need to be reported twice a year, by January 10 and July 10. What businesses in or entering this service should note: Circular 75/2025/TT-NHNN, effective from December 31, 2025, meaningfully simplified the paperwork - it dropped several required documents from application dossiers, repealed duplicate procedural articles, replaced the application and approval-decision form templates entirely (Appendices 1, 3, 5, 8, 10, 12, etc.), and shifted licensing authority to the newly restructured SBV Regional Branches. Companies should use the updated forms and file with their regional SBV branch rather than the former provincial branch.
What this document is
This is the official consolidated text (published in Official Gazette No. 206, dated April 12, 2026) of Circular No. 34/2015/TT-NHNN, dated December 31, 2015, issued by the Governor of the State Bank of Vietnam (SBV) to guide foreign currency remittance receipt and payment services. It incorporates four rounds of amendment:
- Circular 11/2016/TT-NHNN (effective August 13, 2016)
- Circular 15/2019/TT-NHNN (effective November 25, 2019)
- Circular 24/2022/TT-NHNN (effective February 15, 2023)
- Circular 75/2025/TT-NHNN (effective December 31, 2025)
Scope and covered entities
The Circular governs both direct foreign currency receipt-and-payment activity and agency-based foreign currency payment activity carried out by credit institutions, foreign bank branches, and economic organizations (including Vietnam Post Corporation). It applies to:
- Credit institutions and foreign bank branches licensed to conduct forex business and services.
- Credit institutions not yet licensed for forex business that act as payment agents for an economic organization or a licensed credit institution.
- Economic organizations that directly receive and pay out foreign currency.
- Economic organizations that act as payment agents for a licensed credit institution.
- Beneficiaries - individuals in Vietnam who receive foreign currency sent by overseas Vietnamese or foreign nationals.
Core operating principles
- An economic organization that directly receives and pays foreign currency may only appoint a credit institution as its agent, never another economic organization.
- Agents (whether economic organizations or credit institutions) may not sub-delegate payment duties to a third party.
- A credit institution or economic organization may act as agent for one or more licensed credit institutions, but a single credit institution may serve as agent for only one economic organization.
- If the underlying agency contract or the contract with the foreign partner expires or is terminated early, the party must immediately cease the related activity.
Approval authority and procedure
The SBV Regional Branch where the company is headquartered is responsible for approving new registrations, approving changes/additions/renewals, and revoking approval for both direct receipt-and-payment activity and agency activity. Credit institutions already licensed for general forex business do not need a separate approval under this Circular to offer this specific service.
Applications may be filed in person at the One-Stop-Shop desk, by post, or online via the National Public Service Portal (with digital signature). Completeness is checked within 3 working days; the approval decision is issued within 20 working days of receiving a valid, complete dossier; if the dossier is incomplete, SBV must request supplementation within 10 working days.
Approval documents (including renewals) are valid for a maximum of 5 years from the date of issuance, based on the term of the contract with the foreign partner or the agency contract. Renewal applications must be filed at least 30 days before expiry; credit institutions acting as agents must also have a clean reporting record for at least the preceding 4 quarters to qualify for renewal.
Changes that only need to be reported, not approved
The following changes only require a periodic report to the SBV Regional Branch, filed by January 10 and July 10 each year, with no separate approval procedure: adding or removing payment locations or branches; changing the bank where the dedicated foreign-currency account is held; adding another foreign-currency type; or opening/closing a dedicated account at a location with a payment branch.
Transfer fees and exchange rates
Economic organizations or licensed credit institutions negotiate the remittance service fee with the foreign partner and may not charge the beneficiary directly under the standard arrangement. Where the transfer is not made under a service contract with a foreign partner, the licensed credit institution may charge the beneficiary a fee, but must publicly post the fee schedule at the payment location. When a beneficiary wants to receive Vietnamese dong instead of foreign currency, the exchange rate applied must follow SBV's applicable rate at the time of conversion.
Dedicated foreign-currency accounts
An economic organization directly receiving and paying foreign currency must open one dedicated payment account per foreign currency type at a licensed commercial bank or foreign bank branch in the province of its head office (and separately in any province where it has a paying branch). Permitted transactions on this account include receiving funds from abroad, paying beneficiaries, transferring to an agent's account, and selling the foreign currency for dong to fund payments.
Key changes introduced by Circular 75/2025/TT-NHNN (effective December 31, 2025)
- Repealed several duplicate procedural articles.
- Removed a number of required documents from application dossiers.
- Replaced all application and approval-decision form templates in the appendices (Appendices 1, 3, 5, 8, 10, 12, etc.) and repealed appendices no longer in use.
- Shifted dossier-receiving and approval authority from provincial/city SBV branches to the newly restructured SBV Regional Branches, reflecting SBV's 2025 branch reorganization.
- Updated the legal basis references to cite the Law on Credit Institutions No. 32/2024/QH15 (as amended by Law No. 96/2025/QH15) and Decree 26/2025/ND-CP on SBV's functions and organization.
Effective dates
The original Circular 34/2015/TT-NHNN took effect on March 1, 2016. This consolidated text reflects the current legal status after applying Circular 75/2025/TT-NHNN, the most recent amendment, effective December 31, 2025.