Consolidated Circular No. 34/VBHN-NHNN: Foreign Exchange Rules for Outward Loans and Guarantee-Debt Recovery Involving Non-Residents
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The State Bank of Vietnam (SBV) has issued Consolidated Circular No. 34/VBHN-NHNN dated January 22, 2026, merging the original Circular No. 37/2013/TT-NHNN with the amendments, additions and repeals introduced by Circular No. 78/2025/TT-NHNN (effective January 25, 2026). The consolidated text governs the opening and use of accounts, and the foreign-exchange registration procedures, for outward loans made by Vietnamese economic organizations and for recovering debt that arises when those organizations perform guarantee obligations on behalf of non-residents. It applies only to organizations specifically authorized by the Prime Minister to lend to, or guarantee, non-resident counterparties, not to businesses generally. Compared with the prior rules, the 2025-2026 amendment significantly streamlines administrative procedures in this area: several clauses on required dossier components and mandatory registration cases were repealed; a new Article 7a sets out three channels for submitting dossiers (in person at SBV's one-stop unit, by post, or online via the National Public Service Portal) and allows digital signatures for electronic filings. The responsible SBV unit was renamed from the 'Department of Foreign Exchange Management' to the 'Foreign Exchange Management Department', and several provisions specific to credit institutions and foreign bank branches were removed from this circular's direct scope. Vietnamese enterprises that have, or expect to obtain, Prime Ministerial approval to lend abroad or guarantee obligations for non-residents should note the practical requirements: open a dedicated account at a licensed account-service credit institution before any related fund transfer; register (or register changes to) the loan or the guarantee-debt-recovery amount with SBV within 30 days of signing the relevant agreement (or within 60 days of the fund transfer for guarantee-debt recovery); and comply with monthly (by the 10th of the following month) and annual (by January 31 of the following year) reporting to SBV's Foreign Exchange Management Department. Dossiers filed complete and valid before January 25, 2026 continue to be processed under the rules in force at the time of filing.
Consolidated text and legal basis
This is Consolidated Circular No. 34/VBHN-NHNN, certified by Deputy Governor Doan Thai Son on January 22, 2026, merging:
- Circular No. 37/2013/TT-NHNN dated December 31, 2013 (effective February 14, 2014), which guides foreign exchange management for outward loans and guarantee-debt recovery for non-residents; and
- Circular No. 78/2025/TT-NHNN dated December 31, 2025 (effective January 25, 2026), which amends, supplements and repeals a number of provisions in the field of foreign exchange management for capital transactions, as part of an administrative simplification program.
Scope and applicable entities
The circular governs: opening and using accounts to carry out outward loans, perform guarantee obligations and recover guarantee debt owed by non-residents; and the procedures for registering, and registering changes to, such loans and guarantee-debt recoveries with SBV.
It applies to: economic organizations authorized by the Prime Minister to lend to non-residents (the 'Lender'); economic organizations authorized by the Prime Minister to guarantee obligations for non-residents (the 'Guarantor'); and related organizations and individuals. Lending and guarantee activities carried out by credit institutions and foreign bank branches themselves are governed by SBV's separate rules, not directly by this circular.
Filing and receiving dossiers (new Article 7a)
Registration dossiers may be submitted through three channels: in person at SBV's one-stop unit; by postal service; or online via the National Public Service Portal (using a digital signature). Dossiers must be prepared in Vietnamese; foreign-language originals must be translated with the translator's signature notarized, except for agreements that the lender or guarantor translates and certifies itself. SBV checks dossier completeness within 3 working days of receipt.
Registering an outward loan
Required documents: the registration application (Appendix 1); the host country's investment approval (where the foreign borrower has direct capital contribution from Vietnam); the loan agreement; and any security-related documents. Within 30 days of signing the loan agreement and before disbursement, the Lender submits the dossier to SBV. Within 15 working days of receiving a complete, valid dossier, SBV issues a registration confirmation or a written refusal stating the reason. If the dossier is incomplete, SBV requests supplementation within 7 working days; if not completed within 60 days of that notice, the dossier is closed.
Any change to previously confirmed loan terms must be registered within 30 days of signing the amendment agreement, using an updated application (Appendix 2), the signed amendment agreements, the third-party guarantor's consent (if any), and Prime Ministerial approval where the change increases the loan amount, extends the term, or changes the lender. Processing time is likewise 15 working days.
Registering guarantee-debt recovery
If the guaranteed non-resident repays the Guarantor within 30 days of the Guarantor performing the guarantee obligation, no registration of the debt recovery is required. Otherwise, within 60 days of transferring funds to perform the guarantee obligation, the Guarantor submits a dossier comprising: the registration application (Appendix 3); the beneficiary's written demand for performance; the signed guarantee commitment and guarantee agreement; and proof of the fund transfer confirmed by the account-service credit institution. SBV confirms registration within 10 working days of receiving a complete dossier. Registering changes follows the same process, using the Appendix 4 application.
Accounts and credit institution responsibilities
Before transferring funds related to a loan or guarantee, the economic organization must open a dedicated account (an outward-loan account or a guarantee-performance account) at one account-service credit institution; all disbursement, repayment, debt-recovery and fee transactions must go through that account. The account-service credit institution must check and verify supporting documents to ensure transactions match what SBV has confirmed in the registration.
Reporting obligations
The Lender reports outward-lending activity to SBV's Foreign Exchange Management Department monthly (by the 10th of the following month, using Appendix 5) and annually (by January 31 of the following year). The Guarantor reports new guarantees within 10 working days of signing the guarantee commitment (Appendix 6), and reports guarantee-debt recovery activity monthly and annually (Appendix 7). Account-service credit institutions report under SBV's general statistical reporting regime.
Inspection, penalties and effective date
SBV conducts inspections as needed; violations are handled under the administrative penalty rules for the monetary and banking sector. Circular No. 78/2025/TT-NHNN took effect on January 25, 2026 and repeals a series of provisions across Circulars 37/2013, 29/2015, 10/2016, 15/2019, 10/2022, 24/2022 and 23/2024/TT-NHNN that touch this area. Under the transitional provisions: entities do not need to resubmit dossier components that were repealed if supplementation had already been requested before the effective date; and dossiers filed complete and valid before the effective date continue to be processed under the rules in force at the time of filing.