The State Bank of Vietnam has issued Circular No.39/2026/TT-NHNN, amending and supplementing regulations on the use of foreign currency and VND accounts by residents and non-residents at authorised banks. The circular will take effect on September 19.
The circular adds provisions on accounts held by non-resident foreign credit institutions at authorised banks. Under the new rules, these institutions may use foreign currency and VND accounts to make payments and international money transfers for their customers, subject to written agreements with authorised banks, as well as carry out collection and payment transactions in accordance with regulations.
The new provisions are expected to provide a stronger legal basis for payment and international money transfer activities between foreign credit institutions and banks in Vietnam, helping facilitate cross-border financial transactions.
Khuat Thu Quyen, head of Regulatory Compliance, HSBC Vietnam, said that as more Vietnamese merchants join e-commerce platforms and look for convenient solutions to receive payments on these platforms, we believe the Circular 39 is both necessary and timely.
“We expect the new Circular to establish a clear legal framework that allows financial institutions, including foreign payment intermediaries, to open and use accounts in Vietnam to process payments and transfers for customers will enable Vietnam to integrate more deeply into global e-commerce. This, in turn, will both facilitate foreign-currency inflows for Vietnamese sellers and attract additional FDI into the e-commerce sector,” Quyen said. “The draft includes several positive developments, for example, allowing foreign credit institutions to open non-resident accounts in VND to support customers’ payment and remittance transactions, and to use these accounts to receive VND freely from Vietnamese organisations and individuals within the country.”
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| Photo: Indochine Counsel |
Kim Chi Hyung, head of the Corporate Investment Banking Division at Shinhan Bank Vietnam, said that the latest circular carried significance that extended well beyond payment activities, as they contributed to strengthening Vietnam’s financial infrastructure in support of deeper international economic integration.
“In the context of rapidly expanding cross-border e-commerce, rising FDI inflows, and increasing international capital movements, the need for a fast, transparent, and globally connected international payment system has become increasingly urgent. Facilitating international payment and remittance activities for foreign credit institutions will help shorten transaction processing times, reduce payment costs, and improve the overall experience for businesses, foreign investors, and multinational corporations operating in Vietnam,” said Hyung.
According to Hyung, the proposed changes will enable foreign banks to better leverage their global networks, international payment expertise, and cross-border connectivity capabilities. This, in turn, will allow them to provide more comprehensive financial solutions to foreign-invested enterprises, foreign investors, and businesses engaged in cross-border e-commerce.
“The draft circular has addressed several important issues relating to the legal framework for international payment activities conducted by foreign credit institutions,” Hyung said. “However, to facilitate implementation, certain provisions may require further clarification. In particular, the draft could more clearly define the scope of permissible transactions, mechanisms for managing and storing electronic records, the responsibilities of parties involved in the payment chain, as well as procedures for handling transactions involving cross-border elements.”
“In addition, having unified guidance on documentary requirements, post-transaction review mechanisms, and compliance responsibilities among credit institutions would help minimise legal risks and enable banks to implement the new regulations more effectively,” he added.
Nguyen Ngoc Tram, sales executive at Yuanta Securities Vietnam, said the move represented a strategic step to adapting to deeper international integration, attracting foreign investors, and accelerating digital transformation.
“Simplifying international payment procedures for foreign financial institutions will create a positive transmission mechanism by reducing operational barriers and transaction costs for international capital flows into Vietnam. This will not only enhance market liquidity but also improve market accessibility for investment funds and global financial institutions,” Tram said. “It sends a positive macroeconomic signal, reinforcing Vietnam’s position in the eyes of international investors and creating momentum for the development of the country’s digital financial infrastructure.”
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