The State Bank of Vietnam issued Circular 32/2025/TT-NHNN setting out the process and procedures for developing and issuing normative legal documents in the fields of monetary policy, banking activity and foreign exchange, whether issued by the State Bank of Vietnam or submitted to competent authorities for issuance. Compared with Circular 27/2016/TT-NHNN, the new framework renews the drafting and issuance process by simplifying steps, shortening the time for collecting opinions, diversifying consultation methods, and strengthening communications and transparency around how feedback is received and explained. It also adds provisions intended to reinforce Party leadership and the accountability of agency heads in drafting and implementing normative legal documents, introduces rules on the use of shortened procedures and special cases, requires appraisal of circulars drafted under the lead of the Legal Department, and removes the requirement to appraise the costs of developing normative legal documents. Circular 32/2025/TT-NHNN takes effect from 15 November 2025.
State Bank of Vietnam 2025-10-08
State Bank of Vietnam issues new procedures to streamline drafting and issuance of its regulatory legal instruments
The State Bank of Vietnam issued Circular 32/2025/TT-NHNN, revising the process for developing and issuing normative legal documents in monetary policy, banking, and foreign exchange. Key changes include simplified drafting steps, enhanced consultation methods, and increased transparency. The circular also introduces new provisions for Party leadership, agency accountability, and special procedures, effective 15 November 2025.