New regulations on treasury service supply contracts for credit institutions in Vietnam from February 14, 2025

New regulations on treasury service supply contracts for credit institutions in Vietnam from February 14, 2025​ (Image from the Internet)

On December 31, 2025, the Governor of the State Bank of Vietnam issued Circular 60/2024/TT-NHNN which regulates treasury services for credit institutions and foreign bank branches.

New regulations on treasury service supply contracts for credit institutions in Vietnam from February 14, 2025

According to the provisions of Article 6 of Circular 60/2024/TT-NHNN, the treasury service supply contracts for credit institutions and foreign bank branches in Vietnam are as follows:

- When providing treasury services, the service provider organization must sign a contract with the service user organization. The contract must comply with the provisions of Circular 60/2024/TT-NHNN and other relevant legal provisions.

- The treasury service contract must at a minimum include the following contents:

+ Information of the parties involved in the contract;

+ Scope of service provision, contract execution time;

+ Capital management method in treasury service transactions;

+ Applicable fee, payment method;

+ Handling of errors, excesses, shortages, and resolution of disputes and contract violations;

+ Rights and obligations of the parties involved in the contract.

Principles for implementing treasury services for credit institutions from February 14, 2025

The principles for implementing treasury services for credit institutions and foreign bank branches in Vietnam are specifically stipulated in Article 4 of Circular 60/2024/TT-NHNN and include:

- The service provider organization may only implement treasury services when:

+ The establishment and operation license of the commercial bank, cooperative bank, and the establishment license of a foreign bank branch contains the activity of providing treasury services to credit institutions and other foreign bank branches;

+ There are internal regulations and processes for each type of treasury service to ensure asset safety for the service provider and service user organization.

- When implementing treasury services, the service provider organization must have the facilities to meet the requirements for treasury service operations, including:

+ In the case of asset transportation services, money-carrying vehicles must be equipped according to the standards set by the State Bank. If other vehicles (besides money-carrying ones) are used to transport cash, valuable assets, and negotiable instruments, the service provider organization must stipulate this in writing and guide the transport and protection process; and ensure asset safety measures;

+ In the case of asset storage, cash vaults with technical standards according to the State Bank's regulations must be used;

+ Equip suitable means, machinery, and equipment for each type of treasury service provision;

+ Have a payment, accounting, and cash capital management system when providing treasury services.

Responsibilities of the treasury service provider organization for credit institutions from February 14, 2025

The responsibilities of the treasury service provider organization for credit institutions are specifically regulated in Article 14 of Circular 60/2024/TT-NHNN as follows:

- The service provider organization shall base its regulations on this Circular and other relevant legal provisions to issue internal regulations and processes for each type of treasury service provision and be responsible for ensuring asset safety. The internal regulations and processes must be sent to the State Bank (Issuing and Vault Department) within 10 days from the date of issuance.

- Implement other responsibilities according to the treasury service provision contract and other relevant legal regulations.

More details can be found in Circular 60/2024/TT-NHNN effective from February 14, 2025.

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