New Regulations Effective November: Potential Financial Impact on Citizens

Reporting Transactions of VND 500 Million or More is Mandatory

Effective from November 1, Circular No. 27/2025/TT-NHNN provides guidance on implementing certain provisions of the Anti-Money Laundering Law.

The circular includes regulations on reporting electronic money transfer transactions. Specifically, reporting entities are responsible for collecting information and submitting reports to the Anti-Money Laundering Department via electronic data for transactions such as: domestic transfers of VND 500 million or more, or equivalent foreign currency; international transfers of USD 1,000 or more.

The circular also outlines value thresholds and required documents for customs declaration when carrying foreign currency, Vietnamese currency, transferable instruments, precious metals, and gemstones exceeding specified limits.

For precious metals (excluding gold) and gemstones, the threshold is VND 400 million. Similarly, transferable instruments are also capped at VND 400 million. Foreign currency, Vietnamese currency, and gold must be declared at customs according to the State Bank’s regulations when exiting or entering the country.

Credit Institutions Ranked Under New Standards

Effective November 1, Circular 21/2025/TT-NHNN establishes ranking criteria for credit institutions and foreign bank branches.

Rankings will be conducted annually based on capital safety, asset quality, management capability, business performance, and liquidity. This framework aims to comprehensively assess financial health, enhance transparency in banking operations, and guide regulatory oversight.

Ranking results, categorized into multiple levels, will inform licensing decisions for network expansion, new product launches, and credit risk management. Banks must review internal governance and controls to meet these new criteria, contributing to system-wide quality improvement.

Commercial Banks Authorized to Handle Gold Bullion

Effective November 15, Circular 33/2025/TT-NHNN amends Circular 17/2014/TT-NHNN on the classification, packaging, and handling of precious metals and gemstones.

The State Bank and authorized credit institutions may now exchange gold bullion under purchase, sale, or processing contracts. Transactions must adhere to specified procedures, include legal documentation, and ensure sealed, quality-verified bullion.

Gold is categorized into three types: jewelry and art gold (8 karats or higher), bullion (with specific markings and standards), and raw gold (bars, grains, or pieces). Bullion packaging must be counterfeit-resistant and comply with commercial bank or licensed producer standards.

New regulations tighten packaging and sealing requirements: identical bullion is packed in lots of 100 or multiples (up to 500 pieces); raw gold in lots of 5 or multiples (up to 25 bars), placed in stainless steel containers, sealed, and labeled with verification details.

Launch of Vietnam’s Economic Sector Classification System

Prime Minister’s Decision 36/2025/QĐ-TTg introduces Vietnam’s Economic Sector Classification System, effective November 15.

This system updates and standardizes industry codes to align with digital transformation, green economy development, and international integration. It sets guidelines for using industry codes in business registration, investment declarations, state statistics, and administrative databases.

Businesses must review and update their registered industry codes to ensure consistency and accuracy in administrative procedures and statistical reporting. The new system is expected to harmonize national economic data, enhancing policy-making efficiency.

Regulations on Cashless Payments

Effective November 18, Circular 30/2025/TT-NHNN amends provisions in circulars governing non-cash payment services.

Clause 10 of Article 3 in Circular 15/2024/TT-NHNN (amended by Article 1 of Circular 30/2025/TT-NHNN) specifies acceptable identification for non-cash payment services: citizen ID cards, electronic IDs (for Vietnamese citizens), and identity certificates (for Vietnamese individuals with undetermined nationality).

Foreign residents in Vietnam must provide passports or equivalent identity documents issued by foreign authorities, along with entry visas, visa substitutes, or proof of visa exemption. Electronic identities (via Level 2 e-identification accounts) are also accepted where applicable.

Natural Disasters, Epidemics Exempt from Social Insurance Evasion

Effective November 30, Decree 274/2025/NĐ-CP details provisions of the Social Insurance Law regarding delays or evasion of mandatory social insurance and unemployment insurance contributions, as well as related complaints and denunciations.

Article 4 of the decree exempts entities from being classified as evading mandatory social insurance or unemployment insurance contributions under certain conditions declared by competent authorities, including: natural disasters (storms, floods, earthquakes, fires, prolonged droughts) directly and severely impacting production or business operations.

Additionally, dangerous epidemics declared by state authorities that severely affect production, business, and financial capabilities of employers; emergency situations under legal provisions unexpectedly disrupting operations; and other force majeure events under civil law are also exempt.