Major changes of Circular No. 55/2025/TT-NHNN on licenses of non-bank credit institutions

1. Competence to approve supplementation of licensed activities in the License

Under the previous regulation at Clause 2 Article 4 of Circular No. 35/2024/TT-NHNN, the Banking Inspection and Supervision Agency was responsible for considering and deciding on the supplementation of licensed activities in the License of non-bank credit institutions.

However, from 09 February 2026, pursuant to Clause 2 Article 4 of Circular No. 55/2025/TT-NHNN, the Director of the Department of Banking Supervision and Regulation shall consider and decide on the supplementation of licensed activities of a non-bank credit institution.

2. Supplement three forms of submission of applications for re-issuance of the License or supplementation of licensed activities

Pursuant to Clauses 4 and 5 Article 6 of Circular No. 55/2025/TT-NHNN, regulations on forms of submission of applications by non-bank credit institutions to the State Bank of Vietnam for re-issuance of the License or supplementation of licensed activities have been supplemented as follows:

• Online submission via the National Public Service Portal. In this case, electronic applications must use digital signatures.

Where the National Public Service Portal system encounters incidents or errors preventing receipt or exchange of information, declaration, submission, receipt and return of results shall be carried out via postal services or in person at the single window of the State Bank of Vietnam.

• In-person submission at the single window of the State Bank of Vietnam;
• Submission via postal services.

At the same time, results of applications for re-issuance of the License or supplementation of licensed activities shall be returned in one of the following forms:

• Returned online to the non-bank credit institution in electronic form;
• Returned in paper form via postal services or in person at the single window of the State Bank of Vietnam upon request of the non-bank credit institution.

Note: Documents in electronic applications shall be electronic copies scanned from originals or originals (PDF format files), or documents generated from systems with digital signatures.

3. Shortening of the time limit for re-issuance of the License or supplementation of licensed activities

Specifically, under Clause 2 Article 8 of Circular No. 55/2025/TT-NHNN, within 35 days from the date of receipt of a complete and valid application, the State Bank of Vietnam shall carry out:

• Re-issuance of the License;
• Supplementation of licensed activities, or supplementation of licensed activities concurrently with re-issuance of the License.

In case of refusal, the State Bank of Vietnam shall reply in writing and clearly state the reasons.

Meanwhile, under the previous regulation at Clause 2 Article 8 of Circular No. 35/2024/TT-NHNN, this time limit was 40 days from the date of receipt of a complete and valid application.

In addition, Circular No. 55/2025/TT-NHNN no longer provides regulations on the repurchase of capital contributions and notification of information on legal representatives as prescribed in Circular No. 35/2024/TT-NHNN.

4. Adjustment of regulations on the operations of finance companies

Pursuant to Article 14 of Circular No. 55/2025/TT-NHNN, the operations of finance companies are adjusted as follows:

- A factoring finance company must maintain outstanding factoring receivables accounting for at least 65% of total outstanding credit balance (previously at least 70% under Clause 3 Article 15 of Circular No. 35/2024/TT-NHNN);

- A consumer finance company must maintain outstanding consumer credit accounting for at least 65% of total outstanding credit balance (previously at least 70% under Clause 4 Article 15 of Circular No. 35/2024/TT-NHNN);

- A financial leasing company must maintain an outstanding financial leasing balance accounting for at least 65% of the total outstanding credit balance (previously at least 70% under Clause 5 Article 15 of Circular No. 35/2024/TT-NHNN).

The following are the major changes to Circular No. 55/2025/TT-NHNN, effective from February 9, 2026, regarding the re-issuance of licenses, supplementation of licensed activities, and the organization and operation of non-bank credit institutions.