On 30 June 2026, the State Bank of Vietnam (“SBV“) issued Circular No. 32/2026/TT-NHNN (“Circular 32“), the new rulebook governing how credit institutions and foreign bank branches lend to customers investing abroad. Circular 32 takes effect on 18 August 2026 and replaces Circular No. 36/2018/TT-NHNN (“Circular 36“), which had governed this space since 2019.
Circular 32 does not reinvent the framework Circular 36 put in place, but it does not simply recycle it either. A handful of changes matter, and lenders and outbound investors should get comfortable with them before the effective date.
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