Circular No. 02/2016/TT-NHNN on asset storage services and safe deposit box rental by credit institutions

CIRCULAR

On the service of asset storage and safe deposit box rental by credit institutions

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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Issuance and Treasury Department,

The Governor of the State Bank of Vietnam issues this Circular on the service of asset storage and safe deposit box rental by credit institutions.

Article 1. Scope of Regulation and Applicability

2. Applicability:

This Circular stipulates the service of asset storage and safe deposit box rental by credit institutions, including foreign bank branches (hereinafter referred to as credit institutions) permitted to carry out such activities.

第二条 组织和实施奖励工作的支出水平，如政府第152/2025/NĐ-CP号决定关于分级授权和奖励领域的分权规定

a) Credit institutions are permitted to provide the service of asset storage and safe deposit box rental;

b) Individuals, legal entities, and other subjects as prescribed by the Civil Code who use the service of asset storage; and use the service of safe deposit box rental from credit institutions (hereinafter referred to as customers).

Article 2. Interpretation of Terms

In this Circular, the following terms are understood as follows:

1. Asset storage service is a service where credit institutions accept to store assets of customers according to agreements between credit institutions and customers.

2. Safe deposit box rental service is a service where credit institutions rent boxes and safes to customers for them to store their assets according to agreements with credit institutions.

3. Customer assets stored for safekeeping or rented safe deposit boxes include types of assets, papers, and documents agreed upon between credit institutions and customers in compliance with Article 5 of this Circular.

Article 3. Principles for Implementing Asset Storage Services and Safe Deposit Box Rental Services

1. Credit institutions may only provide asset storage services and safe deposit box rental services when:

a) The establishment and operation license of credit institutions includes the provision of asset storage services and safe deposit box rental services;

b) There are internal regulations and procedures for implementing asset storage services and safe deposit box rental services.

2. When providing asset storage services, credit institutions must:

a) Use separate storage facilities according to the standard for money vaults as prescribed by the State Bank of Vietnam (hereinafter referred to as the State Bank); or use a separate section within a money vault with a section door meeting the State Bank's vault door standards; or must equip separate iron cabinets or safes placed inside the money vault for asset storage services;

b) Equip secure asset storage containers, bags, or pouches.

3. When providing safe deposit box rental services, credit institutions must:

a) Use separate storage facilities according to the standard for money vaults as prescribed by the State Bank or use a separate section within a money vault with a section door meeting the State Bank's vault door standards for safe deposit box rental services;

b) Equip secure iron cabinets or safes for asset storage;

c) Install surveillance cameras and security control devices to ensure safety during customer access to the safe deposit box rental service facility.

Article 4. Network for Implementing Asset Storage Services and Safe Deposit Box Rental Services

Credit institutions may only provide asset storage services and safe deposit box rental services at their main office, branches, and transaction offices that comply with Clause 2 and Clause 3 of Article 3 of this Circular.

Article 5. Assets in the Implementation of Asset Storage Services and Safe Deposit Box Rental Services

1. Not prohibited by law from being stored.

2. Not flammable, explosive, or self-destructive substances.

3. For assets requiring special storage conditions, when delivering assets, customers must immediately inform credit institutions about the condition of the assets and appropriate preservation measures for the stored assets. If customers fail to inform and the stored assets are destroyed or damaged due to improper preservation, customers shall bear full responsibility; if damage occurs, customers shall be responsible for compensation.

Article 6. Contracts for Asset Storage Services and Safe Deposit Boxes

1. When providing asset storage services and renting safe deposit boxes, credit organizations must enter into contracts with customers. The contracts must comply with the provisions of this Circular and other relevant laws.

2. A minimum contract for asset storage must include the following contents:

a) Names and addresses of the parties to the contract;

b) Identity card/passport number (for individuals); identity card/passport number of the legal representative of the legal entity; registration number, date of issuance, place of issuance of the Decision on Establishment, Investment Certificate, Business Registration Certificate, Enterprise Registration Certificate, or other documents proving the legal status (for legal entities) of the parties to the contract;

c) In case of receiving assets through physical inspection: Name of the asset, serial number (except for cash or foreign currency cash series), quantity, volume, quality, size, condition, and related documents (if any) of the assets to be stored;

d) In case of receiving assets through sealed packaging: Name of the asset, serial number (except for cash or foreign currency cash series), quantity of assets to be stored;

đ) Storage bag/package/container number;

e) Agreement on the term as prescribed in Clause 1, Article 7 of this Circular;

g) Level, form, and periodic payment of storage fees; agreement on the fee level in case the customer does not come to retrieve the asset beyond the contract period;

h) Preservation measures for special assets requiring special care;

i) Responsibilities of the parties in cases where the stored assets are damaged or lost;

k) Agreement on the handling of assets in cases where the customer does not come to retrieve the asset beyond the contract period;

l) Rights and obligations of the parties to the contract.

3. A minimum rental contract for safe deposit boxes must include the following contents:

a) Contents prescribed at points a, b, e, k, l of Clause 2 of this Article;

b) Safe deposit box compartment number;

c) Level, form, and periodic payment of rental fees for safe deposit boxes; agreement on the fee level in case the customer does not come to terminate or extend the contract beyond the contract period;

d) Method of using the safe deposit box to ensure safety.

Article 7. Term of Asset Storage and Safe Deposit Box Rental

1. Credit organizations shall agree with customers and clearly state in the contract: the term of asset storage, the term of safe deposit box rental; early termination of the contract; situations where the customer has not come to retrieve the stored asset when the storage contract expires, or the safe deposit box rental contract expires; advance notice period for returning/retrieving stored assets, terminating the safe deposit box rental contract in cases where the storage contract or safe deposit box rental contract does not specify a term.

2. For contracts for asset storage and safe deposit box rental without a specified term:

a) Customers may request credit organizations to return stored assets, terminate safe deposit box rental contracts at any time but must notify the credit organization in advance within a reasonable period as agreed in the asset storage contract or safe deposit box rental contract;

b) Credit organizations may request customers to retrieve stored assets, terminate safe deposit box rental contracts at any time but must notify the customers in advance within a reasonable period as agreed in the asset storage contract or safe deposit box rental contract.

Article 8. Procedure for Implementing Asset Custody Services

1. Credit organizations shall accept customers' requests and enter into asset custody contracts with customers.

2. Credit organizations shall receive customers' assets either through physical inspection or sealed packaging.

a) Through physical inspection:

(i) Customers shall prepare an inventory list of assets according to the model attached as Appendix I to this Circular;

(ii) The acceptance of precious metals and gemstones for custody shall be carried out in accordance with the procedures for accepting precious metals and gemstones through physical inspection as stipulated by the State Bank regarding classification, packaging, delivery, and receipt of precious metals and gemstones;

(iii) The acceptance of cash, foreign currency cash, and negotiable instruments shall be conducted in accordance with the regulations on cash receipts and payments with customers as stipulated by the State Bank concerning the delivery, storage, and transportation of cash, valuable assets, and negotiable instruments;

(iv) For other assets, credit organizations shall specify the procedures for receiving customers' assets;

(v) Upon receiving assets through physical inspection, credit organizations shall prepare a handover record according to the model attached as Appendix II to this Circular.

b) Through sealed packaging:

(i) Customers shall prepare an inventory list of assets according to the model attached as Appendix I to this Circular;

(ii) Credit organizations shall receive customers' sealed packages/bags/boxes of assets that have been packaged and sealed in accordance with Clause 3 of this Article; no inspection of precious metals and gemstones, counting of cash and foreign currency cash, negotiable instruments, and other customer assets shall be conducted;

(iii) Upon receiving assets through sealed packaging, credit organizations shall prepare a handover record according to the model attached as Appendix II to this Circular.

c) Customers shall be responsible for the legality and validity of the assets entrusted to credit organizations for custody.

3. Packaging and Sealing of Assets:

a) Customers' assets shall be packed into bags/pouches/boxes along with the handover record according to the model attached as Appendix II to this Circular and sealed, with the seal clearly indicating the name of the asset, quantity of the asset; the name and signature of the packer/sealer; date of sealing. The bag/pouch/box for asset storage must bear the correct number corresponding to the number recorded in the contract;

b) For precious metals and gemstones, packaging and sealing shall be carried out in accordance with the regulations on packaging and sealing of precious metals and gemstones as stipulated by the State Bank regarding classification, packaging, delivery, and receipt of precious metals and gemstones;

c) For cash, foreign currency cash, and negotiable instruments, packaging and sealing shall be conducted in accordance with the regulations on packaging and sealing of cash, foreign currency, and negotiable instruments as stipulated by the State Bank concerning the delivery, storage, and transportation of cash, valuable assets, and negotiable instruments;

d) For other assets, credit organizations shall specify the procedures for packaging and sealing of assets;

đ) In cases where assets are received through physical inspection, the packaging and sealing of assets shall be carried out by the credit organization. In cases where assets are received through sealed packaging, the credit organization shall guide and witness customers in self-packaging and sealing of assets.

4. After being packaged and sealed, customers' bags/pouches/boxes of assets shall be placed under storage.

5. When retrieving assets, customers must present identification cards/passports (for individuals); identification cards/passports of authorized representatives of legal entities (for legal entities); contracts; asset handover records. Credit organizations shall verify the legitimacy and legality of these documents and process contract termination with customers, preparing an asset handover record according to the model attached as Appendix II to this Circular.

Prior to opening bags/pouches/boxes for asset storage, customers must inspect the seals on the asset storage boxes. Credit organizations and customers shall prepare a record confirming the condition of the bags/pouches/boxes for asset storage according to the model attached as Appendix III to this Circular. If the seal is lost, torn, faded, or illegible, both parties shall agree on a method of handling or invite relevant authorities to conduct an appraisal.

Article 9. Procedure for providing safe deposit box rental services

1. Credit organizations shall accept customers' demands and sign safe deposit box rental contracts with customers.

2. After signing the contract with the customer, the credit organization shall hand over the key to the safe deposit box compartment to the customer. Each compartment must have at least one lock for the customer; this lock must have two keys, both of which are held by the customer. In cases where the customer only receives one key to the safe deposit box compartment, the spare key shall be sealed before the witness of the credit organization and kept in custody at the credit organization.

3. Before entering the warehouse to use the safe deposit box, the customer must present their identity card/passport (for individuals); identity card/passport of the legal representative (for legal entities) and the contract. The credit organization shall conduct security checks on the person and property of the customer when they enter and exit the warehouse.

The credit organization does not perform inspection, quantity, weight, quality, size, condition checks on the assets; the customer is fully responsible for the assets during the use of the safe deposit box rental service of the credit organization.

4. Customers must comply with the rules for entering and exiting the warehouse when using the safe deposit box rental service; they must use the correct safe deposit box with the number indicated in the contract.

Article 10. Handling of incidents arising during the provision of asset storage and safe deposit box rental services

1. Handling of incidents arising during the provision of asset storage and safe deposit box rental services shall be carried out according to the agreement in the contract between the credit organization and the customer and in accordance with the provisions of this Article.

2. For asset storage services:

a) In case the customer requests to check the bag/pouch/package containing their stored assets, the customer must present their identity card/passport (for individuals); identity card/passport of the legal representative (for legal entities); the contract; and the receipt for asset delivery. The customer shall check their bag/pouch/package containing stored assets at the counter in the presence of the credit organization, only viewing the package and checking the seal, without unsealing the original seal to reseal it;

b) In case the customer needs to withdraw part of the assets or send additional assets:

(i) For assets received under the physical verification method, the credit organization and the customer shall complete the procedures for withdrawing part of the assets or sending additional assets, and both parties shall sign an additional appendix to the contract regarding the changes;

(ii) For assets received under the sealed method, the customer must complete the procedures for withdrawing all assets and then complete the procedures for storing the assets again.

c) In case the customer needs to withdraw all assets before the agreed storage period in the contract, the credit organization and the customer shall terminate the contract prematurely; the customer must pay the full storage fee and cover the necessary costs incurred by the credit organization due to returning the assets early, except in cases where there is another agreement;

d) In case the contract expires and the customer does not come to collect the assets or extend the contract, the credit organization must notify the customer and charge late fees during the overdue period;

đ) In case the customer loses the contract or the receipt for asset delivery, the customer must notify the credit organization in writing. The credit organization shall issue a copy of the contract and the receipt for asset delivery to the customer;

e) In case the customer is a legal entity and changes its name, address, or legal representative, it must notify the credit organization in writing and supplement the relevant documents proving the change;

g) The customer may authorize another person in writing to sign and implement the asset storage contract. Such authorization shall be carried out in accordance with the law;

h) Any other incidents arising during the provision of asset storage services (if any) shall be agreed upon in the contract between the credit organization and the customer.

3. For safe deposit box rental services:

a) In case the contract expires and the customer does not terminate the contract or extend it, the credit organization must notify the customer and charge late fees during the overdue period;

b) In case the customer loses the contract, the customer must notify the credit organization in writing. The credit organization shall issue a copy of the contract to the customer;

c) In case the customer loses the key to the safe deposit box, even if only one key is lost, the customer must immediately notify the credit organization in writing. The credit organization shall replace the lock of the lost key safe deposit box in the presence of the customer and provide the new key to the customer for use. The cost of replacing the new lock shall be borne by the customer;

d) In case the customer is a legal entity and changes its name, address, or legal representative, it must notify the credit organization in writing and supplement the relevant documents proving the change;

đ) The customer may authorize another person in writing to sign and implement the safe deposit box rental contract. Such authorization shall be carried out in accordance with the law;

e) Any other incidents arising during the provision of safe deposit box rental services (if any) shall be agreed upon in the contract between the credit organization and the customer.

Article 11. Fees for asset storage, safe and vault rental

Credit organizations shall set and publicly display fees for asset storage and safe and vault rental at their headquarters, branches, and transaction offices providing asset storage services and safe and vault rental.

Article 12. Storage, transportation, inspection, inventory, surplus and shortage handling of assets and tracking records when providing asset storage services; management of rental safe and vault service warehouses

1. The storage, transportation, inspection, inventory, and surplus and shortage handling of assets and tracking records when providing asset storage services shall be carried out in accordance with the State Bank's regulations on cash receipt and delivery, asset storage, transportation, and valuable paper management.

2. The management of rental safe and vault service warehouses and the arrangement of members responsible for holding warehouse door keys shall be regulated by credit organizations and must ensure absolute safety of assets.

Article 13. Responsibilities of Relevant Units under the State Bank

1. The Issuance and Treasury Department shall be responsible for being the lead unit to handle any issues arising during the implementation of this Circular and inspect the implementation of this Circular.

2. Banking supervision agencies and State Bank branches in provinces and cities shall be responsible for inspecting the implementation of this Circular by credit organizations within their jurisdiction.

Article 14. Responsibilities of credit organizations

1. When providing asset storage services, credit organizations must ensure the quantity, volume, size, and shape of assets or sealed bags/pouches/boxes of customer-stored assets remain intact; convenient and secure deposit and withdrawal processes; confidentiality. Credit organizations may not use customer-stored assets under any form and must return the exact assets received for storage.

2. Based on the provisions of this Circular, credit organizations shall issue internal regulations and procedures for implementing asset storage services and safe and vault rental within their system and guide customers accordingly. These internal regulations and procedures must be submitted to the State Bank (Issuance and Treasury Department).

3. Other responsibilities according to the terms of the asset storage service contract and the safe and vault rental contract, and as stipulated by law.

Article 15. Transitional Provisions

1. Asset storage contracts and safe and vault rental contracts signed by credit organizations with customers before the effective date of this Circular and compliant with legal provisions at the time of signing shall continue to be implemented according to the signed contracts. Any amendments or supplements to these contracts must comply with the provisions of this Circular.

2. Credit organizations that have provided asset storage and safe and vault rental services before the effective date of this Circular shall continue to provide such services in accordance with the provisions of this Circular. In cases where they do not meet the requirements stipulated in Article 3 of this Circular, within twelve months from the effective date of this Circular, credit organizations must fully comply with the requirements stipulated in Article 3 of this Circular.

3. After the deadline specified in Clause 2 of this Article, credit organizations that do not meet the requirements stipulated in Article 3 of this Circular must cease asset storage and safe and vault rental activities, except for contracts already signed in accordance with Clauses 1 and 2 of this Article.

Article 16. Implementation Provisions

1. This Circular takes effect from April 9, 2016.

2. The Director of the Office, the Head of the Issuance and Treasury Department, the Heads of relevant units under the State Bank, the Governors of State Bank branches in centrally governed provinces and cities, the Chairmen of the Management Boards, the Chairmen of the Member Councils, and the General Directors (Directors) of credit organizations are responsible for organizing the implementation of this Circular./.