Consolidated Document number 05/VBHN-NHNN on payment agency activities

CIRCULAR

Provisions on Payment Agency Activities

Circular No. 07/2024/TT-NHNN dated June 21, 2024, of the Governor of the State Bank of Vietnam on payment agency activities, which took effect from July 1, 2024, was amended and supplemented by:

Circular No. 06/2025/TT-NHNN dated May 30, 2025, of the Governor of the State Bank of Vietnam amending and supplementing Clause 7, Article 7 of Circular No. 07/2024/TT-NHNN dated June 21, 2024, of the Governor of the State Bank of Vietnam on payment agency activities, which took effect from July 1, 2025.

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Based on Decree No. 52/2024/NĐ-CP dated May 15, 2024, of the Government on non-cash payments;

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam issues this Circular on payment agency activities[1].

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates payment agency activities conducted in Vietnamese currency within the territory of Vietnam.

Article 2. Applicability

1. Commercial banks.

2. Cooperative banks.

3. Branches of foreign banks.

4. People's Credit Funds.

5. Microfinance organizations.

6. Other organizations that are not credit institutions or branches of foreign banks related to payment agency activities (hereinafter referred to as other organizations).

Article 3. Explanation of Terms

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

Payment agency activity is the act where the principal entrusts the agent to carry out part of the process of opening payment accounts, issuing bank cards, and providing payment services to customers.

The principal includes commercial banks, cooperative banks, and branches of foreign banks (hereinafter referred to as the principal).

The payment agent includes commercial banks, cooperative banks, branches of foreign banks, people's credit funds, microfinance organizations, and other organizations (hereinafter referred to as the agent).

A payment agency point is the location where the agent conducts payment agency activities.

The payment agency point of other organizations must be the business premises of the agent or a branch of the agent.

5A payment agency agreement is an agreement between the principal and the agent regarding the implementation of part of the process of opening payment accounts, issuing bank cards, and providing payment services to customers.

The principal's payment agency fee is the amount of money paid by the principal to the agent for carrying out the entrusted payment agency activities, agreed upon by both parties and in compliance with the provisions of the law.

Chapter II

PAYMENT AGENCY ACTIVITIES

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 07/2024/TT-NHNN on payment agency activities.

Article 1. Amending and supplementing Article 4

1. Receiving applications for opening payment accounts, checking and verifying customer identification information to send to the principal, and guiding customers on how to use payment accounts.

2. Receiving applications for issuing bank cards, checking and verifying customer identification information to send to the principal, and guiding customers on how to use bank cards.

3. Accepting customer requests for payment services, preparing, signing, controlling, and processing transaction documents of customers, transferring customer transaction information to the principal, receiving cash from customers, or paying cash to customers to execute transactions:

2. Receiving applications for issuing bank cards; conducting legality and compliance checks; ensuring the accuracy and correctness of all provided documents, information, and data; verifying customer identification information according to the entrusting party's guidelines and sending the results to the entrusting party, and guiding customers on how to use bank cards.

3. Accepting customer requests for payment services; preparing, signing, or applying electronic confirmation methods; controlling and processing customer payment documents; transferring transaction information from customers to the entrusting party; receiving cash from customers or paying cash to customers to execute transactions:

a) Depositing/withdrawing cash into/from customers' payment accounts opened with the entrusting party;

b) Depositing/withdrawing cash into/from prepaid debit cards issued by the entrusting party;

4. Within one working day from the time of receiving customer requests for payment services, the agent processes customer transaction documents and transfers customer transaction information to the principal, except in cases of system failures and/or other force majeure conditions preventing the execution of customer transactions.

Article 5. Transaction Limits

1. The agency-granting party must implement measures to manage the balance and transaction limits of the agency party which is another organization, including:including:

a) The transaction limit (including cash deposit and withdrawal transactions) for individual customers shall not exceed 20 million VND/customer/day;

b) The agency party may only conduct transactions for customers within the account balance of the agency party opened at the agency-granting party as stipulated in Clause 4, Article 7 of this Circular, and each payment agency point may transact up to 200 million VND/day and a maximum of 5 billion VND/month. 2. The transaction limit of the agency party which is a commercial bank, cooperative bank, foreign bank branch, people's credit fund, or microfinance organization shall be determined by agreement between the agency-granting party and the agency party. Article 6. Activities of the Agency-granting Party and the Agency Party

1. The implementation of agency activities, acting as an agent for commercial banks, cooperative banks, foreign bank branches, people's credit funds, or microfinance organizations must comply with the content recorded in the License for Establishment and Operation or the License for Establishment or Decision on Organization and Operation issued by the competent authority and any amendments or supplements to such licenses or decisions (if any). 2. People's credit funds may act as agents for cooperative banks for members and customers of such people's credit funds.

3. Microfinance organizations may act as agents for banks for customers of such microfinance organizations.

4. Other legally established enterprises may act as agents according to agreements with the agency-granting party.

5. Commercial banks, cooperative banks, foreign bank branches, and microfinance organizations may act as agents for multiple agency-granting parties. Other organizations may only act as agents for one agency-granting party. Article 7. Principles for Implementing Payment Agency Activities

1. Payment agency activities must be established in a written contract between the agency-granting party and the agency party in accordance with this Circular and other relevant laws. 2. The agency-granting party may entrust the agency party to perform the business operations specified in Article 4 of this Circular and consistent with the content recorded in the License for Establishment and Operation or the License for Establishment or Decision on Organization and Operation issued by the competent authority and any amendments or supplements to such licenses or decisions (if any) of the agency-granting party, where the agency party is a credit institution or foreign bank branch.

3. The agency party is not permitted to re-entrust the agency to a third party.

4. When performing the business operations specified in Clause 3, Article 4 of this Circular, the agency party which is another organization must open and maintain a settlement account at the agency-granting party to perform the entrusted business operations within the agreed account balance; this settlement account must be separate from other settlement accounts serving other activities or purposes of the agency party opened at the agency-granting party.

5. The agency-granting party collects fees from customers through the agency party according to the fee rates set by the agency-granting party during each period. Neither the agency-granting party nor the agency party may collect additional fees beyond those specified in the fee schedule published by the agency-granting party. The service fee schedule of the agency-granting party must clearly state the types and rates of fees applicable to each type of service, in compliance with the law, and must be publicly displayed at payment agency points and on the website of the agency party (if available).

6. The agency-granting party and the agency party must commit to customer information confidentiality in accordance with the Law on Credit Institutions, implementing guidelines, and related legal provisions.

The agency-granting party is permitted to enter into payment agency contracts with other organizations nationwide. The number of payment agency points of other organizations must ensure that the number of payment agency points in the commune-level administrative unit (excluding wards) in centrally governed cities exceeds 70% of the total number of payment agency points of the agency-granting party. 8. The number of payment agencies that are credit institutions or foreign bank branches is determined by the agency-granting party based on its management capacity; the number of payment agency points of credit institutions or foreign bank branches is decided by the credit institution or foreign bank branch based on its network of operations..

3. The agent shall not be permitted to subdelegate to a third party.

4. When performing the activities specified in Clause 3 of Article 4 of this Circular, an agent that is an organization other than the principal must open and maintain a settlement account with the principal to carry out the delegated activities within the agreed balance; such settlement account must be separate from other settlement accounts used for other operations and purposes of the agent opened at the principal.

5. The principal collects fees from customers through the agent according to the fee rates set by the principal for each period. Neither the principal nor the agent may collect additional fees beyond those specified in the fee schedule published by the principal. The service fee schedule of the principal must clearly state the types of fees and the applicable rates for each type of service, in compliance with the law, and must be publicly posted at the payment agency points and on the electronic information website of the agent (if available).

6. The principal and the agent must have a commitment to protect customer information in accordance with the provisions of the Law on Credit Institutions, guiding documents, and relevant laws.

7.^[2] The principal is permitted to enter into payment agency contracts with organizations nationwide. The number of payment agency points of other organizations must ensure that the number of payment agency points in communes (excluding wards) in centrally governed cities and provinces represents more than 70% of the total number of payment agency points of the principal.

8. The number of payment agencies that are credit institutions and foreign bank branches is determined by the principal based on its management capacity; the number of payment agency points of credit institutions and foreign bank branches is decided by the credit institution or foreign bank branch based on their network of operations.

Article 8. Contents stipulated in the payment agency contract

1. The payment agency contract must include at least the following contents:

a) Name and address of the entrusting party, the legal representative or authorized representative of the entrusting party;

b) Name and address of the agency party, the legal representative or authorized representative of the agency party;

c) Scope of agency, including the activities entrusted to the agency party and the applicable limits for customers, and the applicable limits for the agency party;

d) Term of agency;

đ) Daily transaction hours and working hours;

e) Agency fee for payment;

g) Number of agency points or list of agency points;

h) Rights and obligations of the entrusting party and the agency party;

i) Dispute resolution procedures;

k) Termination of the payment agency contract.

2. In addition to the contents prescribed in Clause 1 of this Article, the parties may agree on other contents in the payment agency contract in accordance with this Circular and relevant laws.

Article 9. Rights and Obligations of the Entrusting Party

1. The entrusting party has the following rights:

a) To choose the object to cooperate and sign the payment agency contract cooperation, signing contracts payment agency;

b) To establish and apply criteria for selecting objects to be entrusted;

c) To agree with the agency party on the content of agency activities and the agency fee for payment;

d) To request the agency party to report and provide documents and information about the implementation of the payment agency contract;

đ) To request the agency party to pay legitimate benefits (if any) arising from the implementation of the agency activities stipulated in the payment agency contract;

e) To inspect and supervise the implementation of the payment agency contract by the agency party;

g) To have the right to terminate the payment agency contract if the agency party breaches the payment agency contract;

h) Other rights as stipulated in the payment agency contract, in compliance with the provisions of the law.

2. The entrusting party has the following obligations:

a) To manage, supervise, and bear full responsibility for the agency payment activities carried out by the agency party;

b) To publicly announce the list of agency parties that have signed contracts (including payment agency points) on the entrusting party's website and application;

c) To issue guidelines and train the agency party on agency payment activities to ensure compliance with the legal regulations on service provision, regularly updating according to relevant legal provisions and practical operations to ensure safety during implementation, guiding the agency party to publicly announce the entrusted activities at their main office and network;

d) To guide the agency party to implement customer identification, verification, and updating of customer information according to the process implemented by the entrusting party; to be responsible for the accuracy of the customer identification and verification information of the agency party and comply with the customer identification regulations under the Anti-Money Laundering Law;

đ) To assess risks to determine the scope of transactions and transaction limits for customer accounts identified and verified through the agency party;

e) To agree with the agency party on the establishment of information technology infrastructure to ensure smooth transaction processing and monitoring of the agency party's payment activities;

g) To be responsible for ensuring security, safety, and confidentiality of the information system, protecting customer rights, safeguarding personal information and data of customers, and implementing measures to prevent money laundering, terrorist financing, and proliferation of weapons of mass destruction;

h) To manage the balance and transaction limits of the agency party which is another organizationin accordance with Clause 1 of Article 5 of this Circular; as prescribed in Clause 1 of Article 5 of this Circular;

To be responsible towards customers in case the agency party breaches the payment agency contract, causing damage to the customers' rights and legitimate interests;

k) To have mechanisms and measures to protect customers, including maintaining the reception of customer inquiries and complaints at payment agency points; receiving customer dispute and complaint information at establishing and maintaining a 24/7 hotline to promptly receive and handle customer information and complaints;at the same time establishing and maintaining a 24/7 hotline to promptly receive and handle customer information and complaints;

l) To collect, compare, and store all data and transaction documents generated at the agency party in accordance with relevant legal provisions;

m) To pay the agency fee for payment to the agency party as stipulated in the payment agency contract;

n) To develop and issue internal regulations on agency payment including cash receipt, storage, and preservation procedures to ensure safe operation;

o) To fulfill other obligations as stipulated in the payment agency contract, in compliance with the provisions of the law.

Article 10. Rights and Obligations of the Agent Party

1The agent party has the following rights:

a) Refuse requests from the principal party that are not stipulated in the payment agency contract or are not in accordance with the law;

b) Request the principal party to provide guidance, information, and necessary documents related to the payment agency activities;

c) Enjoy agency fees and other lawful benefits (if any) as stipulated in the payment agency contract;

d) Other rights as provided for in the payment agency contract and in compliance with the law.

2. The agent party has the following obligations:

a) Carry out the assigned agency activities as specified in Clause 4 of this Circular and agreed upon in the payment agency contract; b) Timely and fully inform the principal party about the implementation of the payment agency activities as stipulated in the payment agency contract;

c) Pay the principal party any lawful benefits (if any) arising from the execution of the payment agency activities as stipulated in the payment agency contract;

d) Accept supervision and inspection by the principal party regarding the execution of the payment agency activities;

đ) Comply with legal provisions on protecting personal information of customers, bear responsibility for the accuracy of customer identification and verification, and implement measures to prevent money laundering, terrorist financing, and proliferation financing during the agency process;

e) Jointly bear responsibility for the quality of products and services provided to customers if the fault lies with the agent party; have the obligation to compensate the principal party for compensation paid to customers due to the agent party's breach of the payment agency contract and losses caused by the agent party's fault in disclosing customer information, errors, and mistakes during operations; g) During the agency period, the agent party must manage the principal party’s funds and assets (if any) in accordance with the law, and may not use them for other business purposes; h) Receive customer inquiries and complaints and cooperate with the principal party to resolve them;

the time limit for handling inquiries and complaints and the resolution of such inquiries and complaints shall be carried out in accordance with the regulations on providing non-cash payment services; i) Develop internal procedures to manage risks associated with specific agency activities, including cash handover and storage procedures; ensure physical infrastructure, networks, and staff with appropriate qualifications and expertise to carry out payment agency activities or as required by the principal party;

k) Notify the principal party when temporarily suspending transactions with customers or ceasing service for more than four hours during regular transaction hours, stating the reasons and remediation plans to ensure uninterrupted agency payment activities;

l) Store data, records, and vouchers securely and provide them to the principal party upon request; m) Fulfill other obligations as stipulated in the payment agency contract and in compliance with the law.;

REPORTING AND IMPLEMENTATION ORGANIZATION

k) Notify the principal in case of suspending transactions with customers or ceasing service for more than four hours during daily transaction time, specifying the reasons and measures to ensure uninterrupted payment agency operations;

l) Safeguarding the integrity of data, records, and documents and providing them to the principal upon request;

m) Fulfilling other obligations stipulated in the payment agency contract in accordance with the law.

Chapter III

REPORTING AND IMPLEMENTATION ORGANIZATION

Article 11. Obligation to Report and Provide Information

1.At least thirty days before implementing the agency payment activity, the party granting the agency must submit a written notice to the State Bank of Vietnam (Payment Department) and the State Bank branch of the province or city directly under the central government where the main office of the party granting the agency is located and on other areas where agency payment points are located. under the central headquarters where the principal has its main office and in areas where there are payment agency points and publish detailed information about the agent, cooperation methods, agency scope, agency term, and management methods for agency payment points on its website.

2. Quarterly, the party granting the agency must submit a report on the implementation of the agency payment activities according to the Appendix issued together with this Circular to the State Bank of Vietnam (Payment Department) for monitoring.

3. When ceasing the agency payment activity with an agent, within five working days at the latest, the party granting the agency must submit a written notice to the State Bank of Vietnam (Payment Department) and the State Bank branch of the province or city directly under the central government where the main office of the party granting the agency is located and on other areas where the ceased agency payment points are located for monitoring, supervision, and publishing the information on its website. 4. By the tenth day of each month, the party granting the agency must submit a report listing agents and agency payment points showing signs of fraud or forgery according to the guidelines of the State Bank of Vietnam.

Article 12. Responsibilities of Units Under the State Bank of Vietnam

a) Monitor the implementation and advise the Governor of the State Bank of Vietnam to handle difficulties during the implementation of this Circular.

1. Payment Department

b) Serve as the point of contact and monitor reports and notifications from the party granting the agency as stipulated in Article 11 of this Circular.

c) Serve as the point of contact and coordinate with related units to develop tools and software to supervise agency payment activities.

Serve as the point of contact and coordinate with the Banking Inspection and Supervision Authority, the State Bank branch of the province or city directly under the central government in conducting inspections of the party granting the agency and the agent's compliance with the provisions of this Circular.

d) d) Coordinate with the Banking Inspection and Supervision Authority to conduct inspections of compliance with the provisions of this Circular.

2. The Banking Inspection and Supervision Authority; the State Bank branch of the province or city directly under the central government

Shall serve as the point of contact for receiving, reviewing, and submitting to the competent authority the application files for changing licenses, adding agency payment activities and/or agency service provision activities to the operating license of commercial banks, cooperative banks, foreign bank branches, people's credit funds, and microfinance organizations according to the authority prescribed by the State Bank of Vietnam regarding the issuance and operation of credit institutions and foreign bank branches.

a) b) Conduct inspections of the party granting the agency and the agent, supervise the party granting the agency's compliance with the provisions of this Circular, handle violations within their authority, and notify the results to the Payment Department and related units.

This Circular takes effect from July 1, 2024.

Chapter IV

IMPLEMENTING PROVISIONS^[3]

Article 13. Effective Date

The Director of the Office, the Head of the Payment Department, the Heads of relevant units under the State Bank of Vietnam, credit institutions, foreign bank branches, and other related organizations are responsible for implementing this Circular./.

Article 14. Implementation Organization

(Issued together with Circular No. 07/2024/TT-NHNN dated June 21, 2024 of the Governor of the State Bank of Vietnam)

Appendix

NAME OF THE PARTY GRANTING THE AGENCY

REPORT

(Quarter    year

Serial number      )

Note:

(2) Cumulative number from the beginning of the year to the end of the reporting period;

(3) Number of agents being commercial banks, foreign bank branches, cooperative banks, people's credit funds, and microfinance organizations;

(4) Number of agents being other organizations;

(5) Number of agency payment points of other organizations;

(6) Number of agency payment points of other organizations in district-level areas;

(7) Number of transactions as specified in Point 3, Article 4 of the Circular;

(8) Value of transactions as specified in Point 3, Article 4 of the Circular.

Periodicity and deadlines for reports are as follows:

(i) Quarterly reporting period runs from the first day of the quarter to the last day of the last month of the quarter (the party granting the agency only reports quarters I, II, and III); the deadline for submitting the report is the tenth day of the first month of the next quarter;

(ii) Annual reporting period runs from January 1 to December 31; the deadline for submitting the report is the fifteenth day of the first month of the following year immediately after the reporting period.

No.: 05/VBHN-NHNN

^{____________________________________________}

^[1] Pursuant to Decree No. 52/2024/NĐ-CP dated May 15, 2024 of the Government on cashless payments;

“Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

The Governor of the State Bank of Vietnam issues this Circular to amend and supplement Clause 7, Article 7 of Circular No. 07/2024/TT-NHNN dated June 21, 2024 of the Governor of the State Bank of Vietnam on agency payment activities.

Pursuant to Decree No. 26/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Payment Department Director;

This clause has been amended according to Article 1 of Circular No. 06/2025/TT-NHNN amending and supplementing Clause 7, Article 7 of Circular No. 07/2024/TT-NHNN dated June 21, 2024 of the Governor of the State Bank of Vietnam on agency payment activities, taking effect from July 1, 2025.

^[2] This clause was amended pursuant to Article 1 of Circular No. 06/2025/TT-NHNN amending and supplementing Clause 7 of Article 7 of Circular No. 07/2024/TT-NHNN dated June 21, 2024, issued by the Governor of the State Bank of Vietnam regarding payment agency activities, which took effect from July 1, 2025.

^[3] Article 2 and Article 3 of Circular No. 06/2025/TT-NHNN amending and supplementing Clause 7 of Article 7 of Circular No. 07/2024/TT-NHNN dated June 21, 2024, issued by the Governor of the State Bank of Vietnam on payment agency activities, shall take effect from July 1, 2025, and are stipulated as follows:

“Article 2. Implementation

The Head of the Office, the Director of the Payment Department, the Heads of relevant units under the State Bank of Vietnam, credit institutions, foreign bank branches, and other related organizations are responsible for implementing this Circular.

Article 3. Implementation Provisions

This Circular takes effect from July 1, 2025../.”