Circular No. 08/2024/TT-NHNN stipulates the management, operation, and use of the National Interbank Electronic Payment System.

CIRCULAR

Regulations on the management, operation, and use of the National Interbank Electronic Payment System
National Inter-bank Electronic Payment System

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 the Law on Electronic Transactions dated June 22, 2023;

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

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;

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam issues this Circular to regulate the management, operation, and use of the National Interbank Electronic Payment System.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

Thông tư này quy định chi tiết khoản 4 Điều 38 Luật Thủy sản số 18/2017/QH14 đã được sửa đổi, bổ sung tại điểm c khoản 21 Điều 14 Luật số 146/2025/QH15.

This Circular stipulates the management, operation, and use of the National Interbank Electronic Payment System for the purpose of conducting payments and settlements between participating units in this payment system using Vietnamese Dong (VND), US Dollar (USD), Euro (EUR), and other foreign currencies determined by the Governor of the State Bank of Vietnam (hereinafter referred to as the State Bank) during specific periods.

Thông tư này áp dụng đối với tổ chức, cá nhân có liên quan đến hoạt động kinh doanh đối tượng thủy sản nuôi chủ lực trên lãnh thổ Việt Nam.

Members, member units of the National Interbank Electronic Payment System, Units operating the National Interbank Electronic Payment System, Leading members of the electronic settlement system (hereinafter abbreviated as BTĐT), related units of the State Bank.

Article 2. Interpretation of Terms

In this Circular, the following terms shall be understood as follows:

1. Net settlement service for other systems (hereinafter referred to as net settlement service) is a service that receives and processes net settlement results from the Automatic Clearing House System, the Card Clearing System, and other settlement systems.

2. High-value payment service is a service within the National Interbank Electronic Payment System that processes high-value payment orders using real-time gross settlement method.

3. Low-value payment service is a service within the National Interbank Electronic Payment System that processes low-value payment orders using net settlement method.

4. Foreign currency payment service is a service within the National Interbank Electronic Payment System that processes foreign currency payment orders using real-time gross settlement method.

5. Order initiating unit (hereinafter referred to as the order initiating unit) is a member or member unit acting on behalf of customers to create and process payment orders (outgoing).

6. Order receiving unit (hereinafter referred to as the order receiving unit) is a member or member unit acting on behalf of customers to receive and process payment orders (incoming).

7. Member unit is a dependent or subordinate unit of a member participating in the National Interbank Electronic Payment System at the request of the member.

8. Unit operating the National Interbank Electronic Payment System is the unit directly operating the National Interbank Electronic Payment System.

9. Net debt limit is the maximum value specified for low-value transactions eligible for net settlement.

10. Member's liquidity is the balance of the member's settlement account at the State Bank Trading Center plus the current overdraft limit of the member at a specific point in time.

11. Customer is the person issuing the order or the person receiving the order.

12. Payment order is an electronic message used to execute a payment transaction in the National Interbank Electronic Payment System.

13. Credit payment order is a payment order issued by the order initiating unit to debit the customer's account opened at the order initiating unit with a certain amount and credit the customer's account opened at the order receiving unit with that amount.

14. Debit payment order is a payment order issued by the order initiating unit to debit the customer's account opened at the order receiving unit with a certain amount and credit the customer's account opened at the order initiating unit with that amount.

15. Low-value payment order is a payment order in Vietnamese Dong using the low-value payment service.

16. High-value payment order is a payment order in Vietnamese Dong using the high-value payment service.

17. Foreign currency payment order is a payment order in foreign currency using the foreign currency payment service.

18. Confirmation code is the symbol of electronic information about the status of payment orders in the National Interbank Electronic Payment System.

19. Payment order approver (hereinafter referred to as the order approver) is the authorized person of the member, member unit; in case the member unit is a unit under the State Bank, the order approver is the Unit Leader or a person authorized by the Unit Leader to approve payment orders.

20. Payment order controller (hereinafter referred to as the order controller) is the Chief Accountant, Accounting Manager, or a person authorized by the member, member unit to control payment orders.

21. Payment order creator (hereinafter referred to as the order creator) is an individual belonging to the member, member unit assigned the task of creating payment orders.

22. Order recipient is an organization or individual receiving payment orders through the member, member unit.

23. Order issuer is an organization or individual requesting the creation of payment orders through the member, member unit.

24. Settlement is the determination and payment of the final value between relevant members to complete payment obligations.

25. Low-value settlement result clearing (hereinafter referred to as net settlement) is the execution of payment obligations among parties involved in payment by direct offsetting after balancing total receivables and total payables.

26. Real-time gross settlement is the processing of immediate settlement of each payment order to fulfill payment obligations between members or member units.

27. Interbank electronic payment (hereinafter abbreviated as TTLNH) is the process of handling interbank payment transactions from the creation of payment orders until the completion of payment order execution, carried out through a computer network.

28. Leading member of the BTĐT system (hereinafter referred to as Leading BTĐT member) is an organization providing intermediary payment services licensed by the State Bank to provide financial switching services, BTĐT services, and directly participate and connect to the National TTLNH System to perform BTĐT settlement.

29. Member is the State Bank, bank, foreign bank branch, National Treasury participating in the National TTLNH System.

30. Electronic notice is electronic information reflecting the content of payment orders or notifications related to payment transactions that need to be executed and transmitted through a computer network between participating units in the National Payment Switching System.

31. The National Payment Processing Center (hereinafter referred to as the National Processing Center - NPSC) is a technical equipment system located at the Directorate of Information Technology to perform the functions of the High Value Payment Component, Foreign Currency Payment Component, Low Value Payment Component, and Account Processing and Verification Component.

32. The National Payment Processing Center backup (hereinafter referred to as the National Processing Center Backup - BNPSC) is a technical equipment system located at the backup data center to perform backup functions for the National Processing Center.

33. Margin ratio is the percentage (%) of the net debt limit secured by the value of securities, cash margin.

Article 3. Components and main functions of the National Payment Switching System

1. The National Payment Switching System is an integrated system including: the National Processing Center; the National Processing Center backup; software installed at members and member units to process payment orders.

2. The business processing components include: the High Value Payment Component; the Foreign Currency Payment Component; the Low Value Payment Component; the Account Processing and Verification Component.

3. The High Value Payment Component performs real-time gross settlement for payment orders in Vietnamese dong using high-value payment services.

4. The Foreign Currency Payment Component performs real-time gross settlement for payment orders in foreign currency using foreign currency payment services.

5. The Low Value Payment Component processes low-value payment orders using low-value payment services.

6. The Account Processing and Verification Component performs verification and accounting of high-value payment orders, foreign currency payment orders, processing of low-value offset results, and net settlement results from other systems.

Article 4. Operations of the National Processing Center

1. Receiving and checking the validity of electronic documents.

2. Processing valid payment orders, valid cancellation orders; notifying, upon request, about payment orders and the results of processing payment orders to relevant members and member units involved in those payment orders.

3. Matching payment orders with members and member units within the National Payment Switching System.

4. Refusing to execute payments for invalid payment orders, invalid cancellation orders, payment orders sent after the National Payment Switching System stops accepting payment orders.

5. Refusing to execute payments for high-value payment orders, foreign currency payment orders for members who lack the corresponding currency payment capacity.

6. Notifying the status of payment orders to the initiating unit after the system stops accepting payment orders.

7. Automatically sending electronic notices of low-value offset results to the Account Processing and Verification Component for accounting purposes for participants in the day's low-value offset settlement.

8. Processing net settlement results from other systems shall be carried out in accordance with Article 21 of this Circular.

Article 5. Activities of the National Processing Center for Prevention

1. The National Processing Center for Prevention operates as a substitute for the National Processing Center when the National Processing Center encounters an incident that prevents it from operating normally or due to planned switching to ensure the readiness of the National TTLNH System or operates concurrently with the National Processing Center under an active-active service provision mechanism.

2. During the period when the National Processing Center for Prevention substitutes for the National Processing Center, the National Processing Center for Prevention shall perform its functions as prescribed in Article 4 of this Circular.

3. All data and processing results at the National Processing Center for Prevention have the same legal value as those of the National Processing Center.

Article 6. Documents Used in the TTLNH

1. Documents used in the TTLNH are paper-based documents or electronic documents as stipulated by current laws on accounting record systems.

2. The basis for issuing payment orders is the documents used in the TTLNH.

3. Payment orders are issued in the form of electronic documents according to the specified format and meet the data standards decided by the Governor of the State Bank.

Article 7. Storage of Electronic Data for Transactions

1. Stored electronic data includes:

a) For each member and sub-member unit, storing electronic data on transaction requests and electronic messages of transaction results;

b) For the National Processing Center, storing electronic data on transaction messages, accounting transactions, reconciliation data, and processing results.

2. Management of documents and electronic data is carried out in accordance with the provisions of the law on archiving.

Article 8. Issuance, Management, and Use of Digital Signature Certificates and Electronic Signatures Participating in the National TTLNH System

1. Electronic signatures are divided into three types:

a) Electronic signature of the order issuer;

b) Electronic signature of the order controller;

c) Electronic signature of the order approver.

2. The organization of authority delegation among the order issuer, order controller, and order approver at members and sub-member units is determined by the authorized person of the unit, ensuring the principle of independence between the order issuer and the order controller and order approver.

3. The State Bank issues digital signature certificates for the order approver and digital signature certificates for verifying connections (connection certificates) between software installed at sub-member units and sub-member units with the National Processing Center.

4. The issuance, management, and use of digital signature certificates for the order approver and digital signature certificates for verifying connections participating in the National TTLNH System are implemented in accordance with the regulations of the State Bank.

Article 9. Debt Settlement in the National TTLNH System

1. Debt settlement between members who are not State Bank units must be preceded by a power of attorney agreement.

2. Debt settlement between members who are State Bank units and members who are not State Bank units must be preceded by a prior agreement.

3. The power of attorney agreement or agreement regarding debt settlement between members must include at least the following elements:

a) The maximum daily limit for debt settlement between members;

b) The maximum limit for a single debt settlement order without confirmation of debt;

c) The validity period of the power of attorney agreement or agreement.

Article 10. Provisions on the use of payment services

1. Payment orders in Vietnamese dong with a value of VND 500,000,000 (five hundred million dong) or more must use high-value payment services.

2. Payment orders in Vietnamese dong with a value less than VND 500,000,000 (five hundred million dong) may use either high-value payment services or low-value payment services.

3. Payment orders in foreign currency must use foreign currency payment services.

Article 11. Costs and Service Fees in the National Payment System (NPS)

1. The costs for constructing, installing, maintaining, developing, and upgrading the operations of the National Payment System are borne by the State Bank. The costs for constructing, installing, maintaining, developing, and upgrading other systems belonging to members and member units to serve their NPS activities are borne by the respective members and member units.

2. When participating in using services on the National Payment System, members and member units must pay service fees for joining the NPS, annual fees, and domestic payment service fees according to the service fee schedule issued by the State Bank.

Chapter II

PAYMENT ORDERS IN THE NATIONAL PAYMENT SYSTEM

Article 12. Process for Creating Payment Orders

1. For payment orders initiated from paper documents

a) The person creating the order shall carry out the creation of the payment order through the following steps:

(i) Verify the validity and legality of the customer's payment transaction documents;

(ii) Determine and classify the payment order for processing;

(iii) Compare and check the account balance of the customer;

(iv) Enter basic information including: initiating unit (name, bank code), amount, name, address, account number (if applicable), identification number or personal identification number or passport number of the issuer (for corporate issuers), serving unit of the issuer, receiving unit (name, bank code), name, address, account number (if applicable), identification number or personal identification number or passport number, date and place of issuance of identification or personal identification number or passport of the recipient (for corporate recipients), serving unit of the recipient, transfer content, and other contents related to interbank market transactions, government budget payments, government bond transactions, and other types of transactions (if applicable) according to Model Number TTLNH-04 attached as an appendix to this Circular; (v) Review the entered data and sign the electronic signature on the payment order;

(vi) Sign on the document and transfer the document and entered data to the order controller;

b) The order controller

(i) Based on the content of relevant documents, review factors such as the receiving unit, serving unit of the issuer, serving unit of the recipient, amount to verify the data entered by the order creator, payment content;

(ii) In case of errors detected: return the document to the order creator;

(iii) If the data is correct: sign the electronic signature on the payment order, sign on the document, and transfer it to the order approver;

c) The order approver

(i) Check the accuracy between the figures on the original document and those on the system;

(ii) In case of errors detected: return the document to the order creator or the order controller;

(iii) If the data is correct: sign on the document, sign the electronic signature on the payment order to send it forward.

2. For payment orders initiated from electronic documents

In cases where payment orders are initiated from internal electronic documents of members and member units, they must comply with the structure and data format regulations decided by the Governor of the State Bank and ensure the following requirements:

a) If the electronic document is valid but lacks information as stipulated in point a, Clause 1 of this Article: the order creator supplements the missing contents according to the payment order creation regulations; the order controller and the order approver recheck similar factors as in the case of paper documents to ensure accuracy and sign the electronic signature on the payment order to send it forward;

b) If the electronic document is valid, contains all required information as stipulated in point a, Clause 1 of this Article, and includes the dedicated electronic signature of the member, the units choose either manual or automatic methods to sign the electronic signature on each payment order;

c) If the electronic documents are valid, contain all required information as stipulated in point a, Clause 1 of this Article, and meet security, safety, and data accuracy conditions, the authorized personnel of the units decide and bear legal responsibility for allowing only the order approver to sign the electronic signature on the payment order.

3. After the payment order has been sent and a successful status result is received, the payment order can be printed as a paper document upon request.

4. Payment orders in any currency will be processed and recorded on the corresponding currency accounts of the members at the State Bank Trading Center (hereinafter referred to as the Trading Center).

4. A payment order in which currency shall be processed and recorded on the corresponding currency account of the member opened at the State Bank of Vietnam Branch (hereinafter referred to as the Branch).

Article 13. Checking the Validity of Payment Orders

During the process of use, members and member units bear legal responsibility for the legality of the documents used to issue payment orders at their units. Members and member units check the validity of payment orders, including the following information:

1. Type and format of data.

2. The validity (authority) of the person issuing the order, the person controlling the order, and the person approving the order.

3. Date, month, year.

4. Uniqueness.

5. Mandatory elements for payment orders.

6. Confirmation code for electronic messages.

7. Codes of participating units, codes of devices used at terminals, and codes of the approvers.

Article 14. Accounting at Members and Member Units

Members and member units shall perform accounting for payment orders in accordance with current laws.

Article 15. Processing and Reconciliation of Payment Orders at the State Bank

Payment orders are processed at the National Processing Center and the results are sent to the Account Settlement Processing Component for reconciliation and accounting for members and units of the State Bank.

The Trading Department bases on the Daily Summary Sheet prepared daily from electronic data according to Models TTLNH-10, TTLNH-11, TTLNH-12, TTLNH-13, TTLNH-14, TTLNH-15 attached to this Circular as the basis for implementation, reconciling with the results of processing payment orders and storing them.

Chapter III

SETTLEMENT OF NETTING AMONG MEMBERS

AND RESULTS OF NETTING FROM OTHER SYSTEMS

Article 16. Net Debt Limit

1. Establishing the Net Debt Limit

a) When first participating in low-value payment services, members participating in low-value payment services establish the net debt limit based on the value of securities and deposits to set the net debt limit for the member;

b) The establishment of the net debt limit is carried out periodically every six months on the first five working days of January and July each year. The net debt limit is established on the National Low-Value Payment System and notified in writing to members effective until the first working day of the next net debt limit setting period;

c) Members participating in low-value payment services calculate the initial net debt limit and submit a request to establish the net debt limit to the Trading Department within the first five working days of the net debt limit setting period.

The initial net debt limit for each member is calculated based on the highest difference (outstanding payments - outstanding receipts) in low-value payments of the member over the six months immediately preceding the net debt limit setting period and ensuring the required deposit ratio.

In case the calculated initial net debt limit is zero or negative, the net debt limit is calculated based on the previous net debt limit period and ensuring the required deposit ratio.

In case a member participating in low-value payment services has not been active for six months, the net debt limit for that member is established based on the value of securities and deposits to set the net debt limit for the member.

Members are responsible for the data used to calculate the initial net debt limit. The Trading Department establishes the net debt limit based on the member's request, securities, and deposits to set the net debt limit for the member, ensuring the required deposit ratio, then notifies the result for the member to implement.

In case a member does not request to establish the periodic net debt limit within the first five working days of the net debt limit setting period, the net debt limit for the member is set to zero. If a member requests to establish the net debt limit after the first five working days of the net debt limit setting period, the minimum deposit ratio is applied (except for members under the cases specified in point c, clause 3, Article 17 of this Circular).

In case a member requests to establish a higher net debt limit than the initial net debt limit, the additional value of the net debt limit compared to the initial net debt limit is applied the corresponding deposit ratio as stipulated in point a(i), clause 2 of this Article.

d) Members participating in low-value payment services must deposit securities and funds to establish the net debt limit in accordance with Article 17 of this Circular.

2. Adjusting the Net Debt Limit

a) During the net debt limit setting period, each member may request the Trading Department to adjust the net debt limit based on securities, deposits, and the expected payment situation of the member.

(i) In case a member needs to increase the net debt limit, the Trading Department will consider applying a 100% deposit ratio for the additional value of the net debt limit exceeding 150% of the initial net debt limit; the additional value of the net debt limit not exceeding 150% of the initial net debt limit is subject to the minimum deposit ratio.

(ii) In case a member needs to decrease the net debt limit, the adjusted reduction in the net debt limit will be subject to the corresponding deposit ratios previously applied.

b) The Trading Department adjusts the net debt limit to zero when a member has an overdraft loan for settlement offsetting at the Trading Department.

3. Temporary Adjustment of the Net Debt Limit Within the Day

a) On working days, if a member requests a temporary increase in the net debt limit, the temporarily increased value of the net debt limit within the day is subject to the corresponding deposit ratio as stipulated in point a(i), clause 2 of this Article.

If a member uses securities or deposits to request an increase in the net debt limit, the member must deposit additional securities or make additional cash deposits. If a member uses the balance of the settlement account to request an increase in the net debt limit, the Trading Department debits (records Debit) money from the settlement account of the member to make additional deposits. If the additional deposit is insufficient, the request will not be implemented.

After completing the daily low-value settlement reconciliation, the Trading Center returns negotiable instruments and additional margin money upon request from members; simultaneously, the temporary daily net debt limit is adjusted to equal the net debt limit. The temporary daily net debt limit is determined as follows:

Temporary daily net debt limit = net debt limit + the temporarily increased value of the net debt limit for the day;

b) In cases where members require a reduction in the temporary daily net debt limit to ensure their payment capability, the Trading Center adjusts the temporary daily net debt limit downward according to the member's request and ensures compliance with the required margin ratio. The reduced portion of the net debt limit is subject to the corresponding margin rate previously applied. After completing the daily low-value settlement reconciliation, the temporary daily net debt limit is adjusted to equal the net debt limit. The temporary daily net debt limit is determined as follows:

Temporary daily net debt limit = net debt limit - the temporarily decreased value of the net debt limit for the day.

4. Management of the current net debt limit

Current net debt limit = temporary daily net debt limit + total amounts receivable from low-value settlement orders from the beginning of the day until the present time - total amounts payable from low-value settlement orders from the beginning of the day until the present time;

At the start of each working day, members participating in the low-value settlement service are granted a net debt limit. Throughout the working day, the current net debt limit may change (increase or decrease) depending on the low-value settlement transactions conducted by members and affiliated units. The current net debt limit serves as the basis for providing low-value settlement services to members and affiliated units.

5. To obtain information about the current net debt limit, members shall query the National TTLNH System.

Article 17. Provisions on Margin Deposits to Establish Net Debt Limits

1. Negotiable instruments used for margin deposits (hereinafter referred to as margin negotiable instruments) to establish net debt limits in low-value settlements are negotiable instruments used in overdraft and overnight lending transactions within the TTLNH. The value of margin negotiable instruments is determined according to the State Bank's regulations on overdraft and overnight lending within the TTLNH.

2. Margin money to establish net debt limits in low-value settlements is money in the margin account established for the net debt limit of the member opened at the Trading Center.

3. Margin Ratio

a) Members participating in low-value settlements must deposit negotiable instruments and money in their accounts at the Trading Center. The minimum margin ratio to establish net debt limits is implemented according to the Governor's Decision of the State Bank during each period;

b) If a member does not have sufficient settlement reconciliation balances at the time of ceasing to accept high-value settlement orders two or more times in a month or three or more times during the maintenance period of establishing the net debt limit, the Trading Center reports to the Governor of the State Bank to consider reducing the member's net debt limit by the value of negotiable instruments and margin money, and maintaining the member's margin ratio at the Trading Center at 100% for six months from the date of the Governor's Decision of the State Bank;

c) In cases where ensuring the safety of system operations requires it, the Governor of the State Bank decides on a specific minimum margin ratio for a particular member.

4. Time of Transfer of Negotiable Instruments and Margin Money

a) In cases of increasing the temporary daily net debt limit: immediately after receiving all negotiable instruments and margin money, the Trading Center establishes the temporary daily net debt limit and notifies the member;

b) In cases of establishing the net debt limit for the first time: members participating in the low-value settlement service transfer negotiable instruments, margin money, and a written request to establish the net debt limit to the Trading Center. Within seven working days from the date the Trading Center receives the negotiable instruments, margin money, and the written request to establish the net debt limit, the Trading Center establishes the net debt limit and notifies the member in writing.

5. Return and Replacement of Negotiable Instruments and Margin Money

a) The return and replacement of negotiable instruments used for margin deposits to establish net debt limits are carried out according to the State Bank's regulations on custody and use of negotiable instruments at the State Bank;

b) Within three working days from the date the State Bank's electronic portal publishes information on a member's withdrawal from the low-value settlement service and the member has completed their obligations to the State Bank on the National TTLNH System, the Trading Center returns the margin money to establish the net debt limit to that member.

Article 18. Handling Insufficient Net Debt Limits in Low-Value Payment Settlements

In cases where the amount on the payment instruction exceeds the current net debt limit, the handling shall be carried out as follows:

1. The system automatically notifies members to increase the net debt limit according to Clause 3, Article 16 of this Circular to process the payment instruction.

2. When the current net debt limit is sufficient, the payment instructions will be processed in the order of arrival.

3. At the point when the National TTLNH System stops accepting low-value payment instructions, payment instructions that exceed the current net debt limit will be canceled. Members and member units must verify the status of these payment instructions.

Article 19. Execution of Net Settlement

The National Processing Center executes net settlement as follows:

1. Cease accepting low-value payment instructions throughout the entire system.

2. Check and calculate the current net debt limit for low-value payment instructions that have not yet been calculated.

3. Remove and return to members and member units low-value payment instructions with insufficient current net debt limits.

4. Based on low-value payment instructions with sufficient current net debt limits, calculate the difference between receivables and payables for each member.

5. The Low-Value Settlement Result is automatically recorded by the Settlement Account Processing Component and verified against the data.

Article 20. Monitoring and Reporting Net Settlement Status

The Trading Department monitors the net settlement status through the National TTLNH System in the following sequence:

1. Monitor the payment capacity of members relative to the difference between the net debt limit and the current net debt limit.

2. If a member lacks payment capacity, report the capital shortage to the member and request measures to replenish capital, monitor the implementation of capital replenishment into the member's settlement account.

3. If net settlement has not been successful due to a member lacking capital after the cessation of high-value payment instruction acceptance, the Trading Department prepares a report on the capital-deficient member using Form TTLNH-25 attached to this Circular and reports it to the National TTLNH System Operating Unit and the capital-deficient member.

Article 21. Handling Net Settlement Results from Other Systems

1. The National TTLNH System is permitted to accept and process net settlement results from the Automatic Settlement System, Card Settlement System, and other settlement systems.

2. The processing of net settlement results is conducted in batches based on sufficient settlement account balances of participating members. The main BTĐT member monitors the net settlement status on the National TTLNH System to update the settlement limit for the settling member.

a) In cases where at least one settling member does not have sufficient balance during settlement, the handling procedure is as follows:

(i) The settling member uses overdraft within the overdraft limit set by the State Bank and overnight lending in the TTLNH to handle the net settlement result;

(ii) When the settling member has exhausted the allocated overdraft limit but still lacks sufficient balance to settle the net result, the net settlement result is placed in a queue. Once there is sufficient balance, the net settlement result is processed;

(iii) The main BTĐT member checks the status of the net settlement result in the queue on the National TTLNH System and simultaneously informs and requests the settling member lacking sufficient balance during settlement to promptly increase the balance on their settlement account from their own capital sources or through money market transactions or interbank borrowing as regulated by the State Bank to execute the net settlement;

(iv) At the point when the National TTLNH System ceases to accept low-value payment instructions, if the settling member lacks payment capacity, the Trading Department withdraws (records a Debit) the margin deposit establishing the BTĐT limit of the settling member (if any) to execute the net settlement. Immediately after withdrawing (recording a Debit) the margin deposit establishing the BTĐT limit of the settling member, the Trading Department informs the main BTĐT member if the National TTLNH System does not have a function to support the main BTĐT member accessing and monitoring independently. The main BTĐT member adjusts the BTĐT limit based on the remaining value of securities and margin deposits of the settling member;

(v) At the point when the National TTLNH System ceases to accept high-value payment instructions, if the settling member lacks payment capacity, the Trading Department prepares a report on the capital-deficient member using Form TTLNH-25 attached to this Circular and reports it to the main BTĐT member and the capital-deficient member.

A settling member lacking payment capacity must prepare a Loan Acknowledgment for Settlement Borrowing using Form TTLNH-28 attached to this Circular and send it to the Trading Department to execute the net settlement with an interest rate equal to the overnight lending rate in the TTLNH and the borrowing rate to cover settlement shortfalls as decided by the Governor of the State Bank for each period. The Trading Department executes the loan and sends a notification to the main BTĐT member to adjust the BTĐT limit to zero for the settling member with outstanding settlement borrowing until the Trading Department completes the debt recovery; simultaneously, information about the settlement borrower is sent to the Payment Department for monitoring; upon completion of debt recovery, the Trading Department notifies the main BTĐT member and the Payment Department;

b) In cases where at least one settling member incurs a loan for net settlement, the handling procedure is as follows:

(i) On the first working day immediately following the occurrence date of the loan for net settlement and before the time when the Lead Member of the Interbank Payment System sends the net settlement result, the settlement member who lacks net settlement capital must repay both principal and interest on the loan to the State Bank. In case the settlement member who lacks net settlement capital fails to complete the debt repayment, the Trading Center shall proactively recover the loan by deducting (recording Debit) from the settlement member's Vietnamese dong clearing account at the Trading Center according to the principle of recovering principal first and then interest;

(ii) By the end of the first working day immediately following the occurrence date of the loan for net settlement, if after applying the debt recovery measures stipulated in point b(i) of this clause and still not having sufficient funds to recover the debt, the Trading Center will transfer the remaining outstanding balance to overdue debt; the interest rate for overdue principal debt, the interest rate for overdue loan interest, and the interest rate for overnight overdue loan interest shall be based on the overdraft and overnight lending regulations of the State Bank within the Interbank Payment System, and notify the Lead Member of the Interbank Payment System about the amount of debt (including principal and interest) that needs to be recovered from the settlement member;

The Lead Member of the Interbank Payment System allocates the risk-sharing obligation among the remaining settlement members to repay the loan to the Trading Center as provided in point c of this clause;

c) Allocation of the risk-sharing obligation in cases where the settlement member lacking net settlement capital is unable to repay the loan (including both principal and interest):

(i) On the working day following the Trading Center's notification to the Lead Member of the Interbank Payment System regarding the insufficient recovery of the loan for net settlement and the total loan amount (including both principal and interest) that settlement members lacking net settlement capital still need to repay to the State Bank as stipulated in point b(ii) of this clause, the Lead Member of the Interbank Payment System will allocate the risk-sharing obligations of the remaining settlement members according to the following formula:

Where:

Ai: is the amount that settlement member i must pay to the State Bank for the loan (including both principal and interest) to share the risk due to the inability of the settlement member lacking net settlement capital to repay the loan (including both principal and interest);

Di: is the total difference amount that settlement members experiencing a shortage with settlement member i must pay during the settlement session;

D: is the total difference amount that settlement members lacking net settlement capital must pay to other members during the settlement session;

D(x): is the total difference amount that settlement members lacking net settlement capital must pay to other settlement members lacking net settlement capital;

M: is the total loan amount (including both principal and interest) that settlement members lacking net settlement capital still need to repay to the State Bank;

(ii) After calculating and determining the amount each settlement member is obligated to share in the risk, the Lead Member of the Interbank Payment System will send the Trading Center to deduct (record Debit) from the settlement member's clearing account at the Trading Center to fully recover the loan amount (including both principal and interest) of settlement members lacking net settlement capital; simultaneously, notify the settlement members;

(iii) In case at least one settlement member is unable to fulfill the risk-sharing obligation due to insufficient funds (credit balance) in their clearing account, the Trading Center will notify the Lead Member of the Interbank Payment System and the settlement member to take measures to increase the balance in their clearing account; concurrently, the Trading Center will monitor the balance in the clearing accounts of these settlement members opened at the Trading Center to continue deducting (recording Debit) until the allocated amount is fully recovered;

(iv) By the end of the working day when the Lead Member of the Interbank Payment System determines and notifies the settlement members about their risk-sharing obligations, for any settlement member who does not have sufficient funds (credit balance) in their clearing account to fulfill the risk-sharing obligation, the Trading Center will notify the Lead Member of the Interbank Payment System and the settlement member to calculate and adjust the reduction in the Interbank Payment System limit of that settlement member; concurrently, the Trading Center will recover the remaining amount by proactively deducting (recording Debit) from the settlement member's deposit account to establish the Interbank Payment System limit (if any). If the deduction (recording Debit) from the deposit account to establish the Interbank Payment System limit still does not fully recover the remaining amount in the risk-sharing, the Trading Center will notify the Lead Member of the Interbank Payment System to consider temporarily suspending the use of payment services through the Interbank Payment System of that settlement member;

d) Repayment of the portion shared by settlement members:

(i) Within five working days from the date the Lead Member of the Interbank Payment System notifies the settlement members about the risk-sharing obligation, the settlement member lacking net settlement capital who is unable to repay the loan (including both principal and interest) has the obligation to implement measures to fully repay the borrowed amount (including both principal and interest) to the State Bank;

On the first working day immediately following the five working days from the date the Lead Member of the Interbank Payment System notifies the settlement members about the risk-sharing obligation, if the full amount of the loan for net settlement (including both principal and interest) is not received, the Trading Center will proactively deduct (record Debit) from the settlement member's clearing account at the Trading Center to recover the remaining amount and notify the Lead Member of the Interbank Payment System about the amount recovered.

On the next working day following the debit (recorded as Debit) of the settlement account of a member with insufficient net settlement funds, if such funds are not sufficient to repay the outstanding loan balance (including both principal and interest), the Trading Center shall request the securities depository organization to transfer ownership of the securities from the settlement member to the State Bank (in cases where the securities are deposited with the securities depository organization) or proactively transfer ownership of the securities from the settlement member to the State Bank (in cases where the securities are directly deposited with the Trading Center) for those securities that the settlement member has pledged at the Trading Center to establish a credit limit;

The handling of pledged securities for debt recovery shall be carried out in accordance with the regulations of the State Bank;

(ii) The main settlement member shall base on the amount recovered as notified by the Trading Center and the percentage ratio (%) between the amount to be shared by each remaining settlement member and the total amount to be paid (including both principal and interest) to calculate the repayment portion for each settlement member who has fulfilled their risk-sharing obligation and send it to the Trading Center for repayment (recorded as Credit) to the settlement member's settlement account; simultaneously, notify the other settlement members;

(iii) In case a settlement member with insufficient net settlement funds goes bankrupt, the State Bank shall receive debts according to the bankruptcy laws and transfer repayments to the settlement members who have shared according to the allocation ratio within the scope of the recovered debt;

3. When there is a need for batch settlement, the main settlement member shall create (establish) a batch settlement request according to Form TTLNH-30 attached as an appendix to this Circular, sign an electronic signature, and send it to the National Processing Center for processing;

4. The main settlement member is permitted to cancel a batch settlement transaction that has been sent to the National Processing Center but has not yet succeeded, for the purpose of managing priority order and aligning with the balance status of the participating members in the batch settlement;

5. Upon successful processing and accounting of the batch settlement transaction at the National Processing Center, the National TTLNH System automatically generates and sends batch settlement transactions to the participating members and units. Members and unit members receive, monitor, print, and account for batch settlement transactions in accordance with current laws;

6. After the completion of the reconciliation process by the National TTLNH System, the units print and reconcile the batch settlement data for the day to ensure consistency and accuracy on the system. Specifically, as follows:

a) For the Trading Center

(i) Reconciliation statement of batch settlement results received from the National Processing Center according to Form TTLNH-31 attached as an appendix to this Circular;

(ii) Reconciliation report of batch settlement results according to Form TTLNH-32 attached as an appendix to this Circular;

b) For the main settlement member

(i) Summary table of batch settlement results sent to the National Processing Center according to Form TTLNH-33 attached as an appendix to this Circular;

(ii) Reconciliation statement of batch settlement results received from the National Processing Center according to Form TTLNH-31 attached as an appendix to this Circular;

c) For participating members and units in the batch settlement: reconciliation statement of batch settlement results according to Form TTLNH-34 attached as an appendix to this Circular;

7. Handling errors in batch settlement reports

In case of errors in batch settlement reports or reconciliations, the relevant units shall contact the Operator of the National TTLNH System to coordinate in handling;

Chapter IV

HANDLING SHORTFALLS IN TTLNH

Article 22. Principles for Processing Payment Orders, Queues, Settlements, and Resolutiona

1. Principles for Processing

a) Payment orders processed through the National TTLNH System shall be handled in the following priority order: low-value settlement results, net settlement results from other systems, high-value payment orders, and foreign currency payment orders;

b) Payment orders that do not ensure payment capability shall be placed in the queue and processed according to the provisions of Clause 2 of this Article;

c) In cases where there are already low-value settlement results, net settlement results from other systems, and high-value payment orders from capital-deficient banks in the queue, such orders must be placed in the queue.

2. Processing Queue Settlements

In cases where a member's account does not have sufficient payment capability, the National Processing Center shall handle as follows:

a) Retain high-value payment orders or low-value settlement results or net settlement results from other systems in the queue for domestic currency payments;

b) Retain foreign currency payment orders for corresponding foreign currency payments;

c) When funds are replenished into the corresponding payment account of the capital-deficient member, the National Processing Center shall process payment orders in the order of first come, first served. If a payment order exceeds the balance in the member’s payment account, causing a blockage in processing other payment orders in the queue, the National Processing Center may transfer (reorder) payment orders in the queue with amounts less than or equal to the account balance for prior processing in the order of first come, first served while still ensuring compliance with the principles set forth in Clause 1 of this Article. Members and affiliated units shall perform inquiries to check the status of payment orders in the queue;

d) Manage the queue settlement as follows:

(i) Periodically check the balances of payment accounts;

(ii) Process settlements in the following order: low-value settlement results, net settlement results from other systems, high-value payment orders, and foreign currency payment orders if the corresponding payment account has sufficient balance;

(iii) Handle requests to cancel payment orders according to the principle of first come, first served.

3. Members and affiliated units may only cancel high-value payment orders, foreign currency payment orders in the queue settlement, and low-value payment orders in the processing queue at the National Processing Center;

a) Upon receiving a cancellation request for a payment order from the initiating unit, the National Processing Center shall base its review on the log to verify the validity of the cancellation request;

b) If the cancellation request is valid and the payment order to be canceled is pending in the queue settlement (for high-value payment orders, foreign currency payment orders) or processing queue (for low-value payment orders) at the National Processing Center, the cancellation process will be carried out; the cancellation result will be reported to the initiating unit. If the payment order to be canceled is not in the queue, the system will send a notification of the payment order status to the initiating unit.

Article 23. Handling in cases where settlement accounts do not have sufficient balances to process payments, settlement decisionsn

1. For high-value payment orders in Vietnamese dong

a) Members (except State Treasury) may overdraft within the overdraft limit granted according to the State Bank's regulations on overdrafts and overnight lending in the Interbank Payment System to handle high-value payment orders;

b) In cases where the State Treasury's settlement account does not have sufficient balance to process payments, or where members have exhausted their overdraft limits granted by the State Bank but still lack funds to process payments, such payment orders will be placed in the settlement queue, and once there is sufficient balance in the settlement account, the payment orders will be processed;

c) Members proactively increase their settlement account balances from their own sources or members (except State Treasury) increase their settlement account balances through transactions in the money market or interbank borrowing according to the State Bank's regulations on lending and borrowing activities; buying and selling term securities between credit institutions and foreign bank branches;

d) At the time of ceasing to accept high-value payment orders, if the settlement account does not have sufficient balance for settlement, high-value payment orders in the settlement queue will be automatically canceled. Members and member units will perform inquiries to check the status of these payment orders.

2. For foreign currency payment orders

a) Members proactively increase their settlement account balances from their own sources or members (except State Treasury) borrow from each other according to the State Bank's regulations on lending and borrowing activities; buying and selling term securities between credit institutions and foreign bank branches;

b) At the time of ceasing to accept foreign currency payment orders, if the corresponding currency settlement account does not have sufficient balance for settlement, foreign currency payment orders in the settlement queue will be automatically canceled. Members and member units will perform inquiries to check the status of these payment orders.

3. For low-value netting results

a) Members (except State Treasury) may overdraft within the overdraft limit granted according to the State Bank's regulations on overdrafts and overnight lending in the Interbank Payment System to settle netting results;

b) Members proactively increase their settlement account balances from their own sources or members (except State Treasury) increase their settlement account balances through transactions in the money market or interbank borrowing according to the State Bank's regulations on lending and borrowing activities; buying and selling term securities between credit institutions and foreign bank branches;

c) In cases where members cannot pay their net payable amounts at the time of ceasing to accept high-value payment orders, after deducting (recording Debit) the margin deposit to establish the net debt limit from the member's margin account (if any), but still do not have sufficient settlement balance, the Trading Center will prepare a report on the member's insufficient capital according to Model number TTLNH-25 attached to this Circular and notify the member of insufficient payment capacity. The member (except State Treasury) with insufficient payment capacity will issue a Loan Acknowledgment for Settlement Compensation according to Model number TTLNH-28 attached to this Circular to the Trading Center to settle low-value netting results with an interest rate equal to the overnight lending rate in the Interbank Payment System and the compensation loan rate for settlement shortfalls decided by the Governor of the State Bank during each period. The Trading Center will lend and reduce the net debt limit to zero for members with settlement compensation loans until the loan recovery is completed; simultaneously, it will send information about the settlement compensation borrower to the Payment Department for monitoring;

d) After deducting (recording Debit) the margin deposit to establish the net debt limit from the State Treasury's margin account, but still do not have sufficient settlement balance, the Trading Center will notify the State Treasury about the insufficient settlement account balance for settling low-value netting results.

Upon receiving the Trading Center's notification about the insufficient balance, the State Treasury must take measures to replenish the account balance on the same day to ensure the handling of netting results. If the State Treasury fails to replenish the capital promptly on the same day, the Trading Center will temporarily suspend the unsettled settlement amount in the receivable account of the State Treasury. The Trading Center will complete the settlement of the receivable account when the remaining amount is deducted (recorded Debit) from the State Treasury's settlement account opened at the Trading Center or the State Treasury repays the full amount. The State Treasury will be subject to handling according to point a, Clause 4, Article 37 of this Circular.

4. For net settlement results from other systems, they shall be handled according to the provisions of Clause 2, Article 21 of this Circular.

Article 24. Handling cases where members have outstanding loan balances for settlement offset exceeding the limitn

1. On the next working day following the occurrence of a settlement offset loan, the Trading Center shall proactively deduct (record Debit) from the member's Vietnamese currency settlement account at the Trading Center to recover the loan.

If, at the end of the next working day following the occurrence of a settlement offset loan, the member has not fully repaid the outstanding loan balance (including both principal and interest), the Trading Center will transfer the unsettled settlement offset loan balance to overdue debt; the interest rate on overdue principal debt, the interest rate on delayed settlement offset interest, and the interest rate on overnight delayed settlement offset interest will be based on the State Bank's regulations regarding overdrafts and overnight loans within the National Payment System.

2. On the next working day following the occurrence of an overdue settlement offset loan, the Trading Center shall deduct (record Debit) from the member's Vietnamese currency settlement account at the Trading Center to recover the overdue settlement offset loan (including overdue settlement offset loan principal, interest on delayed settlement offset loan, overdue interest on settlement offset loan principal, interest on delayed settlement offset interest) according to the principle of recovering principal first and then interest, and notify the member.

At the end of the working day, if the deduction (record Debit) from the member's Vietnamese currency settlement account at the Trading Center is still insufficient to recover the overdue settlement offset loan, the Trading Center will allocate the remaining overdue settlement offset loan balance among the remaining settlement offset participants (excluding the State Treasury) and notify each participant of their allocated amount. The amount to be shared by each remaining settlement offset participant is determined by the formula:

Amount to be shared by participant i = 

Where:

A: Total amount to be shared of the remaining overdue settlement offset loan balances of all participants.

Bi: The average lower payment value of participant i over the 20 working days prior to the occurrence of the settlement offset loan.

C: The total average lower payment value of all participants sharing the remaining overdue settlement offset loan balance over the 20 working days prior to the occurrence of the settlement offset loan.

n: The total number of participants who must share.

i: Has a value from 1 to n.

In the case of new participants using the low-value payment service of the National Payment System for less than 20 working days, the basis is the number of working days that the participant has been part of the National Payment System.

3. Procedure for allocating the remaining overdue settlement offset loan balance in settlement offset.

On the next working day following the announcement by the Trading Center of the allocation amount for each settlement offset participant, the Trading Center will deduct (record Debit) the allocated amount from the participant's account into the Trading Center's account;

If the participant's account does not have sufficient funds to make the timely deduction, the Trading Center will report to the Governor of the State Bank to consider temporarily suspending the use of the low-value payment service of that participant until the next working day after the participant deposits the allocated amount with the Trading Center. Simultaneously, the Trading Center will monitor the balance of the participant's settlement account opened at the Trading Center and continue to deduct (record Debit) the unpaid allocated amount plus interest at the rate applicable to overdue overnight loans as stipulated by the State Bank's regulations on overdrafts and overnight loans within the National Payment System.

4. Repayment of the remaining allocated overdue settlement offset loan balance

a) Within five working days from the date the Trading Center announces the allocation of the remaining overdue settlement offset loan balance to each sharing participant, the participant lacking funds to repay the overdue settlement offset loan must take measures to fully repay the loan amount (including both principal and interest). On the next working day following the five working days from the date the Trading Center announces the allocation of the remaining overdue settlement offset loan balance to each sharing participant, if the full amount is not received, the Trading Center will deduct (record Debit) the remaining amount from the participant's settlement account at the Trading Center into the Trading Center's account;

On the next working day, after the deduction (record Debit) but still insufficient to cover the remaining amount, the Trading Center will request the securities depository organization to transfer ownership of the securities from the settlement participant to the State Bank (in the case of securities deposited with the securities depository organization) or proactively transfer ownership of the securities from the settlement participant to the State Bank (in the case of securities directly deposited at the Trading Center) for those securities pledged by the settlement participant to establish a net debit limit.

The handling of pledged securities for debt recovery shall be carried out in accordance with the regulations of the State Bank;

b) Upon receiving the repayment of the shared allocation amount under point a of this clause, based on the repayment amount and the percentage ratio between the amount to be shared by each participant and the total shared amount, the Trading Center will calculate the repayment amount (including both principal and interest determined under point a of this clause) and transfer it to each participant who shared according to the previous sharing ratio.

5. In the event that a participant lacking funds to repay the remaining overdue settlement offset loan goes bankrupt, the State Bank will receive payment of the debts according to the bankruptcy laws and transfer payments to the participants who shared according to the allocation ratio within the scope of the recovered debt.

Chapter V

HANDLING ERRORS IN THE NATIONAL PAYMENT SYSTEM

Article 25. Principles for correcting errors in the National Payment System

1. Ensure data consistency between the initiating unit, receiving unit, and the National Processing Center. Errors occurring at which stage shall be corrected at that stage until the completion of the payment process.

2. Upon detecting an error, immediate corrective measures must be taken without delaying the payment process. Error corrections shall follow the principles and methods of accounting error correction.

3. The unit or individual causing the error or violating the principles and methods of error correction shall bear responsibility for the resulting damage to the parties involved.

Article 26. Cancellation and Refund of Payment Orders at Members and Subordinate Units

1. Principles

a) A payment order may only be canceled in the following cases:

(i) It has been initiated by the initiating unit but not yet transmitted, the initiating unit performs a cancellation of the payment order;

(ii) It has been transmitted to the National Processing Center and is pending settlement for high-value payment orders or foreign currency payment orders; it is pending processing for low-value payment orders, in accordance with point b, Clause 1, Article 29 of this Circular;

b) A payment order may only be refunded in the following cases:

(i) A Debit Order can only be refunded if the initiating unit has not credited the customer's account or has credited the customer's account but can recover the amount;

(ii) A Credit Order can only be refunded if the receiving unit has not credited the customer's account or has credited the customer's account but can recover the amount.

2. Documents for canceling and refunding payment orders

a) Documents for canceling payment orders include:

(i) A Debit Order cancellation order: has the value of a Credit Order, issued by the initiating unit and sent to the receiving unit to cancel a faulty Debit Order (full refund);

(ii) A Credit Order cancellation order: issued by the initiating unit to cancel a Credit Order that has been sent but is still pending;

b) Documents for refunding payment orders include:

(i) Request for refund of a payment order: issued by the initiating unit and sent to the receiving unit requesting a refund of a faulty Credit Order and specifying the reason as an error by the initiating unit or a customer request; serves as the basis for the receiving unit to issue a Credit Order to refund money to the initiating unit based on recovery of funds;

(ii) Notification of refusal to refund a payment order: issued by the receiving unit and sent to the initiating unit refusing a refund of a Credit Order due to inability to recover funds from the customer.

3. When handling cancellations and refunds of payment orders, member units shall act as they would for high-value payment orders.

Article 27. Handling Errors at Initiating Units Arising from Member Units or Subordinate Units

1. Handling errors before sending the payment order

a) In the case where an erroneous payment order is detected before the approver signs the electronic signature to send it, the approver and the order checker perform a reversal of the approval, and the order preparer corrects the original document accordingly;

b) In the case where an erroneous payment order is detected after the approver has signed the electronic signature, a record of cancellation of the erroneous payment order is made, including the order code, time, and date of cancellation, and signatures of the approver, order checker, and relevant order preparer. The record is kept in a separate file for preservation, then the approver reverses the approval and sends the corrected original document to the order preparer.

2. Handling errors discovered after sending the payment order

Upon discovering errors such as incorrect amounts (over or underpayment), reversed debits and credits, the initiating unit immediately investigates with the receiving unit to take timely corrective actions. The initiating unit prepares a record according to Model number TTLNH-23 attached to this Circular and handles it as follows:

a) In the case of underpayment

Based on the record, the initiating unit issues a supplementary payment order for the underpaid amount and sends it to the receiving unit. The payment content clearly states "supplementary transfer according to Debit (or Credit) Order number... dated... month... year... Amount transferred... " and records it according to current laws;

b) In the case of overpayment

(i) For a Credit Order with an overpayment:

Based on the record, the initiating unit issues a request for refund of the overpaid Credit Order amount to the receiving unit; simultaneously, prepares a Transfer Voucher, records, and monitors according to current laws. The reason field in the refund request message clearly states the error is due to the initiating unit's Credit Order;

Upon receiving the refund order from the receiving unit, the initiating unit returns the amount to the customer; simultaneously, records the resolution result in the tracking log;

If the receiving unit refuses the refund request for the overpaid Credit Order amount due to inability to recover funds from the customer, the initiating unit establishes a Resolution Committee to determine the responsibility and compensation level of the person responsible for the error;

(ii) For a Debit Order with an overpayment:

Based on the record, issue a Debit Order cancellation order, send it to the receiving unit to cancel the overpaid amount on the Debit Order; simultaneously, record according to current laws. If the customer has already received the payment but their account balance is insufficient to execute the Debit Order cancellation for the overpaid amount, the initiating unit records the amount in the receivables account (individual responsible for the error), then takes measures to recover the funds, including cooperation with the receiving unit and competent authorities. If recovery is impossible, the initiating unit establishes a Resolution Committee to determine the responsibility and compensation level of the person responsible for the error. Upon receiving notification of funds returned by the customer, the initiating unit processes and records according to current laws;

c) In the case of reversed debits and credits

The entity initiating the order shall simultaneously issue an order to cancel the Payment Due (for a Credit Payment Order that has been reversed incorrectly) or request the return of the Credit Payment Order (for a Debit Payment Order that has been reversed incorrectly) to cancel the entire incorrectly reversed payment order, then issue a correct payment order to send to the receiving entity; at the same time, record according to the current laws. In the case of a Debit Payment Order being incorrectly reversed, upon receiving the Credit Payment Order from the receiving entity returning the erroneously transferred amount, the entity initiating the order records according to the current laws.

Article 28. Handling errors at the receiving entity in cases arising from members or member units

1. For cases where an erroneous payment order due to technical error or forgery is discovered before recording, the receiving entity is not permitted to record but must cooperate with the initiating entity and the National Payment System Operating Unit to apply appropriate measures.

2. For payment orders with insufficient amounts

Upon receiving a supplementary transfer order from the initiating entity for the missing amount, the receiving entity must carefully compare and control the original insufficient payment order and the supplementary payment order before recording.

3. For payment orders with excess amounts

a) In cases detected before paying the customer

If the receiving entity has not yet received the excess payment order but has received the refund request from the initiating entity regarding the excess transfer, the receiving entity records the payment order error for timely handling. Upon receiving the excess payment order, the receiving entity controls and compares it with the refund request content; if correct, records according to the current laws;

(i) For a Credit Payment Order with excess amount: upon receiving the refund request for the excess amount, the receiving entity issues a Credit Payment Order to refund the initiating entity the excess amount;

(ii) For a Debit Payment Order with excess amount: the receiving entity monitors and handles the cancellation of the Debit Payment Order for the excess amount initiated by the initiating entity;

b) In cases where the refund request from the initiating entity is received after the customer has been paid, the receiving entity records the payment order error and handles it:

For a Credit Payment Order with excess amount, upon receiving the refund request for the excess Credit Payment Order from the initiating entity, if the refund request for the Credit Payment Order is valid, the receiving entity handles:

(i) If the customer's settlement account has sufficient balance: based on the refund request for the Credit Payment Order, the receiving entity proactively freezes/reclaims the excess amount to issue a Credit Payment Order according to the Circular on the opening and use of settlement accounts at service providers. Within one working day from the date of receipt of the refund request for the Credit Payment Order, the receiving entity returns the excess amount to the initiating entity;

(ii) If the customer's settlement account does not have sufficient balance to reclaim, the receiving entity records the unfulfilled refund request for the Credit Payment Order, freezes the amount, and requests the customer to deposit money into the account to fulfill this refund request (the frozen amount does not exceed the excess amount). When the customer deposits enough money or the account has sufficient balance to refund, the accountant records the unfulfilled refund request for the Credit Payment Order, issues a Credit Payment Order to the initiating entity;

(iii) If the customer is unable to pay or the whereabouts of a non-resident customer cannot be determined, the receiving entity coordinates with the initiating entity and the competent authority to recover the funds. If recovery is not possible or insufficient, the receiving entity may refuse the refund request for the Credit Payment Order; issue a notice refusing the refund request for the Credit Payment Order, clearly stating the reasons for refusal; return any recovered amount to the initiating entity (if any); and record the unfulfilled refund request for the Credit Payment Order.

Adjusting other errors

For payment orders with incorrect document symbols, transaction type symbols, currency types, or serving entities that are not the receiving entity and do not belong to the receiving entity, handle as follows:

a) For Credit (or Debit) Payment Orders, if the receiving entity has received but not recorded them, they should be recorded in the payable (receivable) account, then issue a payment order to return to the initiating entity. The receiving entity does not proceed with further transfers;

b) For executed payment orders, the receiving entity handles them similarly as specified in point b, Clause 3 of this Article.

Article 29. Revocation and Refund of Payment Orders at Customer's Request

1. Processing at the Order Originating Unit

Upon receiving a request to revoke a Credit payment order or a Debit payment order from a customer, the order originating unit shall check the validity of the supporting documents and compare them with the payment order being revoked. If the documents are invalid, the order originating unit shall return them to the customer and inform the reasons. If the documents are valid, the order originating unit shall process as follows:

a) For payment orders that have not been executed or transferred: the order originating unit shall revoke the payment order according to the provisions of Article 26 of this Circular, send a notice of acceptance of the revocation to the customer, and refrain from executing the payment order;

b) For high-value payment orders, foreign currency payment orders, or Debit payment orders that have been executed and transferred but are still pending settlement (due to insufficient funds in the corresponding account) or low-value payment orders that have been executed and transferred but are still pending processing at the National Processing Center, the revocation of the payment order shall be processed as follows:

(i) For requests to revoke Credit payment orders

Based on the valid request to revoke a payment order from the customer, the order preparer supplements the necessary elements and prepares a revocation order according to Model TTLNH-05 attached to this Circular, and signs an electronic signature on the revocation order;

The order approver checks the elements of the newly created revocation order against the customer's payment order revocation request to ensure accuracy and match. If correct, the order approver signs an electronic signature on the revocation order and sends it out;

The National Processing Center sends a notice of the result of the payment order revocation request to the order originating unit. The order originating unit checks the information on the notice; if the revocation is successful, the order originating unit shall record according to current laws; if the revocation is unsuccessful (because the payment order is no longer in the queue), the order originating unit shall handle the refund request according to the procedures outlined in point c, Clause 1 of this Article;

(ii) For Debit payment order revocation requests

Process according to the provisions of point a, Clause 2 of Article 26 of this Circular;

c) For payment orders that have been processed and transferred, and the National Processing Center has recorded, the order originating unit shall prepare a refund request for the payment order and proceed as follows:

(i) For refund requests for Credit payment orders

Based on the valid request to revoke a payment order from the customer, the order preparer supplements the necessary elements of the refund request according to Model TTLNH-06 attached to this Circular and signs an electronic signature on the refund request. The reason field in the refund request message for Credit payment orders must clearly state the error is due to the customer;

The order approver checks the elements of the newly created refund request against the customer's payment order revocation request to ensure accuracy and match. If correct, the order approver signs an electronic signature on the refund request and sends it to the receiving unit;

Upon receiving the full amount (of the revoked Credit payment order) refunded by the receiving unit, the order originating unit shall proceed with the refund procedures for the customer;

(ii) For Debit payment order revocation requests

Based on the successful revocation of the payment order, the order originating unit shall execute the procedure to deduct the credited amount from the customer's account to transfer to the receiving unit.

2. Processing at the Receiving Unit

Upon receiving a refund request (for Credit payment orders) or a revocation request (for Debit payment orders) from the order originating unit, the receiving unit shall check the validity of the refund request (or revocation order), compare the refund request (or revocation order) with the received payment order, and process according to the refund procedures;

a) In case of discovering errors in the refund request, the receiving unit shall prepare a notification of refusal to refund the Credit payment order according to Model TTLNH-07 attached to this Circular, clearly stating the reasons for refusal and returning it to the order originating unit; in case of errors in the revocation order, the receiving unit shall handle it as for Credit payment orders that contain errors;

b) In case of a valid refund request (or revocation order), it shall be processed as follows:

(i) For Credit payment orders received but not yet executed at the receiving unit: the receiving unit shall prepare a Credit payment order for refund to the order originating unit (clearly indicating the original payment order information including transaction number, date, month, year of transaction);

(ii) For payment orders received and already executed at the receiving unit

For refund requests for Credit payment orders received: the receiving unit shall send a refund request to the customer for notification. If the customer agrees in writing or pays in cash or issues a payment document to deduct from their own account to transfer back, the receiving unit shall prepare a Credit payment order to refund to the order originating unit. If the customer does not agree to the refund, the receiving unit shall prepare a notification of refusal to refund, clearly stating the reasons and sending it to the order originating unit;

For revocation requests for Debit payment orders received: based on the revocation request for Debit payment orders received, the receiving unit shall send a notice of acceptance of the revocation to the customer.

Article 30. Review and Response to Review

In cases where inaccurate elements are discovered on the payment order (excluding the following factors: bank code, debit/credit nature, execution date, amount, currency type, payment type, document code, transaction type code, service unit for the recipient order not being the recipient unit and not belonging to the recipient unit), the following shall be handled:

1. The initiating unit shall establish a review according to Form TTLNH-08 attached to this Circular to correct the information or the receiving unit may request the initiating unit to correct the information through a review.

2. The process of handling electronic review information includes:

a) Creating the electronic message

The person creating the order enters data;

The person approving the order conducts control and signs with an electronic signature;

Sending the electronic message to the National Processing Center; printing the content of the electronic message and both persons signing on the printed message;

b) Receiving the electronic message

The person approving the order checks the electronic signature;

Both the person creating the order and the person approving the order sign on the printed message.

3. When the initiating unit receives a review request from the receiving unit, within 01 working day from the time of receipt of the review request, the initiating unit is responsible for responding to the review request according to Form TTLNH-09 attached to this Circular, except in cases where the law provides otherwise. After 02 working days from the date of sending the review request, if no response to the review is received, the receiving unit shall return the payment order with credit information requesting a review.

4. Retaining review documents and responses to reviews

Review documents and responses to reviews with complete signatures are kept together with the original payment order and serve as the basis for processing payments with customers.

Chapter VI

CROSS-CHECKING, REPORTING AND HANDLING REPORTS

Article 31. Cross-checking Payment Results

1. Cross-checking payment results is conducted daily at the point when the National TTLNH System completes its end-of-day processing work.

2. The settled data at the National Processing Center serves as the primary basis for cross-checking payment results.

3. All generated payment orders are cross-checked accurately between the data at the National Processing Center and member units/sub-units on the same day, except in cases where technical issues prevent cross-checking from being completed on the same day.

4. Payment order cross-checking is performed separately for each day. In cases where technical issues prevent completion on the same day as prescribed, cross-checking may be extended to the next working day after the issue is resolved. Cross-checking on the subsequent day must reflect the day the payment order was generated.

5. The National Processing Center automatically generates end-of-day cross-checking data for member units/sub-units to perform cross-checking.

6. Member units/sub-units receive the data, cross-check it against the actual sent and received payment orders during the day as stipulated in Clause 2 of Article 33 of this Circular;

In case of errors, member units/sub-units report and coordinate with the National TTLNH System Operation Unit to handle them.

Article 32. Daily Report at the Trading Office

1. Preparing the daily report of the National TTLNH System

After completing the intra-day fund transfer cross-checking, the Trading Office prepares (creates) the daily report of the entire National TTLNH System in the form of electronic documents, including the following types:

a) Summary of member unit transactions according to Form TTLNH-10 attached to this Circular;

b) Summary of member transactions according to Form TTLNH-11 attached to this Circular;

c) Fund transfer balance sheet according to Form TTLNH-12 attached to this Circular;

d) Accounting result summary according to Form TTLNH-13 attached to this Circular;

đ) Summary of actualization results according to Form TTLNH-14 attached to this Circular;

e) Summary of accounting results according to Form TTLNH-15 attached to this Circular;

g) Summary of high-value TTLNH according to Form TTLNH-24 attached to this Circular.

2. Handling reports

a) The Trading Office's order controller must control the daily report (including both electronic and paper documents), checking the balances as prescribed in this Circular to ensure the accuracy and consistency of the report preparation phase and the data reflected on the forms;

b) The daily report of the entire National TTLNH System is stored after being controlled and completely cross-checked according to regulations, the order controller signs the report. The handling of storing the daily report of the entire National TTLNH System is as follows:

(i) Paper document: the report forms (with full signatures and stamps) are stored according to the regulations for paper documents;

(ii) Electronic document: the daily report of the entire National TTLNH System is stored according to the regulations for electronic documents.

Article 33. Establishment and Processing of Reports at Members and Member Units Participating in the National TTLNH System

1. For member units

a) Submit the outgoing payment report according to Form TTLNH-16 attached as an appendix to this Circular;

b) Submit the incoming payment report according to Form TTLNH-17 attached as an appendix to this Circular;

c) Reconcile outgoing payments according to Form TTLNH-18 attached as an appendix to this Circular;

d) Reconcile incoming payments according to Form TTLNH-19 attached as an appendix to this Circular;

đ) Prepare the settlement result table for the member unit according to Form TTLNH-20 attached as an appendix to this Circular.

2. Handling reports

a) Control

(i) The Debt (Credit) turnover on Form TTLNH-16 shall be equal to the Debt (Credit) turnover on Form TTLNH-18 attached as an appendix to this Circular;

(ii) The Debt (Credit) turnover on Form TTLNH-17 shall be equal to the Debt (Credit) turnover on Form TTLNH-19 attached as an appendix to this Circular;

(iii) The difference in reconciliation results on Form TTLNH-18 and Form TTLNH-19 attached as an appendix to this Circular shall be zero;

b) Handling of erroneous reports

If there are errors, the member unit shall contact the System Operation Unit of the National TTLNH System to cooperate in handling them.

3. Report establishment at members

a) Submit the outgoing payment report according to Form TTLNH-16 attached as an appendix to this Circular;

b) Submit the incoming payment report according to Form TTLNH-17 attached as an appendix to this Circular;

c) Reconcile outgoing payments according to Form TTLNH-18 attached as an appendix to this Circular;

d) Reconcile incoming payments according to Form TTLNH-19 attached as an appendix to this Circular;

đ) Prepare the settlement result table for the member unit according to Form TTLNH-20 attached as an appendix to this Circular;

e) Prepare the settlement result table for the member according to Form TTLNH-21 attached as an appendix to this Circular.

4. Daily reports of both members and member units, after being used for reconciliation and consolidation, shall be stored in accordance with current regulations.

Article 34. Monthly Reports

For other reporting forms outside those specified in Articles 36 and 37 of this Circular, member units shall implement reporting in accordance with the current information reporting system of the State Bank.

Chapter VII

PARTICIPATION, USE OF SERVICES AND WITHDRAWAL

FROM THE NATIONAL TTLNH SYSTEM

Article 35. Participation in the National TTLNH System

1. Participation in the National TTLNH System

a) When banks, foreign bank branches, and State Treasury have the need to participate in the National TTLNH System, they shall submit a participation request according to Form TTLNH-01 attached as an appendix to this Circular through the computer network or postal service, or directly submit it to the State Bank (System Operation Unit);

b) When banks, foreign bank branches, and State Treasury have the need to register their member units to participate in the National TTLNH System, they shall submit a registration request according to Form TTLNH-03 attached as an appendix to this Circular through the computer network or postal service, or directly submit it to the State Bank (System Operation Unit);

c) Organizations that host BTĐT to use netting services shall submit a request to use netting services according to Form TTLNH-29 attached as an appendix to this Circular through the computer network or postal service, or directly submit it to the State Bank (System Operation Unit).

2. The System Operation Unit of the National TTLNH System shall post on the State Bank's electronic portal any changes regarding members, member units, and main BTĐT members participating in the use of the System's payment services.

Article 36. Requirements for Using Services on the National Payment System (TTLNH)

1. To use services on the National Payment System (TTLNH), members must ensure the following requirements:

a) Must have a VND payment account opened at the Trading Center.

b) In cases of foreign currency transactions, must have a corresponding foreign currency payment account opened at the Trading Center.

c) In cases of low-value transactions, must commit to the State Bank regarding the implementation of overdraft settlement loans when there is insufficient balance at the time of settlement and bear full responsibility for receiving and repaying the loan (including principal and interest) to the State Bank; grant unlimited and irrevocable authorization to the Trading Center to proactively deduct (record Debit) from the member's payment account, deduct (record Debit) from the guarantee account, transfer ownership of pledged securities (when setting overdraft limits) to perform net settlement and fulfill risk-sharing obligations in case of insufficient funds for net settlement.

d) Human resource requirements

(i) Must have at least two operators certified or confirmed by the State Bank to have completed training on transaction processing procedures and system operation procedures of the National Payment System (TTLNH).

(ii) For staff responsible for or authorized to transmit and receive payment data, sign off on payment orders, must have an electronic signature issued by the State Bank in accordance with the Circular on the management and use of digital signatures, digital certificates, and digital signature verification services of the State Bank.

đ) Technical requirements

(i) Must have a main system and a backup system for software and databases.

(ii) Must have at least one primary connection and one independent backup connection via transmission cables to the National Payment System (TTLNH).

2. Members under the State Bank must comply with the provisions set out in point d and đ of Clause 1 of this Article.

3. To use services on the National Payment System (TTLNH), members of the National Payment System (TTLNH) must ensure the following requirements:

a) The conditions stipulated in point d of Clause 1 of this Article.

b) Technical requirements according to the regulations on the operation and use of the National Payment System (TTLNH).

(i) Must have a main system and a backup system for software and databases.

(ii) Must have at least one connection to the National Payment System (TTLNH).

c) Must be registered to use services according to Model TTLNH-03 attached to this Circular.

4. For the Lead Member of the Net Settlement Service, to use net settlement services, the Lead Member must meet the following requirements:

a) Participants in net settlement must be members of the National Payment System (TTLNH).

b) Must submit a prior agreement to the State Bank regarding the fulfillment of net settlement obligations between the Lead Member and participants. The agreement includes the authorization for the Trading Center to proactively deduct (record Debit) from the participant's payment account, deduct (record Debit) from the guarantee account, and transfer ownership of pledged securities (when setting net settlement limits) to perform net settlement and fulfill risk-sharing obligations in case of insufficient funds for net settlement, and commit to the State Bank to implement overdraft settlement loans when there is insufficient balance at the time of settlement and bear full responsibility for receiving and repaying the loan (including principal and interest) to the State Bank.

c) Must have confirmation from the Trading Center that the National Payment System (TTLNH) member participating in net settlement has established a net settlement limit according to current regulations in the Circular on the provision of payment intermediary services by the State Bank.

d) When there is a change in the National Payment System (TTLNH) member participating in net settlement services from other systems, the Lead Member must submit a registration form for changes in participating members according to Model TTLNH-35 attached to this Circular through the internet or postal service or directly to the State Bank (National Payment System (TTLNH) Operator).

đ) Human resource requirements

(i) Must have at least two operators certified or confirmed by the State Bank to have completed training on transaction processing procedures and system operation procedures of the National Payment System (TTLNH).

(ii) For staff responsible for or authorized to transmit and receive net settlement data, sign off on net settlement batches, must have an electronic signature issued by the State Bank in accordance with the Circular on the management and use of digital signatures, digital certificates, and digital signature verification services of the State Bank.

e) Technical requirements

(i) Must have a main system and a backup system for software and databases.

(ii) Must have at least one primary connection and one independent backup connection via transmission cables to the National Payment System (TTLNH).

5. Before using services on the National Payment System (TTLNH), members under the State Bank, banks, foreign bank branches, and the State Treasury must submit through the internet or postal service or directly to the State Bank (National Payment System (TTLNH) Operator):

a) A document on the pledge of securities or money to establish a net settlement limit, confirmed by the Trading Center, in cases of registering for low-value transaction services (not applicable to members under the State Bank).

b) An authorization contract or agreement meeting the requirements stipulated in Clause 3 of Article 9 of this Circular regarding debt settlement between members in cases of registering for debt payment order services.

c) A supplementary registration document for using the National Payment System (TTLNH) services for members and sub-members according to Model TTLNH-26 attached to this Circular in cases of additional use of National Payment System (TTLNH) services.

6. The operator of the National Payment System (TTLNH) must publish updates on the State Bank's website when there are changes in the use of services by members and sub-members of the National Payment System (TTLNH).

Article 37. Suspension and Temporary Suspension of Payment Order Services on the National TTLNH System

1. When there is a need to stop using one or several payment order services, banks, foreign bank branches, State Treasury shall submit registration documents for stopping payment order services according to Model number TTLNH-27 attached as Appendix to this Circular through the computer network or postal service or directly submit to the State Bank of Vietnam (the Unit operating the National TTLNH System); the main member of the BTĐT sends a request document to stop using net settlement services according to Model number TTLNH-36 attached as Appendix to this Circular through the computer network or postal service or directly submit to the State Bank of Vietnam (the Unit operating the National TTLNH System).

2. The Governor of the State Bank of Vietnam shall consider and decide to temporarily suspend some payment services on the National TTLNH System of members or sub-members if the member fails to ensure and maintain the requirements regarding resources and technology as stipulated in point d, đ Clause 1 Article 36 of this Circular; the sub-member fails to ensure and maintain the requirements regarding resources and technology as stipulated in point a, b Clause 3 Article 36 of this Circular until the member ensures the requirements stipulated in point d, đ Clause 1 Article 36 of this Circular and the sub-member ensures the requirements stipulated in point a, b Clause 3 Article 36 of this Circular.

3. The Governor of the State Bank of Vietnam shall decide to temporarily suspend the payment order service on the National TTLNH System of members or sub-members in cases where the member or sub-member causes technical incidents that disrupt the National TTLNH System at their unit, specifically:

a) Disruption more than four times in one month: suspension of the payment order service for five working days from the date of violation;

b) Disruption more than eleven times in one quarter: suspension of the payment order service for ten working days from the date of violation;

c) Disruption more than nineteen times in one year: suspension of the payment order service for one month from the date of violation.

4. Members or sub-members may be subject to temporary suspension of low-value transaction services in the following cases:

a) In case the State Treasury does not have sufficient balance to settle the reconciliation results as stipulated in point d Clause 3 Article 23 of this Circular, the Unit operating the National TTLNH System shall report to the Governor of the State Bank of Vietnam for consideration and decision to suspend the use of low-value transaction services of the State Treasury until the outstanding settlement reconciliation amount is paid;

b) After the cessation of receiving high-value payment orders, if the member does not have sufficient balance to settle the reconciliation results, the Trading Department shall prepare a report on the member's capital shortage and notify the Unit operating the National TTLNH System. If the member has a capital shortage two or more times in one month, the Unit operating the National TTLNH System shall report to the Governor of the State Bank of Vietnam for consideration and decision to suspend the use of low-value transaction services of the member for one month;

c) As stipulated in Clause 3 Article 24 of this Circular;

d) In case the member causes a shortage in funds to repay overdue loan settlement balances leading other members to share the burden, the Trading Department shall report to the Governor of the State Bank of Vietnam for consideration and decision to suspend the low-value transaction service of that member. The suspension period is six months from the date the Governor of the State Bank of Vietnam notifies all members and sub-members in writing.

5. In case a member is placed under special control measures to ensure the safety of the National TTLNH System operations, the Governor of the State Bank of Vietnam shall consider and decide to temporarily suspend some payment services on the National TTLNH System of that member.

6. When there are changes in information about the suspension or temporary suspension of services on the National TTLNH System of members or sub-members, the Unit operating the National TTLNH System shall publish such information on the electronic portal of the State Bank of Vietnam.

Article 38. Termination of Membership Status in the National TLNH System

1. A member or component unit shall terminate its membership status when:

a) The member fulfills its obligation to repay debts arising from payment transactions (if any) within the National TLNH System, annual fees, and payment fees (if any), and submits a withdrawal notice according to Model TTLNH-02 attached to this Circular via computer network, postal service, or direct submission to the State Bank of Vietnam (the System Operation Unit);

b) The member's membership status is automatically terminated if the member is dissolved, declared bankrupt, merged, or consolidated;

c) The member's Vietnamese currency settlement account at the Trading Center is closed.

2. Upon receiving a withdrawal request from the National TLNH System, the System Operation Unit shall suspend the member's or component unit's payment order service temporarily, and simultaneously send a notice to the Trading Center or the State Bank of Vietnam branch where the member or component unit opened their settlement account to coordinate in confirming the completion of debt repayment obligations arising from payment transactions (if any) within the National TLNH System, annual fees, and payment fees (if any).

3. The System Operation Unit shall post on the State Bank of Vietnam’s electronic portal information regarding the termination of a member's or component unit's membership status in the National TLNH System.

Chapter VIII

PROVISIONS ON MANAGEMENT AND OPERATION

FROM THE NATIONAL TTLNH SYSTEM

Article 39. Management Board of the National TLNH System

1. The Management Board of the National TLNH System is established by the Governor's Decision of the State Bank of Vietnam, consisting of: The Chairman being the Deputy Governor of the State Bank of Vietnam, members including representatives of the Information Technology Department, Payment Department, Trading Center, and leaders of other relevant units.

2. The Management Board of the National TLNH System shall be responsible for managing the National TLNH System:

a) Advising the Governor of the State Bank of Vietnam on strategies and plans for developing the National TLNH System;

b) Advising the Governor of the State Bank of Vietnam on establishing and managing a comprehensive risk management framework for the National TLNH System;

c) Advising the Governor of the State Bank of Vietnam on the types of foreign currencies used in the National TLNH System as stipulated in Clause 1, Article 1 of this Circular;

d) Advising the Governor of the State Bank of Vietnam on decisions concerning the provisions set out in Point a, c Clause 3, Article 17; Clause 2, 3, 5, Article 37 of this Circular;

e) Advising the Governor of the State Bank of Vietnam on issuing operational regulations and usage guidelines for the National TLNH System, including provisions on working hours and technical error handling within the National TLNH System;

f) The Management Board of the National TLNH System shall perform other tasks related to the management, operation, and use of the National TLNH System as prescribed in the operational regulations decided by the Governor of the State Bank of Vietnam.

Article 40. System Operation Unit of the National TLNH System

1. Directly operate the National TLNH System.

2. Serve as the point of contact for receiving, processing, and guiding compliance with the provisions of Articles 35, 36, 37, and 38 of this Circular.

3. Implement internal control measures and recommendations for monitoring by the State Bank of Vietnam (Payment Department) to ensure continuous operation of the National TLNH System.

4. Report periodically monthly to the Management Board of the National TLNH System and submit to the Payment Department on the operational status and duration of the National TLNH System according to the statistical reporting system of the State Bank of Vietnam.

Chapter IX
RIGHTS AND RESPONSIBILITIES OF UNITS

Article 41. Rights and responsibilities of members and member units

1. Members and member units have the following rights:

a) To use payment services permitted to be provided by the National Payment System;

b) To request the National Processing Center to confirm receipt of payment orders sent by them and provide relevant information on the execution of such payment orders on the National Payment System;

c) To request the National Processing Center to cancel payment orders in accordance with this Circular;

d) Member units may perform high-value payment services for their affiliated members;

đ) To inquire about account balances; overdraft limits; current net debt limits on the system; monitor the status of settlement requests; the status of settlement requests pending processing in the settlement queue; the status of canceled settlement requests.

2. Members and member units have the following responsibilities:

a) Members manage the settlement activities, net debt limits of the National Payment System within their management scope;

b) Members receive and process electronic data from the National Processing Center at the end of each working day. The content of the data includes:

(i) Amounts to be credited (debited) to the member's settlement account;

(ii) Amounts to be credited (debited) to each member unit, through which data the member records and settles on behalf of each member unit;

(iii) Details of all outgoing and incoming payment orders of all member units in the National Payment System;

c) Members are responsible for informing and directing member units under their management to comply with documents and directives of the State Bank related to the National Payment System;

d) To comply with regulations regarding the issuance and sending of payment orders through the National Payment System and bear responsibility for the accuracy of the data and contents related to such payment orders;

đ) To cooperate with the National Payment System Operation Unit, other members and member units to handle errors arising during the operation of the National Payment System and switch to the backup system;

e) In case a unit initiating a payment order violates regulations on the issuance and sending of payment orders or the data and contents on the payment order are incorrect, leading to delayed payments, loss of money, and other damages, that unit shall be responsible for the losses caused by its own fault;

g) To implement provisions on fees and fee management in the National Payment System as stipulated in Article 11 of this Circular;

h) Not to disclose or provide information obtained through the National Payment System to third parties except when required by authorized agencies according to the law;

i) Members must share overdue settlement overdrafts of other members;

k) Members must maintain sufficient account balances to ensure the execution of payment orders and settlement through the National Payment System;

l) When a member or member unit ceases its membership, it must follow procedures to reclaim digital signature certificates (if any) used in the National Payment System as prescribed in the Circular on the management and use of digital signatures, digital certificate, and digital authentication services of the State Bank;

m) To ensure and maintain technical infrastructure and resources as specified in point d, đ Clause 1 and points a, b Clause 3 Article 36 of this Circular;

n) To register a list of email addresses for exchanging information related to the National Payment System as prescribed to be exchanged via email in this Circular;

o) To implement provisions on application timing in the National Payment System to ensure smooth, accurate, timely, and secure payments;

p) Members regularly monitor their current net debt limits to maintain them at appropriate levels;

q) When disputes arise with customers, the parties involved are responsible for providing and exchanging data with each other and reporting the situation to competent authorities as prescribed by law to resolve the dispute;

r) To notify customers (if any) of the status received from the National Processing Center regarding the processing and recording of payment orders.

Article 42. Trading Department

1. Connect with the National Processing Center to perform the responsibilities of the Trading Department as stipulated in this Circular.

2. Daily, at the start of business hours, the Trading Department monitors the system updates on the account balances and overdraft limits (if any) of members.

3. Update information on the operational status of settlement accounts.

4. Carry out reconciliation work as prescribed in Article 15 of this Circular; notify members and State Bank units for coordination in handling errors.

5. Monitor and process netting settlements, handle net settlement results from other systems.

a) Monitor the maintenance of net debt limits of members as prescribed by the State Bank;

b) Process margin requirements for securities and cash margins of members as prescribed in Articles 16 and 17 of this Circular;

c) Monitor and report on netting settlement status as prescribed in Article 20 of this Circular;

d) Report to the Governor of the State Bank on members using low-value payment services, netting settlement members of the RTGS System under special supervision with overdue borrowing balances.

6. Proactively debit (record Debit) the settlement account of members to: Recover any outstanding payments (if any) arising from participation in the National RTGS System as prescribed in this Circular and collect annual fees and payment fees (if any) of members and member units of the National RTGS System within the scope of business operations occurring at the unit.

7. Confirm in writing upon request of the National RTGS System Operating Unit the completion of payment obligations of members when members apply to withdraw from the National RTGS System.

8. Perform the functions of a member of the National RTGS System and comply fully with all regulations applicable to members of the National RTGS System.

Article 43. Financial Accounting Division

Guidance on accounting practices for units belonging to the State Bank participating in the National RTGS System.

Article 44. Payment Division

1. Guidance on payment operations for the National RTGS System.

2. Develop and promulgate regulations on monitoring the National RTGS System to ensure its stable, safe, and efficient operation.

3. Supervise the operation of the National RTGS System, access electronic data storage of the National RTGS System through information exchange channels with the Operating Unit and system members to continuously monitor and evaluate the daily operation of the National RTGS System under normal operating conditions. Request the National RTGS System Operating Unit to report on changes to the National RTGS System and any incidents that occur.

4. Serve as the focal point and coordinate with relevant units to advise the Governor of the State Bank on margin ratios for setting net debt limits.

Article 45. Information Technology Department

1. Perform the duties of the National RTGS System Operating Unit as stipulated in this Circular.

2. Directly manage and be responsible for the technical infrastructure of the National RTGS System.

3. Research, develop, and propose technical solutions to meet the needs for development and expansion of the National RTGS System.

4. Conduct regular maintenance of the System to ensure safe and continuous operation.

5. Advise the Governor of the State Bank to issue data standards of the State Bank for use in the National RTGS System.

Article 46. Branches of the State Bank in provinces and cities

1. Request the National Processing Center to confirm receipt of payment orders sent by them and related information on such payment orders.

2. Ensure technical conditions within their jurisdiction for the National Real-Time Gross Settlement System to operate smoothly.

3. Coordinate with the Unit operating the National Real-Time Gross Settlement System, members and sub-members thereof to handle errors arising during the operation of the National Real-Time Gross Settlement System.

4. Coordinate among branches of the State Bank in provinces and cities to address errors in inter-bank transfer payments.

5. Implement the recovery of payment debts (if any) arising from participation in the National Real-Time Gross Settlement System, annual fees and payment fees (if any) of members and sub-members of the National Real-Time Gross Settlement System within their business management scope, and simultaneously issue a confirmation letter to the Unit operating the National Real-Time Gross Settlement System regarding the completion of this obligation when a member requests withdrawal from the National Real-Time Gross Settlement System.

Chapter X

IMPLEMENTING PROVISIONS

Article 47. Transitional Provisions

1. The State Bank, banks, foreign bank branches, State Treasury, and affiliated units of these entities that are members or sub-members of the National Real-Time Gross Settlement System prior to the effectiveness of this Circular shall continue to be members or sub-members of the National Real-Time Gross Settlement System and may continue to use services established on the National Real-Time Gross Settlement System.

2. From the date this Circular takes effect, indirect members shall be converted into indirect units as prescribed in the Decision of the Governor of the State Bank on the issuance of the Operating and Usage Regulations for the National Real-Time Gross Settlement System.

Members currently using low-value payment services, and those participating in net settlement must submit a commitment letter according to Model No. TTLNH-22 attached to this Circular to the State Bank within one month from the date this Circular takes effect regarding the implementation of borrowing to offset payments in cases of insufficient liquidity and full responsibility for receiving debt and repaying borrowed funds (including both principal and interest).

Article 48. Effectiveness

1. This Circular takes effect from August 15, 2024.

2. From the date this Circular takes effect, the following documents shall cease to be effective:

a) Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank on the management, operation, and use of the National Interbank Electronic Payment System;

b) Circular No. 21/2020/TT-NHNN dated December 31, 2020 of the Governor of the State Bank amending and supplementing certain provisions of Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank on the management, operation, and use of the National Interbank Electronic Payment System;

c) Clause 6, Article 9a of Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank guiding intermediary payment services added at Clause 4, Article 1 of Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank amending and supplementing certain provisions of Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank guiding intermediary payment services.

Article 49. Implementation organization

The Director of the Office, Heads of units under the State Bank, Governors of the State Bank branches in provinces and centrally governed cities, General Directors (Directors) of members shall be responsible for organizing the implementation of this Circular./.