Circular No. 11/2023/TT-NHNN amending and supplementing certain articles of Circular No. 43/2015/TT-NHNN dated December 31, 2015, issued by the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank.

CIRCULAR

Amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank

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

Pursuant to the Law on Credit Institutions dated June 16, 2010; the Law Amending and Supplementing Certain Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to Decree No. 26/2014/NĐ-CPdated April 7, 2014 of the Government on the organization and operation of banking inspection and supervision;Decree No. 43/2019/NĐ-CPdated May 17, 2019 of the Government amending and supplementing certain provisions of Decree No. 26/2014/NĐ-CP

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 Director of Banking Inspection and Supervision;

dated April 7, 2014 of the Government on the organization and operation of banking inspection and supervision;The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank. 

Article 1. Amending and supplementing certain provisions of Circular No. 43/2015/TT-NHNN

a) Amending and supplementing Point c Clause 2 as follows:

"Article 4. Authority of the Governor of the State Bank of Vietnam branch

In accordance with the provisions of this Circular, the Governor of the State Bank of Vietnam authorizes the Governor of the State Bank of Vietnam branch where the postal transaction office is located:

3. To compel the termination of the operation of the postal transaction office within its jurisdiction."

d) Amending and supplementing Clause 3 of Article 6 as follows:

3. To compulsorily terminate the operation of the postal transaction office within its jurisdiction."

2. Amending and supplementing Clause 3 of Article 6 as follows:

"3. The documents of Vietnam Post Joint Stock Commercial Bank shall be directly submitted or sent through postal service to the State Bank of Vietnam branch where the postal transaction office is located (One-Stop Service Department)."

3. Supplement Clause 3, Clause 4 of Article 7 as follows:

"3. Within seven working days from the date Vietnam Post Corporation reduces its shareholding below five percent of the charter capital of Vietnam Post Joint Stock Commercial Bank, the postal transaction office shall not carry out savings deposit activities.

4. The handling of savings deposits received before the cessation of such activities by the postal transaction office shall be carried out as follows:

a) For savings deposits that have not yet reached their maturity date, the postal transaction office shall continue to implement according to the agreed terms with customers;

b) For savings deposits that have reached their maturity date, the postal transaction office must take measures to fully repay the savings deposits of customers. In case it cannot fully repay the matured savings deposits, Vietnam Post Joint Stock Commercial Bank shall accept and handle them in accordance with internal regulations and laws on savings deposits and terminate the operation of the postal transaction office."

4. Amend the title of Article 8 and amend and supplement the title of Clause 1 and Point a of Clause 1 of Article 8 as follows:

a) Amend the name of Article 8 as follows:

"Article 8. Requirements for the operation of postal transaction offices".

b) Amend and supplement the title of Clause 1 and Point a of Clause 1 as follows:

"1. Personnel at the postal transaction office must meet the following requirements:

a) There must be at least three people, including one person who is a controller or equivalent position responsible for supervising and approving daily transactions and is an employee of Vietnam Post Joint Stock Commercial Bank. By March 1, 2024, if this condition is not met, the postal transaction office shall not carry out savings deposit activities. The handling of savings deposits received prior to this shall be carried out in accordance with Clause 4 of Article 7 of this Circular;"

5. Amend and supplement Clause 4 of Article 10 as follows:

"4. Within thirty days from the date of receipt of the confirmation document from the State Bank of Vietnam confirming the fulfillment of conditions for operating at the new location for postal transaction offices changing locations, the postal transaction office must operate at the new location and Vietnam Post Joint Stock Commercial Bank must submit a report to the State Bank of Vietnam branch where the postal transaction office is located. Beyond this period, the confirmation document from the State Bank of Vietnam branch shall automatically become invalid."

6. Amending and supplementing Article 11 as follows:

"Article 11. Conversion of Postal Transaction Office into Branch of Vietnam Post Joint Stock Commercial Bank

The procedures, conditions, and steps for establishing a branch of Vietnam Post Joint Stock Commercial Bank based on the conversion of a postal transaction office shall be implemented in accordance with the regulations of the State Bank of Vietnam on the establishment of branches of commercial banks."

7. Amend and supplement Clause 1 of Article 15 as follows:

"1. A postal transaction office shall be compulsorily terminated when:

a) It operates outside the scope prescribed in Article 7 of this Circular;

b) It has fully repaid all savings deposits or has been accepted by Vietnam Post Joint Stock Commercial Bank in cases where it could not fully repay matured savings deposits as stipulated in Clause 4 of Article 7 of this Circular."

8. Supplement Clauses 7a, 7b, 7c, 7d, 7đ, 7e, 7g, 7h after Clause 7 of Article 17 as follows:

"7a. Direct the postal transaction office not to carry out savings deposit activities as prescribed in Clause 3 of Article 7 and Point a of Clause 1 of Article 8 of this Circular.

7b. Two working days before the postal transaction office ceases to carry out savings deposit activities as prescribed in Clause 3 of Article 7 of this Circular, Vietnam Post Joint Stock Commercial Bank must publicly announce and post the following minimum contents on its website, the headquarters of the branch managing the postal transaction office, and at the post office and commune cultural information centers where the postal transaction office is located:

a) The start date of the cessation of savings deposit activities at the postal transaction office and the reasons;

b) The plan for handling customer savings deposits at the postal transaction office.

7c. After the point at which Vietnam Post Corporation reduces its shareholding to below 5% of the charter capital of Vietnam Post Joint Stock Commercial Bank, no later than the 15th day of each month, Vietnam Post Joint Stock Commercial Bank shall report to the State Bank of Vietnam branch where the postal transaction office is located on the handling of savings deposits of each operating postal transaction office within the province or centrally governed city according to Model 03 attached to this Circular.

7d. Be responsible for the organization and operation of the postal transaction office; report to the State Bank of Vietnam branch where the postal transaction office is located on the handling of issues arising related to the organization and operation of the postal transaction office within the area.

7đ. Regularly manage and supervise the activities of the postal transaction office.

7e. Within two working days from the date the postal transaction office pays out all savings deposits or Vietnam Post Joint Stock Commercial Bank receives in cases where savings deposits are not fully paid out upon maturity as stipulated in Clause 4, Article 7 of this Circular, Vietnam Post Joint Stock Commercial Bank shall issue a report to the State Bank of Vietnam branch where the postal transaction office is located.

7g. Vietnam Post Joint Stock Commercial Bank must develop specific plans and timelines to comply with the provisions set forth in Point a, Clause 1, Article 8 of this Circular.

7h. Vietnam Post Joint Stock Commercial Bank is responsible for receiving and processing savings deposits that have matured but were not fully paid out by the postal transaction office in accordance with internal regulations and laws.

9. Amend and supplement Clause 3 and add Clause 3a to Article 19 as follows:

a) To amend and supplement Clause 3 as follows:

"3. Manage, inspect, and supervise the activities of postal transaction offices under Vietnam Post Joint Stock Commercial Bank within the area in accordance with laws on inspection and supervision."

b) Add Clause 3a after Clause 3 as follows:

"3a. Coordinate with local authorities to disseminate and publicize legal regulations regarding the operations of postal transaction offices."

Article 2. Supplement, replace, and abolish certain phrases, clauses, and articles of Circular No. 43/2015/TT-NHNN

1. Add the phrase "arrange and organize" after the phrase "recruit" in Clause 3, Article 17; add the phrase "before the point at which Vietnam Post Corporation reduces its shareholding to below 5% of the charter capital of Vietnam Post Joint Stock Commercial Bank," before the phrase "Monthly," in Clause 6, Article 17.

2. Replace the phrase "upgrade from" with the phrase "established based on conversion" in Point b, Clause 4, Article 3; replace the phrase "and/or" with the word "and" in Clause 1, Article 7.

3. Remove the phrase "The opening of postal transaction offices must meet the following conditions:" in Article 8.

4. Abolish Clause 1, Article 5, Article 9, Clause 1, Article 17, and Clause 1, Article 18.

5. Supplement Appendix 03 issued together with this Circular.

This Circular takes effect from December 25, 2025/.

The Director of the Office, the Inspector General of Banking Supervision, Heads of units under the State Bank of Vietnam, and Vietnam Post Joint Stock Commercial Bank are responsible for implementing this Circular.

Article 4. Implementation provisions

1. This Circular takes effect from October 15, 2023.

2. Abolish Clause 2, Article 1 of Circular No. 27/2022/TT-NHNN dated December 31, 2022, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circulars regulating the delegation of administrative procedures in the field of establishment and operation of banks./.