Consolidated Document number 21/VBHN-NHNN stipulating the opening and use of payment accounts at service-providing organizations

SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness _______________________

 

 

CIRCULAR

Regulations on opening and using payment accounts
at service providers

 

Joint Resolutions, Circulars Decision No. 17/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam regarding the opening and use of payment accounts at service providers, shall take effect from July 1, 2024, amended and supplemented by:

Joint Resolutions, Circulars Decision No. 25/2025/TT-NHNN dated August 31, 2025 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Decision No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, shall take effect from August 31, 2025.

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

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

Pursuant to the Law on Prevention and Combating Money Laundering dated November 15, 2022;

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

Pursuant to Decree No. 19/2023/NĐ-CP dated April 28, 2023 of the Government detailing certain provisions of the Law on Anti-Money Laundering;

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 promulgates this Circular on the opening and use of payment accounts at service providers[1].

 

PART I

GENERAL PROVISIONS

 

Article 1. Scope of Regulation

Article 1. This Circular stipulates the opening and use of payment accounts by organizations and individuals at service providers.

Article 2. The opening and use of foreign currency payment accounts by residents and non-residents, and Vietnamese dong payment accounts by non-residents and resident individuals who are foreigners shall be carried out in accordance with the laws on foreign exchange management and the provisions of this Circular.

Article 2. Applicability

Clause 1. Service providers that can open payment accounts include:

a) The State Bank of Vietnam (hereinafter referred to as the State Bank);

b) Commercial banks, policy banks, cooperative banks (hereinafter referred to as banks);

c) Branches of foreign banks.

Clause 2. Organizations and individuals opening payment accounts at service providers (hereinafter referred to as customers).

Clause 3. Other organizations and individuals related to the opening and use of payment accounts at service providers.

Article 3. Forms of payment accounts

Clause 1. The forms of payment accounts include: individual payment accounts, organizational payment accounts, and joint payment accounts.

Clause 2. An individual payment account is a payment account opened by an individual customer at a service provider.

Clause 3. An organizational payment account is a payment account opened by an organizational customer at a service provider. The holder of an organizational payment account is the organization that opens the payment account.

Clause 4. A joint payment account is a payment account opened jointly by at least two subjects. The holders of a joint payment account are organizations and/or individuals.

Article 4. Interest on balances in payment accounts

Clause 1. Balances in payment accounts opened by customers at banks and branches of foreign banks shall accrue interest at the rate of interest for demand deposits determined and publicly announced by the banks and branches of foreign banks in accordance with the Governor's decisions of the State Bank during each period.

Clause 2. The payment of interest on balances in payment accounts opened by customers at the State Bank shall be decided by the Governor of the State Bank during each period.

Article 5. Delegation in the use of payment accounts

1. The owner of a payment account may delegate the use of the payment account. The delegation must be carried out in writing, in accordance with the provisions of the law on delegation and the following provisions:

a) For individual payment accounts: the owner of the payment account submits to the service provider organization where the account was opened a written delegation along with documents, information, and data to verify the identification information of the individual or legal entity being delegated. Documents, information, and data to verify the identification information of the person being delegated shall be implemented in accordance with Clause 2, Clause 3, Article 12 of this Circular |||;

b) For organizational payment accounts: the owner of the payment account submits to the service provider organization where the account was opened a written delegation from the legal representative of the organization or the authorized representative of the organization (hereinafter referred to collectively as the authorized representative), together with the chief accountant (or accounting supervisor) along with documents, information, and data to verify the identification information of the individual being delegated in accordance with Clause 2, Article 12 of this Circular.

2. The service provider organization must apply measures to verify the identification information of the person being delegated in accordance with Clause 2, Article 15 of this Circular.

Article 6. Freezing of Payment Accounts

1. A payment account may be partially or fully frozen according to the provisions of Clause 1, Article 11 of Decree No. 52/2024/NĐ-CP dated May 15, 2024 of the Government on non-cash payments and laws on preventing and combating terrorism; preventing the proliferation of weapons of mass destruction.

2. The termination of the freezing of a payment account shall be carried out in accordance with the provisions of Clause 2, Article 11 of Decree No. 52/2024/NĐ-CP and laws on preventing and combating terrorism; preventing the proliferation of weapons of mass destruction.

3. After freezing a payment account, the service provider organization must notify the owner of the payment account or the legal representative, guardian of the individual who opened the payment account as stipulated in Point b, c, Clause 1, Article 11 of this Circular (hereinafter referred to collectively as the representative) about the reasons and scope of the freezing of the payment account (except in cases where the competent authority has a written request for the service provider organization not to notify the customer about the freezing of the payment account). The form of notification shall be agreed upon in accordance with the provisions of Article 13 of this Circular.

4. The amount frozen on a payment account must be preserved and strictly controlled according to the content of the freeze. In the case where a payment account is partially frozen, the unfrozen portion can still be used normally.

 

Chapter II

OPENING AND USING PAYMENT ACCOUNTS AT
STATE BANK OF VIETNAM

 

Article 7. Subjects Opening Payment Accounts at the State Bank

1. The Trading Department of the State Bank opens payment accounts for the following organizations:

a) Credit institutions (head office);

b) Branches of foreign banks in Vietnam;

c) Central Treasury;

d) Other organizations as provided for in Clause 2, Article 13 of Decree No. 52/2024/NĐ-CP.

2.[2] The State Bank branch in the Region opens payment accounts for treasury units, credit institutions, and branches of foreign banks.

Article 8. Opening a Payment Account at the State Bank

1. The dossier, procedure, and process for opening a payment account for the National Treasury, credit organizations, and foreign bank branches shall be implemented in accordance with Article 14 of Decree No. 52/2024/NĐ-CP.

2. The process of opening a payment account for other organizations as stipulated in Clause 2 of Article 14 of Decree No. 52/2024/NĐ-CP shall be carried out based on the decision of the Prime Minister or international treaties and agreements to which Vietnam is a party.

Article 9. Using a Payment Account Opened at the State Bank

1. A payment account opened at the State Bank shall be used for depositing, withdrawing cash, issuing checks, accounting, monitoring, and executing payment orders through payment systems organized and operated by the State Bank, single payments through payment accounts, and other payment services provided by the State Bank.

2. The payment account of credit organizations and foreign bank branches opened at the State Bank's Trading Department shall be used to execute transactions when participating in open market operations, buying and selling transferable securities, government bonds, treasury bills, central bank bills, and other activities regulated by law.

3. The State Bank's Trading Department and Regional Branches of the State Bank have the following rights and responsibilities:[3] a) Actively deduct (record Debit) from the customer's payment account in the following cases:

(i) Collect overdue debts, late fees, interest, and other charges arising during the management of the payment account and provision of payment services according to the regulations of the State Bank;

(ii) Adjust entries that are incorrectly recorded, not in line with the nature of the transaction, or inconsistent with the intended use of the payment account as prescribed by law;

(iii) When it is found that a wrong Credit entry has been made to the customer's payment account or upon request to cancel/reverse a Credit transfer order from the service provider due to errors identified by the service provider compared to the payer's payment instruction;

(iii) When a mistake is discovered in recording a debit entry incorrectly into a customer's payment account, or upon request to cancel/reverse a debit transfer instruction from a payment service provider serving the remitter due to the payment service provider detecting errors compared to the remitter's payment instruction;

(iv)[4]  (Repealed)

b) Refuse to execute the payment order of the account holder in the following cases:

(i) The payment order is illegal or invalid;

(ii) The account holder does not comply fully with the payment procedures, and the payment order does not match the registered elements in the application for opening a payment account at the State Bank;

(iii) The payment account does not have sufficient balance;

(iv)[5] (Repealed)

c) Maintain and update all relevant documents, information, and data in the dossier for opening a payment account, including the signature samples and seals (if any) of the organization opening the account for verification and comparison during the use of the payment account;

d) Provide information about payment transactions and balances on the payment account to organizations that have opened payment accounts at the State Bank for verification and comparison.

4. The National Treasury, credit organizations, and foreign bank branches that have opened payment accounts at the State Bank have the following rights and responsibilities:

a) Use the balance in their payment account to execute lawful and valid payment orders;

b) Choose to use payment instruments, services, and benefits provided by the State Bank;

c) Request the State Bank's Trading Department and Regional Branches of the State Bank[6] where the payment account was opened to execute lawful and valid payment orders and provide information about payment transactions and balances on their payment account;

d) Provide complete, accurate, and timely documentation, information, and data in the dossier for opening a payment account and other required information to the State Bank's Trading Department and Regional Branches of the State Bank[7] where the payment account was opened;

e) The National Treasury, credit organizations, and foreign bank branches send the State Bank's Trading Department and Regional Branches of the State Bank[8] where the payment account was opened notifications of changes to payment account information using the prescribed form; Appendix No. 01 attached hereto;

f) Bear responsibility for risks arising from providing incomplete, inaccurate, or untimely information and damages caused by their own mistakes.

Article 10. Closing Payment Accounts Open at the State Bank

1. The dossier, procedures, and formalities for closing payment accounts and handling remaining balances on payment accounts of the National Treasury, credit organizations, and foreign bank branches at the State Bank shall be carried out in accordance with the provisions of Clause 4, Article 14 of Decree No. 52/2024/ND-CP.

2. The closure of payment accounts of central banks of other countries, foreign banks, international monetary organizations, and international banks shall be implemented in accordance with international treaties and agreements to which Vietnam is a member.

 

Chapter III

OPENING AND USING PAYMENT ACCOUNTS AT BANKS,
FOREIGN BANK BRANCH

 

Article 11. Subjects Opening Payment Accounts

1. Individuals opening payment accounts at banks and foreign bank branches include:

a) Persons aged 15 years or older who are not restricted or deprived of civil capacity under Vietnamese law;

b) Persons under 15 years old, persons whose civil capacity is restricted or deprived according to Vietnamese law, opening payment accounts through their legal representatives;

c) Persons with difficulties in recognizing and controlling their actions according to Vietnamese law, opening payment accounts through their guardians.

2. Organizations established and operating legally according to Vietnamese law include: legal entities (Vietnamese legal entities, foreign legal entities), private enterprises, business households, and other organizations that can open payment accounts at banks and foreign bank branches in accordance with the law.

Article 12. Dossier for Opening Payment Accounts

1. The dossier for opening payment accounts includes the following documents, information, and data:

a) Agreement on opening and using payment accounts as stipulated in Article 13 of this Circular;

b) Documents, information, and data to verify customer identification information as stipulated in Clauses 2 and 3 of this Article;

c) Agreement on managing and using joint payment accounts between the subjects named in the account opening (if applicable) for the case of opening joint payment accounts.

2. Documents, information, and data about personal identification papers of individual customers:

a)[9] In the case of Vietnamese citizens: Citizen Identity Card, Citizen Card, or electronic Citizen Card, or Birth Certificate for individuals under 14 years old without a Citizen Card;

b) In the case of Vietnamese origin individuals whose nationality has not been determined: Identification Certificate;

c) In the case of foreign individuals:

(i)[10] Passport or other documents proving identity issued by competent authorities abroad, for foreign individuals residing in Vietnam must also have an entry visa or a document equivalent to a visa or a document proving exemption from visa requirements; or

(ii) Electronic identity (through accessing an electronic identification account level 02).

3.[11] Documents, information, and data of organizational customers: Documents, information, and data to verify customer identification information as stipulated in the Anti-Money Laundering Law, accompanied by documents, information, and data of the legal representative, chief accountant, or accounting officer (if applicable) as stipulated in Clause 2 of this Article. In cases where organizations use electronic identification accounts, banks and foreign bank branches do not require the provision of documents, information, and data already available in the organization's electronic identification account.

4. In cases where individuals open payment accounts through legal representatives as stipulated in Point b, c, Clause 1, Article 11 of this Circular besides the documents, information, and data mentioned in Clause 1 of this Article, the dossier for opening payment accounts must also include:

a) In the case of the legal representative being an individual: documents, information, and data serving the purpose of identifying and verifying the legal representative's identification information as stipulated in Clause 2 of this Article and documents proving the legal representative's legitimate status for the individual opening the payment account;

b) In the case of the legal representative being a legal entity: documents, information, and data serving the purpose of identifying and verifying the legal entity's identification information as stipulated in Clause 3 of this Article and documents proving the legal entity's legitimate status for the individual opening the payment account.

5. Banks and foreign bank branches may specify additional documents, information, and data in the dossier for opening payment accounts beyond those specified in Clauses 1, 2, 3, and 4 of this Article, but they must notify and provide specific guidance to customers.

6. The collection and retention of dossiers for opening payment accounts must meet the following requirements:

a) Written documents in the dossier for opening payment accounts must be original or certified copies or copies made from the original book or copies accompanied by the original for comparison in compliance with the law on issuing copies from original books, certifying copies from originals, certifying signatures, and certifying contracts and transactions. For cases where the original is presented for comparison, banks and foreign bank branches must certify the copy and bear responsibility for its accuracy compared to the original. For documents issued by competent authorities abroad, legalization of foreign public documents must be carried out in accordance with the law on legalization of foreign public documents;

b) For documents, information, and data in the dossier for opening payment accounts that are electronic data, banks and foreign bank branches must check, compare, and verify to ensure completeness and accuracy, and store them in compliance with the law on electronic transactions;

c) In cases where the documents, information, and data in the dossier for opening payment accounts mentioned in Points a and b of this Clause are in a foreign language, banks and foreign bank branches may agree with customers on whether to translate them into Vietnamese or not, but must ensure the following principles:

(i) Banks and foreign bank branches must check, control, and take responsibility for confirming the content of documents, information, and data in a foreign language to ensure they meet all the required information provided in this Circular;

(ii) Documents, information, data in a foreign language must be translated upon request of the competent authority; the translation must be confirmed by an authorized person of the bank, foreign bank branch, or must be notarized or certified.

d) The documents, information, data in the account opening file under Clauses 1, 2, 3, and 4 of this Article must remain valid and within their usage period during the account opening and usage process.

Article 13. Agreement on Opening and Using Payment Accounts

1. The agreement on opening and using payment accounts between the bank, foreign bank branch, and the customer must include at least the following contents:

a) The document number (if any) and the date (day, month, year) of the agreement;

b) Name of the bank, foreign bank branch;

c) Information about the customer opening a payment account as prescribed in Article 14 of this Circular;

c1)[12] The payment account number, name of the payment account. In which, the name of the payment account is set as follows:

(i) For individual payment accounts, the name of the payment account is set according to the name on the customer's identification documents;

(ii) For organizational payment accounts, the name of the payment account must include the name of the organization on the establishment license, establishment decision, or business registration certificate, or other documents proving the lawful establishment and operation of the organization;

(iii) For joint payment accounts, the name of the payment account is set by the bank, foreign bank branch based on reflecting the names of the account holders and not overlapping with the names of individual or organizational payment accounts of others.

d) Specific rights and obligations of the parties in accordance with the provisions of Article 20, 21 of this Circular;

đ) Content regarding maintaining the minimum balance in the payment account and types of fees, fee levels, methods of charging fees, and adjustments to fees during the opening and use of the payment account;

e) The use of the payment account includes:

(i) The use of the payment account must comply with the provisions at Article 17 of this Circular;

(ii) Scope and transaction limits on the payment account when making payments;

(iii) Cases of debiting the payment account according to the law and other cases of debiting related to fraud and deception when there is a conclusion from the competent authority;

(iv) Management and use of joint payment accounts (for joint payment accounts);

g) Cases of freezing and unfreezing the payment account, including:

(i) Cases where discrepancies or unusual signs are detected during the opening and use of the payment account;

(ii) Cases where there is a basis for suspecting that the customer's payment account is fraudulent or in violation of the law;

(iii) Other cases in accordance with the law;

h) Cases of closing the payment account and handling the remaining balance when closing the payment account, including:

(i) Cases where it is discovered that the customer uses fake documents or impersonates to open or use the payment account for fraudulent or illegal purposes;

(ii) Cases where the account does not maintain sufficient balance and does not generate transactions within a specified period as stipulated by the bank, foreign bank branch;

(iii) Other cases in accordance with the law;

i) Provision of information and notification methods for the payment account holder to know about: the balance and transactions occurring on the payment account; the freezing and closure of the payment account; the expiration date of the validity and usage period of identification documents in the account opening file and other necessary information during the use of the payment account;

k) Methods of receiving requests for dispute resolution and complaints; deadlines for processing dispute resolution and complaint requests and handling the results of dispute resolution and complaints in accordance with regulations on non-cash payment services;

l) Implementation of risk management measures, ensuring safety and confidentiality in the use of payment accounts, including: cases of re-verifying customer identification information and refusing to execute transactions or temporarily suspending payment transactions and cash withdrawals from the payment account in accordance with the provisions at Article 19 of this Circular;

m) The processing of personal data of customers or personal data provided by customers, providing information to third parties for the purpose of providing payment services to customers, handling cases of suspected fraud, forgery, or violation of legal provisions;

n) The situations of providing information include:

(i) Providing information upon request of competent authorities as prescribed by law or with the customer's consent;

(ii) Providing information about the balance on the payment account to the representative, heir (or the representative of the heir) of the individual payment account holder when the payment account holder dies or is declared dead.

2. In the case of agreements for opening and using payment accounts based on templates or general transaction conditions, banks and foreign bank branches must perform the following:

a) Publicly display the template agreement and general transaction conditions at transaction locations and post them on the bank’s electronic information website, mobile banking application (if available);

b) Providing full information about the model agreement and general terms of service to customers and taking measures to confirm that customers have read and agreed to the full information provided;

3. In addition to the contents stipulated in Clause 1 of this Article, banks and foreign bank branches may agree with customers on other contents that do not contravene legal provisions.

Article 14. Information about customers opening payment accounts

1. For individual payment accounts, the following information must be included:

a) For individuals who are Vietnamese citizens or Vietnamese origin persons whose nationality has not been determined: full name; date of birth; nationality; occupation, position; telephone number; personal identification number or citizen identification card number; issuance date, issuing authority, expiration date of identity documents; tax code (if applicable); registered residence address and current place of residence (if applicable); whether they are resident or non-resident individuals;

b) For individuals who are foreigners: full name; date of birth; nationality; occupation, position; telephone number; passport number or identification information issued by a competent authority of their home country, passport issuance date, issuing authority, expiration date of passport; foreigner identification number (if applicable); entry visa number or substitute visa document number (for foreigners residing in Vietnam), except in cases where visa exemption applies according to the law; address of registration abroad and address of registration in Vietnam (in the case of foreigners residing in Vietnam); whether they are resident or non-resident individuals;

c) For individual customers who have two or more nationalities, including corresponding information under points a and b of this clause; passport number, issuance date, issuing authority, expiration date of passport; nationality, address of residence in the remaining country of nationality;

d) In the case of individual payment account holders who fall within the category specified in Point b, c, Clause 1, Article 11 of this Circularthe information of the representative, specifically:

(i) If the representative is an individual, the information about the individual representative shall be implemented in accordance with the provisions of points a, b, and c of this clause;

(ii) If the representative is a legal entity, the information about the legal entity representative shall be implemented in accordance with the provisions of Clause 2 of this Article.

2. For organizational payment accounts, the following information must be included:

a) Information about the account holder includes: Full trading name and abbreviation; main office address; transaction address; establishment license number or document proving the organization's lawful establishment and operation; business registration number or tax code (if applicable); seal sample (if applicable); organization identification number (if applicable); telephone number; fax number, electronic information website (if applicable); field of activity, business;

b) Information about the legal representative of the organization opening the payment account and authorized person (if any) as stipulated in points a, b, and c of Clause 1 of this Article;

c) Information about the chief accountant or accounting officer (if any) of the organization opening the payment account as stipulated in points a, b, and c of Clause 1 of this Article.

3. For joint payment accounts, the following information must be included:

a) In the case where the subject named as the account holder of the joint payment account is an individual, the information must comply with the provisions of Clause 1 of this Article;

b) In the case where the subject named as the account holder of the joint payment account is an organization, the information must comply with the provisions of Clause 2 of this Article.

Article 15. Procedures for opening a payment account

1. When there is a need to open a payment account, the customer shall provide the bank or foreign bank branch where the account is to be opened with documents, information, and data to verify customer identification information as prescribed in Article 12. This Circular.

2.[13] The bank or foreign bank branch shall conduct checks on the legality and validity; ensure the accuracy and consistency of the documents, information, and data provided by the customer; and carry out customer identification verification according to laws on preventing money laundering and the following provisions:

a) For individual account holders:

(i) In cases where the account holder or their representative uses an identity card or electronic identity card or citizen identity card (with storage section) or electronic identity, the bank or foreign bank branch must meet directly with the account holder or their representative and check the personal identification documents, ensuring that biometric information of the account holder or their representative matches the information stipulated in point b, Clause 1, Article 16 of this Circular;

(ii) In cases where the account holder or their representative uses a citizen identity card (without storage section) or birth certificate for individuals under 14 years old who have not yet obtained a citizen identity card or passport, the bank or foreign bank branch must meet directly with the account holder or their representative and check personal identification documents, ensuring that biometric information of the account holder or their representative matches the biometric information displayed on their personal identification documents;

(iii) In cases where the account holder is an individual from another country who is not present in Vietnam, the bank or foreign bank branch may verify customer identification information through a third party or by hiring another organization;

(iv) In cases where the representative is an organization, it shall be carried out according to the provision in point b of this clause.

b) For organizational account holders:

(i) In cases where the account holder is an organization established and operating in Vietnam (except for cases stipulated in point d of this clause), the bank or foreign bank branch must meet directly with the legal representative of the account holder and verify the information of the legal representative of the account holder according to the provisions in points a(i), a(ii), a(iii) of this clause.

(ii) In cases where the account holder is a foreign legal entity (except for cases stipulated in point d of this clause), the bank or foreign bank branch may verify the information of the legal representative of the account holder through a third party or by hiring another organization, but must ensure that the third party or organization meets directly with the legal representative of the account holder and checks personal identification documents, ensuring that biometric information of the legal representative matches the biometric information displayed on their personal identification documents.

c) For joint accounts:

(i) In cases where the joint account holder is an individual, it shall be carried out according to the provisions in point a of this clause;

(ii) In cases where the joint account holder is an organization, it shall be carried out according to the provisions in point b of this clause.

d) The bank or foreign bank branch is not required to follow the provisions in point b of this clause for the following organizations:

(i) State agencies, public service units;

(ii) Credit institutions and foreign bank branches;

(iii) Organizations listed according to the Securities Law;

(iv) Organizations included in the Fortune Global 500 list published by Fortune Magazine in the previous year;

(v) Other organizations selected by the bank or foreign bank branch and fully responsible for risks arising from such selection. The list of organizations selected by the bank or foreign bank branch must comply with criteria set forth in internal regulations on opening and using payment accounts of the unit. The bank or foreign bank branch must ensure accurate verification of customers opening accounts and bear full responsibility for identifying customers opening payment accounts at their own units.

đ) In cases where customers register transactions on online application software providing banking services, the bank or foreign bank branch must check the information about the phone number of the account holder or their representative (for individual customers), the legal representative of the account holder (for organizational customers) to ensure that the user's information matches the information on their personal identification documents.

3. After completing the checks, verifications, and customer identification information verification, the bank or foreign bank branch shall proceed as follows:

a) If the documents, information, and data are complete, accurate, and legal, the bank or foreign bank branch shall provide the customer with the terms and conditions for opening and using the payment account as prescribed in Article 13 of this Circular;

b) If the documents, information, and data are incomplete, inaccurate, or inconsistent, the bank or foreign bank branch shall notify the customer to review and complete the application or refuse to open the payment account and clearly state the reasons to the customer;

c) If fraudulent, illegal documents, information, and data are discovered or if the customer is on the blacklist under anti-money laundering laws, the bank or foreign bank branch shall report to the competent authority and handle according to the law.

4. After the customer agrees to the terms and conditions for opening and using the payment account, the bank or foreign bank branch shall open the payment account and inform the customer of the account number, account name, and start date of the account operation.

5. Banks and foreign bank branches shall base on their own supply conditions and capabilities to guide customers with the documentation, procedures, and formalities for opening settlement accounts for persons with disabilities, but must ensure the collection of sufficient documents, information, and data to verify customer identification information in accordance with this Circular.

6. Banks and foreign bank branches shall base on their own supply conditions and capabilities to guide customers regarding the documentation, procedures, and formalities for opening settlement accounts, including cases of refusing to open settlement accounts in compliance with this Circular and laws on preventing and combating money laundering, and shall be responsible for the accuracy, thoroughness, and completeness of the account opening documentation with customers.

7.[14] The provisions of Clause 2 of this Article shall not apply to the case of opening settlement accounts as prescribed in Article 15a, Article 16 of this Circular.

Article 15a. Opening and using settlement accounts by non-resident foreign investors to carry out indirect investment activities in Vietnam[15]

1. Non-resident foreign investors (hereinafter referred to as foreign investors) carrying out indirect investment activities in Vietnam may authorize a service custodian organization to open, close, and use settlement accounts at banks and foreign bank branches. Banks and foreign bank branches must perform customer due diligence on foreign investors and authorized organizations in accordance with laws on preventing and combating money laundering.

2. The opening and use of settlement accounts by foreign investors to carry out indirect investment activities in Vietnam shall comply with the provisions of this Circular, current regulations on foreign exchange management, and the following provisions:

a) The requirement for legalization of consular documents at point a, Clause 6, Article 12 of this Circularshall not apply. For documents in the account opening documentation issued by competent authorities abroad, such documents must be notarized or certified in accordance with Vietnamese or foreign law within twelve months from the date the bank or foreign bank branch receives the documentation;

b) Banks and foreign bank branches shall verify the legality and validity of the documents, information, and data provided by customers and conduct customer identification verification in accordance with laws on preventing and combating money laundering;

c) The provisions at point b, Clause 1, Article 5; Clause 3, Article 19; point b, Clause 2, Article 21 of this Circular.

3. Banks and foreign bank branches may use the SWIFT system to open and operate settlement accounts for foreign investors to carry out indirect investment activities in Vietnam. Account opening through the SWIFT system shall be carried out in accordance with the provisions of this Article.

Article 16. Opening settlement accounts via electronic means

1. Banks and foreign bank branches shall issue internal regulations on the procedures and formalities for opening settlement accounts via electronic means in compliance with this Circular, laws on preventing and combating money laundering, electronic transactions, personal data protection, ensuring security and confidentiality, and shall include at least the following steps:

a) Collecting documents, information, and data to verify customer identification information in accordance with Clause 2, Clause 3, Article 12 of this Circular and:

(i) Biometric information of the account holder for individual customers;

(ii) Biometric information of the legal representative for corporate customers;

b) Verifying the legality and validity of the documents, information, and data for verifying customer identification information and conducting biometric data matching of the settlement account holder (for individual customers) and the legal representative (for corporate customers) with:

(i) Biometric data stored in the encrypted information storage section of the citizen identity card or the verified citizen identity card issued by the police authority or through the electronic identity account authentication created by the Electronic Identity and Authentication System; or

(ii) Biometric data that has been collected and verified (ensuring the match between the biometric data of the person and the biometric data in the encrypted information storage section of the citizen identity card or the verified citizen identity card issued by the police authority or with the biometric data of the person through the electronic identity account authentication created by the Electronic Identity and Authentication System);

c) Displaying warnings to customers about actions that are not allowed when opening and using settlement accounts via electronic means and implementing technical solutions to confirm that customers have read all warning contents fully;

d) Providing customers with the terms and conditions for opening and using settlement accounts as prescribed at Article 13 of this Circular and confirming the customer's approval of the terms and conditions for opening and using settlement accounts as prescribed at point b, Clause 2 of this Article;

đ) Notifying customers of the account number, account name, transaction limit through the settlement account, and the start date of the settlement account operation.

2. Banks and foreign bank branches shall independently decide on measures, forms, and technologies to serve the opening of settlement accounts via electronic means, bear any resulting risks (if any), and must meet the following minimum requirements:

a) Measures, forms, and technologies selected by banks and foreign bank branches must comply with security, safety, and confidentiality standards as stipulated by the State Bank;

b) Confirming the customer's agreement with the contents of the terms and conditions for opening and using settlement accounts:

(i) For individual settlement accounts: employing technical methods using electronic means to demonstrate the account holder's consent to the contents of the terms and conditions for opening and using settlement accounts;

(ii) For organizational accounts: the legally authorized representative signs an electronic signature to affirm the account holder's approval of the contents in the agreement for opening and using the payment account.

c)[16] Fully and meticulously store all customer identification documents, information, and data collected during the process of opening and using electronic payment accounts, such as: customer identification information; biometric factors of individual payment account holders and the legally authorized representatives of organizations opening payment accounts; audio, images, video recordings; registered transaction phone numbers on online banking service applications; unique device identification information; transaction logs; results of biometric information verification as stipulated in point b, Clause 1 of this Article. The information and data must be securely stored, backed up, and maintained to ensure their completeness and integrity for use in account holder verification during account usage, dispute resolution, complaints, and providing information upon request from competent authorities. The time frame for implementation shall comply with the laws on anti-money laundering and electronic transactions.

d) Banks and foreign bank branches must regularly check and evaluate the security and confidentiality of measures, forms, technologies, and temporarily suspend service provision to upgrade, modify, and improve when there are signs of insecurity.

3.[17] Opening an electronic payment account does not apply to the following cases:

a) Joint payment accounts;

b) Individual customers as prescribed in Point b, c, Clause 1, Article 11 of this Circular.

Article 17. Using Payment Accounts

1. Account holders may use payment accounts to deposit, withdraw cash, and request banks and foreign bank branches to provide payment services through the account, such as: providing payment instruments, performing check, debit order, mandate order, collection, mandate collection, bank card, money transfer, agency collection, agency payment, and other value-added services in accordance with current laws.

2. The use of payment accounts by individuals under 15 years old, those with restricted or lost civil capacity, or those with difficulties in understanding and controlling their actions must be carried out through a legal representative. The representative conducts transactions through the payment account of the represented person in accordance with civil law regulations on guardianship and representation.

3. The use of payment accounts opened to monitor pledged funds, ensure payment capability, and other purposes as prescribed by law must comply with relevant legal provisions. Banks and foreign bank branches may not proactively deduct debts from pledged funds, amounts on guarantee accounts, or funds to ensure the fulfillment of obligations as prescribed by law, except when the pledged funds or funds to secure the fulfillment of obligations are for the bank or foreign bank branch itself.

4. The use of joint payment accounts must be carried out strictly according to the contents of the management and use agreement (or contract) of joint payment accounts among account holders and must follow the following principles:

a) Joint account holders have equal rights and obligations towards the joint payment account, and the use of the joint payment account requires the consent of all account holders. Each account holder is responsible for paying all debts arising from the use of the joint payment account;

b) Notifications related to the use of joint payment accounts must be sent to all account holders, except where the bank, foreign bank branch, and joint account holders have agreed otherwise;

c) Each joint account holder may authorize another person (including the remaining joint account holder) to act on their behalf to use the joint payment account but must obtain written consent from all remaining joint account holders;

d) When one of the entities named in the joint payment account is an individual who has died, been declared dead, missing, or lost civil capacity; or an organization that has been dissolved, bankrupted, or ceased operations as prescribed by law, the use of the account and obligations arising from the use of the joint payment account shall be resolved in accordance with the law;

e) In cases where joint account holders have different nationalities or residency statuses, the joint payment account can only be used within the scope permitted by all joint account holders in accordance with foreign exchange management laws;

5. Banks and foreign bank branches guide customers to use payment accounts in accordance with the principle:

a) Scope of use and transaction limits for each customer category must be consistent with risk management regulations and the agreement for opening and using payment accounts as stipulated in point c, Clause 1 of Article 19 of this Circular;

b) Having sufficient information to verify customer identification information during the use of payment accounts;

c) Only perform cash withdrawals and electronic payment transactions on payment accounts after successfully matching personal identification documents and biometric information of the account holder or representative (for individual customers) or the legally authorized representative (for organizational customers) with:

(i) Biometric data stored in the encrypted information storage section of the citizen identity card or card issued by the police authority and verified as accurate, or through the electronic identity account created by the Electronic Identity and Authentication System.

(ii) Biometric data collected through direct face-to-face interaction with such person in cases where the individual is a foreigner not using electronic identity, or a Vietnamese-origin individual whose nationality has not been determined; or

(iii) Biometric data that has been collected and verified (ensuring the correct match between the biometric data of such person and the biometric data stored in the encrypted information storage section of the citizen identification card or the verified citizen card issued by the police authority, or with the biometric data of such person through verification of the electronic identity account established by the Electronic Identification and Authentication System); or

(iv) Biometric data of such person stored in the National Population Database in cases where the citizen identification card does not have an encrypted information storage section;

d)[18] Apply forms of electronic transaction confirmation for each type of transaction in electronic payment according to the regulations of the State Bank on security and confidentiality for the provision of online services in the banking sector

d) The use of Vietnamese currency payment accounts by non-residents, resident individuals who are foreigners, and foreign currency payment accounts must comply with the provisions of this Article and the laws on foreign exchange management.

e)[19] Provided in point c clause 5 Article 17 of this Circular shall not apply in the following cases:

(i) Customers withdrawing cash from ATMs using physical cards;

(ii) Banks, foreign bank branches deducting funds according to the provisions at point a(iv) clause 1 Article 21 of this Circular;

(iii) Customers who are organizations as provided at point d clause 2 Article 15 of this Circular;

(iv) Customers who are foreign investors opening payment accounts according to the provisions at Article 15a of this Circular.

6. The handling of inquiries and complaints in the use of payment accounts shall be carried out in accordance with the agreement between the payment account holder and the bank, foreign bank branch, and the regulations on non-cash payment services.

Article 18. Closing Payment Accounts

1. The closing of payment accounts and the handling of remaining balances in payment accounts upon closure shall be carried out in accordance with the provisions of Article 12 of Decree No. 52/2024/NĐ-CP and the agreement between the bank, foreign bank branch, and the payment account holder as provided at point h clause 1 Article 13 of this Circular.

2. After closing the payment account, the bank, foreign bank branch must notify the payment account holder, representative, or lawful heir in cases where the payment account holder, being an individual, dies or is declared dead. In cases where the payment account holder, representative, or lawful heir has been notified but does not come to collect, the bank, foreign bank branch shall handle the remaining balance upon closing the payment account according to the prior agreement between the payment account holder and the service provider and in accordance with relevant laws.

3. After closing the payment account, if the customer wishes to use a payment account again, they must follow the procedures for opening a payment account as stipulated in this Circular.

Article 19. Ensuring Safety and Confidentiality in Opening and Using Payment Accounts

1. Banks and foreign bank branches must issue internal regulations on risk management in opening and using payment accounts, including the following contents:

a) Measures for checking, verifying, and confirming customer identification information during the process of opening and using payment accounts, including:

(i)[20] Measures to check the legality and validity, and to ensure the accuracy of documents, information, and data in the account opening application of customers; periodic verification checks of customer identification information during the use of payment accounts;

(ii) Applying measures to prevent impersonation, interference, modification, and distortion of customer identification information verification during the opening and use of payment accounts;

(iii) Technical measures and technological solutions to verify biometric information of customers in accordance with point b, Clause 1, Article 16 and point c, Clause 5, Article 17 of this Circular; (iv) Measures to ensure that payment accounts are used only by the account holder, authorized person, representative, or legally appointed representative;;

(v) Other measures prescribed by banks and foreign bank branches to prevent fraud, impersonation, violation of laws, or misuse of payment accounts for illegal purposes;

The criteria for identifying suspicious payment accounts, including signs of doubt regarding the legality and validity of documents, information, and data in the account opening application; the number, value, and frequency of transactions through payment accounts not matching the customer identification information of the account holder (including information related to the occupation and position of individual customers); the account holder or the legally appointed representative of the organization opening the account being listed in the warning list of competent authorities; payment accounts with transactions but unable to contact the customer.

b)[21] Banks and foreign bank branches must regularly review, update, and supplement these criteria based on documents, information, and data during the process of opening and using payment accounts of customers;

c) Identifying potential risks that may arise from the activities of opening and using payment accounts and corresponding risk management measures. Risk management measures include:

(i) Regulations on transaction scope and limits according to different risk levels for various customer categories, including specific risk management measures for customers under 18 years old;

(ii) Situations requiring updates and re-verifications of customer identification information, including those specified in Clause 4 of this Article;

(iii)[22] Situations where transactions, withdrawals, and electronic payment transactions must be refused or temporarily suspended, including cases where payment accounts have transactions but cannot be contacted with the customer according to the contact information provided by the customer.

d) Regulations on verifying account holder identification information against the State Bank's Information System for Managing, Monitoring, and Preventing Fraud Risks in Payment Activities and lists of suspected fraudulent, deceptive, or law-violating customers provided by the Ministry of Public Security and other competent authorities (if applicable) to apply appropriate risk management measures;

Internal regulations on risk management must be regularly reviewed, updated, and supplemented based on directives, recommendations, and warnings from competent authorities and updated information and risks arising during the process of opening and using payment accounts for customers.

2. Banks and foreign bank branches must continuously warn and guide customers about criminal methods in opening and using payment accounts; guide them on securing information and safely using payment accounts.

3. Banks and foreign bank branches must monitor the validity period of identity documents of account holders and related parties during the use of payment accounts; notify customers at least 30 days before the expiration date of their identity documents to request timely updates and supplements to their information; suspend transactions and withdrawals on payment accounts when customers' identity documents expire or exceed their usage period.

4. Banks and foreign bank branches must re-verify customer identification information and promptly apply measures prescribed by anti-money laundering laws in the following situations:

a) Customers showing suspicious signs as stipulated by the Anti-Money Laundering Law;

b) Banks and foreign bank branches have grounds to doubt the legality and validity of documents collected previously in customers' account opening applications;

c) Information of individual account holders or legally appointed representatives of organizations opening payment accounts being listed in blacklists under anti-money laundering laws, suspicious fraud lists in the State Bank's Information System for Managing, Monitoring, and Preventing Fraud Risks in Payment Activities, or lists of suspected fraudulent, deceptive, or law-violating customers provided by the Ministry of Public Security and other competent authorities (if applicable);

d) Information about payment accounts and account holders deviating from or not matching the information and data of competent authorities.

5. Banks and foreign bank branches must comply with legal provisions on safety and confidentiality of information in the activities of opening and using payment accounts.

Article 20. Rights and Obligations of the Account Holder for Payment Accounts

1. The account holder for payment accounts has the following rights:

a) To use the funds in their payment account to execute lawful and valid payment orders;

b) To choose and agree on the use of payment instruments, services, and benefits at the bank or foreign bank branch where they open the payment account;

c) To authorize the use of the payment account in accordance with the provisions of Article 5 of this Circular;

d) To request the bank or foreign bank branch where the payment account is opened to execute lawful and valid payment orders and provide information about the balance and transactions occurring on their payment account as agreed with the bank or foreign bank branch;

e) To request the bank or foreign bank branch where the payment account is opened to implement the freezing and unfreezing of the account according to point a, Clause 1, point a, Clause 2, Article 11 of Decree No. 52/2024/NĐ-CP, close the opened payment account; and notify the bank or foreign bank branch about disputes arising between joint account holders regarding the joint payment account;

f) To request the bank or foreign bank branch to guide the management and use of the payment account safely and resolve any inquiries or complaints during the opening and use of the payment account as agreed with the bank or foreign bank branch;

g) Other rights as prescribed by law or agreed in writing between the account holder for payment accounts and the bank or foreign bank branch where the payment account is opened, provided that such agreements do not contravene the law.

2. The account holder for payment accounts has the following obligations:

a) To ensure there are sufficient funds in the payment account to execute established payment orders. In cases where an overdraft agreement exists with the bank or foreign bank branch, they must fulfill related obligations when payments exceed the available balance in the account;

b) To comply with regulations on the opening and use of payment accounts as stipulated in this Circular and agreements with the bank or foreign bank branch;

c) To promptly notify the bank or foreign bank branch where the account is opened upon discovering errors, mistakes, or suspicions of misuse of their payment account;

d) To refund or cooperate with the bank or foreign bank branch to refund amounts credited erroneously to their payment account;

e) To provide complete, accurate, and timely updates to the bank or foreign bank branch regarding information in the payment account file and additional information requested by the bank or foreign bank branch as agreed; to be responsible for risks arising from incomplete, inaccurate, or untimely provision or updating of information and losses caused by their own errors;

f) To maintain a minimum balance in the payment account as required by the bank or foreign bank branch;

g) Not to engage in prohibited acts concerning the opening and use of payment accounts as specified in Article 8 of Decree No. 52/2024/NĐ-CP.

Article 21. Rights and Obligations of Banks and Foreign Bank Branches

1. The bank or foreign bank branch where the customer opens an account has the right:

a) To proactively debit the customer's settlement account in the following cases:

(i) At the written request of the competent authority for enforcement of administrative penalty decisions, execution decisions, tax collection decisions, or other payment obligations as prescribed by law, and notify the settlement account holder;

(ii) To adjust entries that have been incorrectly recorded, recorded inconsistently with their nature, or are not consistent with the intended use of the settlement account as prescribed by law, and notify the settlement account holder;

(iii) When it is discovered that a credit was mistakenly made to the customer's account or at the request to cancel a credit order from the bank or foreign bank branch serving the remitter upon discovering discrepancies between the remitter's payment instruction and the actual transaction; the debit of the settlement account must be notified to the settlement account holder;

(iv) As agreed in writing beforehand between the settlement account holder and the bank or foreign bank branch to pay regular, periodic payments or collect overdue debts, interest, and incidental costs; the debit of the settlement account must be notified to the settlement account holder;

b) To refuse to execute the settlement account holder's payment order in the following cases:

(i) The payment order is illegal or invalid;

(ii) The settlement account holder does not comply fully with the procedures for payment or the elements on the payment order do not match those registered in the account opening file or the payment order is inconsistent with the agreements for opening and using the settlement account;

(iii) The settlement account does not have sufficient balance to execute the payment order or exceeds the overdraft limit;

(iv) The settlement account is closed or frozen entirely;

(v) Upon receiving a written request from the competent authority as prescribed by law;

(vi) The settlement account holder violates prohibited acts as stipulated in Article 8 of Decree No. 52/2024/NĐ-CP;

(vii) The settlement account holder refuses to provide information or provides incomplete information about customer identification as requested by the bank or foreign bank branch or when there is suspicion regarding the authenticity of the information and the purpose of special transactions subject to monitoring under anti-money laundering laws;

(viii) Other cases agreed beforehand with the customer in the agreement for opening and using the settlement account including situations where the settlement account shows signs of fraud, serves illegal purposes according to the criteria set by the bank or foreign bank branch;

c) To refuse to execute the settlement account holder's request to close or freeze the settlement account if the settlement account holder has not completed the payment obligation pursuant to the compulsory decision of the competent authority or has not settled all debts owed to the bank or foreign bank branch;

d) To specify the minimum balance, scope of use, usage methods, transaction limits on the settlement account, and publicly announce and provide specific guidance for customers to know;

đ) To establish security measures for the safe and secure opening and use of settlement accounts in accordance with the provisions of the law;

e) To exercise other rights as prescribed by law or as agreed in writing between the settlement account holder and the bank or foreign bank branch without contravening current legal regulations;

2. The bank or foreign bank branch has the obligation:

a) To execute the settlement account holder's payment order after verifying its legality and validity;

b) To retain and update all samples of signatures and seals (if any) of the customer registered for verification and comparison during the use of the settlement account;

c) To promptly credit the settlement account of the customer for incoming transfer orders, cash deposits into the account; refund amounts debited erroneously from the customer's settlement account; cooperate to refund amounts mistakenly transferred into the customer's settlement account upon request of the bank or foreign bank branch serving the remitter who discovers discrepancies with the remitter's payment instruction;

d) To provide full and timely information to the settlement account holder about the account balance, transactions, and documentation of transactions occurring on the settlement account and account freezing by written notice or through forms specified in the agreement for opening and using the settlement account and bear responsibility for the accuracy of the information provided;

đ)[23] To update customer information periodically or when the customer reports changes in the account opening file or when there is doubt about the accuracy and completeness of previously collected customer identification information, ensuring that updated information is verified fully according to regulations and promptly updating and verifying customer identification information when determining that the customer has a high risk level according to criteria established by the bank or foreign bank branch. To properly store and archive settlement account files and transaction documents according to legal regulations;

e) To protect personal information of customers or personal data provided by customers, information related to the settlement account, and transactions on the customer's settlement account as prescribed by law;

g) To be responsible for damages arising in the following cases:

(i) Damages due to errors or faults of the bank or foreign bank branch including failure to comply with legal regulations on safety and security in service provision;

(ii) Losses caused by the bank or foreign bank branch failing to properly implement the requirements of the competent authority regarding the handling of cases related to fraud, deception, and violation of laws;

(iii) Losses caused by the bank or foreign bank branch not applying measures for handling according to internal regulations on risk management when opening and using settlement accounts upon receipt of a notification from the competent authority about the customer's involvement in fraud, deception, and violation of laws;

h) Comply with legal provisions on anti-money laundering and terrorist financing and refrain from performing prohibited acts concerning the opening and use of settlement accounts as stipulated in Article 8 of Decree No. 52/2024/NĐ-CP;

i)[24] Guide customers to safely use settlement accounts, use the correct account number and name of the settlement account as agreed upon in the settlement account opening and usage agreement when conducting settlement transactions, inform and explain to customers about prohibited acts in opening and using settlement accounts, and promptly address and resolve customer inquiries and complaints regarding the opening and use of settlement accounts in accordance with this Circular and the agreement between the settlement account holder and the bank or foreign bank branch;

k)[25] Issue, organize implementation, and fully comply with internal regulations on opening and using settlement accounts at banks and foreign bank branches; guide and publicly announce regulations on documentation, procedures, and processes for opening and using settlement accounts, and regulations on handling inquiries and complaints, including complaint forms, so that customers are aware and can follow them. Internal regulations must include at least the following contents:

(i) Regulations on documentation, procedures, and processes for opening settlement accounts, including cases of opening settlement accounts through electronic means and opening settlement accounts for customers who are persons with disabilities, those without full civil capacity, or those who have lost or are restricted in their civil capacity;

(ii) Regulations on settlement account opening and usage agreements and naming principles for joint settlement accounts;

(iii) Regulations on the use of settlement accounts;

(iv) Regulations on handling inquiries and complaints, including complaint form templates;

(v) Regulations on risk management in opening and using settlement accounts in accordance with Clause 1 of Article 19 of this Circular; Clause 1 of Article 19 of this Circular;;

(vi) Criteria for selecting and the list of organizational customers specified in Point d(v) of Clause 2 of Article 15; Article 22. Provision of Information.

1. Banks and foreign bank branches provide information about customers' settlement accounts in accordance with the State Bank of Vietnam's guidelines to fulfill state management functions;

By the tenth day of each month, banks and foreign bank branches provide, upon request of the State Bank of Vietnam, information about suspicious accounts related to fraud, deception, and violation of laws in accordance with

2.[26] In case of changes to the information at Appendix 02, Appendix 03 issued together with this Circular. Information provision shall be carried out electronically in accordance with technical connection guidelines of the State Bank.

, banks and foreign bank branches must promptly update and submit such information to the State Bank of Vietnam; they are responsible for the truthfulness and accuracy of the information and data provided to the State Bank of Vietnam; Appendix 02, Appendix 031. This Circular takes effect from July 1, 2024, except for the cases stipulated in Clauses 2, 3, 4, and 5 of this Article.

 

Chapter IV

IMPLEMENTATION ORGANIZATION[27]

 

Article 23. Effectiveness of Implementation

This Circular takes effect from July 1, 2024, except for the cases stipulated in Clauses 2, 3, 4, and Clause 5 of this Article.

2. Article 12, 13, 14, 15, 16 and Article 19 (except the provisions of Clause 3) of this Circular shall take effect from October 1, 2024.

3. The provisions at point c, Clause 5, Article 17 apply to individual settlement accounts and Clause 3, Article 19 of this Circular shall take effect from January 1, 2025.

4. The provisions at point c clause 5 Article 17 of this Circular apply to organizational settlement accounts and shall take effect from July 1, 2025.

5. For credit organizations under special control:

a) Article 16, the provisions at point c, Clause 5, Article 17 apply to individual settlement accounts and Clause 3, Article 19 of this Circular shall take effect from July 1, 2025;

b) The provisions at point c clause 5 Article 17 of this Circular apply to organizational settlement accounts and shall take effect from January 1, 2026.

Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam guiding the opening and use of settlement accounts at service providers has been amended and supplemented with some articles according to Circular No. 02/2019/TT-NHNN dated February 28, 2019 of the Governor of the State Bank of Vietnam amending and supplementing some articles of Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the State Bank of Vietnam guiding the opening and use of settlement accounts at service providers and Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank of Vietnam amending and supplementing some articles of Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam guiding the opening and use of settlement accounts at service providers shall cease to be effective from the date this Circular takes effect, except for Articles 12, 13, 13a, 14, and Article 14a which remain effective until September 30, 2024.

Article 24. Transitional Provisions

For customers who opened settlement accounts before October 1, 2024, banks and foreign bank branches shall cooperate with customers to update and supplement materials, information, and data in the settlement account file to comply with the provisions at Article 12. This Circular, completing by January 1, 2026.

Article 25. Responsibility for implementation organization [28]

Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches shall be responsible for implementing this Circular.

 

Appendix No. 01

 

UNIT... (Name of the Organization Opening Settlement Account)	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
	..., on...month......year.......

 

 

NOTICE OF CHANGE IN INFORMATION ABOUT OPENED SETTLEMENT ACCOUNT
AT THE STATE BANK

Respectfully submitted to:...

 

Name of the Organization Opening the Settlement Account (Account Holder):...

...................................................................................................................................

Decision on Establishment Number: ...

Transaction address:...Transaction phone: ...

Name of the Settlement Account: ...

Number of the Settlement Account: ...

Place where the Settlement Account was Opened: ...

Bank Code:

Registration of Change in Information about the Settlement Account with the State Bank of Vietnam as follows (only declare changed contents):

1. Change in information about the Settlement Account:

- Name of the Organization Opening the Settlement Account: ...

- Address, contact number: ...

- Legal representative, authorized representative: ...

- Chief Accountant (or person in charge of accounting, transaction verification officer):...

- ............... ……………………………………………………………………………………………

2. Change in specimen signature, seal used for the Settlement Account at the State Bank of Vietnam ¹:

a) Change in specimen signature: ...

b) Change in specimen seal (if any): ...

3. Change in information and documents in the Settlement Account Opening File:

- Certificate of Establishment, Decision on Establishment, or Business Registration Certificate;

- Identity documents of the legal representative, authorized representative, chief accountant (person in charge of accounting), and authorized person;

We commit:

- The above changes are true and we fully accept responsibility for the accuracy and truthfulness of all documents in the Settlement Account Opening File attached.

- We will strictly comply with all current laws regarding the opening and use of Settlement Accounts at the State Bank of Vietnam and accept full responsibility for any issues arising if we fail to comply with the regulations on opening and using Settlement Accounts as prescribed by the State Bank of Vietnam.

 

Attached Documents: 1) ………………….. 2) …………………...

LEGAL REPRESENTATIVE (Signature, full name, stamp)

 

PART FOR THE STATE BANK

After reviewing and confirming that the additional and changed documents in the account opening file for …, account number …are complete and lawful, the State Bank …approves the changes made by …

^{_____________________________}

[1] Fully declare personal information of the person registering the signature sample (in case of change), similar to the initial registration of the signature sample according to Appendix No... under Decree No. 52/2024/NĐ-CP.

Effective date:...

 

HEAD OF ACCOUNTING DEPARTMENT (Signature, full name)

…, day..... month..... year .... DIRECTOR OF THE PAYMENT DEPARTMENT OF THE STATE BANK DIRECTOR OF THE STATE BANK BRANCH………… (Signature, full name, stamp)

 

Appendix 02[29]

 

UNIT.................. (Name of the organization opening the payment account)

SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness _______________________ ..., date..., month..., year...

 

 

LIST OF INDIVIDUAL CUSTOMERS OPENING AND USING PAYMENT ACCOUNTS

SUSPICION OF FRAUDULENT ACTIVITY, SCAMMING, VIOLATION OF LAWS

(Month.... Year......)

 

Serial number	Customer Identification Number (CIF)	ID document number	Type of Personal Identification Document	Full Name	Date of Birth	Gender	Nationality	Account number	Account abbreviation code	Date of account opening	Registered mobile banking service phone number	Reason for Suspicion	Account status	Unique device identification information
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)
1
2
3
4

Note:

- Time of information provision: Regularly before the 10th of each month and when there is a change in information.

- Method of information provision: Provide through the State Bank's Information System Supporting Management, Monitoring, and Fraud Prevention in Payment Activities (SIMO).

Instructions for compiling the table:

- In Column 4: Clearly record the type of ID document by number (1, 2, 3, 4, 5, 6, 7) corresponding as follows: 1. Citizen Identity Card; 2. Identity Card; 3. Personal Identification Card; 4. Passport; 5. Certificate of Identity; 6. Electronic Identity and Authentication Account; 7. Other documents.

- In Column 6: Clearly record: "M" for male gender, "F" for female gender.

- In Column 10: Provide the account abbreviation code (other naming forms of the account such as alias, nickname, etc.) of the customer (if any).

- In Column 12: The registered mobile banking service phone number is the phone number registered for online banking transactions on the application.

- In Column 13: Clearly indicate one or more reasons by number (1, 2, 3, 4, 5, 6, 7, 8, 9) corresponding as follows:

1.	The information in the payment account opening file of the payment account holder does not match the individual's information in the National Population Database.
2.	The payment account appears in lists advertised, sold, or exchanged on websites and social groups in cyberspace.
3.	The payment account receives money from multiple different payment accounts and is immediately transferred out or withdrawn within a very short time (without leaving a balance or with a very small balance).
4.	The payment account has more than three transactions receiving money from payment accounts listed as suspiciously related to scams, fraud, forgery, etc.
5.	The customer is on the warning list of the State Bank, Police Agency, or other competent authorities.
6.	The payment account has unusual transactions (e.g., large or abnormal transaction values, quantities inconsistent with the profession, age, residential address, transaction history, and behavior of the payment account holder; transactions occurring at unusual locations, times, frequencies, etc.).
7.	The payment account has transactions but cannot be contacted with the customer.
8.	A unique device identifier is used for more than one payment account.
9.	Other signs: note the specific content (footnote) for this information.

- In Column 14: Clearly record the account status by number (1, 2, 3, 4, 5) corresponding as follows: 1. Active; 2. Temporarily suspended electronic banking services; 3. Temporarily locked; 4. Frozen; 5. Closed.

- In Column 15: Clearly record the MAC address, if unable to collect the MAC address, provide other device identification information such as IMEI, Serial number, etc., and clearly indicate the type of identification replacing the MAC address.

 

PREPARER OF THE FORM (Signature, full name)   Contact phone number: Department:

LEGAL REPRESENTATIVE OF THE BANK (Signature, full name, stamp)

 

Appendix 03[30]

 

UNIT.................. (Name of the organization opening the payment account)

SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ________________________ ..., date..., month..., year...

 

 

LIST OF ORGANIZATIONAL CUSTOMERS OPENING AND USING PAYMENT ACCOUNTS

SUSPICION OF FRAUDULENT ACTIVITY, SCAMMING, VIOLATION OF LAWS

(Month...... Year....)

 

Serial number	Customer Identification Number (CIF)	Business Registration Number	Type of business establishment license	Date of establishment	Name of organization	Main office address of the organization	Legal representative's ID document number	Type of legal representative's ID document	Legal representative's full name	Legal representative's date of birth	Legal representative's gender	Legal representative's nationality	Legal representative's phone number	Account number	Account abbreviation code	Date of account opening	Account status	Reason for Suspicion	Unique device identification information
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
1
2
3

Note:

- Deadline for submitting the report: Regularly before the 10th of each month and when there is a change in information.

- Reporting method: Provide through the State Bank's Information System Supporting Management, Monitoring, and Fraud Prevention in Payment Activities (SIMO).

Instructions for Filling Out the Form:

In Column (9): Clearly record the type of ID document by number (1, 2, 3, 4, 5, 6, 7) corresponding as follows: 1. Citizen Identity Card; 2. Identity Card; 3. Personal Identification Card; 4. Passport; 5. Certificate of Identity; 6. Electronic Identity and Authentication Account; 7. Other documents.

In Column (12): Clearly record "M" for male gender, "F" for female gender.

In Column (14): The legal representative's phone number of the organization opening the payment account in the account opening registration file.

- In Column 16: Provide the account abbreviation code (other naming forms of the account such as alias, nickname, etc.) of the customer (if any).

- In Column (18): Clearly record the payment account status by number (1, 2, 3, 4, 5) corresponding as follows: 1. Active; 2. Temporarily suspended electronic banking services; 3. Temporarily locked; 4. Frozen; 5. Closed.

In Column (19): Clearly record one or more reasons by number (1, 2, 3, 4, 5, 6, 7, 8, 9) corresponding as follows:

1. The information in the payment account opening file of the organization does not match the organization's information in the National Enterprise Registration Database.

2. The information in the payment account opening file of the legal representative does not match the individual's information in the National Population Database.

3. The payment account appears in lists advertised, sold, or exchanged on websites and social groups in cyberspace.

4. The payment account receives money from multiple different payment accounts and is immediately transferred out or withdrawn within a very short time (without leaving a balance or with a very small balance).

5. The payment account has more than three transactions receiving money from payment accounts listed as suspiciously related to scams, fraud, forgery, etc.

6. An organization/payment account/legal representative of an organization listed in the warning list of the State Bank, the Police Agency, or other competent authorities.

7. A payment account that generates unusual transactions (unusual transaction value, quantity, frequency, time, location; inconsistent with the business sector, transaction history of the organization).

8. The payment account has transactions but cannot be contacted with the customer.

9. Other signs: note specific details (footnote) for this information.

- In Column (20): Record the MAC address clearly, in cases where it is not possible to collect the MAC address, provide other device identification information such as IMEI number, Serial number..., and specify the type of identification information replacing the MAC address.

 

PREPARER OF THE FORM (Signature, full name)

LEGAL REPRESENTATIVE OF THE STATE BANK (Signature, full name, stamp)

Contact phone number:

Department:

 

STATE BANK OF VIETNAM VIETNAM _____________ No.: 21/VBHN-NHNN	CERTIFIED CONSOLIDATED DOCUMENT   Hanoi, September 18, 2025
	DIRECTOR DEPUTY DIRECTOR Doan Thai Son

 

 

_______________________

[1] Joint Resolutions, Circulars No. 25/2025/TT-NHNN Amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, based on the following grounds:

“Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12;

The Governor of the State Bank of Vietnam hereby promulgates this Circular amending and supplementing certain provisions of Circular No. 16/2021/TT-NHNN dated November 10, 2021 issued by the Governor of the State Bank of Vietnam on the organization of credit institutions and foreign bank branches purchasing and selling corporate bonds.

Pursuant to the Law on Prevention and Combating Money Laundering No. 14/2022/QH15;

Pursuant to Decree No. 52/2024/NĐ-CP of the Government on cashless payments;

Pursuant to Decree No. 19/2023/NĐ-CP of the Government detailing some provisions of the Law on Anti-Money Laundering;

The Governor of the State Bank of Vietnam issues this Circular amending, supplementing, and abolishing certain provisions in legal documents governing foreign exchange management for capital transactions to implement plans to reduce and simplify administrative procedures

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers.”

[2] This Clause is amended according to Article 1 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[3] The phrase "State Bank Branch" is replaced by the phrase "State Bank Regional Branch" as stipulated in Clause 2, Article 2 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[4] This Point is abolished according to Clause 1, Article 2 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[5] This Point is abolished according to Clause 1, Article 2 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[6] The phrase "State Bank Branch" is replaced by the phrase "State Bank Regional Branch" as stipulated in Clause 2, Article 2 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[7] The phrase "State Bank Branch" is replaced by the phrase "State Bank Regional Branch" as stipulated in Clause 2, Article 2 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[8] The phrase "State Bank Branch" is replaced by the phrase "State Bank Regional Branch" as stipulated in Clause 2, Article 2 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[9] This Point is amended according to Clause 1, Article 3 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[10] This Point is amended according to Clause 2, Article 3 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[11] This Clause is amended according to Clause 3, Article 3 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from August 31, 2025.

[12] This Point is added according to Article 4 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from March 1, 2026.

[13] This Clause is amended according to Clause 1, Article 5 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from December 1, 2025.

[14] This Clause is added according to Clause 2, Article 5 of Circular No. 25/2025/TT-NHNN amending and supplementing some articles of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service providers, effective from December 1, 2025.

[15] This provision is added pursuant to Article 6 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from August 31, 2025.

[16] This point is amended pursuant to Clause 1, Article 7 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from August 31, 2025.

[17] This clause is amended pursuant to Clause 2, Article 7 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from August 31, 2025.

[18] This point is amended pursuant to Clause 1, Article 8 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from August 31, 2025.

[19] This point is added pursuant to Clause 2, Article 8 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from August 31, 2025.

[20] This point is amended pursuant to Clause 1, Article 9 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from December 1, 2025.

[21] This point is amended pursuant to Clause 2, Article 9 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from December 1, 2025.

[22] This point is amended pursuant to Clause 3, Article 9 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from December 1, 2025.

[23] This point is amended pursuant to Clause 1, Article 10 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from August 31, 2025.

[24] This point is amended pursuant to Clause 2, Article 10 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from December 1, 2025.

[25] This point is amended pursuant to Clause 3, Article 10 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from December 1, 2025.

[26] This clause is amended pursuant to Article 11 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at service-providing organizations, which shall take effect from August 31, 2025.

[27] Article 14 and Article 15 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at payment service providers shall take effect from August 31, 2025, and are stipulated as follows:

“Article 14. Responsibilities for Implementation

Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches shall be responsible for implementing this Circular.

Article 15. Implementation Provisions

1. This Circular takes effect from August 31, 2025, except for the cases provided for in Clause 2 and Clause 3 of this Article.

2. Article 4 of this Circular shall take effect from March 1, 2026.

3. Article 5, Article 9, Clause 2, and Clause 3 of Article 10 of this Circular shall take effect from December 1, 2025."

[28] This provision is amended according to Article 12 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at payment service providers, which shall take effect from August 31, 2025.

[29] This Annex is replaced according to Clause 1 of Article 13 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at payment service providers, which shall take effect from August 31, 2025.

[30] This Annex is added according to Clause 2 of Article 13 of Circular No. 25/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 17/2024/TT-NHNN on the opening and use of payment accounts at payment service providers, which shall take effect from August 31, 2025.