Decree No. 368/2025/NĐ-CP on the operation of mobile money service provision

DECREE

Regulations on Mobile Money Service Provision Activities

On the basis of 61/2014/QH13;

Pursuant to the Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Law on Telecommunications No. 24/2023/QH15;

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

BASED ON THE INVESTMENT LAW NO. 143/2025/QH15;

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

At the proposal of the Governor of the State Bank of Vietnam;

The Government issues this Decree regulating mobile money service provision activities.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Decree regulates mobile money service provision activities.

Article 2. Applicability

1. Organizations providing mobile money services.

2. Individuals using mobile money services (hereinafter referred to as customers).

3. Agencies, organizations, and individuals related to mobile money service provision activities.

Article 3. Explanation of Terms

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

1. An organization providing mobile money services is an entity that is not a bank or a foreign bank branch providing mobile money services.

2. A mobile money account is a specialized account linked to a telecommunications subscriber number used for terrestrial mobile telecommunication services to facilitate person-to-person communication provided by an organization providing mobile money services for customers to use mobile money services.

3. Mobile money service is a service provided by an organization providing mobile money services through a mobile money account for customers to deposit money into, withdraw money from, and conduct transactions including payment for goods and services abroad.

4. Mobile money service provision activity is the act of an organization providing mobile money services opening mobile money accounts for customers and providing services such as depositing money, withdrawing money, and conducting transactions for goods and services through mobile money accounts.

5. Sales points are sales points for telecommunications services directly owned and established by the organization providing mobile money services with a fixed address or telecommunications service sales points with a fixed address set up by other enterprises authorized by the organization providing mobile money services through a power of attorney agreement.

6. Partner bank is a bank or foreign bank branch that has entered into a contract or agreement with an organization providing mobile money services regarding cooperation in service provision.

7. Payment guarantee account is a Vietnamese Dong-denominated payment account opened by an organization providing mobile money services at a partner bank to ensure the provision of mobile money services.

8. Payment transaction as stipulated in this Decree is the use of mobile money services to make payments or transfer funds for customers.

Article 4. Scope of Service Provision

1. An organization providing mobile money services may provide mobile money services within the territory of Vietnam and conduct transactions for goods and services abroad.

2. Transactions and settlements for goods and services abroad must be conducted through commercial banks or foreign bank branches approved by the State Bank of Vietnam to operate foreign exchange transactions in the international market.

Article 5. Currency Used in Transactions

1. Transactions conducted through mobile money accounts must be carried out in Vietnamese Dong.

2. Conversion from foreign currency to Vietnamese Dong (or vice versa) shall be based on the exchange rate agreed upon by the parties in accordance with applicable laws.

Article 6. Prohibited Acts

1. Providing or using a mobile money account for purposes other than those specified in Article 14 of this Decree.

2. An organization providing mobile money services extending credit to customers on mobile money accounts, paying interest on the balance of mobile money accounts, or any action that may increase the monetary value in mobile money accounts above the amount deposited by customers.

3. Providing or using a mobile money account for transactions with the purpose of money laundering, terrorist financing, proliferation of weapons of mass destruction, fraud, or deception.

4. Renting, leasing, lending, borrowing, exchanging, giving, transferring, buying, or selling mobile money accounts or information about mobile money accounts.

5. An organization providing mobile money services using funds from customer mobile money accounts for other purposes of the organization.

6. Conducting, organizing, or facilitating the conduct of acts: using or exploiting mobile money accounts for gambling, organizing gambling, fraud, deception, illegal business operations, and other violations of the law.

Chapter II
MOBILE MONEY SERVICE PROVISION ACTIVITIES

Section 1

OPENING AND USING MOBILE MONEY ACCOUNTS

Article 7. Customers using Mobile Money Services

Customers using Mobile Money Services are individuals who use telecommunications subscriber numbers provided by organizations supplying Mobile Money Services to offer mobile terrestrial telecommunications services in accordance with the law. A customer may open a maximum of one Mobile Money account at one organization supplying Mobile Money Services.

Article 8. Documents for Opening a Mobile Money Account

1. The documents for opening a Mobile Money account include the following materials, information, and data:

a) Agreement on opening and using a Mobile Money account as stipulated in Article 9 of this Decree;

b) Materials, information, and data to verify customer identification information as prescribed in Clause 2 and Clause 3 of this Article.

2. Materials, information, and data about the customer's identity documents:

a) In case the customer is a Vietnamese citizen: citizen identification card, citizen card, electronic citizen card, or birth certificate for persons under 14 years old who have not yet obtained a citizen card;

b) In case the customer is a person of Vietnamese origin who has not been identified as having nationality: identity certification;

c) In case the customer is a foreigner:

Passport or other documents proving personal identity issued by competent authorities abroad, for foreigners residing in Vietnam must also have an entry visa or a document equivalent to a visa or a document proving exemption from entry visa; or

Electronic identity (through accessing level 02 e-ID account).

3. In case the customer opens a Mobile Money account through a legal representative or guardian (hereinafter referred to as the representative), in addition to the materials, information, and data specified in Clause 1 of this Article, the documents for opening a Mobile Money account must also include materials, information, and data to serve the identification and verification of the representative's identification information as prescribed in Clause 2 of this Article and documents proving the legitimate representative status of the representative opening the Mobile Money account.

4. Organizations supplying Mobile Money Services may specify additional materials, information, and data in the documents for opening a Mobile Money account beyond those specified in Clauses 1, 2, and 3 of this Article, but they must notify and provide specific guidance to customers.

5. The collection and retention of documents for opening a Mobile Money account must meet the following requirements:

a) Written documents in the documents for opening a Mobile Money account must be original or certified copies or copies issued from the original book or copies accompanied by the original for comparison in accordance with the provisions of the law on issuing copies from the original book, certifying copies from the original, and certifying signatures. For cases where the original is presented for comparison, the organization supplying Mobile Money Services must certify the copy and bear responsibility for its accuracy compared to the original. For documents issued by competent authorities abroad, legalization of consular authentication must be carried out in accordance with the law on consular legalization;

b) For materials, information, and data in the documents for opening a Mobile Money account that are electronic data, the organization supplying Mobile Money Services must check, compare, authenticate to ensure completeness and accuracy, and store them in accordance with the legal regulations on electronic transactions;

c) In case the materials, information, and data in the documents for opening a Mobile Money account mentioned in point a and point b of this clause are in a foreign language, the organization supplying Mobile Money Services may agree with the customer on translating or not translating into Vietnamese, but must ensure the following principles:

The organization supplying Mobile Money Services must check, control, and take responsibility for confirming the content of materials, information, and data in a foreign language to ensure compliance with the required information to be provided under this Decree;

Materials, information, and data in a foreign language must be translated when requested by competent authorities; the translation must be confirmed by a competent authority of the organization supplying Mobile Money Services or must be notarized or certified;

d) The materials, information, and data in the documents for opening a Mobile Money account in Clause 1, Clause 2, and Clause 3 of this Article must remain valid and within their usage period during the process of opening and using a Mobile Money account.

Article 9. Agreement on Opening and Using Mobile Money Accounts

1. The agreement on opening and using mobile money accounts between the mobile money service provider 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) The name of the mobile money service provider;

c) Information about the customer opening a mobile money account as prescribed in Article 10 of this Decree;

d) Specific rights and responsibilities of each party;

đ) Provisions on types of fees, fee levels, methods of collecting fees, and adjustments to fees in opening and using mobile money accounts;

e) The use of mobile money accounts including: The use of mobile money accounts must comply with the provisions of Article 14 of this Decree; scope and transaction limits on mobile money accounts; cases where debts from mobile money accounts are deducted and other cases related to fraud and deception when there is a conclusion from the competent authority;

g) Cases of closing mobile money accounts and handling remaining balances when closing mobile money accounts, including:

Case of discovering that customers use fake documents or impersonate others to open or use mobile money accounts for fraudulent purposes or other violations of the law;

Case of mobile money accounts not having transactions within a specified period as defined by the mobile money service provider;

Other cases in accordance with the law;

h) Providing information and notification methods for account holders to be informed about: account balances and transactions on mobile money accounts; closure of mobile money accounts; expiration dates of personal identification documents in account opening files and other necessary information during the use of mobile money accounts;

i) Methods of receiving dispute resolution requests and complaints; deadlines for processing dispute resolution requests and complaints and handling results of dispute resolution and complaints according to the regulations of the mobile money service provider;

k) Implementation of risk management measures, ensuring safety and security in using mobile money accounts, including: re-verifying customer identification information and refusing to execute transactions or temporarily suspending transactions on mobile money accounts;

l) Handling of customer personal data or personal data provided by customers, providing information to third parties to serve the provision of payment services to customers, handling suspected fraud, forgery, and violations of legal provisions;

m) Cases of providing information including: Providing information upon request of the competent authority as prescribed by law or with the customer's consent; providing account balance information to representatives, heirs (or representatives of heirs) of the account holder when the account holder dies or is declared dead or missing according to the law;

2. In case of standard agreements on opening and using mobile money accounts or general terms of service, the mobile money service provider must perform:

a) Publicly posting the model agreement and general terms of service at transaction locations and publishing them on the organization's electronic information website and mobile application for mobile money accounts (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 prescribed in Clause 1 of this Article, the mobile money service provider may agree with customers on other contents that do not violate legal provisions.

Article 10. Information about customers opening Mobile Money accounts

Information about customers opening Mobile Money accounts includes:

1. In the case of customers being Vietnamese citizens or Vietnamese-origin individuals whose nationality has not been determined: surname and given name; date of birth; nationality; telecommunications subscription number; individual identification number; date of issuance, place of issuance, expiration date of personal identification documents; tax code (if applicable); registered residence address and current residence address (if applicable); whether they are residents or non-residents.

2. In the case of foreign customers: surname and given name; date of birth; nationality; telecommunications subscription number; passport number still within validity period or identification information issued by competent authorities abroad, date of issuance, place of issuance, expiration date of passport; foreigner identification number (if applicable); entry visa number or substitute entry permit number (for foreign customers residing in Vietnam), except in cases exempted from visa requirements under the law; registered residence address abroad and registered residence address in Vietnam (in the case of foreign customers residing in Vietnam); whether they are residents or non-residents.

3. In the case of customers having two or more nationalities, including corresponding information as stipulated in Clause 1 and Clause 2 of this Article; passport number, date of issuance, place of issuance, expiration date of passport; nationality, residential address in the country holding remaining nationality.

4. In the case of customers opening Mobile Money accounts through representatives, information about the representative shall be implemented according to the provisions of Clause 1, Clause 2, and Clause 3 of this Article.

Article 11. Procedure and formalities for opening Mobile Money accounts

1. When there is a need to open a Mobile Money account, customers provide the service provider with documents, information, and data to verify customer identification information as prescribed in Article 8 of this Decree at the location where the Mobile Money account is requested to be opened.

2. The service provider shall check the legality and validity; ensure the accuracy and consistency of the documents, information, and data provided by the customer; conduct verification of customer identification information in accordance with laws on anti-money laundering and the following provisions:

a) In the case where the Mobile Money account holder or representative uses an identity card or electronic identity card or citizen identity card (with encrypted information storage section) or electronic identity, the service provider must meet the Mobile Money account holder or their representative in person and perform checks and comparisons of personal identification documents, matching biometric information of the Mobile Money account holder or their representative as prescribed in point b, Clause 1, Article 12 of this Decree;

b) In the case where the Mobile Money account holder or representative uses a citizen identity card (without an encrypted information storage section) or certificate of identity or birth certificate for persons under 14 years old who have not yet obtained an identity card or passport, the service provider must meet the Mobile Money account holder or their representative in person and perform checks and comparisons of personal identification documents, matching biometric information of the Mobile Money account holder or their representative with the biometric information displayed on their personal identification documents;

c) In the case where the Mobile Money account holder is a foreigner not present in Vietnam, the service provider may verify customer identification information through a third party or by hiring another organization.

3. After completing the checks, comparisons, and verification of customer identification information, the service provider shall implement:

a) In the case where the documents, information, and data are complete, accurate, and legal, the service provider shall provide the customer with the content of the agreement on opening and using the Mobile Money account as prescribed in Article 9 of this Decree;

b) In the case where the documents, information, and data are incomplete, inaccurate, or inconsistent, the service provider shall notify the customer to review and complete the application or refuse to open the Mobile Money account and clearly state the reasons to the customer;

c) In the case where fraudulent, illegal documents, information, and data are detected or the customer is listed in the blacklist under laws on anti-money laundering, terrorist financing, and proliferation of weapons of mass destruction, the service provider shall report to the competent authority and handle according to the law.

4. For customers with disabilities, the service provider shall guide them on the application materials, procedures, and formalities for opening Mobile Money accounts based on their own conditions and capabilities, but must ensure the collection of sufficient documents, information, and data to identify and verify customers as prescribed in this Decree.

5. The provisions of Clause 2 of this Article do not apply to the case of opening Mobile Money accounts as prescribed in Article 12 of this Decree.

Article 12. Opening Mobile Money Accounts via Electronic Means

1. Organizations providing Mobile Money services shall issue internal regulations on procedures and formalities for opening Mobile Money accounts via electronic means in accordance with this Decree, laws on anti-money laundering, electronic transactions, personal data protection, ensuring safety and confidentiality, and including at least the following steps:

a) Collecting documents, information, and data to verify customer identification information as stipulated in Clause 2, Article 8 of this Decree and biometric information of the Mobile Money account holder;

b) Checking the legality and validity of documents, information, and data verifying customer identification information and must conduct a match verification of the biometric information of the Mobile Money account holder:

Biometric data is stored in the encrypted information storage section of the citizen identity card or the verified citizen card issued by the police agency or through the verification of the electronic identity account created by the Electronic Identification and Authentication System; or

Biometric data has been collected and checked (ensuring the match between the biometric data of the individual and the biometric data in the encrypted information storage section of the citizen identity card or the verified citizen card issued by the police agency or with the biometric data of the individual through the verification of the electronic identity account created by the Electronic Identification and Authentication System);

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

d) Providing customers with the terms and conditions for opening and using Mobile Money accounts as stipulated in Article 9 of this Decree and confirming the customer's approval of the terms and conditions for opening and using Mobile Money accounts as stipulated in point b, clause 2 of this Article;

đ) Notifying customers of the account number, name of the Mobile Money account, and transaction limit through the Mobile Money account.

2. Organizations providing Mobile Money services shall independently decide on measures, forms, and technologies to serve the opening of Mobile Money accounts via electronic means, bear any resulting risks (if any), and must meet at least the following requirements:

a) Measures, forms, and technologies selected by organizations providing Mobile Money services must ensure security, safety, and confidentiality standards as prescribed by the State Bank of Vietnam;

b) Confirming that customers agree with the contents of the terms and conditions for opening and using Mobile Money accounts: using technical methods such as electronic means to express the consent of the Mobile Money account holder regarding the contents of the terms and conditions for opening and using Mobile Money accounts;

c) Storing and preserving all documents, information, and data related to customer identification during the process of opening and using Mobile Money accounts via electronic means, such as: customer identification information; biometric factors of the Mobile Money account holder; audio, images, video recordings; mobile communication subscription numbers registered on the application software of the Mobile Money service; unique device identification information; transaction logs; results of biometric information matching as stipulated in point b, clause 1 of this Article. Information and data must be securely stored, backed up, and maintained to ensure the completeness and integrity of the data for use in checking, matching, and verifying the Mobile Money account holder during the use of the Mobile Money account, resolving inquiries, complaints, disputes, and providing information upon request from competent authorities. The implementation period shall comply with the provisions of laws on anti-money laundering and electronic transactions;

d) Organizations providing Mobile Money services must regularly check and evaluate the level of security and confidentiality of measures, forms, and technologies and temporarily suspend service provision to upgrade, modify, and improve in cases where there are signs of insecurity.

3. Opening Mobile Money accounts via electronic means does not apply to customers as stipulated in Clause 3, Article 8 of this Decree.

Article 13. Verifying Customer Information for Mobile Money Account Opening

1. The Mobile Money account holder must provide and update complete and accurate documents, information, and data in the Mobile Money account opening dossier to the organization providing Mobile Money services and bear responsibility for the truthfulness of the documents, information, and data provided by them.

2. Organizations providing Mobile Money services must check and verify that the Mobile Money account opening dossier and customer information comply with the provisions of Articles 8 and 10 of this Decree.

3. Organizations providing Mobile Money services shall implement measures to verify customer information for Mobile Money account opening, ensuring at least the following requirements:

a) Verify and ensure that customer information for Mobile Money account opening matches at least three fields of information on the identity document as stipulated in Clause 2, Article 8 of this Decree, including the individual identification number or passport number for foreign customers; surname, middle name, and given name; date, month, and year of birth;

b) Refuse to provide services to customers who do not meet any of the following criteria: presenting account opening documents that do not comply with regulations or account opening documents presented are unclear, do not ensure clear and detailed digitization of documents, or identity documents have mismatched information after verification or cannot be verified.

Article 14. Using Mobile Money Accounts

1. Depositing money into Mobile Money accounts can be done through:

a) Depositing cash into the Mobile Money account of the Mobile Money account holder at sales points;

b) Receive money from a domestic bank account denominated in Vietnamese Dong or a debit card linked to such a domestic bank account;

c) Receive money from an electronic wallet;

d) Receive money from another mobile money account;

2. The owner of a mobile money account may use the mobile money account for:

a) Withdrawing cash from their own mobile money account at sales points;

b) Transferring money to another mobile money account;

c) Transferring money to a domestic bank account denominated in Vietnamese Dong or a debit card linked to such a domestic bank account;

d) Transferring money to an electronic wallet;

đ) Paying for goods and services; paying fees and charges for legitimate public services;

e) Making electronic traffic payments for road transport in accordance with the provisions of the law through connection with a traffic account;

3. Service providers of mobile money shall refund money to customers in the following cases:

a) The service provider ceases to provide mobile money services to the customer;

b) The service provider ceases operations, dissolves, or goes bankrupt in accordance with the law;

c) Paying inheritance according to the law when the owner of the mobile money account is an individual who has died or been declared dead;

d) At the request of a competent state agency in accordance with the law;

đ) Other cases of closing a mobile money account and handling the remaining balance upon closure of the mobile money account in accordance with a written agreement between the account owner and the service provider;

Article 15. Transaction Limits for Mobile Money Accounts

1. The total transaction limit for transferring and paying through a mobile money account of one customer at one service provider, as stipulated in Clause 2 of Article 14 of this Decree, shall not exceed 100 million Vietnamese Dong per month. This provision does not apply to mobile money accounts of customers who have signed contracts or agreements to become Payment Acceptors (hereinafter referred to as PAs) with the service provider.

2. In addition to the limits set forth in Clause 1 of this Article, customers may use additional limits for transactions including: online payments on the National Public Service Portal; electricity; water; telecommunications; various fees, prices, and service charges related to road transport activities; tuition fees; hospitalization fees; social insurance and health insurance payments; insurance premium payments as stipulated in the Insurance Business Law; payment of overdue debts, interest, and other incidental costs to credit organizations and foreign bank branches in accordance with the law; but must ensure that the total transaction limit for these payments does not exceed 100 million Vietnamese Dong per month.

3. Service providers of mobile money must monitor and ensure that the use of mobile money accounts by customers complies with the transaction limits granted by the service provider. The service provider shall be fully responsible if a customer uses a mobile money account beyond the transaction limits granted by the service provider as stipulated in this Decree.

Article 16. Use of Guarantee Accounts for Mobile Money Services

1. Service providers of mobile money must maintain the total balance in all guarantee accounts opened at cooperating banks at a level not lower than the total balance of all mobile money accounts opened for customers at the same time.

2. Guarantee accounts for mobile money services must be segregated and separate from other Vietnamese Dong-denominated settlement accounts and guarantee accounts of the service provider.

3. Guarantee accounts for mobile money services can only be used for the purposes specified in Article 14 of this Decree.

4. Service providers of mobile money may withdraw service fees deducted directly from the guarantee account for mobile money services by the parties involved in the transaction. The service provider must agree with the cooperating bank on methods to verify and ensure that the amount withdrawn from the guarantee account is the service fee deducted in the mobile money transaction.

Article 17. Procedures and Formalities for Resolving Inquiry Requests, Complaints, and Disputes

1. Service providers of mobile money must specify the period during which customers using mobile money services have the right to request inquiries and complaints against the service provider, but it must be no less than 60 days from the date of the transaction requiring inquiry.

2. Service providers of mobile money must handle customer inquiries and complaints, ensuring compliance with the following minimum requirements:

a) Applying at least two methods to receive inquiry and complaint information via a toll-free hotline with recording capabilities operating 24 hours a day, seven days a week, and at legal transaction locations of the service provider; ensuring verification of basic information provided by the customer to the service provider;

b) Issuing written or electronic forms for inquiries and complaints for customers to use when making inquiries and complaints at transaction locations of the service provider or through online channels. In cases where information is received via the hotline or online channel, the service provider must require customers to provide necessary information to verify their identity and store such information as a basis for handling inquiries and complaints. If a third party is authorized to make inquiries or complaints, the authorization must comply with the law on authorization.

c) The organization providing Mobile Money services shall be responsible for promptly responding to or handling customer complaints within the agreed timeframe but not exceeding thirty working days from the date of receiving the customer's complaint regarding the service as stipulated in point a of this clause;

Immediately implement measures to temporarily suspend service provision when the customer requests due to suspicion of fraud or loss, and bear full responsibility for all financial losses incurred by the customer after the time the customer requested the temporary suspension of service provision.

3. Handling the results of review and complaint resolution:

a) Within a maximum period of five working days from the date of notifying the customer of the result of the review and complaint resolution, the organization providing Mobile Money services shall compensate the customer for losses according to the agreement and legal provisions applicable to losses arising from non-customer fault or not falling under the force majeure cases as agreed upon in the terms and conditions of service use;

b) In case the deadline for resolving the review and complaint as provided for in Clause 2 of this Article has expired without identifying the cause or fault of either party, within the following fifteen working days, the organization providing Mobile Money services shall agree with the customer on a resolution plan; if no agreement can be reached on the resolution plan, the dispute resolution shall be carried out in accordance with the provisions of the law.

4. In case of discovering a matter indicating criminal activity, the organization providing Mobile Money services shall report and inform the competent state authority in accordance with the provisions of the Criminal Procedure Law and report in writing to the Ministry of Public Security, the Ministry of Science and Technology, and the State Bank of Vietnam; at the same time, notify the customer in writing about the status of the review request and complaint resolution. In case the competent state authority notifies that there is no criminal element, within fifteen working days from the date of the conclusion of the competent state authority, the organization providing Mobile Money services shall agree with the customer on a resolution plan for the review and complaint resolution results.

5. The organization providing Mobile Money services must have solutions to enable customers to access online information, progress, and results of review and complaint resolution.

6. Organizations providing Mobile Money services are responsible for promptly handling payment review requests: within four working days from the receipt of the review request, the party receiving the review request must provide the review result to the requesting party or execute a refund of the payment order containing the review request information.

Article 18. Measures to ensure safety when providing Mobile Money services to customers

1. Before providing Mobile Money services to customers, the organization providing Mobile Money services must issue internal regulations and procedures related to Mobile Money services, including at least the following regulations and procedures:

a) Technical business process of the service;

b) Internal inspection and control process;

c) Risk management and security assurance process;

d) Internal regulations on anti-money laundering, counter-terrorism financing, and counter-proliferation financing;

đ) Process and procedures for handling review requests, complaints, and disputes in compliance with the provisions of Article 17 of this Decree;

e) Management process for IT equipment;

g) Process for selecting and managing sales points.

2. The organization providing Mobile Money services must regularly review and update the internal regulations and procedures mentioned in Clause 1 of this Article, ensuring they are consistent with the actual service provision and comply with current relevant legal provisions.

3. The organization providing Mobile Money services must comply with safety and confidentiality requirements for online service provision in the banking industry; implement security solutions in online payments and bank card payments.

4. The organization providing Mobile Money services must take measures to verify the legality and validity of documents, information, and data in the customer's Mobile Money account opening file, ensuring accurate matching; periodically conduct checks, verifications, and re-confirmation of customer identification information during the use of Mobile Money services.

Article 19. Management of transactions for foreign goods and services

1. Organizations providing Mobile Money services must have contracts or agreements with commercial banks or foreign bank branches (approved by the State Bank of Vietnam to operate foreign exchange on the international market) regarding the execution of payments and settlements for transactions involving foreign goods and services.

2. Organizations providing Mobile Money services must implement monitoring measures to ensure that transactions for foreign goods and services conducted through the Mobile Money service comply with Vietnamese laws and adhere to regulations governing foreign exchange management.

Section 2

CRITERIA FOR OPERATIONS AND VIOLATION HANDLING

Article 20. Criteria for Operations

Non-bank organizations, including foreign bank branches, providing Mobile Money services must meet and maintain all of the following operational criteria throughout the provision of such services:

1. Possess a valid Intermediary Payment Service Operating License for e-wallet services.

2. Hold a Telecommunications Service Provision License for mobile terrestrial public telecommunications networks using radio frequency bands that remain valid, or be a subsidiary of a parent company holding such a license, utilizing the infrastructure, network, and telecommunication data to provide Mobile Money services in accordance with the law.

3. Have a business plan for providing Mobile Money services as stipulated in Appendix II attached to this Decree.

4. Have an Information Technology System meeting the following requirements:

a) The system must meet level 3 information security standards as prescribed by law. The IT infrastructure and solutions supporting the provision of Mobile Money services must ensure continuous and secure operation during the entire period of service provision.

b) Must have appropriate tools and solutions to accurately identify Internet Protocol (IP) addresses and subscribers to trace actual users of Mobile Money accounts.

c) Must have a transaction history storage system for Mobile Money transactions (such as: depositing money, receiving money, withdrawing money, transferring money, and paying for goods and services); a system storing customer identification information, device identification information, IP addresses (excluding USSD transactions), access control media addresses - if applicable (excluding USSD transactions), International Mobile Equipment Identity (IMEI) numbers if applicable, transaction time, transaction content, sending account, receiving account, balance, transaction location, etc., from when the customer opens the account until it is closed, including traceable user information (for closed Mobile Money accounts, at least two years of information must be retained). Simultaneously, copies of stored information must be kept for inspection, auditing, and providing information upon request from competent state management authorities. IP address and login time information must be retained for at least two years. Accounting documents must be stored in accordance with the Accounting Law.

Article 21. Termination, suspension of mobile money service operations and handling of violations

1. Organizations providing mobile money services must terminate the provision of mobile money services in the following cases:

a) The organization providing mobile money services is dissolved or declared bankrupt in accordance with the provisions of the law;

b) The organization providing mobile money services sends a notice to the Ministry of Science and Technology, State Bank of Vietnam, and the Ministry of Public Security to cease its operation of providing mobile money services;

c) When a court judgment or decision becomes effective requiring the termination of the provision of mobile money services by the organization providing mobile money services;

d) During the inspection, examination, and supervision of the provision of mobile money services, it is found that the organization providing mobile money services does not meet one of the operational criteria specified in Article 20 of this Decree; or within a continuous six-month period, the organization providing mobile money services does not provide mobile money services to customers;

đ) After the suspension period for providing mobile money services has expired, the organization providing mobile money services fails to rectify the violation.

2. Procedure for terminating the provision of mobile money services:

a) Within fifteen working days from the date one of the situations specified in points c, d, đ of Clause 1 of this Article occurs, the State Bank of Vietnam shall issue a written notification to the organization providing mobile money services regarding the cessation of mobile money service operations;

b) Thirty days before ceasing operations, the organization providing mobile money services must send a written notice to relevant organizations and individuals to settle contracts and complete all obligations and responsibilities between the parties as prescribed by law.

3. Organizations providing mobile money services will be suspended from providing mobile money services in the following cases:

a) The organization providing mobile money services does not ensure that the total balance on all guarantee accounts for mobile money services exceeds the total balance on customer mobile money accounts at the same time;

b) The organization providing mobile money services does not perform or performs incompletely the reporting obligations as stipulated in Article 30 of this Decree after being reminded in writing by the competent state management agency;

c) The organization providing mobile money services does not comply with the transaction limit regulations for mobile money accounts as stipulated in Article 15 of this Decree;

d) When there is a request from a competent state authority to serve investigations and verifications of law violations related to the activities of the organization providing mobile money services;

đ) The organization providing mobile money services violates the regulations on the objects and currencies used in the provision of mobile money services;

e) The organization providing mobile money services violates the regulations on managing foreign goods and services transactions as stipulated in Article 19 of this Decree;

g) Engaging in any prohibited acts as provided for in Article 6 of this Decree;

h) Other cases as prescribed by law.

4. Procedure for suspending the provision of mobile money services:

a) Within five working days from the date of discovering the organization providing mobile money services violating the regulations or receiving a notification from the State Bank of Vietnam or the Ministry of Public Security about the discovery of the organization providing mobile money services violating the regulations, the Ministry of Science and Technology shall issue a written notification to the organization providing mobile money services regarding the suspension of mobile money service operations, specifying the reasons, suspension period, and corrective measures;

b) During the suspension period, the organization providing mobile money services must immediately stop providing mobile money services, publicly notify customers, and ensure the rights of customers and related parties;

c) Upon expiration of the suspension period, if the organization providing mobile money services has rectified the violation, it may continue to provide mobile money services in accordance with this Decree.

5. Handling of Violations

Administrative violations are handled within the scope and functions of the Ministry of Science and Technology, State Bank of Vietnam, and the Ministry of Public Security.

Chapter III
RIGHTS AND RESPONSIBILITIES OF RELATED PARTIES

Section 1

RESPONSIBILITIES IN STATE MANAGEMENT WORKFOR MOBILE MONEY SERVICES

Article 22. Responsibilities in the work of monitoring, inspecting, and supervising the implementation of mobile money service operations

1. The Ministry of Science and Technology, State Bank of Vietnam, and the Ministry of Public Security shall implement monitoring and management of the activities of organizations providing mobile money services in accordance with their respective functions and areas of management as prescribed by law; provide information to agencies responsible for administrative violation handling when signs of violations or actions contravening laws on the provision of mobile money services are discovered.

2. The Ministry of Science and Technology

a) Serve as the focal point and coordinate with the State Bank of Vietnam and the Ministry of Public Security to conduct inspections according to plans or as necessary (spot checks) of organizations providing mobile money services during their operations and deployment of mobile money services;

b) Manage and supervise the activities of organizations providing mobile money services during the deployment of mobile money services to ensure compliance with the provisions of this Decree and other relevant laws;

c) Supervise the compliance of organizations providing mobile money services with prohibited acts, identify and handle violations according to the provisions of this Decree and other relevant laws;

d) Provide guidance and resolve issues or problems arising during the deployment of mobile money services related to the use of telecommunications accounts, telecommunications applications, and the Internet in mobile money services;

đ) Cooperate actively and provide information to the Ministry of Public Security about organizations providing mobile money services suspected of criminal activity or law violations.

3. The State Bank of Vietnam

a) Be responsible for monitoring and supervising the balance of the payment guarantee account for the provision of Mobile Money services and the total balance of all Mobile Money accounts of customers at the service provider organization;

b) Implement oversight of the implementation situation, provide guidance, and resolve difficulties during the provision of services related to the use of Mobile Money accounts in payment activities;

c) Coordinate with the Ministry of Science and Technology, the Ministry of Public Security to carry out inspection work according to plan or when necessary (spot checks) on organizations providing Mobile Money services during their operation and provision of Mobile Money services;

d) Coordinate and proactively provide information to the Ministry of Public Security regarding organizations providing Mobile Money services that exhibit signs of criminal activity or violations of the law;

4. The Ministry of Public Security

a) Carry out state management work on security and public order for organizations providing Mobile Money services; be responsible for managing the protection of information network security, cyber security, and personal data protection;

b) Coordinate with the Ministry of Science and Technology, the State Bank of Vietnam to detect, handle violations, and prohibited acts as stipulated in this Decree and other relevant laws;

c) Coordinate with the Ministry of Science and Technology in managing, inspecting, and supervising the provision of Mobile Money services by organizations providing Mobile Money services;

d) Proactively detect, investigate, and promptly handle acts of exploiting Mobile Money services to commit violations of the law;

5. The State Bank of Vietnam, the Ministry of Science and Technology, and the Ministry of Public Security shall proactively address or propose recommendations to competent authorities for consideration and resolution of any difficulties or issues (if any);

Article 23. Responsibilities in Inspection Work for the Provision of Mobile Money Services

1. The Government Inspectorate shall conduct inspection work on the provision of Mobile Money services in accordance with the law on inspection;

2. The Ministry of Science and Technology shall coordinate with the Government Inspectorate in conducting inspections of organizations providing Mobile Money services in accordance with the law;

Section 2

RIGHTS AND RESPONSIBILITIES OF ORGANIZATIONS PROVIDING MOBILE MONEY SERVICESPREPAID MOBILE SERVICES

Article 24. Rights of Organizations Providing Mobile Money Services

1. To stipulate conditions for using the service; require customers to provide complete and accurate information related to the use of the service and during the use of the service; refuse to provide the service if the customer does not meet the full conditions for using the service, does not comply with the regulations of the Mobile Money service provider, or violates other agreements;

2. To stipulate measures to ensure safety for the use of the service;

3. To stipulate types and levels of fees for using the service in compliance with the law;

4. To select banks, foreign bank branches, payment intermediary service providers, and other organizations as partners to enter into contracts or agreements for the provision and development of services based on ensuring safety, effectiveness, and compliance with the law;

5. Other rights in accordance with contracts or agreements with banks, foreign bank branches, payment intermediary service providers, sales points, customers, and partners in compliance with the law.

Article 25. Responsibilities of organizations providing Mobile Money services

1. For Customers

a) Execute payment orders of Mobile Money account holders after verifying and controlling the legality and validity of such payment orders;

b) Maintain and update all customer signatures registered for verification and comparison during service usage;

c) Promptly credit Mobile Money accounts with incoming transfer payments, top-ups, and deposits; refund amounts erroneously debited from Mobile Money accounts; cooperate to refund amounts mistakenly transferred into Mobile Money accounts at the request of Mobile Money service providers, intermediary payment service providers, banks, and foreign bank branches executing transfer orders;

d) Provide full and timely information to Mobile Money account holders regarding account balances, transactions, and transaction documents on their Mobile Money accounts and be responsible for the accuracy of the provided information;

đ) Update customer information periodically or when customers notify changes in their Mobile Money account opening files; promptly update and verify customer identification information when determining that customers have high risk levels according to criteria established by Mobile Money service providers; store and retain Mobile Money account opening files and transaction documents in accordance with legal regulations;

e) Safeguard personal information and data of customers or personal data provided by customers, information related to Mobile Money accounts, and transactions on Mobile Money accounts in compliance with laws on personal data protection and other relevant regulations;

g) Guide customers on safe use of Mobile Money accounts; inform and explain to customers about prohibited actions in opening and using Mobile Money accounts; promptly address and resolve customer inquiries and complaints regarding Mobile Money account opening and usage in accordance with this Decree and agreements between Mobile Money account holders and Mobile Money service providers;

h) Enact internal regulations on opening and using Mobile Money accounts within Mobile Money service providers; publicly announce and guide customers to be aware and comply;

2. For cooperating banks

a) Fully and promptly fulfill obligations arising from transactions agreed upon between Mobile Money service providers and cooperating banks, in compliance with applicable legal provisions;

b) Enter into contracts or agreements with cooperating banks for provision of Mobile Money services; these must include specific contents regarding rights and obligations of the parties concerning selection and signing of contracts or agreements with Mobile Money service providers; responsibilities for monitoring and inspecting Mobile Money service providers during contract execution;

c) Resolve customer and Mobile Money service provider review requests and complaints;

d) Other related obligations;

đ) Coordinate with cooperating banks and partners to conduct checks and reconciliations of transaction data generated on Mobile Money service provider accounts opened at cooperating banks, as agreed among the parties;

3. In cases where Mobile Money service providers directly enter into contracts or agreements with Mobile Money service users, Mobile Money service providers shall be responsible for:

a) Entering into written contracts or agreements with Mobile Money service users, specifying detailed contents including rights and obligations of the parties; clearly stating that Mobile Money service users must be responsible for the legality of supplied goods and services and commit not to engage in prohibited transactions under legal provisions; requiring Mobile Money service users not to charge additional fees to customers for payments made through Mobile Money services in any form; procedures for handling personal data of customers or personal data provided by customers, and provision of information to third parties for identifying Mobile Money service users; circumstances for contract termination;

b) Guide Mobile Money service users on payment processes and procedures, service usage, fraud detection measures, and requirements for securing customer account and transaction information during goods and service payments;

c) Implement internal regulations on procedures and processes for identifying and verifying Mobile Money service users to ensure accuracy and regular updates of user data: classify business nature, models, proof of business type, and household business registration; comply with regulations on anti-money laundering, counter-terrorism financing, and proliferation financing; conduct actual inspections or online sales channel inspections to verify the suitability of business type proof documents; establish criteria for selecting and developing Mobile Money service users;

d) Mobile Money service providers must establish mechanisms for managing risk identification, categorizing types of risks occurring through Mobile Money services executed via Mobile Money service users; evaluate and classify Mobile Money service users based on risk levels; continuously monitor and closely manage activities of Mobile Money service users during contract execution to detect and resolve or propose competent state authorities to handle violations in payment activities according to legal provisions; for Mobile Money service users with high risk levels, implement tools or measures to comprehensively and thoroughly track and inspect their payment transactions, including increasing inspection frequency through actual inspections or online sales channels;

đ) Receive and process review requests and complaints from Mobile Money service users;

e) Require the mobile money service provider to open a Vietnamese Dong payment account at a bank or foreign bank branch to receive payments from the provision of goods and services. Require the mobile money service provider to provide invoices and transaction documents at the mobile money service provider according to the regulations of the mobile money service provider or when necessary to control the legality and validity of the transactions;

g) The mobile money service provider must provide complete and accurate information and documents about transactions through the mobile money service provider to the State Bank of Vietnam or competent state agencies upon request.

4. Regarding business points

a) Establish specific criteria to evaluate the capacity (financial, physical infrastructure, personnel) of business points, serving as the basis for determining daily transaction limits and monthly transaction limits for each business point. The mobile money service provider must have a power of attorney contract with the enterprise establishing the business points (in cases where the business points are established by other enterprises); have a mechanism to control and be fully responsible for all activities and risks arising at the business points related to the provision of mobile money services;

b) Select business points nationwide to ensure that the number of business points on the commune level (excluding wards) in provinces and centrally-administered cities accounts for at least 50% of the total number of business points of the mobile money service provider;

c) Apply measures and technological forms at business points to identify and verify customers accurately when they register and use mobile money services at the business points, preventing situations where mobile money accounts are opened in violation of the law;

d) Ensure that business points do not transfer the value of prepaid mobile communication service cards to mobile money accounts;

đ) Develop a mechanism to control cash transactions (cash deposits into mobile money accounts, cash withdrawals from mobile money accounts) occurring at business points to ensure accurate identification and control of the amount received from customers; reconcile with the total balance of the customer's mobile money account; ensure that the amount received from customers by business points must be deposited in the customer's mobile money account at a ratio of 1:1;

e) Publicly announce the list of business points using at least one of the following methods: the organization's electronic information website, electronic application of the mobile money service provider, or at the business points;

g) Develop internal audit mechanisms, requirements for improving and training staff at business points;

h) Require business points to submit regular reports and immediately report any unusual or suspicious transactions to the mobile money service provider;

i) Develop mechanisms to ensure the safety of transactions at business points; develop procedures for processing transactions between the mobile money service provider and business points for each type of business; reconciliation and settlement procedures; procedures for handling inquiries, complaints, and disputes from customers regarding transactions occurring at business points;

5. Be responsible for damages arising in the case

a) Damages due to errors or mistakes of the mobile money service provider including non-compliance with legal regulations on security and confidentiality in providing services;

b) Customers or customer mobile money accounts have been notified by authorized agencies regarding fraud, deception, or violations of the law, but the mobile money service provider does not take timely measures;

6. Implement anti-money laundering, anti-terrorism financing, and anti-proliferation financing of weapons of mass destruction measures applicable to financial institutions and refrain from prohibited actions concerning opening and using mobile money accounts as stipulated in Article 6 of this Decree;

7. Regarding the use of mobile money accounts to make payments for foreign goods and services, the mobile money service provider shall be responsible for:

a) Specifying the documents and certificates related to transactions for foreign goods and services using mobile money accounts and conducting checks and retaining documents and certificates in compliance with legal regulations on foreign exchange management and electronic transactions;

b) Closely monitor and ensure the implementation of transactions for foreign goods and services using mobile money accounts in accordance with the intended purpose and usage limits of mobile money accounts as prescribed in this Decree and in compliance with legal regulations;

8. In cases where non-residents or foreign individuals residing in the country use mobile money accounts, the mobile money service provider must implement strict checks and monitoring to ensure that the mobile money accounts only conduct transactions in compliance with legal regulations on foreign exchange management regarding the use of Vietnamese Dong accounts by non-residents and foreign individuals residing in the country, and as prescribed in this Decree;

9. Other responsibilities as agreed in contracts or agreements signed with cooperating banks, mobile money service providers, partners, and customers, in accordance with legal provisions;

10. The mobile money service provider must ensure that accounting and tracking of revenues and expenditures related to the provision of mobile money services are separate from other business activities (if any) of the mobile money service provider;

Section 3
RIGHTS AND RESPONSIBILITIES OF THE RELATED PARTIES

Article 26. Rights of banks, foreign bank branches, and organizations providing payment intermediary services

1. Rights of banks, foreign bank branches

a) Selecting organizations providing mobile money services to cooperate with and provide services;

b) Signing contracts or agreements with organizations providing mobile money services, clearly defining the responsibilities of each party in developing, managing, and supervising payment intermediary services;

c) Exercising rights according to contracts or agreements with organizations providing mobile money services and related parties, in accordance with the provisions of the law.

2. Rights of cooperative banks

a) Requesting organizations providing mobile money services to provide necessary information related to transactions through services provided to cooperative banks, in accordance with the provisions of the law and agreements between the parties;

b) Refusing transactions if organizations providing mobile money services do not use a guarantee account for payment as stipulated in Article 16 of this Decree.

3. Rights of organizations providing payment intermediary services

a) Selecting organizations providing mobile money services to cooperate with and provide services;

b) Signing contracts or agreements with organizations providing mobile money services, clearly defining the responsibilities of each party in developing, managing, and supervising payment intermediary services;

c) Exercising rights according to contracts or agreements with organizations providing mobile money services and related parties, in accordance with the provisions of the law.

Article 27. Obligations of banks, foreign bank branches, and organizations providing payment intermediary services

1. Obligations of banks, foreign bank branches: Fulfilling obligations according to contracts or agreements with organizations providing mobile money services, payment intermediary services, customers, and related parties, in accordance with the provisions of the law.

2. Obligations of cooperative banks

a) Cooperating with organizations providing mobile money services and partners to conduct daily reconciliation of transaction data generated on the accounts of organizations providing mobile money services opened at cooperative banks, in accordance with agreements between the parties;

b) Conducting payments for related parties' transactions in accordance with the regulations of the State Bank of Vietnam and contracts or cooperation agreements signed with organizations providing mobile money services;

c) Opening a guarantee account for organizations providing mobile money services and ensuring that this account is not shared with other service guarantee accounts, separate from other Vietnamese Dong settlement accounts of organizations providing mobile money services; managing the use of the guarantee account for mobile money services in accordance with contracts or cooperation agreements signed with organizations providing mobile money services and the provisions of this Decree;

d) Not allowing organizations providing mobile money services to overdraft on the guarantee account for mobile money services;

đ) Cooperating with organizations providing mobile money services to establish procedures and processes for handling customer complaints related to mobile money payment transactions;

e) When cooperating to provide mobile money services to execute transactions for foreign goods and services, cooperative banks have the responsibility to review, check, and retain relevant documents and certificates corresponding to actual transactions to ensure foreign currency payments and international payments are carried out for their intended purposes, complying with the regulations on foreign exchange management and current laws related thereto;

g) In cases where cooperative banks sign contracts or agreements directly with payment intermediary services (agreements involving organizations providing mobile money services), cooperative banks must fulfill their responsibilities towards payment intermediary services as stipulated in Clause 3, Article 25 of this Decree.

3. Obligations of organizations providing payment intermediary services:

Fulfilling obligations according to contracts or agreements with organizations providing mobile money services, payment intermediary services, customers, and related parties, in accordance with the provisions of the law.

Article 28. Powers and Responsibilities of Mobile Money Service Providers

1. Mobile Money Service Providers shall be entitled to accept payment for goods and services through the Mobile Money service.

2. Mobile Money Service Providers must publicly disclose that they do not differentiate prices or charge additional fees for transactions made using Mobile Money accounts compared to cash payments. Mobile Money Service Providers must refund or have the Mobile Money service provider organization refund to customers any excess charges collected in violation of regulations.

3. Mobile Money Service Providers have the right to request the Mobile Money service provider organization to review and lodge complaints regarding transactions with errors or suspected errors.

4. Mobile Money Service Providers must regularly inspect and monitor their acceptance devices and tools (POS/mPOS/QR code) at points of sale and service to prevent misuse and bear responsibility for losses caused by the application of unauthorized and illegal Quick Response Codes when customers make transactions.

Article 29. Rights Regarding Information and Reporting

1. The State Bank of Vietnam, the Ministry of Science and Technology, and the Ministry of Public Security have the right to request Mobile Money service providers to provide relevant information on the provision of Mobile Money services periodically and urgently; such information provision shall comply with legal regulations.

2. Mobile Money service providers have the right to request customers using their services to provide relevant information.

Article 30. Obligations Regarding Information and Reporting

1. Mobile Money service providers are obligated to report and provide information to competent state agencies as prescribed by law; they must report to the State Bank of Vietnam, the Ministry of Science and Technology, and the Ministry of Public Security within 15 days after providing Mobile Money services to customers according to Appendix I.

2. Mobile Money service providers are responsible for reporting the operation status of Mobile Money service provision quarterly (quarterly reports I, II, and III) and annually to the State Bank of Vietnam, the Ministry of Science and Technology, and the Ministry of Public Security according to Appendix III. Quarterly reporting periods run from the first day of the quarter to the last day of the quarter (for quarters I, II, and III); the latest submission date for quarterly reports is the 15th day of the first month of the following quarter. Annual reporting periods run from January 1st to December 31st; the latest submission date for annual reports is the 20th day of the first month of the following year immediately after the reporting period.

3. Mobile Money service providers are responsible for developing online monitoring tools for the total balance of Mobile Money accounts and funds ensuring Mobile Money service provision for the State Bank of Vietnam; these tools serve the supervisory requirements of the Ministry of Science and Technology and the Ministry of Public Security.

4. Mobile Money service providers are obligated to provide transaction information and account balances of Mobile Money account holders according to agreements with account holders.

Article 31. Information Security

1. Right to Refuse Provision of Information

The organization providing Mobile Money services has the right to refuse requests from other organizations or individuals for information related to accounts, transactions, and balances on Mobile Money accounts, except when required by competent state agencies in accordance with the law or when approved by the customer.

2. Obligation to Protect Information

The organization providing Mobile Money services is responsible for keeping confidential information related to accounts, transactions, and balances on Mobile Money accounts, except when approved by the customer or otherwise provided by law.

Chapter IV
IMPLEMENTING PROVISIONS

Article 32. Effectiveness

This Decree takes effect from January 1, 2026.

Article 33. Transitional Provisions

1. Enterprises conducting pilot services using telecommunications accounts to pay for goods and services of small value (Mobile-Money) that are currently providing services to customers may continue to provide services to customers in accordance with this Decree.

2. Within ninety days from the date this Decree takes effect, enterprises conducting pilot services using telecommunications accounts to pay for goods and services of small value (Mobile-Money) that are currently providing services to customers shall be responsible for implementing reports in accordance with Clause 1 of Article 30 of this Decree.

3. For contracts or agreements between enterprises conducting pilot services using telecommunications accounts to pay for goods and services of small value (Mobile-Money) and parties signed before the effective date of this Decree, they may continue to be implemented. Any amendments, supplements, or extensions of these contracts or agreements must comply with the provisions of this Decree.

4. For customers who opened Mobile Money accounts before the effective date of this Decree, enterprises conducting pilot services using telecommunications accounts to pay for goods and services of small value (Mobile-Money) shall cooperate with customers to update and supplement documentation, information, and data in the account opening file to ensure compliance with Article 8 of this Decree, to be completed by January 1, 2027.

Article 34. Responsibility for Implementation

Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairpersons of provincial People's Committees under central cities, and relevant agencies, organizations, and individuals are responsible for implementing this Decree.