Circular No. 37/2016/TT-NHNN stipulates the management, operation, and use of the National Interbank Electronic Payment System.

CIRCULAR

REGULATION the management, operation, and use of the National Interbank Electronic Payment System the management, operation, and use

of the National Interbank Electronic Payment System

                                    

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;

||| Pursuant to Decree No. 63/2018/NĐ-CP dated May 4, 2018 of the Government on public-private partnership investment;

Pursuant to Decree No. 26/2007/NĐ-CP dated February 15, 2007 of the Government detailing the implementation of the Law on E-Transactions regarding digital signatures and digital signature certification services; Decree No. 106/2011/NĐ-CP dated November 23, 2011 amending and supplementing certain articles of Decree No. 26/2007/NĐ-CP; and Decree No. 170/2013/NĐ-CP dated November 13, 2013 amending and supplementing certain articles of Decree No. 26/2007/NĐ-CP;

Pursuant to Decree No. 35/2007/NĐ-CP dated March 8, 2007, of the Government on electronic transactions in banking activities;

Pursuant to Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on non-cash payments and Decree No. 80/2016/NĐ-CP dated July 1, 2016 amending and supplementing certain articles of Decree No. 101/2012/NĐ-CP;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Information Technology Department,

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

 

PART I

GENERAL PROVISIONS

Article 1.Scope of Regulation and Applicability

2. Applicability:

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

第二条 组织和实施奖励工作的支出水平，如政府第152/2025/NĐ-CP号决定关于分级授权和奖励领域的分权规定

Member, member unit, indirect member of the System, entity operating the System, organization managing the settlement system connected to the System, related entities of the State Bank of Vietnam.

Article 2.Definitions

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

1. Interbank electronic payment (hereinafter referred to as the System) is the process of handling interbank payment transactions from the creation of a Payment Order until its completion, carried out through a computer network.

2. Direct member (hereinafter referred to as member) is the State Bank of Vietnam, banks, branches of foreign banks, and the Central Treasury participating in the System.

3. Direct member unit (hereinafter referred to as member unit) is a unit subordinate to a member participating in the System at the request of the member.

4. Indirect member is a unit subordinate to a member with a bank code issued by the State Bank of Vietnam, conducting payments through the member or member unit.

5. Payment Order is an electronic message used to execute a payment transaction in the System.

6. Initiator is an organization or individual requesting a member or member unit to create a Payment Order.

7. Recipient is an organization or individual receiving a Payment Order through a member or member unit.

8. Customer is either the Initiator or the Recipient.

9. Payment Order Creator (hereinafter referred to as Order Creator) is an individual belonging to a member or member unit assigned the task of initiating a Payment Order.

10. Payment Order Controller (hereinafter referred to as Order Controller) is the chief accountant, accounting supervisor, or authorized person of a member or member unit responsible for controlling the Payment Order.

11. Payment Order Approver (hereinafter referred to as Order Approver) is a person with authority (legal representative) of a member or member unit; specifically for member units under the State Bank of Vietnam, the Order Approver is the head of the unit or an authorized person.

12. Communication Approver is an individual belonging to a member or member unit assigned the task of transmitting and receiving electronic messages in the System.

13. Payment Order Originating Unit (hereinafter referred to as Originating Unit) is a member or member unit acting on behalf of the customer to create and process a Payment Order.

14. Payment Order Receiving Unit (hereinafter referred to as Receiving Unit) is a member or member unit acting on behalf of the customer to receive and process a Payment Order.

15. Low-value Payment Service is a service within the System processing Payment Orders in Vietnamese Dong using net settlement method.

16. High-value Payment Service is a service within the System processing Payment Orders in Vietnamese Dong using real-time gross settlement method.

17. Foreign Currency Payment Service is a service within the System processing Payment Orders in foreign currency using real-time gross settlement method.

18. Credit Payment Order is a Payment Order issued by the Originating Unit to debit the customer's account at the Originating Unit a specified amount and credit the customer's account at the Receiving Unit that amount.

19. Debit Payment Order is a Payment Order issued by the Originating Unit to debit the customer's account at the Receiving Unit a specified amount and credit the customer's account at the Originating Unit that amount.

20. Low-value Payment Order is a Payment Order in Vietnamese Dong with a value less than 500,000,000 VND (Five hundred million dong), using low-value payment service.

21. High-value Payment Order is a Payment Order in Vietnamese Dong using high-value payment service.

22. Foreign Currency Payment Order is a Payment Order in foreign currency using foreign currency payment service.

23. Electronic Message is electronic information representing the content of a Payment Order or a notification related to a payment transaction to be executed and transmitted through a computer network among participating units in the System.

24. Confirmation Code is a symbol of electronic information about the status of Payment Orders in the System.

25. Settlement is the determination and payment of the final value between related members to complete payment obligations.

26. Real-time Gross Settlement is the processing of immediate settlement of each Payment Order to fulfill payment obligations between members or member units.

27. Net Settlement Result (referred to as net settlement) is the fulfillment of payment obligations among participating parties by direct offsetting after balancing total receivables and total payables.

28. Net Debt Limit is the maximum value set for low-value payment transactions eligible for net settlement.

29. The operating unit of the Large Value Payment System (LVPS) is the entity directly operating the LVPS.

30. The National Electronic Interbank Payment Processing Center (referred to as the National Processing Center - NPSC) is a set of technical equipment located at the Information Technology Bureau to perform the functions of the High-Value Payment Component, Foreign Exchange Payment Component, Low-Value Payment Component, Settlement Account Processing Component, and data verification and reconciliation.

31. The National Backup Processing Center for Interbank Electronic Payment Processing (referred to as the National Backup Processing Center - BNPSC) is a set of technical equipment located at the backup data center to provide backup functions for the National Processing Center.

32. The value of collateral securities is determined according to the State Bank's regulations on overdraft and overnight lending in the LVPS.

33. The collateral ratio is the percentage (%) between the value of collateral securities, the amount of collateral to establish the net debit cap and the initial net debit cap.

34. Net settlement service for other systems is the service of receiving and processing net settlement results from the Automated Clearing House (ACH) system, the Card Clearing System, and other payment clearing systems.

Article 3. Components and main functions of the LVPS

1. The LVPS is an integrated system comprising: the National Electronic Interbank Payment Processing Center, the National Backup Processing Center for Interbank Electronic Payment Processing, software installed at members and sub-members.

2. The business processing components include: the High-Value Payment Component, the Foreign Exchange Payment Component, the Low-Value Payment Component, and the Settlement Account Processing Component.

3. The High-Value Payment Component performs real-time gross settlement for Domestic Currency Payment Orders using high-value payment services.

4. The Foreign Exchange Payment Component performs real-time gross settlement for Foreign Currency Payment Orders using foreign exchange payment services.

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

6. The Settlement Account Processing Component performs verification and accounting for high-value Payment Orders and foreign currency Payment Orders, processes low-value settlement results, and net settlement results from other systems.

Article 4. Documents used in the LVPS

1. Documents used in the LVPS are paper-based or electronic documents in accordance with current laws regarding accounting documentation.

2. The basis for issuing Payment Orders is the documents used in the LVPS.

3. Payment Orders must be issued in electronic form in compliance with the prescribed format and meet the data standards decided by the Governor of the State Bank.

Article 5. Debt Settlement within the LVPS

1. Debt settlement between members that are not State Bank units must be preceded by a pre-authorization agreement.

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

3. A pre-authorization agreement or a written agreement on debt settlement between members must include at least the following elements:

- The maximum daily limit for debt settlement between members;

- The maximum limit for a single Payment Order without confirmation of debt;

- The validity period of the agreement.

Article 6. Regulations on the use of payment services

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

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

3. Payment Orders in foreign currencies must use foreign exchange payment services.

Article 7. Costs and Fees in the LVPS

1. Costs for constructing, installing, maintaining, developing, and upgrading the LVPS operations are borne by the State Bank. Costs for constructing, installing, maintaining, developing, and upgrading other systems belonging to members and sub-members to support LVPS operations at those entities are borne by the members and sub-members.

2. When participating in the use of LVPS services, members and sub-members must pay participation fees, annual fees, and domestic payment service fees according to the State Bank's fee schedule for payments through the State Bank of Vietnam.

Chapter II

REGULATIONS ON MANAGEMENT AND OPERATION OF THE LVPS

Article 8. Inspection of the LVPS

1. The LVPS operating unit checks the technical status of the LVPS daily concerning balance data, net debit cap data, and payment data.

2. The Information Technology Bureau checks the technical status of the LVPS daily concerning software systems, equipment, and communication networks at the National Processing Center and the National Backup Processing Center.

3. The LVPS operating unit, members, and sub-members must continuously monitor and process Payment Orders during LVPS working hours to ensure smooth and safe LVPS operation.

Article 9.Working Hours Applied in the LVPS

1. The application times in the LVPS are defined as follows:

a) The time when the LVPS begins operation: 8:00 AM on working days;

b) The time to stop accepting Payment Orders:

- For low-value Payment Orders: 4:00 PM on regular working days, 5:00 PM on the last two working days of the month;

- For high-value Payment Orders and foreign currency Payment Orders: 5:00 PM on regular working days, 5:45 PM on the last two working days of the month;

c) The time to perform end-of-day tasks (verifying reconciliation conditions, performing reconciliation, confirming data with the National Processing Center): 5:15 PM on regular working days, 6:00 PM on the last two working days of the month.

2. In the case of changes to the time points specified in Clause 1 of this Article, the Governor of the State Bank shall decide and notify in writing to members at least 30 days before the effective date, except for the cases stipulated in Clause 3 of this Article.

3. In the event of a change to the time point specified in Clause 1 of this Article during the year-end settlement period or when the National Payment Switching System operates on holidays, festivals, or Tet, the Governor of the State Bank shall decide and the operating unit of the National Payment Switching System shall notify in writing to members and post on the State Bank's website at least five working days before the effective date.

Article 10. Extension of the Time for Receiving Payment Orders

1. The operating unit of the National Payment Switching System is permitted to extend the time for receiving payment orders by up to thirty minutes in the following cases:

a) When there is a work requirement, when errors occur in the National Processing Center of the National Payment Switching System, or due to other reasons from the Central Bank;

b) When a provincial branch of the State Bank or a member requests an extension of the time for receiving payment orders due to technical issues or an excessive volume of documents generated at the end of trading hours.

2. In the case where the time for receiving payment orders is extended beyond thirty minutes as specified in Clause 1 of this Article, the operating unit of the National Payment Switching System must report to the Governor of the State Bank for consideration and decision, while simultaneously sending to the Department of Settlement for supervision.

3. The extension of the time for receiving payment orders as specified in Clauses 1 and 2 of this Article must be notified to all members of the National Payment Switching System and relevant units of the State Bank via email registered with the operating unit of the National Payment Switching System or on the National Payment Switching System before the cessation of receiving low-value payment orders for low-value payment order extensions, and before the cessation of receiving high-value payment orders and foreign currency payment orders for high-value payment order and foreign currency payment order extensions.

Article 11. Recording and Storing Electronic Data of Transactions

1. The processing of transactions by the National Payment Switching System is automatically recorded in electronic data form.

2. Every day, electronic data must be stored on portable media (magnetic tape, hard disk). The electronic data that must be stored includes:

a) For each member and affiliated unit, store electronic data on transaction requests and electronic message results;

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

3. The management of documents and electronic data shall be carried out in accordance with the laws on archiving. In cases where it is necessary to serve inspection, control, dispute resolution, relevant units must present electronic log data to competent authorities and comply with the provisions of the law on customer information confidentiality.

Article 12. Issuance, Management, and Use of Digital Signatures Participating in the National Payment Switching System

1. Digital signatures are divided into four types:

a) Digital signature of the order issuer;

b) Digital signature of the order controller;

c) Digital signature of the order approver;

d) Digital signature of the communication approver (abbreviated as Communication Digital Signature).

2. Digital signatures are managed and used as follows:

a) Tools and means for creating digital signatures of the order issuer and the order controller are issued and managed by members and affiliated units according to the processing procedures at each unit;

b) Secret keys for creating digital signatures of the order approver and communication digital signatures are issued by the State Bank in accordance with regulations on the management and use of digital certificates, digital signatures, and digital signature certification services of the State Bank. Individuals responsible for managing and using digital signatures and secret keys must ensure confidentiality and bear legal responsibility if they disclose digital signatures or secret keys causing damage;

c) The organization of authority delegation for the order issuer, the order controller, and the order approver at members and affiliated units is regulated by authorized individuals of the unit, ensuring the principle of independence between the order issuer and the order controller and the order approver.

Article 13. Inquiry and Reconciliation

1. Inquiry:

Members and affiliated units perform inquiries and information searches by sending electronic inquiry messages or through the provided electronic information portal. The National Payment Switching System automatically checks the validity of these requests and provides response information.

2. Reconciliation of payment results:

a) Reconciliation of payment results is conducted daily at the time the National Payment Switching System completes its end-of-day processing tasks;

b) The settled figures of the day at the National Processing Center are the primary basis for reconciling payment results;

c) All generated payment orders must be reconciled accurately between the figures at the National Processing Center and the members and affiliated units on the same day, except in cases of technical or communication failures preventing reconciliation at members and affiliated units within the day;

d) Reconciliation of payment orders is performed separately for each day. In cases of failure to complete within the day as prescribed, reconciliation may be extended to the next working day after the failure is resolved. However, even if reconciliation is conducted on the next day, it must still reflect the day the payment orders were generated;

đ) The National Processing Center automatically generates end-of-day reconciliation data for members and affiliated units to perform reconciliation;

e) Members and affiliated units receive the figures and reconcile them with the actual sent and received payment orders of the day according to the guidance in Clause 2 of Article 37 of this Circular.

In the event of discrepancies, members and affiliated units must report and cooperate with the operating unit of the National Payment Switching System to resolve them.

Article 14. Activities of the National Processing Center

1. Receiving and checking the validity of electronic documents including:

a) Type and format of the data;

b) The validity (authority) of the person approving the order;

c) Date, month, year;

d) Uniqueness;

e) Mandatory elements for Payment Orders;

f) Confirmation code for electronic messages;

g) Code of participating unit, terminal device code, approver code.

2. Process valid Payment Orders and valid cancellation orders of Payment Orders; notify according to request about Payment Orders and results of processing Payment Orders to members and member units related to such Payment Orders.

3. Verify Payment Orders with members and member units in the Real-Time Gross Settlement System (TTLNH).

4. Refuse to process invalid Payment Orders, invalid cancellation orders of Payment Orders, and Payment Orders received after the TTLNH system stops accepting Payment Orders.

5. Refuse to process high-value Payment Orders and foreign currency Payment Orders from members who do not have sufficient balance in their corresponding settlement accounts.

6. Notify the initiating unit of the status of unsuccessful high-value Payment Orders if, after the TTLNH system stops accepting high-value Payment Orders, there is insufficient balance in the initiating unit's account to complete the payment or if the high-value Payment Order was sent after the TTLNH system stopped accepting high-value Payment Orders.

7. Notify the initiating unit of the status of unsuccessful foreign currency Payment Orders if, after the TTLNH system stops accepting foreign currency Payment Orders, there is insufficient balance in the corresponding account of the initiating unit to complete the payment or if the foreign currency Payment Order was sent after the TTLNH system stopped accepting foreign currency Payment Orders.

8. Notify the initiating unit of the status of unsuccessful high-value debit Payment Orders if, after the TTLNH system stops accepting high-value Payment Orders, there is insufficient balance in the receiving unit's account to complete the payment or if the high-value debit Payment Order was sent after the TTLNH system stopped accepting high-value Payment Orders.

9. Notify the initiating unit of the status of unsuccessful foreign currency debit Payment Orders if, after the TTLNH system stops accepting foreign currency Payment Orders, there is insufficient balance in the corresponding account of the receiving unit to complete the payment or if the foreign currency debit Payment Order was sent after the TTLNH system stopped accepting foreign currency Payment Orders.

10. Notify the initiating unit of the status of unsuccessful low-value Payment Orders if, after the TTLNH system performs net settlement, the initiating unit lacks the current net debit limit or if the low-value Payment Order was sent after the TTLNH system stopped accepting low-value Payment Orders.

11. Automatically send electronic messages of the results of low-value settlement to the Account Processing component for accounting purposes for members participating in low-value settlement on the same day.

12. The handling of net settlement results from other systems shall be carried out in accordance with Article 25 of this Circular.

Article 15.Backup system operations

1. The National Processing Center Backup operates as a substitute for the National Processing Center when the National Processing Center cannot operate normally due to an incident.

2. During the time the National Processing Center Backup operates as a substitute for the National Processing Center, the National Processing Center Backup has functions as prescribed in Article 14 of this Circular.

3. All data and processing results at the National Processing Center Backup have legal value equivalent to those of the National Processing Center.

Chapter III

PAYMENT ORDERS IN THE TTLNH SYSTEM

Article 16.Procedure for creating Payment Orders

1. For Payment Orders initiated from paper documents:

a) The order creator shall initiate the Payment Order through the following steps:

- Check the legality and validity of the customer's transaction payment documents;

- Determine and classify the Payment Order for processing;

- Compare and check the customer's account balance;

- Enter the following basic information: Initiating Unit (name, bank code), amount, name, address, account number (if applicable), identification number (ID card number, citizen identity card number, passport number) of the issuer or business registration number (for corporate issuers), service provider for the issuer, Receiving Unit (name, bank code), name, address, account number (if applicable), identification number (ID card number, citizen identity card number, passport number), date and place of issuance of ID card, citizen identity card, or passport of the recipient, service provider for the recipient, transfer content and other contents related to interbank market transactions, government budget payments, government bond purchases and sales, and other types of transactions (if applicable) according to Model TTLNH-04;

- Review the entered data again and sign the Payment Order electronically;

- Sign on the document, transfer the document and entered data to the order controller;

b) The order controller:

- Based on the content on relevant documents, review the factors: Receiving Unit, service provider for the issuer, service provider for the recipient, amount to verify the data entered by the order creator, payment content;

- If errors are found, return the document to the order creator;

- If the data is correct, sign the Payment Order electronically, sign on the document, and transfer it to the order approver;

c) The order approver:

- Check the accuracy between the figures on the original document and the figures on the screen;

- If errors are found, return the document to the order creator or the order controller;

- If the data is correct, sign on the document, sign his/her own electronic signature on the Payment Order to send it.

2. For Payment Orders created from electronic documents:

In the case where Payment Orders are created from electronic documents from internal systems of members and member units, they must comply with the structure and data format regulations stipulated by the State Bank and ensure the following requirements:

a) If the electronic document is valid but lacks complete information as prescribed in Point a Clause 1 of this Article: the person issuing the payment order shall supplement the missing contents according to the regulations on the issuance of the Payment Order; the person controlling the order and the person approving the order shall recheck similar factors as for paper documents to ensure accuracy and sign their electronic signatures on the Payment Order to send it out;

b) If the electronic document is valid, contains complete information as prescribed for the issuance of the Payment Order, and includes a secure internal electronic signature of the member: the units may choose to sign the electronic signature on the Payment Order manually or automatically for each Payment Order;

c) If the incoming electronic documents are valid, contain complete information as prescribed for the issuance of the Payment Order, and ensure conditions regarding security, safety, and data accuracy: the authorized person of the unit decides that only the person approving the order needs to sign the electronic signature on the Payment Order and bear legal responsibility for this decision or implement as prescribed in Point a Clause 2 of this Article;

3. After the Payment Order has been sent and received with a successful status result, such Payment Order may be printed as a paper document if required;

4. The Payment Order in which currency will be processed and recorded on the corresponding currency account of the member at the Trading Center (hereinafter referred to as the Trading Center);

Article 17.Verify the validity of the Payment Order;

During use, members and affiliated units must bear legal responsibility for the legality of the documents used to issue the Payment Order at the unit. Members and affiliated units must verify the validity of the Payment Order, including the following verification information:

1. Type and format of the data;

2. Validity (authority) of the issuer, controller, and approver of the order;

3. Date, month, year;

4. Uniqueness;

5. Mandatory elements for the Payment Order;

6. Confirmation code;

7. Member code, terminal device code, and approver code;

Article 18.Accounting at members and affiliated units;

Members and affiliated units shall perform accounting for the Payment Order in accordance with current laws;

Article 19.Accounting and processing Payment Orders at the Trading Center;

The Trading Center bases on the daily ledger prepared from electronic data (according to Models TTLNH-10, TTLNH-11, TTLNH-12, TTLNH-13, TTLNH-14, TTLNH-15 attached hereto) to serve as the basis for implementing control, reconciliation, accounting, auditing, and storage;

Chapter IV

SETTLEMENT OF NETTING AMONG MEMBERS AND RESULTS FROM OTHER SYSTEMS;

Article 20.Netting Limit;

1. Establishing the opening netting limit;

a) Members participating in the low-value Payment Order service must establish, maintain, and manage the netting limit;

b) Members participating in the low-value Payment Order service must calculate the opening netting limit based on the previous period's low-value transaction turnover and submit a request to establish the opening netting limit to the Trading Center. The opening netting limit for each member is calculated using the following formula:

Opening netting limit = Average daily difference (outstanding payments - outstanding receipts) of the member over the six months immediately preceding the establishment of the opening netting limit;

In case the calculated opening netting limit is zero or negative, the opening netting limit is established based on the actual settlement situation of the previous period, the previous period's opening netting limit, negotiable instruments and/or collateral, and the member's low-value settlement needs;

In case the member participating in the low-value Payment Order service has not been active for six months, the opening netting limit for that member is established based on the value of negotiable instruments and/or collateral to set the netting limit for the member;

The Trading Center checks the arithmetic correctness, combines with the actual low-value settlement needs, negotiable instruments or collateral of the members, and notifies the results for the members to implement;

c) The establishment of the opening netting limit is carried out once every six months during the first five working days of January and July each year;

d) Members participating in the low-value Payment Order service must deposit collateral to establish the opening netting limit in accordance with Article 21 of this Circular;

2. Adjusting the opening netting limit;

a) The Trading Center may require members participating in the low-value Payment Order service to adjust and reduce the opening netting limit if it deems this limit too high after considering the settlement capacity and negotiable instruments or collateral to establish the netting limit for the member;

b) During the establishment of the opening netting limit, each member may request the Trading Center to review and decide on adjusting the opening netting limit appropriately according to the member's settlement situation. In case of an increase, the minimum collateral ratio for the additional part of the opening netting limit must be 100%;

3. Temporary adjustment of the opening netting limit within the day;

a) On working days, if a member requests a temporary increase in the opening netting limit within the day, the temporarily increased value of the opening netting limit is handled as follows:

If the member uses negotiable instruments or collateral to request an increase in the opening netting limit, the member must deposit collateral in negotiable instruments or cash. The value of the additional negotiable instrument collateral or additional cash collateral must be at least equal to the temporarily increased value of the opening netting limit within the day. If the value of the additional negotiable instrument collateral or additional cash collateral is insufficient, the request will not be implemented.

If a member uses the account balance to request an increase in the overnight net debit limit at the beginning of the day, the Trading Center shall deduct from the member's settlement account an amount equal to the temporary additional value of the overnight net debit limit for margining purposes. In case the account balance is insufficient, such request will not be processed.

After completing the low-value transaction settlement process, the Trading Center shall return the securities used for additional margin upon the member's request or the additional margin amount to the member. Simultaneously, the net debit limit is adjusted back to the initial net debit limit at the beginning of the day. The temporary initial net debit limit during the day is determined as follows:

Temporary initial net debit limit at the beginning of the day = Initial net debit limit at the beginning of the day + Temporary additional value of the initial net debit limit at the beginning of the day;

b) In cases where it is necessary to ensure the payment capability of members, the Trading Center may adjust down the temporary initial net debit limit at the beginning of the day for members. After completing the low-value transaction settlement process, the net debit limit is adjusted back to the initial net debit limit at the beginning of the day. The temporary initial net debit limit at the beginning of the day is determined as follows:

Temporary initial net debit limit at the beginning of the day = Initial net debit limit at the beginning of the day - Temporary reduction value of the initial net debit limit at the beginning of the day.

4. Management of the current net debit limit

Current net debit limit = Temporary initial net debit limit at the beginning of the day + Total amounts receivable from low-value payment orders from the start of the day until the present time - Total amounts payable from low-value payment orders from the start of the day until the present time.

At the start of each working day, members participating in the low-value payment order service are granted an initial net debit limit. Throughout the working day, the current net debit limit may change (increase or decrease) depending on the low-value payment transactions conducted by members and their affiliates. The current net debit limit serves as the basis for submitting low-value payment orders by members and their affiliates.

5. To obtain information about the current net debit limit, members must search the TTLNH System.

Article 21.Provisions on Margining to Establish Net Debit Limits

1. Securities used for margining (hereinafter referred to as margin securities) to establish net debit limits in low-value payments are securities used in overdraft and overnight lending transactions within the TTLNH system.

2. Cash margin to establish net debit limits in low-value payments is cash in the member's account opened at the Trading Center.

3. Margin ratio

a) Members participating in low-value payments shall deposit securities and/or cash in their accounts at the Trading Center as margin, with a minimum margin ratio of 10% of the initial net debit limit announced by the Trading Center. In cases deemed necessary to ensure the safety of the TTLNH system, the Governor of the State Bank of Vietnam may decide to change the minimum margin ratio at this point based on the proposal of the TTLNH System Management Board;

b) If a member does not have sufficient settlement balance at the time of ceasing to accept high-value payment orders two or more times in a month or three or more times during the period of establishing the initial net debit limit, the Trading Center shall report to the Governor of the State Bank of Vietnam to consider reducing the member's initial net debit limit by the value of the securities and/or cash margin and maintaining the member's margin ratio at the Trading Center at 100% for a period of six months from the date of the Governor's decision.

4. Time of submission of securities or cash margin:

a) For cases of increasing the temporary initial net debit limit at the beginning of the day: Immediately after receiving the securities or cash margin, the Trading Center shall establish the temporary initial net debit limit at the beginning of the day and notify the member;

b) For the first establishment or periodic establishment of the initial net debit limit: Members participating in low-value payment orders must submit securities or cash margin and a written request for the establishment of the initial net debit limit to the Trading Center. Within seven working days from the date the Trading Center receives the securities or cash margin and the written request for the establishment of the initial net debit limit, the Trading Center shall establish the initial net debit limit and notify the member in writing.

5. Return of securities or cash margin

a) The return of securities used for margining to establish net debit limits shall be carried out according to the regulations of the State Bank of Vietnam regarding the custody and use of securities at the State Bank;

b) Within three working days from the date the State Bank's electronic portal publishes information on the cessation of participation in the low-value payment order service by the member and the member has completed all obligations to the State Bank on the TTLNH system, the Trading Center shall return the cash margin used to establish the net debit limit to the member.

Article 22.Handling Insufficient Net Debit Limit in Low-Value Payments

In the event that the amount on the payment order exceeds the current net debit limit, the handling shall be carried out as follows:

1. The system automatically notifies the member to immediately increase the net debit limit in accordance with Clause 3 of Article 20 of this Circular to process the payment order;

2. When the current net debit limit is sufficient, the payment order is processed in the order of first come, first served;

3. By the time the TTLNH system stops accepting low-value payment orders, payment orders exceeding the current net debit limit will be canceled. Members and their affiliates shall inquire to check the status of these payment orders.

Article 23.Settlement and Reconciliation

The National Processing Center shall carry out settlement and reconciliation as follows:

1. Cease to accept low-value payment orders throughout the system;

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

3. Remove and return members, constituent units with Low Value Payment Orders having insufficient current net debit limit status;

4. Based on Low Value Payment Orders with sufficient current net debit limit status, calculate the difference between receivables and payables for each member;

5. The Low Value Settlement Result is automatically recorded by the Account Processing Component;

Article 24.Monitor and report settlement reconciliation status

The Trading Center monitors the settlement reconciliation status through the TTLNH System in the following sequence:

1. Verify the payment capability of members based on the difference between the initial net debit limit and the current net debit limit;

2. In case a member lacks payment capability, notify the member of the capital shortage and request the member to take necessary measures to replenish capital, and check the implementation of capital replenishment into the payment account of the notified member;

3. If after the cessation time for High Value Payment Orders, the settlement reconciliation has not been successful due to insufficient balance, the Trading Center will prepare a report on capital shortage (Form TTLNH-25) and notify the system operator and the member with insufficient balance;

Article 25.Process net settlement results from other systems

1. The TTLNH System is permitted to accept and process net settlement results from the Automatic Clearing House (ACH) System, Card Clearing System, and other settlement systems;

2. Net settlement results processing is carried out in batches based on sufficient balances in the payment accounts of participating members. In cases where the member's payment account does not have sufficient balance, the following actions are taken:

a) The member uses overdraft within the limit prescribed by the State Bank regarding overdraft and overnight lending in the TTLNH System to process net settlement results;

b) When the member exhausts the overdraft limit granted by the State Bank and still lacks funds for settlement, the net settlement result is placed in a queue for settlement. Once there is sufficient balance in the payment account, the net settlement result is processed;

c) The member actively increases the balance in the payment account from its own resources or through transactions in the money market or interbank borrowing according to the regulations of the State Bank;

3. At the cessation time for High Value Payment Orders on a working day, if at least one participating member still lacks funds to process net settlement results despite complying with Clause 2 of this Article, the TTLNH System will cancel the net settlement results and report the unsuccessful status;

4. To use the net settlement service for other systems, the main unit of the settlement system must meet the following requirements:

a. Submit a registration document to connect to the TTLNH System (Form TTLNH-29) to the State Bank (the system operator) via the computer network;

b. Human resource requirements:

- Have at least two operators certified or confirmed by the State Bank to have participated in training on business processing procedures and system operation procedures of the TTLNH System;

- For staff responsible for or authorized to transmit and receive payment data, approve Payment Orders, must have electronic signatures issued by the State Bank in accordance with the Circular on the management and use of digital signatures, digital certificates, and digital signature certification services of the State Bank;

c. Technical requirements:

- Have primary and backup systems for software and databases;

- Have at least one primary and one backup connection route provided by two different service providers connecting to the TTLNH System;

- Have at least two successfully activated electronic signatures (one communication signature and one approval signature);

d. Participating settlement members must be members of the TTLNH System;

e. There must be a prior agreement on the fulfillment of settlement obligations between the main unit of the settlement system and participating members, and this agreement must be submitted to the State Bank;

5. The TTLNH System operator will post changes in the main unit of the settlement system connected to the TTLNH System on the State Bank's website;

Chapter V

HANDLING CAPITAL SHORTAGE IN THE TTLNH SYSTEM

Article 26.Queue settlement processing and release

1. In case a member's account lacks payment capability, the National Processing Center will handle as follows:

a) Hold High Value Payment Orders or Low Value Settlement Results or net settlement results from other systems in the settlement queue for Vietnamese Dong payments;

b) Hold foreign currency Payment Orders for corresponding foreign currency payments;

c) When additional funds are deposited into the corresponding payment account of the short-fall member, the National Processing Center will process Payment Orders in the order of first come, first served. If a Payment Order exceeds the balance in the member's payment account causing a blockage in processing other Payment Orders in the settlement queue, the National Processing Center may move (reorder) Payment Orders in the settlement queue with amounts less than or equal to the member's account balance to be processed first in the order of first come, first served. Members and constituent units will inquire to check the status of Payment Orders in the settlement queue;

d) Manage the settlement queue as follows:

- Regularly check the balances of payment accounts;

- Settle in the following order: Low Value Settlement Results, net settlement results from other systems, High Value Payment Orders, and foreign currency Payment Orders if there is sufficient balance in the corresponding payment account;

- Process requests to cancel Payment Orders on a first come, first served basis.

2. Members and member units may only cancel High-value Payment Orders, Foreign Currency Payment Orders in the settlement queue, and Low-value Payment Orders in the processing queue at the National Processing Center:

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

b) If it is a valid cancellation order for a payment order that is pending in the settlement queue (for High-value Payment Orders, Foreign Currency Payment Orders) or the processing queue (for Low-value Payment Orders) at the National Processing Center, the cancellation process will be carried out; the result of the cancellation will be reported back to the initiating unit. If the payment order requested to be canceled is not in the queue, the system will send a status report of the payment order requested to be canceled to the initiating unit.

Article 27.Handling cases where the settlement account does not have sufficient balance to complete the payment and settlement

1. For High-value Payment Orders in Vietnamese Dong:

a) Members (except the State Treasury) shall overdraft within the limit granted by the State Bank regarding overdrafts and overnight lending in interbank electronic payments to process High-value Payment Orders;

b) In cases where the State Treasury's settlement account does not have sufficient balance to complete the payment, or when a member has exhausted the overdraft limit granted by the State Bank but still lacks funds to complete the payment, such payment orders will be transferred to the settlement queue and processed once there is sufficient balance in the settlement account;

c) Members shall proactively increase the balance of their settlement accounts from their own sources of capital or members (except the State Treasury) shall increase the balance of their settlement accounts through transactions in the money market or mutual borrowing in the interbank market according to the State Bank's regulations on lending and borrowing activities; buying and selling of securities with terms between credit organizations and foreign bank branches;

d) By the time the acceptance of High-value Payment Orders is stopped, if the settlement account still does not have sufficient balance for settlement, those High-value Payment Orders remaining in the settlement queue will be automatically canceled. Members and member units shall perform inquiry services to check the status of these payment orders.

2. For Foreign Currency Payment Orders:

a) Members shall proactively increase the balance of their settlement accounts from their own sources of capital or members (except the State Treasury) shall borrow from each other according to the State Bank's regulations on lending and borrowing activities; buying and selling of securities with terms between credit organizations and foreign bank branches;

b) By the time the acceptance of Foreign Currency Payment Orders is stopped, if the corresponding currency settlement account still does not have sufficient balance for settlement, those Foreign Currency Payment Orders remaining in the settlement queue will be automatically canceled. Members and member units shall perform inquiry services to check the status of these payment orders.

3. For the results of Low-value Settlements:

a) Members (except the State Treasury) shall overdraft within the limit granted by the State Bank regarding overdrafts and overnight lending in interbank electronic payments to settle the results of Low-value Settlements;

b) Members shall proactively increase the balance of their settlement accounts from their own sources of capital or members (except the State Treasury) shall increase the balance of their settlement accounts through transactions in the money market or mutual borrowing in the interbank market according to the State Bank's regulations on lending and borrowing activities; buying and selling of securities with terms between credit organizations and foreign bank branches;

c) In cases where a member is unable to pay net receivables at the time of stopping the acceptance of High-value Payment Orders, after deducting the margin deposit to establish the net debt limit from the member's margin account (if any) and still lacking sufficient balance for settlement, the member (except the State Treasury) shall issue a Bank Loan Shortfall Acknowledgment Form (Form TTLNH-28) to the State Bank (Trading Department) to implement the loan settlement solution with an interest rate equal to the overnight lending rate decided by the Governor of the State Bank for each period;

d) When notified by the Trading Department about the lack of balance in the State Treasury's settlement account opened at the Trading Department for settling Low-value Settlements, after deducting the margin deposit to establish the net debt limit from the State Treasury's margin account and still lacking sufficient balance for settlement, the State Treasury must immediately replenish the account balance on the same day to ensure the processing of settlement results. In cases where the State Treasury fails to replenish the funds in time on the same day, the State Treasury will be handled according to Point a Clause 4 Article 41 of this Circular.

4. For the net settlement results from another system processed according to Clause 2, 3 Article 25 of this Circular.

Article 28.Handling cases where members have overdue balances on settlement loan repayments

1. On the next working day following the occurrence of a settlement loan, the member shall repay the principal and interest of the loan to the State Bank. If the member has not fully repaid the outstanding loan (principal and interest) by the end of the next working day following the occurrence of the settlement loan, the State Bank (Trading Department) shall transfer the unpaid portion of the settlement loan to overdue debt; the interest rate for overdue principal, the interest rate for overdue interest, and the interest rate for overdue overnight interest shall be applied according to the State Bank's regulations on overdrafts and overnight lending in the TTLNH.

2. On the next working day following the occurrence of the overdue settlement loan, the State Bank (Trading Center) shall take measures to recover the overdue settlement loan debt (including the principal of the overdue settlement loan, interest on late payment of the settlement loan, overdue interest on the principal of the settlement loan, and interest on the interest of the late settlement loan) according to the principle of recovering the principal first and then the interest, and notify the member thereof. Specifically as follows:

a) Deduct from the member's domestic currency settlement account at the Trading Center to recover the overdue settlement loan debt;

b) Require the securities depository organization to transfer ownership of securities from the member to the State Bank to recover the debt. The handling of securities for the recovery of the overdue settlement loan debt shall be carried out in accordance with the regulations of the State Bank on overdraft and overnight lending in the TTLNH system;

c) In case the measures prescribed in Points a and b of this Clause still fail to fully recover the overdue settlement loan debt, the State Bank (Trading Center) shall share the remaining debt among the remaining settlement clearing members participating in the settlement session (excluding the National Treasury) and notify each member of the allocated amount. The amount to be shared by each remaining settlement clearing member is determined by the formula:

 

Where:

A: Total amount of the remaining overdue settlement loan debt to be shared among the members.

Bi: The average lower value amount that Member i must pay over the 20 working days prior to the occurrence of the settlement loan borrowing.

C: The total average lower value amount that the remaining settlement clearing members must pay over the 20 working days prior to the occurrence of the settlement loan borrowing.

n: The total number of members to share.

i: Has a value from 1 to n.

3. Procedure for sharing the remaining overdue settlement loan debt in the settlement clearing.

a) On the next working day following the Trading Center's notification of the allocated amount to each settlement clearing participant, the Trading Center shall deduct the allocated amount from the member's settlement account into the Trading Center's account;

b) In case the member's account does not have sufficient funds to make the deduction on time, the Trading Center shall report to the Governor of the State Bank for consideration to temporarily suspend the issuance of low-value payment orders to that member until the next working day after the member has deposited the allocated amount into the Trading Center's account. At the same time, the Trading Center will monitor the balance of the member's settlement account opened at the Trading Center and continue to deduct the outstanding allocated amount plus interest at the rate applicable to overdue overnight loans as stipulated by the State Bank's regulations on overdraft and overnight lending in the TTLNH system.

4. Refund of the shared remaining overdue settlement loan debt.

a) Within five working days from the date the Trading Center notifies the allocated amount of the remaining overdue settlement loan debt to each member, the member who lacks funds to repay the remaining overdue settlement loan debt must take all measures to refund the total shared amount (plus interest at the rate applicable to overdue overnight loans as stipulated by the State Bank's regulations on overdraft and overnight lending in the TTLNH system) into the Trading Center's account. If the Trading Center does not receive the full amount of the remaining overdue settlement loan debt within this period, it shall deduct the remaining amount from the member's settlement account opened at the Trading Center. If the deduction from the settlement account still does not cover the remaining amount, the matter shall be handled in accordance with current laws;

b) Upon receipt of the refunded shared amount under Point a of this Clause, based on the refunded amount and the percentage ratio between the shared amount of each member and the total shared amount, the Trading Center shall calculate the amount to be paid (including both principal and interest as determined under Point a of this Clause) and transfer it to each member who participated in the sharing.

5. In case a member who lacks funds to repay the remaining overdue settlement loan debt goes bankrupt, the State Bank shall be entitled to receive payment of the debts in accordance with the bankruptcy law and transfer the payments to the members who participated in the sharing in proportion to their allocation within the recovered debt amount.

Chapter VI

HANDLING ERRORS IN THE TTLNH SYSTEM

Article 29.Principles for Adjusting Errors in the TTLNH System

1. Ensuring consistency of data between the initiating unit, receiving unit, and the National Processing Center. Errors occurring where they arise must be corrected there until the end of the payment process. Arbitrary modification of data and adjustment of errors are strictly prohibited in the TTLNH system.

2. When an error is discovered, immediate corrective measures must be taken without causing delays in the payment process. Error adjustments must follow the correct accounting principles and methods for correcting errors.

3. Any unit or individual causing an error or violating the principles and methods for adjusting errors shall bear material responsibility for the faults caused to the relevant parties.

Article 30.Canceling and Refunding Payment Orders at Members and Subordinate Units

1. Principles

a) Payment orders may only be canceled in the following cases:

- Initiated at the initiating unit but not yet transferred, perform the cancellation operation;

- Transferred to the National Processing Center and currently in the queue for settlement for high-value payment orders and foreign currency payment orders; currently in the processing queue for low-value payment orders, in accordance with Point b of Clause 1, Article 33 of this Circular;

b) Payment orders may only be refunded in the following cases:

- A Payment Order Debit can only be refunded when the initiating unit has not yet credited the customer's account or has credited the customer's account but can recover it;

- A Payment Order Credit can only be refunded when the receiving unit has not yet credited the customer's account or has credited the customer's account but can recover it.

2. Documents for canceling and refunding Payment Orders:

a) Documents for canceling Payment Orders include:

- The Cancelation Order of a Payment Order Debit: has the value of a Payment Order Credit, issued by the initiating unit and sent to the receiving unit to cancel a mistaken Payment Order Debit (refund the entire amount);

- The Cancelation Order of a Payment Order Credit: issued by the initiating unit to cancel a Payment Order Credit that has been transferred but is still pending;

b) Documents for refunding Payment Orders include:

- Request for Refund of a Payment Order: issued by the initiating unit and sent to the receiving unit to request a refund of a mistaken Payment Order Credit and clearly state the reason as being due to the initiating unit's error or at the customer's request; serves as the basis for the receiving unit to issue a Payment Order Credit to refund money to the initiating unit based on having recovered the funds;

- Notification of Acceptance of Request for Refund of a Payment Order: issued by the receiving unit to accept the Request for Refund of a Payment Order Credit based on having recovered the funds;

- Notification of Rejection of Request for Refund of a Payment Order: issued by the receiving unit to reject the Request for Refund of a Payment Order Credit due to inability to recover funds from the customer.

3. Member units must handle the cancellation and refund of Payment Orders promptly as they would for high-value Payment Orders.

Article 31.Handling errors at the initiating unit arising from members or member units

1. Handling errors before transmitting the Payment Order

a) If an erroneous Payment Order is detected before the order approver signs the electronic signature to transmit it, the order approver and the order controller shall perform the action to revoke the Payment Order, and the order preparer shall correct the original document based on the proof;

b) If an erroneous Payment Order is detected after the order approver has signed the electronic signature, a cancellation record of the erroneous Payment Order must be established, specifying the order code, time, and date of revocation, and must have signatures of the order approver, the order controller, and the relevant order preparer. The record is kept in a separate file for preservation, then the order approver shall revoke the Payment Order and transfer it to the order preparer to correct the original document.

2. Handling errors discovered after transmitting the Payment Order

Upon discovering errors such as incorrect amounts (over or under), reversed debits and credits, the initiating unit must immediately verify information with the receiving unit to take timely measures. The initiating unit must establish a record according to regulations (Form TTLNH-23) to determine the cause, clearly assign individual responsibility, and implement handling:

a) In case of underpayment:

Based on the record, establish a supplementary Payment Order Credit for the underpaid amount and send it to the receiving unit. The payment content must clearly state "supplemental transfer according to Payment Order Debit (or Credit) number... dated... month... year... Amount transferred... " and subsequently record according to current legal provisions;

b) In case of overpayment:

- For an overpaid Payment Order Credit:

Based on the record, establish a Request for Refund of the overpaid Payment Order Credit amount, immediately send it to the receiving unit while establishing a Transfer Voucher, recording and monitoring according to current legal provisions. The reason in the Request for Refund of the Payment Order Credit must clearly state the error is due to the initiating unit of the Payment Order Credit.

In case of receiving a refund order from the receiving unit, the initiating unit must return the amount to the customer, and simultaneously record in the tracking book the resolution result.

In case the receiving unit rejects the Request for Refund of the overpaid Payment Order Credit due to inability to recover funds from the customer, the initiating unit must establish a Handling Committee according to current regulations to determine the responsibility and compensation level of the individual causing the error;

- For an overpaid Payment Order Debit:

Based on the record, establish a Cancelation Order of the Payment Order Debit, immediately send it to the receiving unit to cancel the overpaid amount on the Payment Order Debit, and simultaneously record according to current legal provisions.

In case the customer has already received the payment but the customer's account does not have sufficient balance to execute the Cancelation Order of the Payment Order Debit for the overpaid amount, the initiating unit records the amount in the accounts receivable account (individual causing the error) and must take all measures to recover the funds including cooperation with the receiving unit, local authorities, and law enforcement agencies such as police and courts, if recovery is not possible, the initiating unit establishes a Handling Committee according to current regulations to determine the responsibility and compensation level of the individual causing the error. When receiving notification of funds returned by the customer, process them and record according to current legal provisions;

c) In case of reversed debits and credits:

The initiating unit must establish a record, and simultaneously establish a Cancelation Order of the Payment Order Debit (for a reversed Payment Order Credit) or a Request for Refund of the Payment Order Credit (for a reversed Payment Order Debit) to cancel the entire reversed Payment Order, then establish a correct Payment Order and send it to the receiving unit, and simultaneously record according to current legal provisions.

In case of a reversed Payment Order Debit, upon receiving a Payment Order Credit from the receiving unit to return the incorrectly transferred amount, the initiating unit records according to current legal provisions.

Article 32.Handling errors at the receiving unit arising from members or member units

1. In cases where a Payment Order with technical errors or forgery is discovered before accounting entry, the receiving unit shall not be permitted to make an accounting entry but must cooperate with the initiating unit and the system operator to apply appropriate measures for handling.

2. Regarding Payment Orders with shortages:

Upon receipt of a supplementary Payment Order transferring the insufficient amount from the initiating unit, the receiving unit must carefully review and control both the erroneous Payment Order and the supplementary Payment Order before making an accounting entry.

3. Regarding Payment Orders with excesses:

a) Detected before payment to the customer:

If the receiving unit has not yet received the erroneous Payment Order with excess but has received the refund request from the initiating unit regarding the overpayment, the receiving unit must record the erroneous Payment Order in a tracking ledger to take timely action. Upon receipt of the erroneous Payment Order with excess, the receiving unit must verify and reconcile it with the refund request received; if correct, it shall be processed according to current laws.

- For an erroneous Credit Payment Order with excess: upon receipt of the refund request for the excess amount, issue a Credit Payment Order to refund the initiating unit the excess amount;

- For an erroneous Debit Payment Order with excess: monitor and process the cancellation of the erroneous Debit Payment Order for the excess amount of the initiating unit;

b) In case of a refund request from the initiating unit after payment to the customer, the receiving unit records the erroneous Payment Order in a tracking ledger and processes it accordingly:

- For an overpaid Payment Order Credit:

Upon receipt of a refund request for an erroneous Credit Payment Order for the excess amount transferred by the initiating unit, if the refund request for the Credit Payment Order is valid, the receiving unit shall handle it as follows:

+ If the customer's settlement account has sufficient balance: based on the refund request for the Credit Payment Order, the receiving unit proactively freezes/seizes the excess amount to issue a Credit Payment Order for refund without prior notice or consent from the account holder. Within one working day from the date of receipt of the refund request for the Credit Payment Order, the receiving unit must transfer back the excess amount to the initiating unit;

+ If the customer's settlement account does not have sufficient balance to seize, the receiving unit records the unexecuted refund request for the Credit Payment Order in the tracking ledger, implements freezing and requests the customer to deposit money into the account to execute this refund request. When the customer deposits enough money or the account has sufficient balance to refund, the accountant records the unexecuted refund request for the Credit Payment Order in the tracking ledger, issues a Credit Payment Order to send to the initiating unit;

+ If the customer is unable to pay or the customer is an unknown transient, the receiving unit must coordinate with the initiating unit, local authorities, and law enforcement agencies such as police and courts, etc., to recover the funds. After applying all recovery measures without success or insufficient recovery, the receiving unit may refuse the refund request for the Credit Payment Order; issue a notification refusing the refund request for the Credit Payment Order, clearly stating the reasons for refusal; return the recovered amount to the initiating unit (if any); and simultaneously record the unexecuted refund request for the Credit Payment Order in the tracking ledger.

4. Adjusting other errors

For Payment Orders with incorrect voucher symbols, transaction type symbols, currency types, or service units that are not the receiving unit and not indirect members of the receiving unit, they shall be handled as follows:

a) For Credit (or Debit) Payment Orders received but not yet accounted for, they shall be recorded in the payable (receivable) account and then a Payment Order shall be issued to refund the initiating unit. The receiving unit is strictly prohibited from transferring funds further;

b) For executed Payment Orders, the receiving unit shall handle them similarly as stated in Point b Clause 3 of this Article.

Article 33.Canceling and Refunding Payment Orders at Customer Request

1. Handling at the Initiating Unit:

Upon receiving a request to cancel a Credit Payment Order or a Debit Payment Order from the customer, the initiating unit must check the validity of these documents and reconcile them with the canceled Payment Order. If invalid, return them to the customer and provide full reasons; if valid, handle as follows:

a) For Payment Orders not yet executed or sent: cancel the Payment Order according to Article 30 of this Circular, the initiating unit sends the customer a notification accepting the cancellation of the Payment Order and will not execute it;

b) For high-value Payment Orders, foreign currency Payment Orders, executed and sent Debit Payment Orders still pending settlement (due to insufficient corresponding currency account balance) or low-value executed and sent Payment Orders still pending processing at the National Processing Center, handle the cancellation of Payment Orders as follows:

- For requests to cancel Credit Payment Orders:

+ Based on the valid cancellation request from the customer, the issuer supplements necessary elements and issues a cancellation order according to regulations (Form TTLNH-05), signing their electronic signature on the cancellation order;

+ The approver must recheck the elements of the newly issued cancellation order against the customer's cancellation request to ensure accuracy and match correctly. If correct, the approver signs their electronic signature on the cancellation order and sends it out.

The National Processing Center sends the initiating unit a notification of the result of the cancellation request execution. The initiating unit checks the information on the notification; if the cancellation is successful, process according to current laws. If the cancellation is unsuccessful (because the Payment Order is no longer in the queue), the initiating unit handles it according to the refund request procedure as directed in Point c Clause 1 of this Article;

- For the cancellation of Debit Payment Orders: handle according to Point a Clause 2 of Article 30 of this Circular;

c) If the Payment Order has been processed and sent out, the National Processing Center has recorded it, the initiating unit shall create a Request for Refund of the Payment Order and proceed with:

- For the Request for Refund of the Payment Order:

+ Based on a valid customer cancellation request, the person creating the order supplements the necessary elements of the Request for Refund according to the prescribed format (Form TTLNH-06) and signs their electronic signature on the Request for Refund. The content of the reason in the electronic message of the Request for Refund of the Payment Order must clearly state that the error is due to the customer.

+ The order approver must recheck the elements of the newly created Request for Refund against the customer's cancellation request to ensure accuracy and match correctly. If correct, the order approver signs their electronic signature on the Request for Refund and sends it to the receiving unit.

+ Upon receiving the full amount (of the canceled Payment Order) refunded by the receiving unit, the initiating unit shall proceed with the procedures to refund the money to the customer.

- For the Cancellation Order of the Payment Order:

Based on the successful cancellation order, the initiating unit shall carry out the procedure to deduct from the customer's account the amount previously credited to transfer to the receiving unit.

2. Processing at the receiving unit:

Upon receipt of the Request for Refund (for the Payment Order), or the Cancellation Order (for the Payment Order Debit) from the initiating unit, the receiving unit must check the validity of the Request for Refund (or the Cancellation Order) and compare the Request for Refund (or the Cancellation Order) with the received Payment Order and process according to the refund procedure.

a) If a mistake is found in the Request for Refund, the receiving unit shall issue a Notice of Refusal to Process the Request for Refund of the Payment Order according to the prescribed format (Form TTLNH-07) detailing the reasons for refusal and send it back to the initiating unit; if there is a mistake in the Cancellation Order, the receiving unit shall handle it as with the Payment Order Credit that was erroneous.

b) If the Request for Refund (or the Cancellation Order) is valid, it shall be handled as follows:

- If the Payment Order Credit has not yet been executed at the receiving unit: the receiving unit immediately sends a Notice of Acceptance of the Request for Refund to the initiating unit and creates a Payment Order Credit to refund the initiating unit.

- If the Payment Order has already been executed at the receiving unit:

+ For the Request for Refund of the Payment Order Credit:

The receiving unit must immediately send the Request for Refund to the customer to notify them. Only in the case where the customer agrees in writing or submits cash or establishes a payment document to transfer funds from their own account can the receiving unit be permitted to notify the initiating unit of the acceptance of the Request for Refund. Subsequently, the receiving unit shall establish a Payment Order Credit to refund the initiating unit.

For the Request for Refund that does not receive the customer's approval to transfer funds as stipulated above, the receiving unit shall issue a Notice of Refusal of the Request for Refund detailing the reasons and send it back to the initiating unit.

+ For the Cancellation Order of the Payment Order Debit: based on the Cancellation Order of the Payment Order Debit, the receiving unit sends a Notice of Acceptance of the Cancellation Order to inform the customer.

Article 34.Examination and response to examination In cases where some factors on the Payment Order are found to be inaccurate (excluding the factors: Bank Code, Credit/Debit nature, execution date, amount, currency type, payment type, document code, transaction type code, service unit is not the receiving unit and is not an indirect member of the receiving unit), the following handling procedures apply:

1. The initiating unit must establish an examination report according to the prescribed format (Form TTLNH-08) to correct the information or the receiving unit must establish an examination report to request the initiating unit to correct the information.

2. The procedure for processing examination electronic messages includes:

a) Creating an electronic message

- The order creator enters the data;

- The order approver conducts control and signs the electronic signature;

- Send the electronic message to the National Processing Center; print the content of the electronic message and both parties sign on the printed copy;

b) Receiving the electronic message

- The order approver checks the electronic signature;

- The order creator and the order approver sign on the printed copy.

3. In the absence of other legal provisions, when the initiating unit receives an examination request from the receiving unit, within one working day from the time of receipt of the examination request, the initiating unit must have the responsibility to respond to the examination request (established according to the prescribed form TTLNH-09). After four working days from the date of sending the examination request, if the receiving unit does not receive a response to the examination request, it shall proceed to refund the Payment Order Credit containing the examination request information.

4. Storage of examination documents and responses to examinations.

Examination documents and responses to examinations with complete signatures are kept together with the original Payment Order and serve as the basis for settlement with customers.

Handling technical errors in the TTLNH System

Article 35.1. Common errors

a) In cases where errors occur in hardware, software, database, electronic signature, communication channels, transactions cannot be completed due to terminal device errors, the error status is reported as follows:

- Errors occurring at members and sub-units: within a 30-minute period without resolving the issue, report and send a technical incident record in the TTLNH System according to the prescribed format (Form TTLNH-22) to the system operation unit;

- Errors occurring at the National Processing Center: within a two-hour period without resolving the issue, report throughout the system;

- Errors occurring at the State Bank branch in provinces and cities: within a 30-minute period without resolving the issue, report to the system operation unit;

b) Method of reporting: through computer networks, email systems, fax, or telephone;

c) Members and sub-units must have the responsibility to report and promptly address errors occurring within their management scope; at the same time, cooperate in addressing other errors arising in the TTLNH System when requested;

d) The system operation unit guides and implements the handling of issues according to the technical fault resolution procedure of the TTLNH System.

2. Handling cases where orders are not sent or received due to technical faults or transmission issues.

a) For outgoing Payment Orders:

a) With respect to the Payment Order:

- When the Payment Order has been sent but receives a waiting for response status from the processing center due to technical issues, members and member units must act as follows:

+ Verify information or coordinate with the system operation unit to update the current status of the Payment Order in the TTLNH System accurately;

+ For Payment Orders that have an unsuccessful status after verification, handle as follows:

Resend the Payment Order with an unsuccessful status to complete the fund transfer.

After resending, if the Payment Order still cannot be completed, the member or member unit shall issue a cancellation order (in queue) for the Payment Order. Based on the successful cancellation result sent back by the TTLNH System, the issuer and the approver shall sign and store this result on paper. After successfully canceling and completing all necessary procedures, the member or member unit may issue another Payment Order with new journal entries to replace the previously canceled Payment Order or refund the money to the customer.

In case the resubmitted Payment Order remains unsuccessful and cannot be canceled, the member or member unit shall prepare a record noting the incident. Based on the end-of-day dispatch order reconciliation results and the coordination handling results between the member or member unit and the National Processing Center, the member or member unit may retain the existing journal entries, refund the money, or issue a new Payment Order for the customer;

- Due to technical issues, the end-of-day dispatch order reconciliation table may not balance, the member or member unit must verify information with the National Processing Center to update the status of the outstanding orders, then prepare a confirmation record of the current status. The final result of the end-of-day dispatch order reconciliation is based on the latest status of the Payment Orders and the coordination handling results between the member or member unit and the National Processing Center;

b) For incoming Payment Orders:

In case of technical issues due to inability to decode or receive the incoming Payment Order data file, members and member units shall request the system operation unit to change the file status and continue receiving, decoding, and rechecking;

c) In case of technical issues with outgoing or incoming Payment Orders, members and member units must carefully monitor and reconcile to avoid multiple transmissions (for outgoing Payment Orders) or over-accounting (for incoming Payment Orders);

d) Connection failure with the TTLNH System or the State Bank branch in provinces/cities:

In case of computer or data transmission failures, if members and member units cannot connect to the TTLNH System to receive confirmations, reconciliation results, and other information, they must report the incident to the system operation unit through alternative means (email, fax, phone, etc.). For incomplete Payment Orders, members and member units shall only process payments to customers once the issue is resolved and there is confirmation of the final status of the Payment Order.

3. Within two hours from when the National Processing Center experiences an issue preventing normal operation, the Information Technology Department shall review and decide to switch operations to the backup National Processing Center. The return to the National Processing Center will be carried out after the issue is resolved.

4. Force majeure error

A force majeure error is an error arising from events beyond the control of the TTLNH System manager or operator, which could not be anticipated and causes the TTLNH System to stop operating for more than two hours. After technical measures fail to resolve the issue, it shall be handled as follows:

a) The Information Technology Department reports the force majeure error situation to the Governor of the State Bank;

b) The Governor of the State Bank reviews and decides on the resolution method;

c) Notify TTLNH System members through one of the following channels: network, email, fax, or telephone.

Chapter VII

REPORTING AND HANDLING REPORTS

Article 36.Daily report at the Trading Office

1. Prepare the daily fund transfer report of the TTLNH System

After completing the daily fund transfer reconciliation, the Trading Office shall create (generate) the daily payment report of the entire TTLNH System in electronic form, including the following types:

a) Member unit transaction summary (Form TTLNH-10);

b) Member transaction summary (Form TTLNH-11);

c) Fund transfer balance sheet (Form TTLNH-12);

d) Accounting result sheet (Form TTLNH-13);

đ) Summary of actualization results (Form TTLNH-14);

e) Summary of accounting results (Form TTLNH-15);

g) High-value TTLNH summary (Form TTLNH-24).

2. Handling reports

a) The Trading Office's payment controller must recheck the daily fund transfer report (including both electronic and paper documents) and verify the balances according to regulations to ensure the accuracy and consistency of the report preparation phase and the figures shown on the forms;

b) The daily report of the entire TTLNH System is stored after being checked and reconciled completely according to regulations, the payment controller signs the report. The handling of storing the daily fund transfer report of the entire TTLNH System is as follows:

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

- Electronic documents: the daily fund transfer report of the entire TTLNH System is stored according to regulations for electronic documents.

Article 37.Preparing and handling reports at member and member unit participants in the TTLNH System

1. For member units:

a) Outgoing fund transfer report (Form TTLNH-16);

b) Incoming fund transfer report (Form TTLNH-17);

c) Outgoing fund transfer reconciliation (Form TTLNH-18);

d) Incoming fund transfer reconciliation (Form TTLNH-19);

đ) Member unit payment result sheet (Form TTLNH-20).

2. Handling reports

a) Control:

- The Debit (Credit) amount on Form TTLNH-16 must match the Debit (Credit) amount on Form TTLNH-18;

- The Debit (Credit) amount on Form TTLNH-17 must match the Debit (Credit) amount on Form TTLNH-19;

The discrepancy between the results of the comparison on Form TTLNH-18 and Form TTLNH-19 must be zero;

b) Handling erroneous reports:

If there are errors, the member unit must contact the system operator to coordinate in handling them.

3. Preparing reports at members:

a) Outgoing fund transfer report (Form TTLNH-16);

b) Incoming fund transfer report (Form TTLNH-17);

c) Outgoing fund transfer reconciliation (Form TTLNH-18);

d) Incoming fund transfer reconciliation (Form TTLNH-19);

đ) Member unit's settlement result table (Form TTLNH-20);

e) Member's settlement result table (Form TTLNH-21).

4. Daily electronic fund transfer report of both members and member units after being used for reconciliation and report consolidation must be stored in accordance with current regulations.

Article 38.Monthly Report

For other reporting forms not specified in Article 36 and Article 37 of this Circular, entities shall implement reporting in accordance with the current information reporting regime of the State Bank of Vietnam.

Chapter VIII

PARTICIPATION, USE OF SERVICES AND WITHDRAWAL FROM THE TTLNH SYSTEM

Article 39.Participation in the TTLNH System

1. Participating in the TTLNH System.

a) When banks, foreign bank branches, and the Central Treasury have a need to participate in the TTLNH System, they must submit a registration form for participation according to Form TTLNH-01 to the State Bank of Vietnam (the system operator) via the internet;

b) When registering for member units or indirect participants to join the TTLNH System, banks, foreign bank branches, and the Central Treasury must submit a registration form for participation according to Form TTLNH-03 to the State Bank of Vietnam (the system operator) via the internet.

2. The system operator shall post changes regarding members, member units, and indirect participants joining the TTLNH System on the State Bank of Vietnam’s website.

Article 40.Requirements for using services on the TTLNH System

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

a) Must have a domestic currency account opened at the Trading Center when participating in the use of TTLNH System services;

b) In cases of participating in foreign currency settlements, must have a corresponding foreign currency account opened at the Trading Center;

c) Human resource requirements:

- Have at least two operators certified or confirmed by the State Bank to have participated in training on business processing procedures and system operation procedures of the TTLNH System;

- For staff responsible for or authorized to transmit and receive payment data, approve Payment Orders, must have electronic signatures issued by the State Bank in accordance with the Circular on the management and use of digital signatures, digital certificates, and digital signature certification services of the State Bank;

d) Technical requirements:

- Have primary and backup systems for software and databases;

- Have at least one primary and one backup connection route provided by two different service providers connecting to the TTLNH System;

- Must have at least two successfully activated digital signatures (one communication signature and one approval signature).

2. For member units under the State Bank of Vietnam, they must comply with the provisions set out in Point c and Point d, Clause 1 of this Article.

3. To use services on the TTLNH System, member units of the TTLNH System must meet the following requirements:

a) Conditions stipulated in Point c, Clause 1 of this Article;

b) Technical requirements:

- Have primary and backup systems for software and databases;

- Must have at least one connection to the TTLNH System;

- Have at least two successfully activated electronic signatures (one communication signature and one approval signature);

c) Have been registered by the member to use services according to Form TTLNH-03.

4. Before using services on the TTLNH System, member units under the State Bank of Vietnam, banks, foreign bank branches, and the Central Treasury must send the following documents to the system operator via the internet:

- A letter (except for units under the State Bank of Vietnam) about collateral, pledge securities or cash deposit to establish net debit limit in TTLNH, confirmed by the Trading Center, in case of registering for low-value payment order service;

- An authorization agreement or prior agreement meeting the requirements stipulated in Clause 3, Article 5 of this Circular regarding inter-member debt settlement in case of registering for debt payment order service;

- A supplementary service registration form for members and member units according to Form TTLNH-26 in case of additional service usage.

The system operator shall post changes in service usage information of members and member units on the State Bank of Vietnam’s website.

Article 41.Suspension or Temporary Suspension of Payment Order Service on the TTLNH System

1. When there is a need to stop one or more payment order services, banks, foreign bank branches, and the Central Treasury must submit a registration form to stop payment order services according to Form TTLNH-27 to the system operator via the internet.

2. The Governor of the State Bank of Vietnam will consider and decide to temporarily suspend certain payment services on the TTLNH System of members and member units if they fail to maintain the human resources and technical requirements stipulated in Point c and Point d, Clause 1 of Article 40 of this Circular; member units fail to maintain the human resources and technical requirements stipulated in Point a and Point b, Clause 3 of Article 40 of this Circular until members meet the requirements stipulated in Point c and Point d, Clause 1 of Article 40 of this Circular and member units meet the requirements stipulated in Point a and Point b, Clause 3 of Article 40 of this Circular.

3. The Governor of the State Bank of Vietnam decides to temporarily suspend the low-value payment order service of members and member units in the following cases:

a) If there are more than four interruptions in one month, the payment order service will be suspended for five working days from the date of violation;

b) If there are more than eleven interruptions in one quarter, the payment order service will be suspended for ten working days from the date of violation;

c) If there are more than nineteen interruptions in one year, the payment order service will be suspended for one month from the date of violation.

4. The Governor of the State Bank of Vietnam decides to temporarily suspend the low-value payment order service of members and member units in the following cases:

a) If the Central Treasury does not have sufficient balance to settle the offset results as stipulated in Point d, Clause 3, Article 27 of this Circular, the system operator shall report to the Governor of the State Bank of Vietnam to consider suspending the low-value payment order service of the Central Treasury until the outstanding settlement amount is paid;

b) If a member does not have sufficient balance to settle the offset results and has been reported by the Trading Center as having insufficient capital for two or more times in one month, the system operator shall report to the Governor of the State Bank of Vietnam to consider suspending the low-value payment order service of the member for one month.

c) In accordance with the provisions of Point b Clause 3 Article 28 of this Circular;

d) A member causing a shortage of funds to repay overdue settlement loans leading to other members having to share, the Trading Center shall report to the Governor of the State Bank for consideration to temporarily suspend the low-value Payment Order service of that member. The suspension period is six months from the date the Governor of the State Bank notifies all members and affiliated units in writing.

5. In the case where a member or affiliated unit is placed under special supervision to ensure the safety of operations in the TTLNH System, the Governor of the State Bank shall consider and decide to temporarily suspend certain payment services on the TTLNH System of that member or affiliated unit.

6. When there are changes regarding the cessation or temporary suspension of the use of services in the TTLNH System by members or affiliated units, the system operator shall post such information on the State Bank's website.

Article 42.Termination of Membership Status in the TTLNH System

Members, affiliated units, and indirect members terminate their membership status when:

1. A member fulfills its debt obligations arising from participation in the TTLNH System, pays annual fees and transaction fees (if applicable), and submits a withdrawal notice (Form TTLNH-02) to the State Bank (the system operator) via the computer network.

2. A member's membership status is automatically terminated if the member is dissolved, declared bankrupt, merged, or consolidated.

3. When the member's domestic currency account at the Trading Center is closed.

4. The system operator shall post on the State Bank's website when a member, affiliated unit, or indirect member terminates their membership status in the TTLNH System.

Chapter IX

RIGHTS AND RESPONSIBILITIES OF THE UNITS

Article 43.Rights and responsibilities of members and affiliated units

1. Members and affiliated units have the following rights:

a) To use payment services permitted by the TTLNH System;

b) To request the National Processing Center to confirm receipt of Payment Orders sent by them and provide related information on the execution of those Payment Orders;

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

d) Affiliated units inherit the right to perform high-value payment services of the member they belong to.

2. Members and affiliated units have the following responsibilities:

a) Members manage settlement activities and net debit limits within their jurisdiction in the TTLNH System;

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

- Amounts due (to be paid) credited to the member's settlement account;

- Amounts due (to be paid) for each affiliated unit, through which the member accounts and settles payments on behalf of affiliated units;

- Details of each outgoing and incoming Payment Order of all affiliated units in the TTLNH System;

c) Members must notify and direct affiliated units under their jurisdiction to comply with relevant regulations and directives issued by the State Bank concerning the TTLNH System;

d) To comply with regulations regarding the issuance and transmission of Payment Orders through the TTLNH System and bear responsibility for the accuracy of the data and related contents of those Payment Orders;

e) To cooperate with the system operator, other members, and affiliated units to address errors occurring during the operation of the TTLNH System and switch to the backup system;

f) If a unit initiating a Payment Order violates regulations on the issuance and transmission of Payment Orders or provides incorrect data or content on Payment Orders, resulting in delayed payments, loss of funds, and other material losses, that unit shall be responsible for the damages caused by its fault;

g) To implement fee regulations and fee management in the TTLNH System as stipulated in Article 7 of this Circular;

h) Not to disclose or provide information obtained through the TTLNH System to unrelated parties unless required by authorized agencies according to the law;

i) Members must share the overdue settlement loan balances of other members;

j) Members must maintain sufficient balance in their settlement accounts to ensure the execution of Payment Orders and settlement transactions through the TTLNH System;

k) Upon termination of membership status, members and affiliated units must follow procedures to recover digital certificates (if any) used in the TTLNH System according to the Circular on the management and use of digital signatures and digital certificates and digital signature certification services of the State Bank;

l) To ensure and maintain technical infrastructure and resources as specified in Point c, d Clause 1 and Point a, b Clause 3 Article 40 of this Circular;

m) To register email addresses for exchanging information related to the TTLNH System as prescribed in this Circular;

n) To strictly adhere to the timeframes for applying regulations in the TTLNH System to ensure smooth, accurate, timely, and secure payments;

o) Members must continuously monitor their current net debit limit to maintain it at an appropriate level;

p) When disputes arise with customers, the parties involved must exchange data with each other and report the situation to competent authorities as prescribed by law for resolution.

Article 44.Management Board of the TTLNH System

1. The Management Board of the TTLNH System is established by the decision of the Governor of the State Bank, consisting of: The Chairman being a Deputy Governor of the State Bank, members including representatives from the Department of Information Technology, the Payment Department, the Trading Center, and leaders of some other units.

2. The Management Board of the TTLNH System has the following tasks:

a) To advise the Governor of the State Bank on strategies and plans for developing the TTLNH System;

b) Advise the Governor of the State Bank to establish and manage a comprehensive risk management framework for the Large Value Payment System (LVPS);

c) Advise the Governor of the State Bank on other foreign currencies to be used in the LVPS as stipulated in Clause 1, Article 1 of this Circular;

d) Advise the Governor of the State Bank to decide on the contents prescribed in Clause 2, 3 of Article 9; Clause 2 of Article 10; Point a, b of Clause 3 of Article 21; Point b of Clause 3 of Article 28; Point b of Clause 4 of Article 35 and Clauses 2, 3, 4, 5 of Article 41 of this Circular;

đ) The Management Board of the LVPS shall perform other tasks related to the management and operation of the LVPS as provided in the operational regulations decided by the Governor of the State Bank;

Article 45.Science and Technology in Report No. Transaction

1. Connect with the National Processing Center to carry out high-value payment procedures, foreign currency payments, and low-value payments among members;

2. Monitor and manage settlement accounts;

a) Monitor and manage the balance of settlement accounts of members:

- Every day, at the start of business hours, the Trading Department determines the balance of settlement accounts of members to implement payment activities of units on that day;

- Process inter-account fund transfers of member units when member units have capital replenishment needs;

- Update information on the status of settlement accounts;

- Control and reconcile accounting records of inter-unit fund transfers within the State Bank;

- Summarize daily and monthly accounting records of inter-unit fund transfers within the State Bank;

b) Through the National Processing Center, the Trading Department provides immediate and anytime access to members for the following information in electronic form:

- Balance of settlement accounts and overdraft limits;

- Status of settlement requests;

- Status of settlement requests pending processing in the queue;

- Status of canceled settlement requests;

- Net debt limit;

3. Manage settlement reconciliation;

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

b) Monitor, calculate, and maintain limits for non-limit payment transactions;

c) Handle transactions related to collateral securities and cash collateral;

d) Monitor and report on the status of settlement reconciliation as provided for in Article 24 of this Circular;

4. Develop and issue procedures for foreign currency payments and government bond settlements;

5. Confirm the completion of debt obligations arising from payment debts (if any) in participating in the LVPS, annual fees, and payment fees of members and sub-members when members request withdrawal from the LVPS;

6. Perform the functions of a member of the LVPS and comply fully with all regulations applicable to LVPS members;

Article 46.Accounting Appendix Accounting

Manage the accounting of inter-unit fund transfers through the LVPS of State Bank units, and annual settlement of inter-unit fund transfers according to regulations;

Article 47.Accounting 3. State management in the field of forensic appraisal; 按照法律规定和国防部的要求进行；

1. Be responsible for payment operations for the LVPS;

2. Develop and issue regulations on monitoring the LVPS to ensure its stable, safe, and effective operation;

3. Conduct monitoring of LVPS operations, access to stored electronic data of the LVPS, through channels of information exchange with the operating unit and system members to continuously monitor and evaluate daily LVPS operations under normal conditions. Require the LVPS operating unit to report changes in the LVPS and any incidents;

Article 48.Information Technology Department

1. Carry out the duties of the LVPS operating unit as specified in this Circular;

2. Directly manage and be responsible for the technical infrastructure of the LVPS;

3. Research, develop, and propose technical solutions to meet the development and expansion needs of the LVPS;

4. Regularly maintain the system to ensure safe and continuous operation;

5. Advise the Governor of the State Bank to promulgate the State Bank's data standards for use in the LVPS;

Article 49.LVPS Operating Unit

1. Directly operate the LVPS;

2. Serve as the point of contact for receiving, processing, and guiding implementation of the provisions of Articles 39, 40, 41, and 42 of this Circular;

3. Adhere to regulations and supervisory recommendations of the State Bank (Payment Department), while issuing and implementing internal regulations on operational risk control to ensure continuous LVPS operation;

4. Report monthly to the LVPS Management Board and send to the Payment Department on the operational status and duration of the LVPS according to the statistical reporting system of the State Bank;

Article 50.Provincial and Municipal Branches of the State Bank

1. Request the National Processing Center to confirm receipt of payment orders sent by themselves and related information;

2. Coordinate to organize connections for members and sub-members in their jurisdiction to participate in the LVPS;

3. Ensure technical conditions within their responsibility for smooth LVPS operation;

4. Cooperate with the LVPS operating unit, members, and sub-members to handle errors occurring during LVPS operation;

Chapter X

IMPLEMENTING PROVISIONS

Article 51.when violating management and operation of shall transfer 1. A railway project exceeding its service life is a project that has been in operation and use for a longer period than the service life specified in the project design documents.

1. The State Bank, banks, foreign bank branches, Central Treasury, and subordinate units of these entities which are members, sub-members, and indirect members of the LVPS before the effectiveness of this Circular continue to be members, sub-members, and indirect members of the LVPS and may continue to use services established on the LVPS;

2. Members, sub-members, and indirect members of the LVPS before the effectiveness of this Circular who do not fall under the category prescribed in Clause 1 of this Article cease to be members, sub-members, and indirect members from the date this Circular takes effect;

Article 52.Effective in force 1. This Circular takes effect from February 15, 2026; Circular No. 24/2013/TT-BKHCN dated September 30, 2013 of the Minister of Science and Technology on activities related to calibration, verification, testing of measuring instruments, and measurement standards shall cease to be effective from the date this Circular takes effect.

This Circular takes effect from January 15, 2018, and the following documents shall cease to be in force:

- Circular No. 23/2010/TT-NHNN dated November 9, 2010, issued by the Governor of the State Bank of Vietnam on the management, operation, and use of the Interbank Electronic Payment System;

- Circular No. 13/2013/TT-NHNN dated June 11, 2013, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 23/2010/TT-NHNN dated November 9, 2010, issued by the Governor of the State Bank of Vietnam on the management, operation, and use of the Interbank Electronic Payment System;

- Article 6 of Circular No. 23/2011/TT-NHNN dated August 31, 2011, issued by the Governor of the State Bank of Vietnam on implementing plans to simplify administrative procedures in payment activities and other fields according to the Government's Resolution on simplifying administrative procedures within its functional scope of management.

Article 53.Credit organizations on LIMITATION area

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