Circular No. 43/2015/TT-NHNN on the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank

CIRCULAR

Regulations on the organization and operation of postal transaction offices under

Vietnam Post Joint Stock Commercial Bank

Pursuant to the Law on the State Bank of Vietnam No.No.46/2010/QH12 dated November 16,June 2024;art. 6 year 2010;

Pursuant to the Law specialized agency under the People's Committee of the province/city.on credit organizations No. 47/2010/QH12 dated November 16,June 2024;art. 6 year 2010;

Pursuant to the Enterprise LawNo.68/2014/QH13 dated November 26 ENVIRONMENTJune 2024;202014;

Pursuant to DecreeNo. 156/2013/NĐ-CP dated 11 the 11 Pursuant to Decree No. 32/2019/NĐ-CP dated April 10, 2019 of the Government on assigning tasks, procurement or tendering for the supply of products and services using state budget from regular operating expenses;13 the proposal of the General Staff ChiefonThe Director of the Office, Heads of Payment Department, Heads of units under the State Bank of Vietnam; credit institutions, foreign bank branches, payment switching organizations, electronic transaction settlement organizations are responsible for implementing this Circular.of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home AffairsThis Circular takes effect from February 16, 2021, except for the provisions of Clause 2 of this Article.

Implementing the guidance of the Prime Minister in Circular No. 7902/VPCP-KTTH dated October 9, 2014 on the postal transaction office model;

At the proposal of the Office of the Ministry of Public Security;June 2024;of the Banking Inspection and Supervision Department;

Governor of the State Bank of Vietnam issues this Circular on the organization and operation of postal transaction offices underthe cooperative Vietnam Post Joint Stock Commercial Bank.

This Circular stipulates the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank.

Article 2. Applicability

1. Vietnam Post Joint Stock Commercial Bank.

2. Organizations and individuals related to the organization and operation of postal transaction offices under Vietnam Post Joint Stock Commercial Bank.

Article 3. Explanation of Terms

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

1. The agreements signed are the Capital Contribution Contracts and Framework Agreements on business cooperation between Vietnam Post Joint Stock Commercial Bank and Vietnam Post Corporation.

2. A postal transaction office is a subsidiary of Vietnam Post Joint Stock Commercial Bank, managed by a branch within the country of Vietnam Post Joint Stock Commercial Bank, performing limited banking services as prescribed in this Circular, maintaining accounting records, having its own seal, located at post offices or rural cultural postal service points within the network system of Vietnam Post Corporation in the territory of Vietnam according to the agreements signed between Vietnam Post Joint Stock Commercial Bank and Vietnam Post Corporation.

3. The managing branch of the postal transaction office is a branch of Vietnam Post Joint Stock Commercial Bank in the province or city where Vietnam Post Joint Stock Commercial Bank has a branch or Savings Postal Branch in the province or city where Vietnam Post Joint Stock Commercial Bank does not have a branch.

4. Transaction office is a subsidiary of Vietnam Post Joint Stock Commercial Bank, including:

a) Transaction offices established and operated in accordance with the regulations on the network activities of commercial banks;

5. Savings Postal Branch is a branch within the network activities of Vietnam Post Joint Stock Commercial Bank, established to take over the existing Postal Savings Service Company as directed by the Prime Minister in Circular No. 244/TTg-ĐMDN dated February 21, 2011.

6. Limited banking services are the business operations of postal transaction offices as prescribed in Clause 2, Article 7 of this Circular.

1. In accordance with the provisions of this Circular and in line with the monetary policy objectives for each period, the Governor of the State Bank has the authority to approve or disapprove Vietnam Post Joint Stock Commercial Bank's upgrade of postal transaction offices to transaction offices in accordance with the regulations on the network activities of commercial banks.

2. In accordance with the provisions of this Circular and in line with the monetary policy objectives for each period, the Governor of the State Bank delegates to the Director of the Banking Inspection and Supervision Department (in cases where the postal transaction office is located in a province or city with a Banking Inspection and Supervision Bureau) or the Governor of the State Bank branch (in cases where the postal transaction office is located in a province or city without a Banking Inspection and Supervision Bureau):

a) Approve or disapprove the cessation of operations of postal banking transaction offices within their jurisdiction (in cases where such cessation is voluntary);

b) Confirm that Viettel Commercial Joint Stock Bank meets the conditions to commence operations of postal banking transaction offices within their jurisdiction;

c) Confirm that postal banking transaction offices meet the conditions to operate at new locations when changing location within their jurisdiction;

d) Compel the termination of operations of postal transaction offices in the area.

3. In certain specific cases, to serve economic, social, political development and monetary policy management in each period, the Governor of the State Bank decides the number of postal transaction offices upgraded to transaction offices of Vietnam Post Joint Stock Commercial Bank that differs from the provisions of this Circular.

Article 5. Authority of the Board of Directors of Vietnam Post Joint Stock Commercial Bank

In accordance with the provisions of this Circular and in line with the development orientation of the bank, the Board of Directors of Vietnam Post Joint Stock Commercial Bank has the authority to decide on:

2. Changes to the name and location of postal transaction offices.

3. Changes to the branch managing the postal transaction office within its jurisdiction.

1. Vietnam Post Joint Stock Commercial Bank shall prepare documents in Vietnamese. Translations from foreign languages into Vietnamese must be notarized or certified by the competent authority according to the law. In cases where the documents are copies that are not certified true copies issued from original records, the originals must be presented for comparison, the person conducting the comparison must sign to confirm the copy and bear responsibility for the accuracy of the copy compared to the original.

2. Documents of Vietnam Post Joint Stock Commercial Bank sent to the State Bank of Vietnam as stipulated in this Circular must be signed by the legal representative or a person authorized by the legal representative of Vietnam Post Joint Stock Commercial Bank. An authorization letter must be in writing and comply with the provisions of the law when the legal representative authorizes another person.

2. Postal transaction offices may perform the following transactions:

a) Accepting savings deposits;

b) Opening current accounts for individuals;

c) Providing blank checks; withdrawing cash from current accounts; performing domestic agency payment services within the account balance for individual customers who have opened accounts at postal transaction offices;

d) Performing domestic collection services;

đ) Cash transfer services; foreign currency payments and exchanges;

e) Insurance brokerage activities in accordance with the License for Establishment and Operation of Vietnam Post Joint Stock Commercial Bank and current laws.

The commencement of operations of postal transaction offices must meet the following conditions:

b) They must have participated in related business training courses organized by Vietnam Post Joint Stock Commercial Bank (except for staff who have graduated from a college level or higher in finance or banking);

c) For personnel holding the position of supervisor (or equivalent), they must have graduated from a college level or higher in economics, finance, or banking.

2. There must be an information technology system connected online with the headquarters and managing branches; ensuring continuous, secure, and confidential operation of the information technology system and database for business transactions in accordance with the State Bank of Vietnam's regulations and other relevant Vietnamese laws.

3. There must be internal management regulations for the postal transaction office system that meet the requirements related to security and confidentiality as stipulated by the law and Vietnam Post Joint Stock Commercial Bank.

4. Compliance with safety requirements for vaults, cash storage, valuable documents, fire prevention, and firefighting as stipulated by the law.

a) In the same district, city, provincial-level city; district, county, city under a centrally-administered city, if Vietnam Post Joint Stock Commercial Bank has a vault meeting the current standards, Vietnam Post Joint Stock Commercial Bank must be responsible for transporting the cash of postal transaction offices without vaults in accordance with the prescribed vault standards after the end of each working day's transactions;

b) In the same district, city, provincial-level city; district, county, city under a centrally-administered city, if Vietnam Post Joint Stock Commercial Bank does not have a vault meeting the current standards, Vietnam Post Joint Stock Commercial Bank must be responsible for transporting the cash of postal transaction offices without vaults after deducting the daily cash reserve limit from the end-of-day cash balance to the prescribed vault standards after the end of each working day's transactions. Vietnam Post Joint Stock Commercial Bank must establish regulations on daily cash reserve limits and measures to ensure the safety of end-of-day cash reserves at postal transaction offices, report to the State Bank of Vietnam (through the Banking Inspection and Supervision Department, State Bank of Vietnam branch where the postal transaction office is located) for supervision.

1. Documents requesting confirmation of eligibility to inaugurate postal transaction room operations:

a) A document from Vietnam Post Joint Stock Commercial Bank proposing confirmation of eligibility to inaugurate postal transaction room operations;

b) The Board of Directors' resolution of Vietnam Post Joint Stock Commercial Bank on establishing a postal transaction room.

2. Procedures and formalities for requesting confirmation of eligibility to inaugurate postal transaction room operations:

a) Based on the Board of Directors' decision regarding the establishment of a postal transaction room as stipulated in Article 5 of this Circular, Vietnam Post Joint Stock Commercial Bank shall submit the application documents for confirmation of eligibility to inaugurate postal transaction room operations to the State Bank of Vietnam (through the State Bank branch or the Banking Inspection and Supervision Department where Vietnam Post Joint Stock Commercial Bank plans to locate the postal transaction room);

b) Within five working days from the date of receipt of complete documents as prescribed in this Circular, the State Bank branch or the Banking Inspection and Supervision Department where Vietnam Post Joint Stock Commercial Bank plans to locate the postal transaction room shall be responsible for checking compliance with the conditions for inaugurating postal transaction room operations and issue a document confirming or not confirming compliance with the conditions for inaugurating postal transaction room operations to Vietnam Post Joint Stock Commercial Bank; if non-compliance is confirmed, the document sent to Vietnam Post Joint Stock Commercial Bank must clearly state the reasons.

3. After receiving the confirmation document from the State Bank as stipulated in Clause 2 of this Article, Vietnam Post Joint Stock Commercial Bank shall be responsible for completing the procedures to announce the establishment of a business location according to current regulations, and publicize information about the inauguration date on its website, at its headquarters, and at the branch managing the postal transaction room.

4. Within thirty days from the date of receipt of the confirmation document from the State Bank confirming compliance with the conditions for inaugurating postal transaction room operations as stipulated in Clause 2 of this Article, Vietnam Post Joint Stock Commercial Bank must inaugurate the postal transaction room operations and send a report to the Banking Inspection and Supervision Department and the State Bank branch where the postal transaction room is located. Beyond this period, the confirmation document from the Banking Inspection and Supervision Department and the State Bank branch will automatically become invalid.

Article 10. Procedures for changing the location of a postal transaction room

1. Vietnam Post Joint Stock Commercial Bank may only change the location of a postal transaction room when the post office or rural cultural-post office where the postal transaction room is located changes its location within the same province or centrally-administered city.

2. Documents requesting confirmation of eligibility to operate at a new location for a postal transaction room that has changed its location:

a) A document from Vietnam Post Joint Stock Commercial Bank requesting confirmation of eligibility to operate at a new location for a postal transaction room that has changed its location;

b) The Board of Directors' resolution of Vietnam Post Joint Stock Commercial Bank on changing the location of a postal transaction room.

3. Procedures and formalities for requesting confirmation of eligibility to operate at a new location for a postal transaction room that has changed its location:

a) Based on the Board of Directors' decision regarding the change of location of a postal transaction room as stipulated in Article 5 of this Circular, Vietnam Post Joint Stock Commercial Bank shall submit the application documents for confirmation of eligibility to operate at a new location for a postal transaction room that has changed its location to the State Bank (through the State Bank branch or the Banking Inspection and Supervision Department where Vietnam Post Joint Stock Commercial Bank plans to locate the postal transaction room);

1. The Vietnam Post Joint Stock Commercial Bank may upgrade one (1) postal transaction room established and operating before this Circular takes effect into a transaction room at each district, county, town, provincial city, centrally governed city where the Vietnam Post Joint Stock Commercial Bank does not have a transaction room. The documents, conditions, procedures, and processes for upgrading these postal transaction rooms shall be carried out according to the current regulations on establishing transaction rooms of commercial banks, except for the condition regarding the number of transaction rooms permitted to establish.

2. In cases of upgrading postal transaction rooms to transaction rooms outside the provisions of Clause 1 of this Article, the documents, conditions, procedures, and processes for upgrading postal transaction rooms to transaction rooms shall be carried out according to the current regulations on establishing transaction rooms of commercial banks.

3. At transaction rooms upgraded from postal transaction rooms, the Vietnam Post Joint Stock Commercial Bank may continue to use personnel from the Post Branch or Village Cultural and Postal Service Point (if deemed appropriate) to perform limited banking services that have been permitted; for the remaining banking services, personnel of the Vietnam Post Joint Stock Commercial Bank must be used in accordance with the current laws.

Article 12. Termination of Postal Transaction Room Operations

1. Postal transaction rooms terminate operations in the following cases:

a) Automatic termination of operations;

b) Voluntary termination of operations;

c) Compulsory termination of operations.

2. The Vietnam Post Joint Stock Commercial Bank shall be responsible for:

a) Resolving assets, rights, obligations, and related interests of terminated postal transaction rooms;

b) Storing relevant documents and certificates concerning the termination of postal transaction room operations;

c) Implementing legal procedures to terminate postal transaction room operations in accordance with this Circular and relevant laws.

Article 13. Automatic Termination of Postal Transaction Room Operations

1. Postal transaction rooms automatically terminate operations in the case where the Vietnam Post Joint Stock Commercial Bank ceases operations or the Vietnam Post Corporation ceases operations or terminates the framework agreement on business cooperation between the Vietnam Post Joint Stock Commercial Bank and the Vietnam Post Corporation.

2. The procedure for automatic termination of postal transaction room operations shall be carried out in accordance with the law on terminating commercial bank transaction room operations.

Article 14. Voluntary Termination of Postal Transaction Room Operations

1. Application documents for approval to terminate postal transaction room operations:

a) A document from the Vietnam Post Joint Stock Commercial Bank requesting approval to terminate postal transaction room operations, clearly stating the reasons for termination;

b) A resolution of the Board of Directors of the Vietnam Post Joint Stock Commercial Bank on the termination of postal transaction room operations;

c) A plan for resolving assets, rights, obligations, and related interests of terminated postal transaction rooms.

2. Procedure for voluntary termination of postal transaction room operations:

a) The Vietnam Post Joint Stock Commercial Bank shall prepare one (1) set of documents in accordance with Clause 1 of this Article and submit it to the State Bank branch or the Banking Inspection and Supervision Department located where the postal transaction room is situated;

3. Within forty-five (45) days from the date of receipt of the approval document from the State Bank branch or the Banking Inspection and Supervision Department located where the postal transaction room is situated as stipulated in point b of Clause 2 of this Article, the Vietnam Post Joint Stock Commercial Bank must carry out legal procedures in accordance with the law to terminate the operations of the postal transaction room; and submit a report to the Banking Inspection and Supervision Department and the State Bank branch located where the postal transaction room is situated about the date of termination of operations.

Article 15. Compulsory Termination of Postal Transaction Office Operations

2. Based on the provisions of Clause 1 of this Article, the State Bank Branch or the Banking Inspection and Supervision Department where the postal transaction office is located shall issue a written request to the Vietnam Post Joint Stock Commercial Bank to terminate the operations of the postal transaction office.

3. Within 45 (forty-five) days from the date the State Bank Branch or the Banking Inspection and Supervision Department where the postal transaction office is located issues the written request as stipulated in Clause 2 of this Article, the Vietnam Post Joint Stock Commercial Bank must complete the termination of the postal transaction office's operations and submit a written report to the Banking Inspection and Supervision Department and the State Bank Branch where the postal transaction office is located regarding the date of termination.

4. In cases where there are complaints against the requests of the State Bank Branch or the Banking Inspection and Supervision Department where the postal transaction office is located regarding the compulsory termination of the postal transaction office's operations, the Vietnam Post Joint Stock Commercial Bank shall implement complaint procedures in accordance with current laws on complaints.

Article 16. Public Announcement of Information Regarding the Termination of Postal Transaction Office Operations

Within 07 (seven) working days from the date of receipt of the approval document or the document requesting the termination of the postal transaction office's operations (except for cases of automatic termination of operations under Article 12 of this Circular), the Vietnam Post Joint Stock Commercial Bank must publicly announce and post the information about the termination of operations on its website, at its headquarters, branch offices managing the postal transaction office, and at the Post Bureau and Village Cultural Postal Service Points where the postal transaction office is located. The minimum content of the public announcement and posting includes:

1. The name and address of the postal transaction office being terminated.

2. Information about the State Bank's document regarding the termination of the postal transaction office's operations.

3. The responsibilities of the Vietnam Post Joint Stock Commercial Bank concerning the assets, rights, obligations, and related interests of the terminated postal transaction office.

Article 17. Responsibilities of the Vietnam Post Joint Stock Commercial Bank

2. Within 07 (seven) working days from the date the Board of Directors makes decisions on the contents stipulated in Clauses 2 and 3 of Article 5 of this Circular, the Vietnam Post Joint Stock Commercial Bank has the responsibility to report to the State Bank (through the Banking Inspection and Supervision Department and the State Bank Branch where the postal transaction office is located); simultaneously, it must publish the content on its website, at its headquarters, branch offices managing the postal transaction office, and relevant postal transaction offices.

4. Establish cash reserve limit regulations and take measures to ensure the safety of daily cash reserves at postal transaction offices, and report to the State Bank (through the Banking Inspection and Supervision Department and the State Bank Branch where the postal transaction office is located) on the implementation results monthly.

5. Ensure internal control systems and internal audit systems have the capacity to monitor, prevent risks, and guarantee compliance with internal regulations and relevant laws for each postal transaction office.

a) Capital mobilization data for each postal transaction office, aggregated capital mobilization data for postal transaction offices in each province and centrally-administered city, and aggregated capital mobilization data for postal transaction offices managed by the Savings Post Branch according to Model 01 attached to this Circular;

b) Interest rate data for capital mobilization at each postal transaction office according to Model 02 attached to this Circular.

8. Implement other contents prescribed in this Circular.

Article 18. Responsibilities of the Banking Inspection and Supervision Authority

2. Bear responsibility before the Governor of the State Bank when implementing the contents within their authority as prescribed in this Circular.

3. Coordinate with the State Bank Branch where the Vietnam Post Joint Stock Commercial Bank's postal transaction office is located to handle issues arising from the organization and operation of postal transaction offices.

4. Manage, inspect, and supervise operations, including the content of establishing and implementing cash reserve limits for postal transaction offices directly under the Vietnam Post Joint Stock Commercial Bank in areas where the Banking Inspection and Supervision Department has been established.

5. Implement other related contents as prescribed in this Circular.

Article 19. Responsibilities of the State Bank Branch where the Vietnam Post Joint Stock Commercial Bank's Postal Transaction Office is located

1. Shall be responsible to the Governor of the State Bank when implementing the contents within the authority prescribed in this Circular.

2. Coordinate with the Banking Inspection and Supervision Authority to handle issues arising related to the organization and operation of postal transaction offices within its jurisdiction.

4. Implement other relevant contents as prescribed in this Circular.

Article 20. Provisions on Transition

For postal transaction offices established and operating before the effective date of this Circular, within twelve months from the effective date of this Circular, the Vietnam Post Joint Stock Commercial Bank must ensure that postal transaction offices meet the conditions for commencing operations as stipulated in this Circular. Beyond this period, the Vietnam Post Joint Stock Commercial Bank must cease operations of postal transaction offices that have not met the conditions for commencing operations as stipulated in this Circular.

Article 21. Effective Date

This Circular takes effect from March 15, 2016.

Article 22. Implementation organization

The Director of the Office, the Head of Banking Inspection and Supervision, Heads of Units under the State Bank of Vietnam, Governors of State Bank Branches in provinces and centrally governed cities, and the Chairman of the Board of Directors, General Director (Director) of the Vietnam Post Joint Stock Commercial Bank shall be responsible for organizing the implementation of this Circular./.