Decree No. 52/2024/ND-CP stipulates on cashless payment transactions

DECREE

Regulations on Cashless Payments

||| Pursuant to the Law on Organization of the Government dated June 19, 2015; Law Amending and Supplementing Certain Provisions of the Government Organization Law and the Local Administration Law dated November 22, 2019;

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

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

Pursuant to the Investment Law dated June 17, 2020;

Pursuant to the State Budget Law dated June 25, 2015;

Pursuant to the Cybersecurity Law dated June 12, 2018;

Pursuant to the Law on Prevention and Control of Money Laundering dated January 15 the 11, 2020;22;

Pursuant to the Law on Prevention and Combating Terrorism dated June 12, 2013;

Pursuant to the Law on Posts dated June 17, 2010;

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

The Government promulgates this Decree on regulations concerning cashless payments.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Decree stipulates activities related to cashless payments, including: opening and using payment accounts; cashless payment services; payment intermediary services; organization, management, and supervision of payment systems.

Article 2. Applicability

1. Entities providing cashless payment services.

2. Organizations providing payment intermediary services.

3. Organizations and individuals related to the provision of cashless payment services and payment intermediary services.

4. Organizations and individuals using cashless payment services and payment intermediary services (hereinafter referred to as customers).

Article 3. Explanation of Terms

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

1. Cashless payment service (hereinafter referred to as payment service) includes: payment service through the customer's payment account and payment service not through the customer's payment account.

2. Payment service through the customer's payment account is the provision of payment means; performing check, debit order, direct debit, collection, direct credit, bank card, money transfer, collection agency, payment agency, and other payment services for customers through their payment accounts.

3. Payment service not through the customer's payment account is the provision of payment service and execution of payment transactions without going through the customer's payment account.

4. Entity providing cashless payment services (hereinafter referred to as payment service provider) is an entity providing one or more payment services as prescribed in this Decree, including: State Bank of Vietnam (hereinafter referred to as State Bank), banks, foreign bank branches, people's credit funds, microfinance organizations, and enterprises providing universal postal services.

5. Entity providing payment intermediary services is an entity that is not a bank or foreign bank branch licensed by the State Bank to operate payment intermediary services.

6. Enterprise providing universal postal services is an enterprise designated according to the Postal Law.

7. Cashless payment transaction (hereinafter referred to as payment transaction) is the use of payment services to make payments or transfers by organizations and individuals.

8. International payment is a payment transaction carried out for a party with a payment account or payment means issued outside the territory of Vietnam.

9. Account holder is an individual named on the account for personal accounts or an organization opening an account for organizational accounts.

10. Non-cash payment means (hereinafter referred to as payment means) is a means provided by payment service providers, financial companies permitted to issue credit cards, and payment intermediary service providers to provide e-wallet services and issued for customers to use in executing payment transactions, including: checks, debit orders, direct debits, collections, direct credits, bank cards (including: debit cards, credit cards, prepaid cards), e-wallets, and other payment means as prescribed by the State Bank.

11. Illegal payment means are payment means not covered under Clause 10 of this Article.

12. Electronic money is the value of Vietnamese dong stored on electronic means provided based on the prepayment made by customers to banks, foreign bank branches, and payment intermediary service providers offering e-wallet services.

13. Financial switching service is a service providing technical infrastructure for connecting, transmitting, and processing electronic data of domestic payment transactions between payment service providers, financial companies permitted to issue credit cards, and payment intermediary service providers.

14. International financial switching service is the connection to international payment systems to transmit and process electronic data of international payment transactions.

15. Electronic settlement service is a service providing technical infrastructure and business operations to receive, reconcile payment data, and calculate the net amount due among participating members to settle payments for relevant parties.

16. E-wallet service is a service provided by banks, foreign bank branches, and payment intermediary service providers to customers for depositing money into e-wallets, withdrawing money from e-wallets, and executing payment transactions.

17. Collection and disbursement support service involves receiving, processing electronic data, calculating collection and disbursement results, canceling collections and disbursements for customers with payment accounts and bank cards, and making payments to relevant parties.

18. Electronic payment gateway service provides technical infrastructure for connecting, transmitting, and processing electronic data of payment transactions executed by payment means between customers, merchants accepting payments, and banks, foreign bank branches, financial companies permitted to issue credit cards, and payment intermediary service providers.

19. Payment system is a system comprising regulations, means, procedures, formalities, and technical infrastructure for processing, switching, settling, and finalizing payment transactions.

20. International payment system is a payment system established abroad and allowing the execution of international payment transactions.

21. Critical payment system is a payment system playing a leading role in serving the payment needs of economic entities, capable of generating systemic risks, meeting at least one of the following criteria:

a) Is a single payment system or accounts for a large proportion relative to the total value of similar payment systems; or

b) Processes high-value transactions; or

c) Is used to settle other payment systems or financial market transactions.

22. Systemic risk is the risk that a participant in a payment system is unable to fulfill its financial obligations within the payment system at maturity, leading to other participants also being unable to fulfill their financial obligations at maturity, thereby transmitting the risk to other payment systems.

23. A joint payment account is a payment account with at least two subjects jointly named on the account.

Article 4. The State Bank's responsibility for managing non-cash payment activities

1. Issuing or submitting to competent authorities for issuance normative legal documents governing non-cash payment activities; stipulating management, connection, and data sharing for non-cash payment activities.

2. Organizing, managing, operating, and supervising the national payment system; participating in organizing and supervising the operation of other important payment systems in the economy; supervising the provision of payment services and payment intermediary services.

3. Approving in writing the participation of commercial banks and foreign bank branches in international payment systems.

4. Issuing, amending, supplementing, and revoking the License for providing payment intermediary services of payment service providers.

5. Approving and revoking the documents on providing payment services without a customer payment account of public postal service enterprises.

6. Inspecting, auditing, and handling according to authority violations of non-cash payment laws by organizations and individuals.

7. Managing international cooperation in the field of payments; taking the lead and coordinating with functional agencies in managing international payments.

Article 5. Foreign currency payments and international payments

1. Foreign currency payments and international payments must comply with the provisions of this Decree, laws on foreign exchange management, user data protection, cybersecurity, tax management, anti-money laundering, counter-terrorism financing, counter-proliferation financing, and international treaties, international agreements on payments to which Vietnam is a party. The application of trade customs shall be carried out in accordance with Article 3 of the Law on Credit Organizations.

2. Commercial banks and foreign bank branches may participate in international payment systems after meeting the conditions specified in Article 21 of this Decree.

3. Foreign organizations providing payment services and payment intermediary services to non-resident customers and resident foreign nationals to conduct transactions for goods and services in Vietnam must do so through commercial banks and foreign bank branches approved by the State Bank to participate in the international payment system of that foreign organization.

4. Financial switching service providers may connect to the international payment system to provide international financial switching services after meeting the conditions specified in Article 22 of this Decree.

5. Payment intermediary service providers (excluding financial switching service providers) may provide payment intermediary services to customers to conduct transactions for foreign goods and services; the execution of payments and settlements for such international transactions must be conducted through commercial banks and foreign bank branches approved by the State Bank to operate foreign exchange on the international market.

6. Parties involved in international payment activities have the responsibility to provide complete, accurate, timely information and meet the requirements of state management agencies as prescribed by Vietnamese law.

Article 6. Electronic wallets, prepaid cards

1. Electronic wallets, prepaid cards are means for storing electronic money.

2. Banks and foreign bank branches may issue and supply electronic wallets, prepaid cards. The supply, issuance, and use of electronic wallets and prepaid cards shall be carried out in accordance with the regulations of the State Bank.

3. Payment service intermediaries providing electronic wallet services must ensure that the total balance on all guarantee accounts opened at banks and foreign bank branches does not fall below the total balance of all electronic wallets issued to customers; only allow the use of services for electronic wallets linked to the customer's own payment account or debit card.

Article 7. Organization, management, and operation of the national payment system

1. The State Bank organizes, manages, and operates the national payment system to provide payment services to members participating in the system, which include the State Bank, credit organizations, foreign bank branches, and the National Treasury; it settles results for other payment systems.

2. The State Bank stipulates the management, operation, and ensuring the safety of the national payment system's operations.

Article 8. Prohibited Acts

1. Repairing, erasing payment instruments, payment documents contrary to the provisions of the law; forging payment instruments, payment documents; retaining, circulating, transferring, using counterfeit payment instruments.

2. Intruding or attempting to intrude, stealing data, destroying, illegally altering software programs, electronic data used in payments; taking advantage of system network errors to gain illicit benefits.

3. Providing false information related to the provision or use of payment services, payment intermediary services.

4. Disclosing, providing information about balances on payment accounts, bank card balances, electronic wallet balances, and payment transactions of customers at payment service providers, payment intermediary service providers contrary to relevant laws.

5. Opening or maintaining anonymous, impersonated payment accounts, electronic wallets; buying, selling, renting, leasing, lending, borrowing payment accounts, electronic wallets; renting, leasing, buying, selling, opening bank cards on behalf of others (except for anonymous prepaid cards); stealing, colluding to steal, buying, selling payment account information, bank card information, electronic wallet information.

6. Issuing, supplying, and using illegal payment instruments.

7. Providing payment intermediary services without being granted a License for Payment Intermediary Services by the State Bank. Providing payment services without being a payment service provider.

8. Implementing, organizing the implementation, or creating conditions for implementing acts: using, exploiting payment accounts, payment instruments, payment services, payment intermediary services for gambling, organizing gambling, fraud, deception, illegal business activities, and committing other violations of the law.

9. Erasing, changing contents, buying, selling, transferring, renting, lending, forging Licenses for Payment Intermediary Services.

10. Entrusting, delegating to other organizations or individuals to carry out permitted activities according to the License for Payment Intermediary Services.

11. Fraudulently falsifying documents proving eligibility for obtaining a License for Payment Intermediary Services in application files.

12. Operating contrary to the content specified in the License for Payment Intermediary Services.

13. Account holders having payment accounts at payment service providers but providing information or committing to not having payment accounts at payment service providers to relevant parties with rights and obligations under the law regarding the disbursement of loans by credit organizations and foreign bank branches.

Chapter II

OPENING AND USING PAYMENT ACCOUNTS

Section 1

GENERAL PROVISIONS

Article 9. Opening and using a payment account

The opening and use of a customer's payment account at a service provider shall be carried out in accordance with the regulations of the State Bank and relevant laws.

Article 10. Using and authorizing the use of a payment account

1. The owner of a payment account may use their payment account to deposit, withdraw cash, and request the service provider to perform valid payment transactions. The account holder has the right to request the service provider to provide information about transactions and the balance on their payment account according to the agreement with the service provider where the payment account was opened.

2. The owner of a payment account may authorize the use of their payment account. Such authorization must be made in writing and comply with the legal provisions on authorization.

3. The owner of a payment account has the obligation to provide full, truthful information and comply with the regulations on opening, using, and authorizing the use of a payment account issued by the service provider, and must ensure that there is sufficient money (credit balance) in the payment account to execute payment orders unless there is an agreement for overdraft with the service provider.

4. The service provider has the obligation to fully and promptly execute valid payment orders from the account holder.

5. The service provider has the right to refuse to execute a payment order from the account holder if the order is invalid or there is a legal basis to determine that the account holder has violated prohibited acts as stipulated in Article 8 of this Decree, or when the payment account does not have sufficient funds, except in cases of other agreements. In case of refusal to execute a payment order from the account holder, the service provider must notify the reason for refusal to the account holder.

Article 11. Freezing a Payment Account

1. A payment account may be partially or fully frozen under the following circumstances:

a) By prior agreement between the account holder and the service provider or at the request of the account holder;

b) When there is a decision or written request from an authorized agency as provided by law;

c) When the service provider discovers a mistake or error in crediting the payment account of a customer or requests a refund of mistakenly credited funds from another service provider based on a payment order from the transferring party after crediting the customer's account. The amount frozen on the payment account shall not exceed the amount of the mistake or error;

d) When there is a request to freeze the account from one of the joint account holders, except in cases of prior written agreement between the service provider and the joint account holders.

2. The termination of the freezing of a payment account shall be carried out:

a) By written agreement between the account holder and the service provider;

b) When there is a decision to terminate the freeze from an authorized agency as provided by law;

c) After the errors or mistakes in the transfer payment process as stipulated in point c, Clause 1 of this Article have been resolved;

d) When all joint account holders request the termination of the freeze or according to a prior written agreement between the service provider and the joint account holders.

3. If the service provider, account holder, or authorized agency carries out or requests the freezing of a payment account contrary to the law, causing damage to the account holder, they shall bear liability for compensation in accordance with the law.

Article 12. Closing a Payment Account

1. A payment account shall be closed when:

a) The account holder requests it and has fulfilled all obligations related to the payment account;

b) The account holder, being an individual, dies or is declared dead;

c) An organization with a payment account ceases operations in accordance with the law;

d) The account holder violates prohibited acts concerning payment accounts as stipulated in Clause 5 and Clause 8, Article 8 of this Decree;

đ) Other cases agreed upon in writing beforehand between the account holder and the service provider;

f) Other cases as prescribed by law.

2. Handling remaining balances when closing a payment account:

a) Payment according to the request of the account holder or carried out in accordance with prior agreements between the account holder and the service provider; if the account holder is a person who has lost civil capacity, a person with difficulty in understanding and controlling their actions, or a person whose civil capacity is restricted, payment will be made according to the request of the legal representative or guardian in compliance with civil law regulations; or paid to the legal heir or representative of the heir in the case where the account holder is an individual who has died or been declared dead;

b) Payment according to the decision of the competent authority as prescribed by law;

c) Handling in accordance with the law for cases where the legitimate beneficiary of the remaining balance on the payment account has been notified but has not come to collect it;

Section 2

OPENING AND USING THE PAYMENT ACCOUNT OF THE STATE BANK

Article 13. Opening and using the payment account of the State Bank

1. The State Bank opens a payment account for the State Treasury, credit organizations, and foreign bank branches in accordance with the Law on the State Bank and the Law on Credit Organizations.

2. The State Bank opens accounts for central banks of other countries, foreign banks, international monetary organizations, and international banks under international treaties and agreements that Vietnam is a member of. In cases where Vietnam is not yet a member, the opening of payment accounts shall be carried out according to the decision ofthe Prime Minister.

3. The State Bank opens payment accounts and conducts transactions on these accounts at foreign banks, international monetary organizations, and international banks. The State Bank opens payment accounts at central banks of other countries and conducts payment transactions abroad under international treaties and agreements that Vietnam is a member of.

Article 14. Documents and procedures for opening and closing payment accounts at the State Bank for credit organizations, foreign bank branches, and the State Treasury

1. Principles for preparing and submitting documents:

a) Documents must be prepared in Vietnamese. If documents in the application for a payment account are in a foreign language, they must be translated into Vietnamese and certified or authenticated in accordance with the law;

b) Copies of documents and materials in the application for opening or closing a payment account must be certified copies or copies issued from original books or copies accompanied by the originals for verification in accordance with the law; in cases where documents are submitted online, they shall be processed in accordance with the administrative procedures on the electronic environment;

c) Documents can be sent through postal services or directly submitted to the One-Stop Service Department of the State Bank where the organization requests to open a payment account, or submitted online via the State Bank's Public Service Portal or the National Public Service Portal;

d) The organization requesting to open or close a payment account shall bear full responsibility under the law for the accuracy and truthfulness of the provided information.

2. Documents for opening a payment account at the State Bank include:

a) An application for opening a payment account along with a sample stamp and signature form according to Form No. 01 issued together with this Decree, signed by the legal representative or authorized representative of the organization opening the payment account;

b) Documents proving that the organization opening the payment account has been established and operates legally, including: establishment decisions, business licenses, enterprise registration certificates, cooperative registration certificates, or equivalent documents;

c) Documents proving the legal status of the legal representative or authorized representative of the organization opening the payment account and their identification cards, citizen identity cards, electronic ID cards, or valid passports;

d) Written documents or appointment decisions and identification cards, citizen identity cards, electronic ID cards, or valid passports of the chief accountant or accounting officer responsible for transaction control with the State Bank of the organization opening the payment account.

3. Procedures for opening a payment account:

a) When there is a need to open a payment account at the State Bank, the organization requesting to open the payment account shall submit one set of documents for opening a payment account as stipulated in Clause 2 of this Article to the State Bank (Trading Department, State Bank branch in the province/city) where the payment account is requested to be opened;

b) Upon receiving the documents for opening a payment account, the State Bank shall check the components of the documents and verify them against the information declared in the application for opening a payment account to ensure accuracy and correctness.

If the documents for opening a payment account are incomplete, invalid, or there are discrepancies between the declared information in the application for opening a payment account and the relevant documents in the file, within one working day from the date of receipt of the documents for opening a payment account, the State Bank shall notify the organization requesting to open the account to complete the documents.

Within five working days from the date of receipt of the supplementary document request from the State Bank, if the organization requesting to open the account does not submit supplementary or completed documents, the State Bank will issue a refusal to open a payment account and return the documents to the organization requesting to open the account;

c) Within two working days from the date of receiving complete and valid account opening documents for a settlement account from the organization requesting to open a settlement account, the State Bank must process the opening of the settlement account for the organization. If the State Bank refuses to open the settlement account, it must notify the organization in writing of the reasons.

4. Procedures and formalities for closing a settlement account:

a) Credit institutions, foreign bank branches, and the National Treasury that wish to close a settlement account at the State Bank must prepare a request to close the settlement account and specify how to handle the remaining balance in the settlement account (if any), according to Model No. 02 issued together with this Decree, signed by the authorized representative of the organization, stamped, and submitted to the State Bank (where the settlement account was opened).

b) Upon receipt of the request to close the settlement account, the State Bank will check and verify the information on the request against the account information and handle the remaining balance in the settlement account according to the requirements of the account holder (if any). After completing the handling of the remaining balance in the settlement account, the State Bank will proceed to close the settlement account.

c) Within two working days from the date of receiving the request to close the settlement account from the organization that opened the settlement account, the State Bank must process the closure of the settlement account.

d) In cases where the settlement account is closed as stipulated in points c, d, đ of Clause 1, Article 12 of this Decree, the remaining balance in the settlement account (if any) after fulfilling all obligations to related parties shall be handled according to the written request of the account holder before the decision to revoke the License for Establishment and Operation is made, according to the decision of the competent state agency or in accordance with relevant laws. After closing the settlement account, within five working days, the State Bank must notify the organization that opened the account in writing.

Section 3

 OPENING AND USING SETTLEMENT ACCOUNTS AT CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES

Article 15. Opening and using settlement accounts between credit institutions and foreign bank branches

1. The opening of settlement accounts between credit institutions and foreign bank branches must comply with the provisions of the Law on Credit Institutions. Settlement accounts opened between credit institutions and foreign bank branches serve only for payment purposes and may not be used for lending, overdraft, or other purposes.

2. Credit institutions and foreign bank branches permitted to conduct foreign exchange operations may open foreign currency settlement accounts at other permitted credit institutions. The opening and use of foreign currency settlement accounts must comply with the regulations of the law on foreign exchange.

Article 16. Opening settlement accounts for customers who are not credit institutions

1. Banks and foreign bank branches must guide customers on the procedures for opening settlement accounts in accordance with the regulations of the State Bank and other relevant laws.

2. The common account holder can be an organization or an individual. The purpose of using the common settlement account, the rights and obligations of the common settlement account holders, and the relevant regulations on the use of the common settlement account must be clearly defined in writing and comply with the regulations on the opening and use of settlement accounts.

Chapter III

NON-CASH PAYMENT SERVICES

Section 1

CUSTOMER SETTLEMENT ACCOUNT PAYMENT SERVICES

Article 17. Payment services through customers' payment accounts

1. Payment services through customers' payment accounts include:

a) Provision of payment instruments;

b) Providing payment services: checks, payment orders, direct debits, collections, direct credits, bank cards, money transfers, collection on behalf, payment on behalf;

c) Other payment services provided in accordance with the regulations of the State Bank.

2. Organizations providing payment services through customers' payment accounts:

a) The State Bank provides payment services to customers who have opened payment accounts at the State Bank;

b) Commercial banks, foreign bank branches, policy banks provide all payment services specified in Clause 1 of this Article;

c) Credit cooperatives may provide some payment services specified in Clause 1 of this Article after being recorded in the Business Registration Certificate issued by the State Bank.

3. Provision of payment services through customers' payment accounts shall be carried out in accordance with the regulations of the State Bank.

Section 2

PAYMENT SERVICES WITHOUT CUSTOMERS' PAYMENT ACCOUNTS BALANCE OF THE CUSTOMER

Article 18. Payment services without customers' payment accounts

1. Payment services without customers' payment accounts include:

a) Providing payment services: money transfers, collection on behalf, payment on behalf;

b) Other payment services not through accounts provided in accordance with the regulations of the State Bank.

2. Organizations providing payment services without customers' payment accounts:

a) Commercial banks, foreign bank branches, policy banks;

b) Credit cooperatives may provide some payment services without customers' payment accounts after being recorded in the Business Registration Certificate issued by the State Bank;

c) People's Credit Funds may provide money transfer services, perform collection on behalf and payment on behalf for members and customers of such People's Credit Funds after being recorded in the Business Registration Certificate issued by the State Bank;

d) Microfinance organizations may provide money transfer services, collection on behalf, and payment on behalf for customers of such microfinance organizations after being recorded in the Business Registration Certificate issued by the State Bank;

e) Enterprises providing public postal services may provide money transfer services, collection on behalf, and payment on behalf after meeting the conditions stipulated in Article 19 of this Decree and obtaining written approval from the State Bank.

3. Provision of payment services without customers' payment accounts shall be carried out in accordance with the regulations of the State Bank.

Article 19. Conditions for enterprises providing public postal services to offer payment services without customers' payment accounts

An enterprise providing public postal services may offer payment services without customers' payment accounts when it fully meets and must maintain the following conditions throughout the provision of such payment services:

1. Having an information system serving the provision of payment services without customers' payment accounts that meets the requirements for ensuring information system security level 3 as prescribed by law.

2. Personnel conditions: The legal representative, General Director (Director), and person responsible for providing payment services without customers' payment accounts of the enterprise providing public postal services must hold a bachelor's degree or higher in one of the fields of economics, business administration, law, or information technology.

Key staff implementing the provision of payment services without customers' payment accounts (including the Head of Department (Division) or equivalent and technical staff) must hold an associate degree or higher in one of the fields of economics, business administration, law, information technology, or the specialized field they are responsible for.

3. Having technical procedures for each type of service; measures to ensure payment capacity, maintaining sufficient account balances at the bank and cash reserves greater than the amount payable to customers at the time of payment; internal inspection and control procedures; risk management mechanisms; general principles and internal regulations on preventing money laundering, terrorist financing, and proliferation financing; procedures and formalities for handling inquiries, complaints, and disputes; provisions on the rights and responsibilities of related parties.

4. Having plans for collecting and transporting cash to ensure depositing into the payment account opened at the bank by the end of the day, ensuring security and safety in cash circulation; equipping devices to ensure cash handover and storage, setting limits for transferring and receiving cash, reserve levels at service points; ensuring fire prevention and firefighting work in accordance with the law.

Article 20. Documents, procedures, and formalities for approving in writing and revoking the written approval of providing non-account-based payment services to customers by public postal service enterprises

1. The application documents for approval to provide non-account-based payment services to customers include:

a) An application form for providing non-account-based payment services to customers according to Model No. 03 issued together with this Decree;

b) A resolution of the Board of Members or a document from the authorized representative of the owner, consistent with the company's articles of association, regarding the approval of the conditions for providing non-account-based payment services to customers;

c) A detailed explanation of the conditions for providing non-account-based payment services to customers as stipulated in Article 19 of this Decree;

d) Human resources documents: Curriculum vitae, certified copies or copies issued from original records or copies accompanied by presentation of the original for verification of credentials and qualifications of legal representatives, General Directors (Directors), responsible persons, and key staff implementing the provision of these services;

đ) A business registration certificate or equivalent document issued by the competent state agency, the company’s articles of association (certified copies or copies issued from original records or copies accompanied by presentation of the original for verification);

2. Procedures and formalities for approval:

a) Public postal service enterprises submit three sets of application documents for providing non-account-based payment services to customers as prescribed in Clause 1 of this Article through the post office (postal service) or directly to the One-Stop Service Window of the State Bank or online at the State Bank’s Public Service Portal or the National Public Service Portal (for online submissions, electronic administrative procedures shall be followed). Public postal service enterprises bear full legal responsibility for the accuracy and truthfulness of the provided information.

Based on the application documents, the State Bank conducts an examination of the documents based on the conditions stipulated in Article 19 of this Decree;

b) Within five working days from the date of receipt of the application documents, the State Bank sends a document to the public postal service enterprise confirming receipt of complete and valid documents or indicating that they are incomplete or invalid according to regulations.

If the application documents are incomplete or invalid according to regulations, the State Bank sends a document to the enterprise requesting supplementation and completion of the documents. The time taken for supplementation and completion of the documents does not count towards the examination period.

c) Within sixty working days from the date of receipt of complete and valid documents, the State Bank conducts an examination of the documents. If more than sixty days have passed since the State Bank requested supplementation and completion of the documents but the enterprise has not submitted supplementary documents or if the documents still do not meet the conditions after two submissions, the State Bank will send a document rejecting the approval and return the documents to the public postal service enterprise.

Within sixty working days from the date of receipt of supplemented and completed documents from the public postal service enterprise, the State Bank conducts an examination and approves in writing according to regulations. In case of rejection, the State Bank sends a document to the enterprise stating the reasons.

3. The validity period of the approval document is ten years from the date of signing the approval document of the State Bank. For extension of the validity period of the approval document for providing non-account-based payment services to customers, within a minimum of sixty days before the expiration of the approval document, the enterprise must submit three sets of application documents for extending the approval document including: an application form for providing non-account-based payment services to customers according to Model No. 03 issued together with this Decree; a report on the implementation of activities under the approval document from the date of approval to the date of submission of the application form and a certified copy of the current valid approval document to the State Bank.

Within thirty working days from the date of receipt of the application documents for extending the approval document from the enterprise, the State Bank will consider and extend the document or send a notification of refusal stating the reasons.

The validity period of the extended approval document is ten years from the date the enterprise receives the extension from the State Bank.

4. Revocation of the approval document for providing non-account-based payment services to customers in the following cases:

a) A public postal service enterprise approved in writing by the State Bank to provide non-account-based payment services to customers is dissolved or declared bankrupt according to the law;

b) A public postal service enterprise approved in writing by the State Bank to provide non-account-based payment services to customers submits an application to revoke the approval document due to cessation of such service provision according to Model No. 05 issued together with this Decree;

c) When there is a court judgment, enforcement decision, administrative penalty decision by a competent state agency, or a request from a competent state agency or enforcement authority to revoke the approval document of a public postal service enterprise;

d) A public postal service enterprise approved in writing by the State Bank to provide non-account-based payment services to customers violates prohibited acts stipulated in Clause 8 of Article 8 of this Decree;

đ) After a period of three months from the date the State Bank issues a notification document to the organization violating one of the conditions during the provision of services as stipulated in Article 19 and must implement corrective measures but the enterprise fails to rectify such violations;

e) Operating contrary to the contents approved by the State Bank regarding the provision of payment services without using customer accounts;

g) During the inspection, examination, and supervision of the provision of payment services without using customer accounts, it is discovered within a continuous six-month period that the enterprise does not conduct activities related to the provision of payment services without using customer accounts;

5. Procedures and formalities for reviewing and revoking the approval document for the provision of payment services without using customer accounts by public postal service enterprises:

a) In cases where the enterprise is dissolved or declared bankrupt as provided for in point a, Clause 4 of this Article, the enterprise shall notify the State Bank in writing within seven working days from the date of the Decision on Dissolution of the Enterprise according to the Law on Enterprises or the date of receiving the Decision on Bankruptcy Declaration from the People's Court as prescribed by the law on bankruptcy. Within ten working days from the date of receipt of the enterprise's notification, the State Bank shall issue a decision to revoke the approval document;

Within ten working days from the date the State Bank receives the application for revocation of the approval document for the provision of payment services without using customer accounts as stipulated in point b, Clause 4 of this Article, the State Bank shall issue a decision to revoke the approval document;

Within ten working days from the date one of the situations specified in points c, d, đ, Clause 4 of this Article occurs, the State Bank shall issue a decision to revoke the approval document;

b) When there are signs indicating that the enterprise has violated one of the situations mentioned in points e, g, Clause 4 of this Article, the State Bank shall issue a notice and request the enterprise to provide explanations;

Within fifteen working days from the date the State Bank issues the notice, if the enterprise does not submit a written explanation or if the content of the explanation is not credible, the State Bank shall consider issuing a decision to revoke the approval document;

6. Upon receipt of the State Bank's Decision on revoking the approval document, the enterprise whose approval document has been revoked must immediately cease providing payment services without using customer accounts;

Within thirty days from the date of the State Bank's Decision on revoking the approval document, the enterprise must send a written notice to relevant organizations and individuals to settle contracts and complete all obligations and responsibilities between the parties as prescribed by law;

Once the enterprise has fulfilled all obligations and responsibilities between the parties as prescribed by law, after a period of three years from the date the enterprise was revoked the approval document under the provisions of Clause 4 (except point a, Clause 4) of this Article, the enterprise may apply to provide payment services without using customer accounts as stipulated in Article 19 of this Decree. The procedures, formalities, and documents to be followed shall be in accordance with the provisions of Clause 1 and Clause 2 of this Article;

Section 3

 PARTICIPATION IN THE INTERNATIONAL PAYMENT SYSTEM

Article 21. Conditions for participation in the international payment system of commercial banks and foreign bank branches

1. Having been permitted to carry out basic foreign exchange activities on domestic and international markets.

2. Having policies and procedures for managing risks related to money laundering, terrorist financing, and the proliferation of weapons of mass destruction that comply with legal requirements for preventing and combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction when participating in the international payment system.

3. Having information systems that meet requirements for management governance, safety, and security as stipulated by Vietnamese law; having internal regulations regarding standards for connecting to international payment systems.

4. The organization operating the international payment system must be established and legally operate abroad.

Chapter IV

PAYMENT INTERMEDIARY SERVICES

Article 22. Payment intermediary services and conditions for providing such services

1. Payment intermediary services include financial switching services, international financial switching services, electronic settlement services, electronic wallet services, collection and disbursement support services, and electronic payment gateway services. The provision of payment intermediary services shall be carried out in accordance with the regulations of the State Bank.

2. Conditions for providing payment intermediary services:

An organization that is not a bank or a foreign bank branch shall be granted a license to provide payment intermediary services by the State Bank when it fully meets and must maintain all of the following conditions during the provision of payment intermediary services, specifically as follows:

a) Having a business registration certificate issued by a competent state agency and not currently undergoing division, separation, merger, conversion, dissolution, or bankruptcy according to a decision already promulgated during the application process for the license to provide payment intermediary services; in the case of providing financial switching services and electronic settlement services, the organization must ensure that it does not engage in other businesses outside the provision of payment intermediary services;

b) Having a minimum paid-in charter capital of 50 billion VND for electronic wallet services, collection and disbursement support services, and electronic payment gateway services; and 300 billion VND for financial switching services, international financial switching services, and electronic settlement services; bearing full responsibility for the legality of the contributed capital or the allocated capital;

c) Having a proposal for providing payment intermediary services approved by the competent authority in accordance with the Articles of Association of the organization as specified in Form No. 08 attached to this Decree;

d) Personnel conditions: The legal representative and General Director (Director) of the organization must have a bachelor's degree or higher in one of the fields of economics, business administration, law, information technology, and at least five years of experience as a manager or executive in the financial or banking sector and not belong to those prohibited by law; ensuring there is always at least one legal representative residing in Vietnam (When only one legal representative resides in Vietnam, this person must authorize in writing another individual residing in Vietnam to perform the rights and obligations of the legal representative upon leaving Vietnam. In this case, the legal representative still bears responsibility for the execution of the delegated rights and obligations);

Deputy General Director (Deputy Director) and key staff implementing the proposal for providing payment intermediary services (including Department Heads or equivalent positions and technical staff) must have an associate degree or higher in one of the fields of economics, business administration, law, information technology, or the specialized field they are responsible for;

e) Having a Technical Solution Description serving the provision of payment intermediary services proposed for licensing, approved by the competent authority in accordance with the Articles of Association of the organization, meeting the requirements for ensuring information system safety level 3 as stipulated by law;

f) For electronic wallet services and collection and disbursement support services for customers with accounts at multiple banks and foreign bank branches, the service provider must be licensed by the State Bank to provide financial switching services and electronic settlement services to facilitate financial transaction switching and handle settlements arising from the provision of payment intermediary services by the organization;

g) For financial switching services and electronic settlement services, in addition to the conditions stipulated in points a, b, c, d, and e of Clause 2 of this Article, the service provider must: be settled by an organization for the results of settlement between the parties involved; have agreements to connect with at least 50 banks and foreign bank branches whose combined paid-in charter capital in the year immediately preceding the year of submitting the application for the license exceeds 65% of the total paid-in charter capital of banks and foreign bank branches in the credit institution system; have infrastructure that meets at least the requirements for ensuring information system safety level 4 as stipulated by law, ensuring the ability to integrate and connect with the technical systems of organizations with agreed connections; have server systems complying with legal provisions and capable of processing a minimum of 10 million transactions per day;

An organization participating in the system may not connect to more than two providers of financial switching services and electronic settlement services;

h) For international financial switching services, the service provider must have a valid Payment Intermediation Service Operating License for financial switching services; be settled by an organization implementing the netting results among related parties; have internal regulations on standards for connecting international payment systems to perform financial switching for international payment transactions; have internal regulations on technical business procedures for international financial switching services proposed for licensing and the international payment system connected with the international financial switching service provider must be established and legally operate abroad.

3. Within a maximum period of six months from the date the State Bank of Vietnam issues the Payment Intermediation Service Operating License, the licensed entity must provide payment intermediation services to the market and may only provide such services after deploying a technical system that complies with the provisions of point đ clause 2 of this Article, and comply with the provisions of points g and h clause 2 of this Article for financial switching services, electronic settlement services, and international financial switching services.

Article 23. Principles for preparing and submitting applications for issuance, reissuance, amendment, supplementation, and revocation of Payment Intermediation Service Operating Licenses

1. The application must be prepared in Vietnamese. In cases where documents are issued, notarized, or certified by authorized agencies or organizations of foreign countries, they must be legalized according to Vietnamese law (except in cases exempted from legalization under Vietnamese law on legalization) and translated into Vietnamese.

2. Copies of the application and documents must be certified true copies or copies made from original registers or copies accompanied by originals for comparison as prescribed by law; in cases of online submission, the procedures for administrative formalities on the electronic environment shall apply.

3. Personal resumes self-prepared must be certified according to the law.

4. The application can be sent through postal services or submitted directly to the One-Stop Service Unit of the State Bank of Vietnam or online at the State Bank of Vietnam’s Public Service Portal or the National Public Service Portal.

5. The entity applying for issuance, reissuance, amendment, supplementation, and revocation of Payment Intermediation Service Operating Licenses shall bear full responsibility under the law for the accuracy and truthfulness of the information provided.

Article 24. Issuance of Payment Intermediation Service Operating Licenses

1. The State Bank of Vietnam shall issue Payment Intermediation Service Operating Licenses as stipulated in clause 1 of Article 22 of this Decree to entities applying for such licenses.

2. Documents for applying for Payment Intermediation Service Operating Licenses:

a) Application form for issuing the License according to Model No. 07 promulgated together with this Decree;

b) Resolution of the Board of Members, Board of Directors, General Shareholders' Meeting, or relevant authority's document regarding approval of the Payment Intermediation Service Supply Plan and Technical Solution Description in accordance with the Company Charter;

c) Payment Intermediation Service Supply Plan according to Model No. 08 promulgated together with this Decree;

d) Technical Solution Description;

đ) Human resources documentation: personal resume according to Model No. 09 promulgated together with this Decree, copies of certificates proving qualifications and professional expertise of the legal representative, General Director (Director), Deputy General Director (Deputy Director), and key staff implementing the Payment Intermediation Service Supply Plan; criminal record certificate or equivalent document of the legal representative, General Director (Director) as prescribed by law (no more than six months prior to the date of submitting the application for the License); document from the relevant authority of the unit where the legal representative, General Director (Director) has worked or is working confirming their position and tenure, or a copy of the document proving their position and tenure at the unit of the legal representative, General Director (Director);

e) Copies of documents proving that the entity applying for the License has been established and operates legally, including: establishment permit or business registration certificate or equivalent document; Charter of the organization; investment certificate of foreign investors (if applicable);

g) Commitment letter and documents proving that the owner, founding member, or founding shareholder of the organization will ensure the maintenance of the actual value of the registered capital;

h) For financial switching services and electronic settlement services: plan for being settled by an organization implementing the netting results among related parties as specified in Model No. 08 promulgated together with this Decree; agreement document connecting with participating organizations, containing a commitment not to connect more than two financial switching service providers or electronic settlement service providers; documents proving the information infrastructure and server system meeting the requirements of point g clause 2 of Article 22 of this Decree;

i) For international financial switching services: internal regulations on standards for selecting international payment systems to connect to perform international financial switching for international payment transactions; internal regulations on business procedures with risk management measures for international financial switching services proposed for licensing; copies of documents proving that the organization operating the international payment system is established and legally operates abroad, issued by the competent authority of the country or territory where the organization was established or has its main office; plan for being settled by an organization implementing the netting results among related parties as specified in Model No. 08 promulgated together with this Decree.

3. Procedures and formalities for issuing Licenses

In the case where the application for the issuance of a License is submitted via postal service (mail service) or directly to the One-Stop Service Unit of the State Bank, the organization requesting the License shall submit two complete sets of applications and six CDs (or six USBs) storing scanned copies of the complete application package as prescribed in Clause 2 of this Article. Based on the application for the issuance of the License, the State Bank will coordinate with relevant ministries and agencies to review the application based on the conditions stipulated in Clause 2 of Article 22 of this Decree.

a) Within five working days from the date of receipt of the application for the issuance of the License, the State Bank shall issue a document confirming that it has received a complete and valid set of application documents. In cases where the application documents are incomplete or invalid, the State Bank shall issue a document requesting the organization to supplement and perfect the application documents. The time taken to supplement and perfect the application documents shall not be included in the period for reviewing the application.

Within sixty days from the date the State Bank issues a document requesting the supplementation of application documents but the organization requesting the issuance of the License does not resubmit the application or the supplemented application does not meet the requirements, the State Bank shall return the application to the organization.

b) Within ninety working days from the date of receipt of a complete and valid set of application documents, the State Bank shall conduct the review of the application. Within sixty days from the date the State Bank issues a document requesting explanations and perfection of the application, if the organization does not resubmit the application, the State Bank shall return the application to the organization.

Within ninety working days from the date of receipt of the supplemented and perfected application from the organization, the State Bank shall conduct the review and issue the License as prescribed. In cases where the License is not issued, the State Bank shall notify the organization in writing, specifying the reasons.

c) From the date the State Bank receives a complete and valid set of application documents, the organization requesting the issuance of the License may self-supplement and perfect the application up to two times; the time for submitting the self-supplemented and perfected application shall not exceed sixty days from the date the State Bank confirms receipt of a complete and valid set of application documents.

4. Procedures and formalities for implementing activities after obtaining the License

At least thirty working days before the planned date of providing payment intermediary services to the market and no later than six months from the date of issuance of the License by the State Bank, the organization which has been granted the License for providing payment intermediary services must notify and provide evidence to the State Bank regarding: the technical system meeting the conditions stipulated in Point d of Clause 2 of Article 22 of this Decree; a copy of the Technical Acceptance Report for each approved payment intermediary service with a cooperating bank for electronic wallet services, collection and disbursement services, and online payment gateway services according to Model No. 10 issued together with this Decree; evidence proving that a settlement organization meets the conditions stipulated in Points g and h of Clause 2 of Article 22 of this Decree for financial switch services, electronic settlement services, and international financial switch services.

Within fifteen working days from the date of receipt of all documents and materials, the State Bank shall conduct an on-site inspection at the organization providing payment intermediary services and issue a document notifying whether the organization meets the requirements stipulated in Points d, g, and h of Clause 2 of Article 22 of this Decree. In cases where the requirements are not met, the State Bank shall consider revoking the License for providing payment intermediary services in accordance with Point e of Clause 1 of Article 27 of this Decree.

5. Duration of the License

The duration of operation stated on the License is ten years from the date the organization is granted the License by the State Bank. For international financial switch services, the duration of operation shall not exceed the duration stated on the License for providing financial switch services.

Article 25. Reissuing the Payment Intermediation Service Operation Permit

The State Bank shall reissue the Payment Intermediation Service Operation Permit in the following cases:

1. Expiry of the Permit's validity period

At least 60 days before the expiry date of the Permit's validity period, the payment intermediation service provider must submit an application dossier for reissuing the Permit to the State Bank. In case the application dossier is sent via postal service or directly submitted to the One-Stop Service Unit of the State Bank, the payment intermediation service provider must send three copies of the application dossier for reissuing the Permit including: the application form for reissuing the Permit according to Form No. 11 issued together with this Decree, a report on the implementation of activities under the Permit from the date of issuance of the Permit until the submission of the application for reissuing the Permit, and a copy of the currently valid Permit to the State Bank.

Within 30 working days from the date of receipt of the application dossier for reissuing the Permit from the organization, the State Bank will consider reissuing the Permit or issue a notification rejecting it, specifying the reasons therein.

The validity period recorded on the Permit is 10 years from the date the organization is reissued the Permit by the State Bank.

2. Loss, damage, burning, or destruction of the Permit in other forms

The payment intermediation service provider submits an application form for reissuing the Permit according to Form No. 11 issued together with this Decree, clearly stating the reason. Within 10 working days from the date of receipt of the application for reissuing the Permit from the organization, the State Bank will consider reissuing the Permit or issue a notification rejecting it, specifying the reasons therein.

The validity period recorded on the reissued Permit remains unchanged compared to the validity period on the lost, damaged, burned, or destroyed Permit.

Article 26. Amending and Supplementing the Payment Intermediation Service Operation Permit

1. In case of changing one of the contents stipulated in the Payment Intermediation Service Operation Permit such as the name of the organization, the main office location, ceasing to provide one or more previously licensed payment intermediation services, connecting additional international payment systems of the international financial switching service provider:

a) The payment intermediation service provider must submit one set of the application dossier for amending and supplementing the Permit including: the application form for amending and supplementing the Payment Intermediation Service Operation Permit according to Form No. 12 issued together with this Decree; a copy of the currently valid Payment Intermediation Service Operation Permit; a copy of the business registration certificate with changed company name, investment registration certificate for foreign investors (if applicable); a report on the implementation of payment intermediation service provision activities from the date of issuance of the Permit until the submission of the application dossier for amending and supplementing the Permit.

In case of requesting to connect additional international payment systems, the international financial switching service provider must additionally submit the documents specified in point i, Clause 2, Article 24 of this Decree.

b) The State Bank will accept and examine the validity of the application dossier for amending and supplementing the Permit within five working days from the date of receipt of the dossier and decide to amend and supplement the Payment Intermediation Service Operation Permit within thirty working days from the date of receipt of the complete and valid dossier. In case of rejecting the amendment and supplementation of the Permit, the State Bank will issue a written response to the organization, specifying the reasons.

c) The validity period recorded on the amended and supplemented Permit shall not exceed the validity period recorded on the original Payment Intermediation Service Operation Permit.

d) For the payment intermediation services proposed to be ceased, the payment intermediation service provider must cease providing these services after the State Bank amends and supplements the Permit. Within thirty days from the date of the State Bank's decision to amend and supplement the Permit, the payment intermediation service provider must send a written notice to related organizations and individuals to terminate contracts and fulfill all obligations and responsibilities between the parties as prescribed by law.

2. In case of changing one of the following contents: legal representative, change in charter capital, change in ownership ratio of the charter capital; implementing division, separation, merger, consolidation, or conversion of the enterprise during the validity period of the Permit, the payment intermediation service provider does not need to go through the procedure for applying for amendment and supplementation of the Permit but must submit a written notice to the State Bank and relevant supporting documents (if any) within thirty days from the date of the changes mentioned above.

Article 27. Revocation of the Operating License for Providing Payment Intermediary Services

1. The State Bank shall consider revoking the License in any of the following cases:

a) The payment intermediary service provider is dissolved or declared bankrupt in accordance with the provisions of the law;

b) The payment intermediary service provider submits a request to revoke the License due to ceasing operations of the licensed payment intermediary services using Form No. 15 issued together with this Decree;

c) When a judgment, enforcement decision, administrative violation penalty decision by a competent state agency becomes effective, or when there is a written request from a competent state agency or criminal enforcement agency requiring the revocation of the License of the payment intermediary service provider;

d) The payment intermediary service provider uses, exploits payment accounts, payment instruments, payment services, or payment intermediary services for gambling, organizing gambling, fraud, illegal business activities, money laundering, financing terrorism, or financing the proliferation of weapons of mass destruction;

đ) After three months from the date the State Bank issues a notice to the violating organization regarding one of the conditions during the provision of services stipulated in points a, b, c, d, e, g of Clause 2, Article 22 of this Decree, if the technical system does not meet the requirements specified in point đ of Clause 2, Article 22 of this Decree and remedial measures must be taken but the organization fails to remedy them;

e) The payment intermediary service provider does not comply with the provisions of Clause 3, Article 22 of this Decree, cannot provide proof documents or the provided proof documents do not meet the requirements stipulated in Clause 4, Article 24 of this Decree, and after three months from the date the State Bank issues a notice requesting the organization to take remedial measures, the organization fails to remedy them;

g) During the inspection, examination, and supervision of the provision of payment intermediary services, it is found that within six consecutive months, the organization does not provide the licensed payment intermediary services to customers;

h) The payment intermediary service provider repeatedly fails to truthfully report the balance and number of electronic wallets as required.

2. Procedures and formalities for revoking the License

a) In the case where the organization is dissolved or declared bankrupt as stipulated in point a, Clause 1 of this Article, the organization shall submit a request to revoke the License using Form No. 15 issued together with this Decree to the State Bank within seven working days from the date of passing the resolution on dissolution according to the Law on Enterprises or the date of receiving the bankruptcy declaration decision from the People's Court as prescribed by the law on bankruptcy. Within ten working days from the date of receipt of the notification from the organization, the State Bank shall issue a Decision to revoke the License.

Within ten working days from the date the State Bank receives the request to revoke the License due to cessation of operations of the licensed payment intermediary services from the payment intermediary service provider as stipulated in point b, Clause 1 of this Article, the State Bank shall issue a decision to revoke the License.

Within twenty working days from the date one of the situations specified in points c, d, đ, e, Clause 1 of this Article occurs, the State Bank shall issue a decision to revoke the License.

b) When the payment intermediary service provider shows signs of violating the circumstances mentioned in points g, h, Clause 1 of this Article, the State Bank shall consider revoking the License and issue a notice requesting the organization to explain.

Within twenty working days from the date the State Bank issues the notice, if the organization holding the License does not submit a written explanation or the content of the explanation is not credible, the State Bank shall issue a decision to revoke the License.

Upon receipt of the State Bank's Decision on revoking the License, the organization whose License is revoked must immediately cease providing payment intermediary services.

Within thirty days from the date of the State Bank's Decision on revoking the License, the organization whose License is revoked must send a written notice to related organizations and individuals to settle contracts and complete obligations and responsibilities between parties as prescribed by law.

When the organization whose License is revoked has completed all obligations and responsibilities between parties as prescribed by law, after three years from the date the organization was revoked the License under the provisions of Clause 1 of this Article, the organization may apply for issuance of the Operating License for Providing Payment Intermediary Services in accordance with Article 22 of this Decree. The procedures, formalities, and application documents for applying for the License shall be carried out in accordance with Articles 23 and 24 of this Decree.

Article 28. Responsibilities for Coordinating the Issuance, Reissuance, Amendment, Supplement, and Revocation of Payment Service Intermediation Operation Licenses

1. Coordination Responsibilities during the Evaluation Process

a) The State Bank shall send a document to seek opinions from the Ministry of Public Security and relevant agencies on the compliance with related laws and regulations by the organization and its legal representative during the period of operation prior to considering the issuance, reissuance, amendment, supplement, and revocation of the License in accordance with Article 24, Clause 1 of Article 25, Clause 1 of Article 26, Point d, Point g of Clause 1 of Article 27 of this Decree;

b) Within fifteen working days from the date of receipt of the document from the State Bank, the ministries and relevant agencies mentioned in point a of this clause shall provide their opinions in writing to the State Bank;

c) The State Bank shall consider issuing, reissuing, amending, supplementing, and revoking the License based on the application file and the opinions of the ministries and relevant agencies.

2. The State Bank shall publicly announce the issuance, reissuance, amendment, supplement, and revocation of the Payment Service Intermediation Operation License of payment service intermediation providers on the State Bank's electronic portal. Payment service intermediation providers must publicly announce the License, Decision on Amendment and Supplement, Decision on Revocation of the Operation License on their official electronic information website for customers to be aware.

Chapter V

RESPONSIBILITIES OF THE PARTIES INVOLVED

Article 29. Ensuring Safety and Confidentiality in Payments

1. Payment service providers and payment service intermediation providers must apply measures to ensure safety and confidentiality in payments as prescribed by law and implement safety measures appropriate to the relevant legal provisions in payment activities. Customers using services have the obligation to comply with safety and confidentiality measures in payments as stipulated and guided by service providers.

2. Payment service providers and payment service intermediation providers must take measures to inspect and supervise accepting units to detect and resolve or request competent state authorities to handle violations in payment activities according to the law.

3. Payment service providers and payment service intermediation providers must take risk management measures to prevent and combat the use and exploitation of payment instruments, payment services, and payment intermediation services for gambling, organizing gambling, or conducting fictitious transactions (transactions involving goods or services without actual purchase or provision) or other illegal acts.

4. Payment service intermediation providers and related organizations and individuals have the obligation to provide complete information, documents, and certificates as prescribed by payment service providers when performing foreign currency transactions and international payments as stipulated in Clause 3 and Clause 5 of Article 5 of this Decree and bear legal responsibility for the authenticity of the presented documents and certificates. Payment service providers must apply examination, inspection, and retention measures for relevant documents and certificates related to actual transactions to ensure that foreign currency payments and international payments are carried out for legitimate purposes and in compliance with the law.

Article 30. Rights regarding information and reporting

1. The State Bank has the right to request organizations providing payment services and organizations providing payment intermediary services to provide relevant information on service provision periodically and urgently; such information provision shall be carried out in accordance with the regulations of the State Bank.

2. Organizations providing payment services, organizations providing payment intermediary services have the right to require customers using their services to provide relevant information when using such services.

Article 31. Obligations regarding information and reporting

1. Organizations providing payment services, organizations providing payment intermediary services are obligated to report and provide information to competent state agencies as prescribed by law.

2. Organizations providing payment services, organizations providing payment intermediary services are obligated to provide information about transactions and balances in the payment account of the payment account holder, transactions and balances in the electronic wallet of the electronic wallet holder according to agreements with the payment account holder, electronic wallet holder.

Article 32. Confidentiality of Information

1. Right to Refuse Provision of Information

Organizations providing payment services, organizations providing payment intermediary services have the right to refuse requests from other organizations and individuals for the provision of information related to accounts, transactions, and balances in accounts, electronic wallets, transactions and balances in electronic wallets, except in cases where required by competent state agencies as prescribed by law or approved by the customer.

2. Obligation to Protect Information

Organizations providing payment services, organizations providing payment intermediary services are responsible for keeping confidential information related to accounts, transactions, and balances in accounts, electronic wallets, transactions and balances in electronic wallets, except where approved by the customer or otherwise provided by law.

Chapter VI

SUPERVISION ACTIVITIES

Article 33. Supervision of Important Payment Systems in the Economy

1. The State Bank issues regulations on supervision and carries out supervision of important payment systems in the economy to contribute to enhancing the stability and security of important payment systems in the economy.

2. The State Bank identifies important payment systems subject to its supervision. The State Bank supervises important payment systems through remote monitoring, on-site inspections, and other measures as necessary without hindering the normal operation of the system and the organization operating the important payment system.

3. The State Bank has the right to request organizations operating, clearing banks, and participants in important payment systems to provide information related to the system.

4. Organizations operating, clearing banks, and participants in important payment systems are responsible for providing information related to the system upon request of the State Bank.

5. Organizations operating, clearing banks of important payment systems are responsible for complying with regulations and implementing supervision requirements of the State Bank; issuing internal regulations on risk control and ensuring continuous operation of the system.

Article 34. Supervision of Payment Service Supply Activities

1. The State Bank shall determine the scope, issue regulations on supervision, and implement supervision over payment service supply activities.

2. The State Bank shall supervise payment service supply activities through remote monitoring, on-site inspection, and other necessary measures without hindering the normal operations of payment service suppliers.

3. The State Bank has the right to request payment service suppliers to provide information related to their payment service supply activities.

4. Payment service suppliers shall be responsible for providing information related to their payment service supply activities upon the State Bank's request and shall comply with regulations and fulfill supervisory requirements set forth by the State Bank.

Article 35. Supervision of Payment Intermediary Service Supply Activities

1. The State Bank shall issue regulations on supervision and implement supervision over payment intermediary service supply activities of organizations licensed by the State Bank.

2. The State Bank shall supervise payment intermediary service supply activities through remote monitoring, on-site inspection, and other necessary measures without hindering the normal operations of payment intermediary service suppliers.

3. The State Bank has the right to request payment intermediary service suppliers to provide information related to their payment intermediary service supply activities.

4. Payment intermediary service suppliers shall be responsible for providing information related to their payment intermediary service supply activities upon the State Bank's request and shall comply with regulations and fulfill supervisory requirements set forth by the State Bank.

5. Payment intermediary service suppliers must develop and provide online monitoring tools for the State Bank to monitor their payment intermediary service supply activities before officially offering such services to customers.

6. Commercial banks cooperating with payment intermediary service suppliers shall report and provide information related to cooperative payment intermediary service supply activities; and provide account-related data for payment guarantee services for payment intermediary service suppliers for electronic wallet services, collection and disbursement services as required by the State Bank.

Chapter VII

IMPLEMENTING PROVISIONS

Article 36. Transitional Provisions

1. Commercial banks and foreign bank branches participating in international payment systems prior to this Decree coming into effect may continue to participate in those systems. Within twenty-four months from the date this Decree takes effect, commercial banks and foreign bank branches shall meet the business conditions stipulated in Article 21 of this Decree and complete procedures for approval to join international payment systems according to the Governor of the State Bank’s regulations; beyond this period, commercial banks and foreign bank branches must cease participation in international payment systems not listed in their licenses.

2. Organizations licensed for electronic money transfer support services (as prescribed in Clause 5, Article 3 of Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the State Bank guiding payment intermediary services) before this Decree comes into effect may continue to operate these services according to agreements between parties.

3. Financial switching service providers licensed before this Decree comes into effect and connected to international payment systems may continue to connect to those systems. Within twenty-four months from the date this Decree takes effect, financial switching service providers licensed must meet business conditions and complete procedures for obtaining a license for international financial switching services according to this Decree; beyond this period, organizations must terminate connections to international payment systems not listed in their international financial switching service operation licenses.

4. Postal enterprises providing public postal services may continue to offer non-account-based payment services in accordance with the law. Within twenty-four months from the date this Decree takes effect, postal enterprises must meet business conditions and complete procedures for approval to operate non-account-based customer payment services according to this Decree; beyond this period, enterprises must cease such operations.

5. Payment intermediary service suppliers licensed before this Decree comes into effect may continue to operate under their existing licenses until their expiration, except where they apply for new licenses in accordance with this Decree.

Article 37. Effective Date

1. This Decree takes effect from July 1, 2024.

2. This Decree replaces Government Decree No. 101/2012/NĐ-CP dated November 22, 2012 on Non-Cash Payments; Government Decree No. 80/2016/NĐ-CP dated July 1, 2016 amending and supplementing certain provisions of Government Decree No. 101/2012/NĐ-CP dated November 22, 2012 on Non-Cash Payments and abolishing Article 3 of Government Decree No. 16/2019/NĐ-CP dated February 1, 2019 amending and supplementing certain provisions of Government Decrees regulating business conditions within the State Bank’s jurisdiction.

Article 38. Responsibility for Implementation

The Ministers, Heads of ministerial-level agencies, Heads of government agencies; Chairpersons of People's Committees of provinces and centrally governed cities; Chairpersons of the Board of Directors, Chairpersons of the Board of Members and General Managers (Directors) of credit organizations, foreign bank branches; Chairpersons of the Board of Directors, Chairpersons of the Board of Members, Chairpersons of companies and General Managers (Directors) of enterprises providing public postal services and related organizations and individuals are responsible for implementing this Decree.