Nghị định 52/2024/NĐ-CP quy định về thanh toán không dùng tiền mặt

DECREE

CASHLESS PAYMENTS

Pursuant to the Law on Organization of the Government of Vietnam dated June 19, 2015; the Law on Amendments to the Law on Organization of the Government of Vietnam and the Law on Organization of the Local Government 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 Law on Investment dated June 17, 2020;

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

Pursuant to the Law on Cybersecurity dated June 12, 2018;

Pursuant to the Law on Anti-Money Laundering dated November 15, 2022;

Pursuant to the Law on Anti-Terrorism dated June 12, 2013;

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

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

The Government of Vietnam hereby promulgates a Decree on Cashless Payments.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Decree provides for cashless payments, including the opening and use of payment accounts; cashless payment services; payment intermediary services; organization, management, and supervision of payment systems.

Article 2. Regulated entities

1. Cashless payment service providers.

2. Payment intermediary service providers.

3. Organizations and individuals relevant 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 “clients”).

Article 3. Interpretation of terms

For the purpose of this Decree, the following terms shall be construed as follows:

1. “Cashless payment services” (hereinafter referred to as “payment services”) include payment services through clients’ payment accounts and payment services not through clients’ payment accounts. 

2. Payment services through clients’ payment accounts refer to the provision of payment instruments; implementation of payment services concerning cheques, payment orders, payment authorizations, collection orders, collection authorizations, bank cards, money transfers, collection and payment services, and other payment services for clients through their payment accounts.

3. Payment services not through clients’ payment accounts refer to the provision of payment services and implementation of transactions that are not through clients’ payment accounts. 

4. Cashless payment service providers (hereinafter referred to as “payment service providers”) refer to organizations providing one or several payment services according to this Decree, including the State Bank of Vietnam (hereinafter referred to as “SBV”), banks, foreign bank branches, people’s credit funds, microfinance organizations, and public postal service providers.

5. Payment intermediary service providers refer to organizations that are not banks or foreign bank branches licensed to provide payment intermediary services by SBV.

6. Public postal service providers refer to enterprises designated under the Law on Post.

7. Cashless payment transactions (hereinafter referred to as “payment transactions”) refer to the use of payment services for payment or transfer of money of organizations and individuals.

8. International payment refers to payment transactions implemented for an organization or individual with a payment account or payment instrument issued outside of Vietnam’s territory. 

9. Payment account owners refer to individuals and organizations opening their payment accounts.

10. Cashless payment instruments (hereinafter referred to as “payment instruments”) refer to instruments issued by payment service providers, financial companies licensed to issue credit cards, and e-wallet payment intermediary service providers and used by clients to implement transactions concerning cheques, payment orders, payment authorizations, collection orders, collection authorizations, bank cards (including debit cards, credit cards, and prepaid cards), e-wallets, and other payment instruments according to the regulations of SBV.

11. Illegal payment instruments refer to payment instruments not prescribed in Clause 10 of this Article.

12. Electronic money refers to the value of Vietnam Dong stored in electronic means provided based on the amount prepaid by clients to banks, foreign bank branches, and e-wallet payment intermediary service providers.

13. Financial switch services refer to services providing technical infrastructures for the connection, transmission, and handling of electronic data of domestic transactions among payment service providers, financial companies licensed to issue credit cards, and payment intermediary service providers.

14. International financial switch services refer to the connection with international payment systems to transmit and handle e-data of international payment transactions.

15. Electronic clearing services refer to services providing technical and professional infrastructures for the receipt and comparison of transaction data and calculation of amounts to be collected or paid after clearing among members to carry out the settlement for concerned parties.

16. E-wallet services refer to services provided by banks, foreign bank branches, and payment intermediary service providers for clients to deposit in or withdraw money from e-wallets and implement payment transactions.

17. Collection and payment services refer to the receipt and handling of e-data, calculation and cancelation of collection and payment services for clients with payment accounts or bank cards, and implementation of payments to concerned parties. 

18. E-payment portal services refer to services providing technical infrastructures for connection, transmission, and handling of e-data of payment transactions implemented by payment instruments between clients, payment acceptance units and banks, foreign bank branches, financial companies licensed to issue credit cards, and payment intermediary service providers.

19. Payment systems refer to systems that include regulations, means, procedures, and technical infrastructures for handling, switching, clearing, and settling payment transactions. 

20. International payment systems refer to payment systems established abroad that permit the implementation of international payment transactions.

21. Important payment systems refer to payment systems that have a leading role in serving the payment demands of entities in the economy with systematic risks and meet at least one of the following criteria:

a) Being an only payment system or accounting for a large portion compared to the total payment value of other payment systems of the same type; or 

b) Being a system that handles high-value payment transactions; or 

c) Being a system used to carry out the settlement for other payment systems or transactions on the financial market.

22. Systematic risks refer to risks where a member of a payment system is incapable of fulfilling financial obligations in that payment system when due, leading to other members' failure to fulfill financial obligations when due, with risks spreading to other payment systems. 

23. General payment account refers to a payment account opened by two or more entities.

Article 4. State management responsibilities of SBV regarding cashless payment

1. Promulgate or request competent authorities to promulgate legislative documents on cashless payment; stipulate the management, connection, and sharing of data for cashless payment.

2. Organize, manage, operate, and supervise the national payment system; participate in organizing and supervising the operations of other important payment systems in the economy; supervise the provision of payment services and payment intermediary services.

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

4. Issue, revise, and revoke licenses to provide payment intermediary services.

5. Approve and revoke documents on the provision of payment service not through clients’ payment accounts of public postal service providers.

6. Inspect and handle violations of the law on cashless payment of organizations and individuals within its jurisdiction.

7. Manage international cooperation in payment; take charge and cooperate with competent authorities in managing international payment.

Article 5. Foreign currency payment and international payment

1. Foreign currency payment and international payment shall comply with this Decree, foreign exchange management, users' data protection, cybersecurity, and tax administration laws, anti-money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction laws, and international treaties and agreements that Vietnam is a signatory. The application of commercial practices shall comply with Article 3 of the Law on Credit Institutions.

2. Commercial banks and foreign bank branches may participate in international payment systems when they meet the requirements prescribed in Article 21 of this Decree.

3. The provision of payment services and payment intermediary services for clients not residing in Vietnam and foreigners residing in Vietnam to implement payment transactions of goods and services in Vietnam of foreign service providers shall be carried out through commercial banks or foreign bank branches approved by SBV to participate in international payment systems of such foreign service providers.

4. Financial switch service providers may connect to international payment systems to carry out international financial switch services when they meet the requirements prescribed in Article 22 of this Decree.

5. Payment intermediary service providers (excluding financial switch service providers) may provide their services for clients for the implementation of payment transactions of foreign goods and services; the payment and settlement of such international transactions shall be carried out through commercial banks or foreign bank branches approved by SBV to engage in foreign exchange on international markets. 

6. Parties involved in international payment shall adequately, accurately, and promptly provide information and meet the requirements of state management authorities according to Vietnamese law.

Article 6. E-wallets and prepaid cards

1. E-wallets and prepaid cards are means of e-money storage.

2. Banks and foreign bank branches may issue and provide e-wallets and prepaid cards. The provision, issuance, and use of e-wallets and prepaid cards shall comply with the regulations of SBV.

3. Payment intermediary service providers that provide e-wallet services shall ensure the maintenance of a total balance of the payment security accounts for services concerning e-wallets opened at banks or foreign bank branches higher than the total balance of all the e-wallets issued to clients; only permit the use of services for e-wallets linked with payment accounts or debit cards of clients.

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

1. SBV shall organize, manage, and operate the national payment system to provide payment services for members of the system, which are SBV, credit institutions, foreign bank branches, and State Treasury Authorities; carry out the settlement of clearing results for other payment systems.

2. SBV shall stipulate the management, operation, and assurance of operational safety of the national payment system.

Article 8. Prohibited acts

1. Altering and erasing payment instruments and payment documents contrary to the law; forging payment instruments and payment documents; storing, selling, transferring, and using counterfeit payment instruments.

2. Infiltrating or attempting to infiltrate, steal data, sabotage, or make illegal changes to software programs or databases used in payment; taking advantage of computer network errors for profiteering purposes.

3. Providing untruthful information related to the provision or use of payment services and payment intermediary services.

4. Disclosing or providing information on the balances of payment accounts, bank cards, or e-wallets and payment transactions of clients at payment service providers or payment intermediary service providers contrary to relevant laws.

5. Opening or maintaining anonymous or impersonating payment accounts or e-wallets; purchasing, selling, hiring, leasing, borrowing, and lending payment accounts or e-wallets; hiring, leasing, purchasing, and selling bank cards or opening bank cards on behalf of others (excluding cases of anonymous prepaid cards); stealing or colluding with others to steal, purchase, or sell information on payment accounts, bank cards, or e-wallets.

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

7. Providing payment intermediary services without licenses to provide payment intermediary services issued by SBV. Providing payment services without being payment service providers.

8. Performing, organizing, or enabling the following acts: using or taking advantage of payment accounts, payment instruments, payment services, or payment intermediary services to commit gambling, organize gambling, rig, deceive, and commit illegal trading and other illegal acts.

9. Erasing and altering contents of licenses to provide payment intermediary services and purchasing, selling, transferring, leasing, lending, and forging such licenses.

10. Authorizing or assigning other organizations or individuals to carry out licensed operations of agents according to licenses to provide payment intermediary services.

11. Falsifying or forging documents proving eligibility for the issuance of licenses to provide payment intermediary services in applications for licenses.

12. Operating contrary to contents prescribed in licenses to provide payment intermediary services.

13. An owner of a payment account at a specific payment service provider that provides information for or commits to not having a payment account at another provider of payment services for parties with relevant rights and obligations according to the law on the disbursement of loans of credit institutions and foreign bank branches.

Chapter II

OPENING AND USE OF PAYMENT ACCOUNTS

Section 1. GENERAL PROVISIONS

Article 9. Opening and use of payment accounts

The opening and use of payment accounts of clients at payment service providers shall comply with the regulations of SBV and relevant laws.

Article 10. Use and authorized use of payment accounts

1. Owners of payment accounts may use their payment accounts to deposit or withdraw cash and request payment service providers to implement valid payment transactions. Owners of payment accounts may request payment service providers to provide information on transactions and the balances of their accounts under agreements with payment service providers where they open such accounts.

2. Owners of payment accounts may authorize the use of their accounts. The authorization shall be made in writing and conformable with the law on authorization.

3. Owners of payment accounts shall adequately and truthfully provide information and comply with regulations on the opening, use, and authorization in the use of payment accounts of payment service providers and ensure the sufficient amount (available balance) on their payment accounts for the implementation of payment orders, excluding cases where there are agreements on overdraft loans with payment service providers.

4. Payment service providers shall adequately and promptly carry out valid payment orders of owners of payment accounts.

5. Payment service providers may refuse to carry out the payment orders of owners of payment accounts in cases where such orders are invalid, or there are legal grounds to determine that the owners have committed prohibited acts prescribed in Article 8 of this Decree or the payment accounts do not have the sufficient amount, excluding cases where there are other agreements. In case of refusing to carry out payment orders of owners of payment accounts, payment service providers shall notify the owners of the reasons.

Article 11. Payment account freeze

1. Payment accounts shall have their balances partly or wholly frozen in the following cases:

a) When there are prior agreements between owners of payment accounts and payment service providers or requests from owners of payment accounts;

b) When there are decisions or written requests from competent authorities as prescribed by the law;

c) When payment service providers detect mistakes or errors when writing “Yes” into payment accounts of clients or carry out refund orders of money transfer service providers due to mistakes and errors compared to payment orders of transferring parties after writing “Yes” into payment accounts of clients. The frozen amount on a payment account shall not exceed the mistaken or erroneous amount;

d) When there are requests for the freeze from one of the owners of a general payment account, excluding cases where there are prior written agreements between the payment service provider and the owners of such a general payment account.

2. The termination of payment account freeze shall be carried out when:

a) There are written agreements between owners of payment accounts and payment service providers or requests from owners of payment accounts;

b) There are decisions to terminate the freeze of competent authorities as prescribed by the law;

c) The mistakes and errors in money transfer payment are processed according to Point c Clause 1 of this Article;

d) There are requests for the termination of the freeze from all of the owners of a general payment account or prior written agreements between the payment service provider and owners of such a general payment account.

3. Payment service providers, owners of payment accounts, and competent authorities, when freezing either by themselves or at the requests of others contrary to the law that causes damage to owners of payment accounts, shall provide compensations as prescribed by the law. 

Article 12. Payment account closing

1. Payment account closing shall be carried out when:

a) Owners of payment accounts submit requests and have adequately fulfilled obligations concerning payment accounts;

b) Owners of payments accounts have died or are announced to be dead;

c) Organizations with payment accounts terminate their operations as prescribed by the law;

d) Owners of payment accounts commit prohibited acts concerning payment accounts prescribed in Clause 5 and Clause 8 Article 8 of this Decree.

dd) There are prior written agreements between owners of payment accounts and payment service providers;

e) Other cases as prescribed by the law.

2. Handling of balances when closing payment accounts:

a) Provide expenditures at the requests of owners of payment accounts or under prior agreements between owners of payment accounts and payment service providers. If owners of payment accounts are incapacitated or have difficulties in cognition and behavior control or restricted legal capacity, expenditures shall be made according to the requests of legal representatives or guardians in conformity with the civil law, or expenditures shall be made for heirs or legal inheritance representatives if owners of payment accounts have died or are announced to be dead; 

b) Provide expenditures according to decisions of competent authorities as prescribed by the law;

c) Carry out the handling according to the law for cases where the legal heirs of the balances of payment accounts do not come to receive them after being notified.

Section 2. OPENING AND USE OF PAYMENT ACCOUNTS OF SBV

Article 13. Opening and use of payment accounts of SBV

1. SBV shall open payment accounts for State Treasury Authorities, credit institutions, and foreign bank branches according to the Law on State Bank of Vietnam and the Law on Credit Institutions.

2. SBV shall open payment accounts for central banks of other countries, foreign banks, international monetary organizations, and international banks according to international treaties and agreements that Vietnam is a signatory. Regarding cases where Vietnam is not a signatory, the opening of payment accounts shall be carried out under the decisions of the Prime Minister of Vietnam.

3. SBV shall open payment accounts and implement transactions on payment accounts at foreign banks, international monetary organizations, and international banks. SBV shall open payment accounts at central banks of other countries and open payment accounts and implement payment transactions abroad according to international treaties and agreements that Vietnam is a signatory. 

Article 14. Applications and procedures for opening and closing payment accounts at SBV of credit institutions, foreign bank branches, and State Treasury Authorities

1. Principles of formulating and submitting applications:

a) Applications shall be made in Vietnamese. If documents in applications for the opening of payment accounts are in foreign languages, they shall be translated into Vietnamese and notarized or authenticated according to the law;

b) Copies of documents in applications for opening or closing payment accounts shall be authenticated or issued based on the original copies or enclosed with the original copies for comparison according to the law; in cases where applications are submitted online, comply with regulations on electronic administrative procedures;

c) Applications shall be submitted by post (postal services) or submitted in person to the Single-Window Department of SBV where the applicants are applying for the opening of payment accounts or online on the Public Service Portal of SBV or the National Public Service Portal;

d) Applicants for the opening or closing of payment accounts shall take legal liability for the accuracy and truthfulness of provided information.

2. An application for opening a payment account at SBV includes:

a) Written request for the opening of a payment account enclosed with the registration of forms of seals and signatures following Form No. 01 enclosed herewith signed and stamped by the legal representative or authorized representative of the organization opening the payment account;

b) Documents proving that the organization opening the payment account is established and operated legally, including the establishment decision, operational license, certificate of enterprise registration, and certificate of cooperative registration or equivalents;

c) Documents proving the representation status of the legal representative or authorized representative of the organization opening the payment account and the valid identity card, citizen card, e-identity card, or passport of such a representative;

d) Appointment documents or decisions and valid identity cards, citizen cards, e-identity cards, or passports of the head accountant or the person in charge of accounting and the person controlling transaction documents with SBV of the organization opening the payment account. 

3. Procedure for opening payment accounts:

a) An applicant for the opening of a payment account at SBV shall submit an application prescribed in Clause 2 of this Article to SBV through Transaction Departments of SBV branches in its areas;

b) When receiving the application, SBV shall inspect the components of the application and compare them with the elements declared in the written request to ensure identicalness and accuracy.

In case the application is inadequate or invalid or has differences between elements declared in the written request and relevant documents in the application, SBV shall provide a notification for the applicant for it to complete the application within 1 working day after receiving the application.

Within 5 working days after receiving the written request for revision and completion of the application from SBV, if the applicant fails to revise or complete the application, SBV shall refuse to open the payment account in writing and return the application to the applicant;

c) Within 2 working days after receiving the adequate and valid application from the applicant, SBV shall open the payment account for the applicant. If SBV refuses to open the payment account, it shall notify the applicant of the reason in writing.

4. Procedure for closing payment accounts:

a) Credit institutions, foreign bank branches, and State Treasury Authorities wishing to close their payment accounts at SBV shall submit applications for closing payment accounts and request the handling of their balances (if any) following Form No. 02 enclosed herewith signed and stamped by their legal representatives to SBV where the accounts are opened;

b) When receiving applications for closing payment accounts, SBV shall inspect and compare the information provided by the application with the information of the payment accounts and handle the balances according to requests of account owners (if any). After handling the remaining balances on payment accounts, SBV shall close such payment accounts;

c) Within 2 working days after receiving the applications, SBV shall close the payment accounts.

d) In case of closing payment accounts under Points c, d, and dd Clause 1 Article 12 of this Decree, the handling of the remaining balances on payment accounts (if any) after fulfilling obligations with concerned parties shall be carried out under written requests of account owners before there are decisions to revoke establishment and operation licenses according to decisions of competent authorities or relevant laws. After closing payment accounts, SBV shall provide written notifications for the applicants within 5 working days.

Section 3. OPENING AND USE OF PAYMENT ACCOUNTS AT CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES

Article 15. Opening and use of payment accounts between credit institutions and foreign bank branches

1. The opening of payment accounts between credit institutions and foreign bank branches shall comply with the Law on Credit Institutions. Payment accounts opened between credit institutions and foreign bank branches shall only be used for payment purposes and shall not be used for the provision of loans, overdraft loans, or other purposes. 

2. Credit institutions and foreign bank branches licensed to engage in foreign exchange may open foreign currency payment accounts at other licensed credit institutions. The opening and use of foreign currency payment accounts shall comply with the law on foreign exchange.

Article 16. Opening of payment accounts for clients that are not credit institutions

1. Banks and foreign bank branches shall provide guidelines on the opening of payment accounts for clients in conformity with the regulations of SBV and relevant laws.

2. Owners of general payment accounts shall be organizations and/or individuals. Purposes of general payment accounts, rights and obligations of owners of general payment accounts, and regulations concerning the use of general payment accounts shall be specified in writing and conformable with the law on the opening and use of payment accounts.

Chapter III

CASHLESS PAYMENT SERVICES

Section 1. PAYMENT SERVICES THROUGH PAYMENT ACCOUNTS OF CLIENTS

Article 17. Payment services through payment accounts of clients

1. Payment services through payment accounts of clients include:

a) Provision of payment instruments;

b) Implementation of payment services concerning cheques, payment orders, payment authorizations, collection orders, collection authorizations, bank cards, money transfers, and collection and payment services;

c) Other payment services implemented under the regulations of SBV.

2. Providers of payment services through payment accounts of clients:

a) SBV provides payment services for clients opening payment accounts at SBV;

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

c) Cooperative banks may provide specific payment services prescribed in Clause 1 of this Article as specified in their establishment and operation licenses issued by SBV.

3. The provision of payment services through payment accounts of clients shall comply with the regulations of SBV.

Section 2. PAYMENT SERVICES NOT THROUGH PAYMENT ACCOUNTS OF CLIENTS

Article 18. Payment services not through payment accounts of clients

1. Payment services not through payment accounts of clients include:

a) Implementation of money transfer, collection, and payment services;

b) Other payment services not through payment accounts implemented under the regulations of SBV.

2. Providers of payment services not through payment accounts of clients:

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

b) Cooperative banks may provide specific payment services not through payment accounts of clients as specified in their establishment and operation licenses issued by SBV.

c) People’s credit funds may provide specific money transfer, collection, and payment services for their members and clients as specified in their establishment and operation licenses issued by SBV;

c) Microfinance organizations may provide specific money transfer, collection, and payment services for their members and clients as specified in their establishment and operation licenses issued by SBV;

dd) Public postal service providers may provide money transfer, collection, and payment services when they meet the requirements prescribed in Article 19 of this Decree and receive written approval from SBV.

3. The provision of payment services not through payment accounts of clients shall comply with the regulations of SBV.

Article 19. Requirements for the provision of payment services not through payment accounts of clients of public postal service providers

Public postal service providers may provide payment services not through payment accounts of clients when they adequately meet and ensure the maintenance of the following requirements during the provision of payment services not through payment accounts of clients:

1. Having information systems serving the provision of payment services not through payment accounts of clients that meet the requirements for safety assurance of information systems grade 3 as prescribed by the law.

2. Personnel requirements: legal representatives, Directors-General (Director), and persons in charge of the provision of payment services not through payment accounts of public postal service providers shall have at least a bachelor’s degree concerning one of the following majors: economy, business administration, law, and information technology.

Core officials carrying out the provision of payment services not through payment accounts of clients (including Heads of divisions (departments) or equivalents and technical officials) shall have at least a college diploma concerning one of the following majors: economy, business administration, law, information technology, or specific professional fields.

3. Having technical and professional procedures for each type of service; having measures to ensure solvency and maintain the balances of their payment accounts at banks and an amount of cash larger than the amount paid to clients at the time of payment; procedures for intramural inspection and control; risk management regulations; general principles and intramural regulations on anti-money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction; procedures for handling review requests, complaints, and disputes; regulations on rights and responsibilities of concerned parties. 

4. Having schemes to collect and transfer cash to ensure its transfer to payment accounts at the end of the day and ensure the safety and security of the cash transfer; equipment ensuring the delivery and management of cash, regulations on limits for money transfer, money receipt, and fund balances at service provision locations; assurance of fire safety as prescribed by the law.

Article 20. Applications and procedures for written approval and revocation of documents on the provision of payment services not through payment accounts of clients of public postal service providers

1. An application for approval for the provision of payment services not through payment accounts of clients includes:

a) Written request for the provision of payment services not through payment accounts of clients following Form No. 03 enclosed herewith;

b) Resolution of the Board of Members and/or documents of competent representatives of owners in conformity with the Company Charter regarding the approval of the presentation of requirements for the provision of payment services not through payment accounts of clients;

c) Presentation of requirements for the provision of payment services not through payment accounts of clients according to Article 19 of this Decree;

d) Personnel documents: certified copies, copies from the original copies, or copies enclosed with the original copies of personal profiles for comparison with documents proving the professional qualifications and capacities of legal representatives, Director-General (Director), and persons in charge and core officials providing the mentioned services; 

dd) Establishment license, enterprise registration certificate, or equivalents issued by a competent authority and Company Charter (certified copies, copies from the original copies, or copies enclosed with the original copies for comparison).

2. Approval procedure:

a) The public postal service provider shall submit 3 applications for the provision of payment services not through payment accounts of clients according to Clause 1 of this Article by post (postal services) or in-person to the Single-Window Department of SBV or online on the Public Service Portal of SBV or the National Public Service Portal (the online submission of applications shall comply with regulations on electronic administrative procedures). The public postal service provider shall assume legal liability for the accuracy and truthfulness of provided information.

SBV shall appraise the application according to the requirements prescribed in Article 19 of this Decree;

b) Within 5 working days after receiving the application, SBV shall confirm the adequate and valid or vice versa with the applicant in writing as per regulation.

If the application is inadequate and/or invalid as per regulation, SBV shall request the applicant to revise and complete the application in writing. The time when the applicant revises and completes the application shall not be included in the appraisal time.

c) Within 60 working days after receiving the adequate and valid components of the application, SBV shall appraise the application. After 60 days from the date of the written request for revision or completion of the application of SBV, if the applicant fails to revise the application or the application is still ineligible after 2 revision attempts, SBV shall issue a written refusal of the approval and return the application to the applicant.

Within 60 working days after receiving the revised and completed application from the applicant, SBV shall appraise the application and issue a written approval as per regulation. In case of refusal, SBV shall answer and explain in writing.

3. The effective period of a written approval is 10 years from the date SBV signs it. In case of extending the effective period of a written approval for the provision of payment services not through payment accounts of clients, within 60 days before the written approval expires, the requesting provider shall submit 3 applications for approval extension, including a written request following Form No. 03 enclosed herewith; reports on the implementation of operations according to the written approval from the date of approval to the date of submission of applications and copies of the effective written approval to SBV.

Within 30 working days after receiving applications for the extension, SBV shall assess and extend the effective period of the written approval or refuse to extend it and provide explanations in writing.

The extended period shall be 10 years from the date SBV extends the effective period of the written approval.

4. Written approval for the provision of payment services not through payment accounts of clients shall be revoked in the following cases:

a) The provider with the written approval for the provision of payment services not through payment accounts of clients issued by SBV is dissolved or bankrupt according to the law;

b) The provider with the written approval for the provision of payment services not through payment accounts of clients issued by SBV applies for the revocation of the written approval due to the termination of the provision of payment services not through payment accounts of clients following Form No. 05 enclosed herewith;

c) There is a judgment, judgment enforcement decision, or administrative sanction decision of a competent state authority or a criminal judgment execution management authority, which contains a request for the revocation of the written approval of the public postal service provider or a written request of a competent state authority or a criminal judgment execution management authority for the revocation of the written approval of the public postal service provider;

d) The provider with the written approval for the provision of payment services not through payment accounts of clients issued by SBV commits prohibited acts prescribed in Clause 8 Article 8 of this Decree;

dd) The provider fails to remedy its violations after 3 months from the date SBV sends it a written notification of violations of one of the requirements prescribed in Article 19 requiring remedial measures.

e) The provider operates contrary to the written approval of SBV for the provision of payment services not through payment accounts of clients;

g) The provider is detected to have failed to provide payment services not through payment accounts of clients for 6 consecutive months during an inspection or supervision of the provision of such services.

5. The procedure for considering the revocation or revoking written approval for the provision of payment services not through payment accounts of clients of public postal service providers: 

a) If the provider is dissolved or bankrupt according to Point a Clause 14 of this Article, it shall notify SBV of such an event within 7 working days after the date of approval for the enterprise dissolution decision according to the Law on Enterprises or the date of receipt of the bankruptcy declaration decision from a People's Court according to the law on bankruptcy. 10 working days after receiving the written notification from the provider, SBV shall issue a decision to revoke the written approval.

10 working days after receiving the application prescribed in Point b Clause 4 of this Article, SBV shall issue a decision to revoke the written approval.

10 working days after the occurrence of one of the cases prescribed in Points c, d, and dd Clause 4 of this Article, SBV shall issue a decision to revoke the written approval;

b) When the provider has signs of being subject to one of the cases prescribed in Points e and g Clause 4 of this Article, SBV shall notify the provider and request it to provide explanations.

15 working days after receiving the written notification from SBV, if the provider does not have any explanation document or the explanations are unreasonable, SBV shall consider issuing a decision to revoke the written approval.

6. After receiving the decision on the revocation of the written approval from SBV, the provider subject to the revocation shall immediately suspend the provision of payment services not through payment accounts of clients.

Within 30 days after the issuance of the decision on the revocation of the written approval of SBV, the provider shall notify relevant organizations and individuals of such an event in writing to liquidate contracts and fulfill all obligations and responsibilities between parties as prescribed by the law.

When the provider has fulfilled every obligation and responsibility between parties according to the law, it may request for the provision of payment services not through payment accounts of clients according to Article 19 of this Decree after 3 years from the date its written approval is revoked as prescribed in Clause 4 of this Article (excluding Point a Clause 4). Applications and procedures shall comply with Clauses 1 and 2 of this Article.

Section 3. PARTICIPATION IN INTERNATIONAL PAYMENT SYSTEMS

Article 21. Requirements for participation in international payment systems of commercial banks and foreign bank branches

1. Being licensed to engage in basic foreign exchange operations in domestic and international markets.

2. Having policies on and procedures for risk management concerning money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction laws that meet the requirements prescribed in anti-money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction laws when participating in international payment systems.

3. Having information systems that meet the requirements for management, administration, safety, and confidentiality according to Vietnamese law; intramural regulations on standards of the selection of connections to international payment systems.

4. Organizations operating international payment systems are legally established and operated abroad.

Chapter IV

PAYMENT INTERMEDIARY SERVICES

Article 22. Payment intermediary services and service provision requirements

1. Payment intermediary services include financial switch services, international financial switch services, electronic clearing services, e-wallet services, collection and payment services, and electronic payment portal services. The provision of payment intermediary services shall comply with the regulations of SBV.

2. Payment intermediary service provision requirements:

A non-bank organization or foreign bank branch shall be licensed to provide payment intermediary services by SBV when it meets and maintains the following requirements during the provision of payment intermediary services:

a) Having an establishment license or certificate of enterprise registration issued by a competent state authority; not being subject to any full division, partial division, consolidation, merger, conversion, dissolution, or bankruptcy according to the issued decision while applying for the license to provide payment intermediary services; in case of providing financial switch services and/or electronic clearing services, the organization shall ensure that it only engages in the provision of payment intermediary services; 

b) Having an actual or allocated capital charter of at least 50 billion VND for e-wallet services, collection and payment services, and electronic payment portal services; 300 billion VND for financial switch services, international financial switch services, and electronic clearing services; assuming responsibility for the legality of contributed or allocated capital sources;

c) Having schemes to provide payment intermediary services approved by competent authorities according to the Charter of the approving organization following Form No. 08 enclosed herewith;

d) Personnel requirements: legal representatives and the Director-General (Director) of the organization shall have at least a bachelor’s degree concerning economy, business administration, law, or information technology and at least 5 years of experience as managers and operators of the organization in fields of finance and banking and shall not be the banned entities as prescribed by the law; there must always be at least one legal representative residing in Vietnam (if there is only one legal representative residing in Vietnam, this person shall authorize another individual residing in Vietnam to carry out the rights and obligations of a legal representative when exiting Vietnam. In this case, the legal representative shall still take responsibility for the authorized implementation of rights and obligations).

Deputy Directors-General (Deputy Directors) and core officials carrying out the schemes for the provision of payment intermediary services (including Heads of divisions (departments) or equivalents and technical officials) shall have at least a college diploma concerning economy, business administration, law, information technology, or specific professional fields.

dd) Having a presentation of technical measures to serve the provision of payment intermediary services requested for licenses approved by competent authorities according to the Charter of the approving organization meeting the requirements for safety assurance of information systems grade 3 as prescribed by the law;

e) Regarding e-wallet services and collection and payment services for clients with payment accounts at many banks and/or foreign bank branches, the service provider shall have a provider of financial switch services and electronic clearing services licensed by SBV carry out the financial transaction switch and handle the clearing of arising obligations during its provision of payment intermediary services;

g) Regarding financial switch services and electronic clearing services, aside from the requirements prescribed in Points a, b, c, d, and dd Clause 2 of this Article, the service provider shall have another organization carry out the settlement of clearing result between concerned parties; have connection agreements with at least 50 banks and foreign bank branches with a total charter capital in the year before the year of applying for licenses account for at least 65% of the total charter capital of banks and foreign bank branches in the system of credit institutions and connection agreements with at least 20 providers of payment intermediary services; have information infrastructures meeting at least the requirement for safety assurance of information systems grade 4 according to the law, ensuring the capacity for integrating and connecting with technical systems of participating organizations with connection agreements; have a server system the complies with the law and has the capacity for processing at least 10 million payment transactions per day; 

Participating organizations shall connect to no more than 2 providers of financial switch services and electronic clearing services; 

h) Regarding international financial switch services, the service provider shall have an effective license to provide payment intermediary services of the financial switch; have another organization carry out the settlement of clearing results between concerned parties; have intramural regulations on standards of the selection of connections to international payment systems to carry out the financial switch of international payment transactions; have intramural regulations on professional and technical procedures for international financial switch services requested for licenses. Organizations operating international payment systems connected to providers of international financial switch services shall be legally established and operated abroad. 

3. Within 6 months from the date SBV issues the license to provide payment intermediary services, the licensed organization shall provide payment intermediary services for the market and may only do so after implementing technical systems meeting Point dd Clause 2 of this Article or Points g and h Clause 2 of this Article regarding financial switch services, electronic clearing services, and international financial switch services.

Article 23. Principles of formulating and submitting applications for issuance, re-issuance, supplement, and revocation of licenses to provide payment intermediary services 

1. Applications shall be made in Vietnamese. Regarding documents issued by foreign competent authorities or organizations, they shall be authenticated or certified for consular legalization according to Vietnamese law (excluding cases eligible for exemption from consular legalization according to the law on consular legalization) and translated into Vietnamese.

2. Copies of applications and documents shall be certified copies or copies from the original copies or copies enclosed with the original copies for comparison according to the law. In case of online submission, comply with regulations on electronic administrative procedures.

3. Personal profiles shall have the signatures they bear authenticated as prescribed by the law.

4. Applications shall be submitted by post (postal services) or in-person to the Single-Window Department of SBV or online on the Public Service Portal of SBV or the National Public Service Portal.

5. Applicants for the issuance, re-issuance, revision, supplement, and revocation of licenses shall assume legal liability for the accuracy and truthfulness of provided information.

Article 24. Issuance of licenses to provide payment intermediary services

1. SBV shall issue licenses to provide payment intermediary services according to Clause 1 Article 22 of this Decree to applicants for such licenses. 

2. An application for a license to provide payment intermediary services includes:

a) Written request for issuance of the license following Form No. 07 enclosed herewith;

b) Resolutions of the Board of Members, Board of Directors, and General Meeting of Shareholders, documents of the competent representative of the owner conforming with the competence prescribed in the Company Charter regarding the approval for the provision of payment intermediary services, and the presentation of technical measures; 

c) Schemes to provide payment intermediary services following Form No. 08 enclosed herewith;

d) Presentation of technical measures;

dd) Personnel documents: personal profiles following Form No. 09 enclosed herewith, copies of documents proving the professional qualifications and capacities of legal representatives, the Director-General (Director), Deputy Directors-General (Deputy Directors), and core officials implementing schemes to provide payment intermediary services; judicial records or equivalents of legal representatives and the Director-General (Director) according to the law (within 6 months before the submission of the application for the license); documents of competent representatives of the unit where the legal representatives and the Director-General (Director) have worked or are currently working confirming the positions and period of holding positions or copies of documents proving the positions and the period of holding positions at the unit of the legal representatives and the Director-General (Director);

e) Copies of documents proving that the applicant for the license is legally established and operated, including the establishment license of enterprise registration certificate or equivalents; Charter and operations of the organizations; investment certificates of foreign investors (if any);

g) Commitment documents and proof documents of the owner, founding members, and founding shareholders of the organization regarding the assurance of the maintenance of the actual value of the charter capital;

h) Regarding financial switch services and electronic clearing services: schemes for an organization to carry out the settlement of clearing results between concerned parties according to Form No. 08 enclosed herewith; written agreements on the connections with participating organizations, which contain commitments to connect to no more than 2 providers of financial switch services and electronic clearing services; documents proving that the information infrastructures and the server system comply with Point g Clause 2 Article 22 of this Decree;

i) Regarding international financial switch services: intramural regulations on standards of the selection of international payment systems to be connected to for the implementation of financial switch of international payment transactions; intramural regulations on professional procedures for risk management measures regarding international financial switch services requested for licenses; copies of documents proving that organizations operating international payment systems are legally established and operated abroad issued by competent authorities of countries and territories where such organizations are established or headquartered; schemes for an organization to carry out the settlement of clearing results between concerned parties according to Form No. 08 enclosed herewith.

3. Licensing procedure

Where the application is submitted by post (postal services) or in-person to the Single-Window Department of SBV, the applicant shall submit 2 applications and 6 CDs (or 6 USBs) storing the scanned application for the license according to Clause 2 of this Article. SBV shall, based on the application, cooperate with relevant ministries and agencies in appraising the application under Clause 2 Article 22 of this Decree.

a) Within 5 working days from the date of receipt of the application, SBV shall issue a written document confirming the adequate and valid application components to the applicant. If the application components are inadequate and invalid, SBV shall request the applicant to supplement and complete the application components in writing. The time for the supplement and completion of application components shall not be included in the appraisal time.

Where the applicant fails to re-submit the application or the supplemented application fails to meet the component requirements within 60 days from the date SBV issues the written request for supplement to application components, SBV shall issue a written document on the return of the application to the applicant;

b) Within 90 working days after receiving the adequate and valid components of the application, SBV shall appraise the application. Where the applicant fails to re-submit the application within 60 days from the date SBV issues a written request for explanation and completion of the application, SBV shall issue a written document on the return of the application to the applicant.

Within 90 working days after receiving the supplemented and completed application from the applicant, SBV shall appraise the application and issue the license as per regulation. In case of refusal, SBV shall answer and explain in writing.

c) From the date SBV receives the adequate and valid application components, the applicant may supplement and complete the application twice; the supplemented and completed application of the applicant shall be submitted within 60 days from the date SBV issues the written document on the receipt of the adequate and valid application components to the applicant.

4. Procedure for implementing operations after being licensed

Within 30 working days before the expected date of the provision of payment intermediary services for the market and 6 months after being licensed by SBV, the provider licensed to provide payment intermediary services by SBV shall provide the following notifications and proof documents for SBV: technical system meeting the requirements prescribed in Point dd Clause 2 Article 22 of this Decree; copies of the technical testing records of licensed payment intermediary services with a partner bank regarding e-wallet services, collection and payment services, and electronic payment portal services following Form No. 10 enclosed herewith; documents proving that it has another organization carry out the settlement of clearing results between concerned parties regarding financial switch services, electronic clearing services, and international financial switch services meeting the requirements prescribed in Points g and n Clause 2 Article 22 of this Decree.

Within 15 working days after receiving the adequate documents, SBV shall carry out a practical inspection at the location of the provider of payment intermediary services and issue a notification of compliance or incompliance with Points dd, g, and h Clause 2 Article 22 of this Decree. In case of incompliance, SBV shall consider revoking the license to provide payment intermediary services according to Point e Clause 1 Article 27 of this Decree.

5. Validity period of a license

The time limit for operations indicated on the license is 10 years from the date the provider is licensed by SBV. Regarding international financial switch services, the time limit shall not exceed the time limit indicated on the license to provide financial switch services.

Article 25. Re-issuance of licenses to provide payment intermediary services

SBV shall re-issue a license to provide payment intermediary services in the following cases:

1. The license expires

Within 60 days before the license expires, the payment intermediary service provider shall submit an application for the license re-issuance to SBV. Where the application is submitted by post (postal services) or in-person to the Single-Window Department of SBV, the applicant shall submit 3 applications for the license re-issuance that include: a written request for the license re-issuance following Form No. 11 enclosed herewith, reports on the implementation of operations according to the license from the license issuance date to the submission date of the application for license re-issuance and copies of the effective license to SBV.

Within 30 working days after receiving the application for license re-issuance, SBV shall consider re-issuing the license or issue a written refusal specifying the reason;

The time limit for operations indicated on the license is 10 years from the date SBV re-issues the license.

2. The license is lost, torn, burned, or destroyed in other forms

The payment intermediary service provider shall submit an application for the license re-issuance that specifies the reason for the re-issuance following Form No. 11 enclosed herewith. Within 10 working days after receiving the application for license re-issuance, SBV shall consider re-issuing the license or issue a written refusal specifying the reason;

The time limit for operations indicated on the license shall be the same as the time limit indicated on the lost, torn, burned, or destroyed license.

Article 26. Revision of licenses to provide payment intermediary services

1. In case of changing one of the following contents in a license to provide payment intermediary services: name of the provider, headquarters, suspension of the provision of one or several licensed payment intermediary services, or connection to additional international payment services of providers of international financial switch services:

a) The payment intermediary service provider shall submit an application for revision of the license, including: a written request for revision of the license to provide payment intermediary services following Form No. 12 enclosed herewith; copies of the effective license to provide payment intermediary services; copies of the enterprise registration certificate with a changed name of the enterprise and certificates of investment registration regarding foreign investors (if any); reports on the provision of payment intermediary services from the issuance date of the license until the submission date of the application for revision of the license.

In case of requesting connection to additional international payment systems, providers of international financial switch services shall provide additional documents prescribed in Point i Clause 2 Article 24 of this Decree;

b) SBV shall receive and assess the validity of the application for revision of the license within 5 working days from the date of receipt of the application and decide to revise the license within 30 working days from the date of receipt of the valid application. In case of refusing to revise the license, SBV shall answer and explain in writing;

c) The time limit for operations indicated on the revised license shall not exceed that of the license to provide payment intermediary services;

d) Regarding payment intermediary services requested for the suspension of provision, the payment intermediary service provider shall suspend the provision of the services after the revision of the license by SBV and send written notifications to relevant organizations and individuals to liquidate contracts and fulfill all obligations and responsibilities between concerned parties within 30 days from the date SBV revises the license as prescribed by the law.

2. In case of changing one of the following contents: the legal representative, capital sources, or owner's charter capital ownership ratio or implementing a full division, partial division, consolidation, merger, or conversion of the enterprise, the payment intermediary service provider shall be exempted from carrying out the procedure for requesting revision of the license during the effective period of the license, but it shall send written notifications and documents relevant information (if any) for SBV within 30 days from any of the mentioned change.

Article 27. Revocation of licenses to provide payment intermediary services

1. SBV shall consider revoking a license in one of the following cases:

a) The payment intermediary service provider is subject to dissolution or bankruptcy according to the law;

b) The payment intermediary service provider applies for the revocation of the license due to the termination of the provision of licensed payment intermediary services following Form No. 15 enclosed herewith;

c) When there is an effective judgment, judgment enforcement decision, or administrative sanction decision of a competent authority or criminal judgment enforcement authority requests the revocation of the license of the payment intermediary service provider or a written request from a competent authority or criminal judgment enforcement authority for the revocation of the license of the payment intermediary service provider;

d) The payment intermediary service provider uses or takes advantage of its payment account, payment instruments, payment services, or payment intermediary services to commit gambling, gambling organization, fraud, illegal trading, money laundering, terrorism financing, or financing of proliferation of weapons of mass destruction;

dd) After 3 months from the date SBV issues a written notification to the provider of the violation of one of the requirements prescribed in Points a, b, c, d, e, and g Clause 2 Article 22 or the technical system fails to meet Point dd Clause 2 Article 22 of this Decree and the provider fails to carry out requested remedial measures;

e) The payment intermediary service provider fails to comply with Clause 3 Article 22 of this Decree, provide proof document, ensure that proof documents comply with Clause 4 Article 24 of this Decree, or carry out remedial measures after 3 months from the date SBV issue a written notification requesting the provider to carry out remedial measures;

g) During an inspection or supervision of the provision of payment intermediary services, the provider is detected to fail to provide licensed payment intermediary services for clients for 6 consecutive months;

h) The payment intermediary service provider repeats the violation of dishonestly reporting on the balance and number of e-wallets as per regulation.

2. License revocation procedure

a) If the provider is subject to dissolution or bankruptcy according to Point a Clause 1 of this Article, the provider shall submit an application for the license revocation following Form No. 15 enclosed herewith to SBV within 7 working days from the date of approval for the enterprise dissolution decision according to the Law on Enterprises or the date of receipt of the bankruptcy declaration decision of a People’s Court according to the law on bankruptcy. 10 working days after receiving the application, SBV shall issue a decision to revoke the license.

10 working days after receiving the application for license revocation due to the termination of the provision of payment intermediary services from the provider as prescribed in Point b Clause 1 of this Article, SBV shall issue a decision to revoke the license.

20 working days after the occurrence of one of the cases prescribed in Points c, d, dd, and e Clause 1 of this Article, SBV shall issue a decision to revoke the license.

b) When the payment intermediary service provider has signs of violations as prescribed in Points g and h Clause 1 of this Article, SBV shall consider revoking the license and issue a written notification requesting explanations to the provider.

20 working days after receiving the written notification from SBV, if the licensed provider does not have any explanation document or the explanations are unreasonable, SBV shall consider issuing a decision to revoke the license.

3. After receiving the decision of SBV on the license revocation, the provider subject to the license revocation shall immediately suspend the provision of payment intermediary services.

Within 30 days from the date SBV issues the decision on license revocation, the provider subject to the license revocation shall issue written notifications to relevant organizations and individuals to liquidate contracts and fulfill obligations and responsibilities between concerned parties as prescribed by the law.

After the provider subject to the license revocation has fulfilled all obligations and responsibilities between concerned parties as prescribed by the law, it may apply for a license to provide payment intermediary services according to Article 22 of this Decree after 3 years from the date its license is revoked in the case prescribed in Clause 1 of this Article. Applications and procedures for license issuance shall comply with Article 23 and Article 24 of this Decree.

Article 28. Responsibility for cooperation in issuing, re-issuing, revising, and revoking licenses to provide payment intermediary services

1. Responsibility for cooperation during appraisal

a) SBV shall collect feedback from the Ministry of Public Security of Vietnam and relevant authorities on compliance with relevant laws of the provider and its legal representative during their operations before considering issuing, re-issuing, revising, and revoking the license according to Article 24, Clause 2 Article 25, Clause 1 Article 26, and Points d and g Clause 1 Article 27 of this Decree;

b) Within 15 days after receiving the document from SBV, relevant ministries and authorities prescribed in Point a of this Clause shall send written feedback to SBV;

c) SBV shall consider issuing, re-issuing, revising, and revoking the license based on the relevant documents and feedback from relevant ministries and authorities.

2. SBV shall disclose the issuance, re-issuance, revision, and revocation of the license to provide payment intermediary services of the payment intermediary service provider on its web portal. The payment intermediary service provider shall disclose the license, revision decision, and license revocation decision on its official website for clients’ acknowledgment.

Chapter V

RESPONSIBILITIES OF CONCERNED PARTIES

Article 29. Assurance of payment safety and confidentiality

1. Payment service providers and payment intermediary service providers shall apply measures to ensure payment safety and confidentiality according to the law and may stipulate such measures in conformity with relevant laws. Clients using services shall comply with measures to ensure payment safety and confidentiality according to the regulations and guidelines of service providers.

2. Payment service providers and payment intermediary service providers shall adopt measures to inspect and supervise payment acceptance units to detect and settle payment violations or request competent authorities to handle such violations as prescribed by the law.

3. Payment service providers and payment intermediary service providers shall adopt measures to manage risks and prevent the use and abuse of the provision of payment instruments, payment services, and payment intermediary services to commit gambling, organize gambling, make false payment transactions (payment transactions of goods and/or services without any purchase or service provision) or other law violations.

4. Payment intermediary service providers and relevant organizations and individuals shall adequately provide information and documents according to the regulations of payment service providers when implementing foreign currency payment and international payment according to Clauses 3 and 5 Article 5 of this Decree and assume legal liability for the authenticity of the provided documents. Payment service providers shall apply measures to assess, inspect, and archive documents relevant to actual transactions to ensure that foreign currency payment and international payment are for proper purposes and comply with the law.

Article 30. Rights to information and reports

1. SBV may request payment service providers and payment intermediary service providers to provide information relevant to the provision of services periodically and irregularly; the provision of such information shall comply with the regulations of SBV.

2. Payment service providers and payment intermediary service providers may request their clients to provide relevant information while using their services.

Article 31. Information and report obligations

1. Payment service providers and payment intermediary service provider shall provide reports and information for competent state authorities according to the law.

2. Payment service providers and payment intermediary service providers shall provide information on transactions and account balances of payment account owners and transactions and e-wallet balances of e-wallet owners according to agreements with payment account owners and e-wallet owners.

Article 32. Information confidentiality

1. Rights to refuse to provide information

Payment service providers and payment intermediary service providers may refuse requests from other organizations and individuals for the provision of information relevant to accounts, transactions, and account balances or e-wallets, transactions, and e-wallet balances, excluding cases where requests are from competent state authorities according to the law or requests are approved by clients.

2. Information confidentiality

Payment service providers and payment intermediary service providers shall maintain the confidentiality of information relevant to accounts, transactions, and account balances and e-wallet, transactions, and e-wallet balances unless otherwise approved by clients or prescribed by the law.

Chapter VI

SUPERVISION

Article 33. Supervision of economically important payment systems

1. SBV shall promulgate regulations on the supervision and implementation of supervision of economically important payment systems to enhance and ensure the stable operation and safety of such systems.

2. SBV shall determine important payment systems that are under its supervision. SBV shall supervise important payment systems by using remote and on-site supervision measures and other necessary measures based on the principles of not obstructing the normal operations of the systems and the organizations operating such systems.

3. SBV may request operational organizations, settlement banks, and members of important payment systems to provide information on the systems.

4. Operational organizations, settlement banks, and members of important payment systems shall provide information relevant to the systems at the request of SBV.

5. Operational organizations and settlement banks of important payment systems shall comply with regulations and supervision requests of SBV and issue intramural regulations on risk control and assurance of continuous operation of the systems.

Article 34. Supervision of payment service provision

1. SBV shall determine the scope and issue regulations on the supervision and implementation of supervision of payment service provision.

2. SBV shall supervise the provision of payment services using remote and on-site supervision measures and other necessary measures based on the principle of not obstructing the normal operations of payment service providers.

3. SBV may request payment service providers to provide information relevant to the provision of payment services.

4. Payment service providers shall provide information relevant to the provision of payment services at the request of SBV and comply with the regulations and supervision requests of SBV.

Article 35. Supervision of payment intermediary service provision

1. SBV shall promulgate regulations on the supervision and implementation of supervision of payment intermediary service provision of providers licensed by SBV.

2. SBV shall supervise the provision of payment intermediary services using remote and on-site supervision measures and other necessary measures based on the principle of not obstructing the normal operations of payment intermediary service providers.

3. SBV may request payment intermediary service providers to provide information relevant to the provision of payment intermediary services.

4. Payment intermediary service providers shall provide information relevant to the provision of payment intermediary services at the request of SBV and comply with the regulations and supervision requests of SBV.

5. Payment intermediary service providers shall develop and provide online supervision instruments for SBV to supervise the official provision of payment intermediary services for clients.

6. Banks cooperating with payment intermediary service providers shall provide reports and information relevant to the cooperation in providing payment intermediary services; information and data relevant to the opening and management of payment assurance accounts for payment intermediary service providers regarding e-wallet services and collection and payment services at the request of SBV.

Chapter VII

IMPLEMENTATION PROVISIONS

Article 36. Transitional provisions

1. Commercial banks and foreign bank branches that have participated in international payment systems before the effective date of this Decree may continue to participate in such systems. Within 24 months from the effective date of this Decree, commercial banks and foreign bank branches shall meet the business requirements prescribed in Article 21 of this Decree and carry out the procedure for requesting approval for participation in international payment systems according to the regulations of the Governor of SBV. After the mentioned time limit, commercial banks and foreign bank branches shall terminate their participation in international payment systems not indicated on their licenses.

2. Payment intermediary service providers with licensed e-money transfer services (under Clause 5 Article 3 of Circular No. 39/2014/TT-NHNN dated December 11, 2014 of SBV) indicated on their licenses to provide payment intermediary services before the effective date of this Decree may continue to carry out the agreements between concerned parties.

3. Licensed financial switch service providers that have connected to international payment systems before the effective date of this Decree may continue to connect to such systems. Within 24 months from the effective date of this Decree, licensed financial switch service providers shall meet the business requirements and carry out the procedure for licenses to provide international financial switch services according to this Decree. After the mentioned time limit, such providers shall terminate their connections with international payment systems not indicated on their licenses to provide international financial switch service providers.

4. Public postal service providers may continue to provide payment services not through payment accounts as prescribed by the law. Within 24 months from the effective date of this Decree, public postal service providers shall meet the business requirements and carry out the procedure for requesting approval for the provision of payment services not through payment accounts of clients according to this Decree. After the mentioned time limit, such providers shall terminate their provision of payment services.

5. Payment intermediary service providers licensed to provide payment intermediary services before the effective date of this Decree may continue to comply with the licenses issued by SBV until they expire, excluding cases where providers apply for licenses under this Decree.

Article 37. Entry into force

1. This Decree comes into force as of July 1, 2024.

2. This Decree replaces Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government of Vietnam and Decree No. 80/2016/ND-CP dated July 1, 2016 of the Government of Vietnam and annuls Article 3 of Decree No. 16/2019/ND-CP dated February 1, 2019 of the Government of Vietnam.

Article 38. Implementation responsibilities

Ministers, Directors of ministerial agencies, Directors of governmental agencies; Presidents of People’s Committees of provinces and centrally affiliated cities; Presidents of Boards of Directors, Presidents of Boards of Members, and Directors-General (Directors) of credit institutions and foreign bank branches; Presidents of Boards of Directors, Presidents of Boards of Members, Presidents of companies, and Directors-General (Directors) of public postal service providers and relevant organizations and individuals shall implement this Decree.