Cash replenishment and centralized fund collection services for credit institutions in Vietnam from February 14, 2025

Cash replenishment and centralized fund collection services for credit institutions in Vietnam from February 14, 2025​ (Image from the Internet)

On December 31, 2025, the Governor of the State Bank of Vietnam issued Circular 60/2024/TT-NHNN regulating cash management services for credit institutions and foreign bank branches.

Cash replenishment and centralized fund collection services for credit institutions in Vietnam from February 14, 2025

According to the regulations in Article 10 of Circular 60/2024/TT-NHNN, the cash replenishment and centralized fund collection services for credit institutions and foreign bank branches in Vietnam are as follows:

- The service provider organization receives the service demand from the service user organization and signs a service provision contract for cash replenishment and centralized fund collection with the service user organization.

- When performing cash replenishment and centralized fund collection services, the service provider organization is responsible for arranging transportation means, security forces, and escorts.

- The bundles/bags/boxes of cash supplied or collected must be sealed by the service provider organization or by the service user organization.

- The transportation, delivery, and receipt by the service provider with fixed cash replenishment points of the service user organization are conducted in accordance with the regulations of the State Bank on delivery, preservation, and transportation of cash, precious assets, and valuable papers.

Note: The cash replenishment and Centralized Fund Collection Service is a service whereby the service provider organization conducts the supply and collection of cash and foreign currency for branches, transaction offices, automated teller machines, and other fixed transaction points of the service user organization as per the agreement between the parties. (According to Clause 5, Article 3 of Circular 60/2024/TT-NHNN)

What are credit institutions and foreign bank branches in Vietnam?

- According to Clause 38, Article 4 of the Law on Credit Institutions 2024, a credit institution is an economic organization with legal status to perform one, some, or all banking activities under the Law on Credit Institutions 2024.

Credit institutions include:

+ A bank is a credit institution that may perform all banking activities under the Law on Credit Institutions 2024. Types of banks include commercial banks, policy banks, and cooperative banks.

+ A non-bank credit institution is a credit institution that performs one or several banking activities under the Law on Credit Institutions 2024, except for taking deposits from individuals and providing payment services via customer accounts. Types of non-bank credit institutions include general finance companies and specialized finance companies.

+ A microfinance institution is a credit institution primarily performing one or several banking activities to meet the needs of individuals, low-income households, and microenterprises.

+ A people's credit fund is a credit institution voluntarily established by legal entities, individuals, and households in cooperative form to conduct one or several banking activities under the Law on Credit Institutions 2024 with the main objective of mutual support for production, business, and living development.

- A foreign bank branch is an economic organization without legal status and is a dependent unit of a foreign bank, with the foreign bank ensuring responsibility for all obligations and commitments of the branch in Vietnam. (According to Clause 5, Article 4 of the Law on Credit Institutions 2024)

More details can be found in Circular 60/2024/TT-NHNN effective from February 14, 2025.

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