Latest procedures for opening of payment accounts of State Bank of Vietnam

Latest procedures for opening of payment accounts of State Bank of Vietnam (Internet image)

On June 11, 2024, the State Bank of Vietnam issued Decision 1118/QD-NHNN announcing the new, amended, and supplemented administrative procedure related to payment activities to be implemented at the One-Stop Shop under the management scope of the State Bank of Vietnam.

Procedures for opening of payment accounts of State Bank of Vietnam

(1) Procedures:

- Step 1. The organization requesting to open a payment account submits 01 complete set of documents to open the payment account as prescribed in Clause 2, Article 14 Decree 52/2024/ND-CP dated May 15, 2024 to the State Bank (Transaction Office, or the State Bank branches in provinces or cities) where the payment account is requested to be opened;

- Step 2. The State Bank of Vietnam checks the components of the documents and compares them with the information provided in the payment account opening application form to ensure accuracy and consistency.

- Step 3. In case the payment account opening documents are incomplete, invalid, or there are discrepancies between the details provided in the payment account opening application form and the related documents, within 01 working day from the receipt of the payment account opening documents, the State Bank shall notify the requesting organization to complete the documents.

The requesting organization is responsible for supplementing and completing the documents within 05 working days from the date of receiving the request for document supplementation and completion from the State Bank. After this deadline, the State Bank will issue a written rejection of the payment account opening and return the documents to the requesting organization.

- Step 4. Within 02 working days from the receipt of complete and valid payment account opening documents from the requesting organization, the State Bank processes the payment account opening for the organization. If the State Bank refuses to open the payment account, it must notify the organization in writing stating the reasons.

(2) Method of Implementation:

- At the administrative agency's office (directly at the One-Stop Shop); or

- Through postal services; or

- Online submission at the State Bank's Public Service Portal or the National Public Service Portal.

(3) Document Components:

• An application for opening a payment account accompanied by a registered seal and signature specimen as per Form No. 01 issued along with Decree 52/2024/ND-CP, signed and stamped by the legal representative or authorized representative of the organization opening the payment account;

• Documents evidencing that the organization opening the payment account is legally established and operates, including: establishment decision, operation license, enterprise registration certificate, cooperative registration certificate, or equivalent documents;

• Documents proving the representative status of the legal representative or authorized representative of the organization opening the payment account and a valid ID card, citizen ID card, electronic citizen ID, or passport;

• Appointment letter or decision and a valid ID card, citizen ID card, electronic citizen ID, or passport of the chief accountant or the person in charge of accounting, and the person controlling transaction documents with the State Bank of the organization opening the payment account.

More details can be found in Decision 1118/QD-NHNN dated June 11, 2024.

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