Procedures for issuance of banking code in Vietnam as of July 1, 2024

Procedures for issuance of banking code in Vietnam as of July 1, 2024 (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

On December 28, 2023, the Governor of the State Bank of Vietnam issued Circular 18/2023/TT-NHNN amending Circular 17/2015/TT-NHNN on banking code system for use in banking activities and operations in Vietnam.

Procedures for issuance of banking code in Vietnam as of July 1, 2024

Specifically, regulations on the procedures for issuance of banking code in Vietnam as of July 1, 2024 will be amended by Circular 18/2023/TT-NHNN as follows:

(1) In respect of entities affiliated to SBV that request issuance of banking code, these entities shall submit written request for banking code in accordance with Appendix 1 attached to Circular 18/2023/TT-NHNN to Information Technology Department via Document Management and Coordination system of the SBV.

(2) In respect of credit institutions (other than people’s credit funds) and foreign bank’s branches (hereinafter referred to as “FBB”), within 10 working days from the date on which credit institutions obtain license to establish and operate (new establishment, merger, acquisition, partial division, full division) or FBBs obtain license to operate, credit institutions and FBBs shall send written request for banking code via post service to SBV or directly at Single-window Department of SBV. The request consists of:

- Written request for banking code under Appendix 1 attached to Circular 18/2023/TT-NHNN;

- Written request for account of public services regarding banking code under Appendix 4 attached to Circular 18/2023/TT-NHNN.

(3) In respect of dependent entities and wholly foreign-owned banks of credit institutions under Clause (2), within 10 working days from the date on which written approval for establishment of dependent entities and wholly foreign-owned banks of SBV is obtained, credit institutions shall produce request for banking code on Public Service Portal under Appendix 1 attached to Circular 18/2023/TT-NHNN.

(4) In respect of people’s credit funds, within 10 working days from the date on which license to establish and operate is issued, branches of SBV in provinces and central-affiliated cities where people’s credit funds are headquartered shall produce request for banking code on Public Service Portal of SBV according to Appendix 1 attached to Circular 18/2023/TT-NHNN.

(5) In respect of State Treasury of all levels that request banking code, Central State Treasury shall produce request for banking code on Public Service Portal of SBV in accordance with Appendix 1 attached to Circular 18/2023/TT-NHNN.

(6) In respect of other organizations that report and exchange data electronically relating to SBV and request for banking code, these organizations shall send request for banking code via post service to SBV or directly to Single-window Department of SBV. The request consists of documents under Point a and Point b Clause 2 of Article 9 of Circular 17/2015/TT-NHNN (amended by Circular 18/2023/TT-NHNN).

(7) Upon receiving request for banking code, Information Technology Department shall examine the request, cooperate with entities of SBV (in respect of request for banking code of entities affiliated to SBV, credit institutions, FBBs, other organizations obtaining license to operate issued by SBV) or access National database on enterprise operation registration (in respect of request for banking code of other organizations) to cross-examine operation conditions and information in accordance with Clause 1 Article 8 of Circular 17/2015/TT-NHNN.

Within 3 working days from the date on which adequate written request is received, Information Technology Department shall issue banking code, send results to applicants, and issue electronic notification regarding issuance of banking code on Public Service Portal of SBV in accordance with Appendix 5 attached to Circular 18/2023/TT-NHNN;

In respect of rejection, Information Technology Department shall state reason for rejection via means which the applicants send the request.

More details can be found in Circular 18/2023/TT-NHNN taking effect on July 1, 2024.

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