Procedures for opening payment accounts at State Bank of Vietnam as of July 1, 2024

Procedures for opening payment accounts at State Bank of Vietnam as of July 1, 2024 (Internet image)

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

On May 15, 2024, the Government issued Decree 52/2024/ND-CP on cashless payments in Vietnam, which stipulates the procedures for opening payment accounts at State Bank of Vietnam (SBV) as of July 1, 2024.

1. Principles of formulating and submitting applications for opening payment accounts at SBV 

- 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;

- 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;

- 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;

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

(Clause 1, Article 14 of Decree 52/2024/ND-CP)

2. Application for opening a payment account at SBV

An application for opening a payment account at SBV includes:

- 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;

- 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;

- 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;

- 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. 

(Clause 2, Article 14 of Decree 52/2024/ND-CP)

3. Procedures for opening payment accounts at SBV

Specifically, Clause 3, Article 14 of Decree 52/2024/ND-CP stipulates the procedures for opening payment accounts at SBV as follows:

- 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;

- 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;

- 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.

(Clause 3, Article 14 of Decree 52/2024/ND-CP)

More details can be found in Decree 52/2024/ND-CP, which comes into force from July 1, 2024.

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