Regulations on opening traffic accounts in Vietnam from October 1, 2024

Regulations on opening traffic accounts in Vietnam from October 1, 2024 (Image from Internet)

On September 30, 2024, the Government of Vietnam issued Decree 119/2024/ND-CP regulating electronic payment for road traffic.

Regulations on opening traffic accounts in Vietnam from October 1, 2024

According to Article 11 of Decree 119/2024/ND-CP regulates the opening of traffic accounts in Vietnam from October 1, 2024:

(1) road use charge payment service providers shall open traffic accounts and provide traffic electronic payment application access accounts to vehicle owners at the first installation of terminal tags.

(2) At the time of conducting electronic road payment transactions, the traffic account shall only be connected to one non-cash payment instrument in accordance with banking law to perform electronic road payment.

The non-cash payment instrument is provided by the provider of non-cash payment instruments through a service contract with the electronic road payment service provider.

(3) Each traffic account can be used to pay for multiple traffic vehicles owned by the vehicle owner; each traffic vehicle can only receive payment from one traffic account.

(4) Entities eligible to open traffic accounts include:

- Individual vehicle owners with full civil act capacity as stipulated by law;

- Organizational vehicle owners established and operating legally as per the law.

(5) The dossier for opening traffic accounts must ensure the provision of full account information as regulated in the Appendix attached to Decree 119/2024/ND-CP.

(6) Authentication of information for vehicle owners opening traffic accounts

- Vehicle owners must provide, update fully and accurately the information in the opening traffic account dossier to the road use charge payment service provider and take responsibility for the truthfulness of the information provided.

- The road use charge payment service provider is responsible for checking, comparing, and verifying the information for organizational vehicle owners and authenticating the information through the national population database for individual vehicle owners.

(7) Traffic account information must be synchronized by the electronic road payment service provider after opening or after each information change with the Electronic Road Payment Database Management System.

Payment instrument information must be synchronized by the road payment service provider after connection or after each change or addition with the Electronic Road Payment Database Management System.

These pieces of information must be synchronized with the Electronic Road Payment Database Management System within 6 hours after updates or changes are made on the operational system and data center of the electronic road payment service provider.

(8) The road use charge payment service provider must publicly disclose to vehicle owners the terms for registering and using traffic accounts; the procedures, and the process for receiving and handling traffic account opening dossiers; the methods and places for signing contracts to open and use traffic accounts for each subject, in line with their conditions and service capability, but ensuring compliance with the law and taking responsibility for the accuracy, tightness, and completeness of the dossier and contract to open and use traffic accounts.

(9) In case of a change in information in the opening traffic account dossier, the traffic account holder must notify the road use charge payment service provider to update the Electronic Road Payment Database Management System within a maximum of 10 days from the date of change.

The traffic account holder is fully responsible if failing to notify the road use charge payment service provider as regulated.

More details can be found in Decree 119/2024/ND-CP, which comes into force in Vietnam from October 1, 2024.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE