Legal Counselling

Vietnam: Amending the regulation on entities eligible to open current accounts

16:00, 04/03/2019

This is a notable content specified in Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam on amendments to Circular No. 23/2014/TT-NHNN, providing guidelines for opening and maintenance of current accounts at payment service providers.

Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam amends entities eligible to open current accounts. Specifically, individuals and organizations are eligible to open current accounts, provided that they meet the following requirements:

Individuals:

- A person who is aged exactly 18 years or older and has full capacity for civil acts as regulated by the Law of Vietnam;

- A person who is aged between exactly 15 and nearly 18 years and does not have his/her incapacity or restricted capacity for civil acts;

- A person who is under the age of 15, has restricted capacity for civil acts or is incapable of civil acts as defined by the Law of Vietnam is entitled to open a current account via his/her legal representative;

- A person who has limited cognition and behavioral control as defined by the Law of Vietnam may open a current account via his/her guardian.

Organizations:

The organizations that are duly established and operate under the Law of Vietnam, including: legal entities, private enterprises, household businesses and other organizations, are allowed to open current accounts at banks or branches of foreign banks in accordance with laws.

View more details at Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam, effective from March 01, 2019.

- Thanh Lam -

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