Vietnam: Banks shall respond to complaints about current accounts within 30 days

08:52, 06/03/2019

This is a 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.

Specifically, Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam supplements regulation on responding to trace requests and complaints about current accounts. Notably, the time limit for responding to a trace request/complaint is as follows:

- Within a maximum period of 30 business days from the receipt of the initial trace request/complaint from the customer, the bank/foreign bank's branch shall respond to that customer's trace request/complaint;

- Within a maximum period of 05 business days from the notification of processing results of a trace request/complaint to the customer, the bank/foreign bank's branch shall compensate for loss or damage incurred by the customer according to specific agreements and applicable laws if such loss or damage is caused through no fault of the customer and/or is not classified as a force majeure event as defined in terms and conditions on current account opening;

- If no reason is found or no faults are determined within the time limit for a trace request/complaint, within 15 following business days, the bank/foreign bank’s branch must reach an agreement with the customer on measures against such trace request/complaint.

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

- Thanh Lam -

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