Legal Counselling

Vietnam: Guidance on debt payment in the National Interbank Electronic Payment System

09:28, 10/01/2017

On December 30, 2016, the State Bank of Vietnam issued Circular No. 37/2016/TT-NHNN, which specifies debt payment in the National Interbank Electronic Payment System (NIEPS).

According to Circular No. 37/2016/TT-NHNN of the State Bank of Vietnam, a prior authorization contract is required for debt payment among participants other than units of the State bank.

A prior authorization contract is required for debt payment among participants other than units of the State bank.

Concurrently, Circular No. 37/2016/TT-NHNN also stipulates the prior authorization contract or a payment agreement. A debt between participants must have the following elements:

- Intraday limit on debt payment between the participants;

- Intraday limit on an unverified debt payment order;

- Effective period of the contract or agreement.

View more details at Circular No. 37/2016/TT-NHNN of the State Bank of Vietnam, effective from November 01, 2019.

-Thao Uyen-

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