Application file and procedures for opening a payment account at the State Bank of Vietnam

Application file and procedures for opening a payment account at the State Bank of Vietnam (Internet image)

1. Forms of opening payment accounts in Vietnam

According to Clauses 1, 2, 3 and 4, Article 3 of Circular 23/2014/TT-NHNN (amended in Circular 02/2019/TT-NHNN), the form of opening a payment account at a bank includes: payment of individuals, payment accounts of organizations and general payment accounts, in which:

- Forms of opening payment accounts shall include personal payment account, corporate payment account and shared payment accounts.

- Personal payment account shall mean an account that is opened by an individual at a payment service supplier.

- Corporate payment account shall mean an account that is opened by an entity at a payment service supplier. Holder of corporate payment account shall be the legal representative or authorized representative of the entity that opens the account, who shall perform transactions relating to the payment account on behalf of the entity.

- Corporate current account means an account opened by a corporate customer at the payment service provider. Holder of a corporate current account is the organization opening that current account.

The legal representative or authorized representative (hereinafter referred to as “legal representative”) of the organization opening the current account shall, on behalf of that organization, carry out transactions via that current account within his/her competence.

2. Regulations on procedures for opening a payment account at the State Bank

According to Articles 7, 8 and 9 of Circular 23/2014/TT-NHNN (amended in Circular 02/2019/TT-NHNN), the procedure for opening a payment account at the State Bank is as follows:

2.1. Subjects to open payment account in Vietnam

- State Bank’s Central Banking Department shall open payment accounts for following entities:

+ Credit institutions (Head offices);

+ Foreign bank branches in Vietnam;

+ Central State Treasury.

- State Bank branches in provinces, cities under the central Government’s management (hereinafter shortly referred to as State Bank branches in provinces, cities) shall open payment accounts for credit institutions, foreign bank branches, State Treasuries in their local areas.

2.2. Application file for opening a payment account in Vietnam

- Application file for opening a payment account at the State Bank shall include:

+ An application for opening payment account, which is enclosed with a registration of stamp specimen, signature specimen (as per the Appendix 01 and Appendix 02 attached herewith), which is signed and sealed by the legal representative of the entity;

Appendix 01

Appendix 02

+ Documents proving that the applicant is established and operates legally, including its charter, establishment decision, operation license, business registration certificate or corporate registration certificate or investment certificate;

+ Documents proving the capacity of the legal representative of the organization that wishes to open the current account and the citizen identity card or ID card or unexpired passport of that legal representative;

+ The document or decision on appointment and citizen identity card or ID card or unexpired passport of the chief accountant or the person in charge of accounting works and managing documents concerning transactions made with the State Bank of Vietnam

- Documents of the application file for opening payment account as stipulated in Items b, c, d Clause 1 of Article 8 of Circular 23/2014/TT-NHNN may be either originals or copies. If documents of the application file are made in foreign language, they must be translated into Vietnamese and notarized in accordance with applicable laws and regulations.

2.3. Procedures for opening a payment account at the State Bank of Vietnam

- Upon having a demand for opening a payment account at the State Bank, the applicant shall prepare 01 (one) set of application file as stipulated in Section 2.1 and submit to the State Bank (Central Banking Department or State Bank branch in province, city) where the proposed payment account is opened.

- Upon receiving the application file for opening a payment account, the Central Banking Department, State Bank branch in province, city shall check the documents of the file and collate with details that are declared at the application for opening payment account to ensure the consistence and accuracy.

In the event where documents of the file are copies which are not certified or which are reproduced from the originals, the applicant shall be required to submit the original one for collation. The collator shall sign to confirm the copies and take responsibility for the accuracy of the copies against the original ones.

- Within 01 working day from the receipt of the application file for opening payment account submitted by the entity applying for opening of payment account, the State Bank shall handle the opening of payment account as follows:

+ If the application file for opening payment account is sufficient and eligible, details that are declared at the Application for opening payment account are consistent with relevant documents of the file, the State Bank shall open the payment account and notify its customer of the figures and starting date of the account;

+ If the application file for opening payment account is insufficient, ineligible or contains some mismatches between the declared details in the application for opening payment account and relevant documents of the file:

The State Bank shall notify its customer so that the file can be completed and submitted to the State Bank for consideration and settlement in accordance with provisions in Item a Clause 3 of Article 9 of Circular 23/2014/TT-NHNN;

+ If the State Bank refuses to open the payment account, a notice of the reason must be sent to the customer for information.

Quoc Dat

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