Vietnam’s procedure for terminating bank codes from July 1, 2024

Vietnam’s procedure for terminating bank codes from July 1, 2024

According to the Circular, the procedure for terminating bank codes from July 12, 2024 shall be carried out as follows: 

(1) For units of the State Bank of Vietnam, within 10 working days from the date of termination of operations, the Department of Organization and Personnel shall submit documents requesting the termination of bank codes following Appendix No. 02 enclosed with Circular No. 18/2023/TT-NHNN to the Information Technology Department through the management system of document management and administration of the State Bank of Vietnam. 

(2) For credit institutions (except for people’s credit funds) and foreign bank branches, within 10 working days from the date credit institutions and foreign bank branches issue decisions on dissolution, bankruptcy, or termination of operations, the SBV Banking Supervision Agency shall submit documents requesting the termination of bank codes following Appendix No. 02 enclosed with Circular No. 18/2023/TT-NHNN to the Information Technology Department through the system of document management and administration of the State Bank of Vietnam.

(3) For consolidated or merged credit institutions, within 10 working days from the date of decisions on merger or consolidation, credit institutions receiving the consolidation or credit institutions established after the merger shall request for the termination of bank codes of consolidated or merged credit institutions following Appendix No. 02 enclosed with Circular No. 18/2023/TT-NHNN on the public service portal of the State Bank of Vietnam.

(4) For affiliated units and wholly foreign-invested banks of credit institutions (except for people's credit funds), within 10 working days from the date of decisions on the termination of operations or the expiry date of documents on approval of eligibility for establishing affiliated units or wholly foreign-invested banks of the State Bank of Vietnam, or the date on which professional operations and electronic data exchange through the State Bank of Vietnam no longer arise, credit institutions shall request for the termination of bank codes on the public service portal of the State Bank of Vietnam following Appendix No. 02 enclosed with Circular No. 18/2023/TT-NHNN.

(5) For people's credit funds, within 10 working days from the date of decisions on dissolution or bankruptcy, State Bank of Vietnam branches of provinces or centrally affiliated cities where people's credit funds are headquartered shall request for the termination of bank codes on the public service portal of the State Bank of Vietnam following Appendix No. 02 enclosed with Circular No. 18/2023/TT-NHNN.

(6) For State Treasury Authorities at all levels, within 10 working days from the date of decisions on the termination of operations or the date on which professional operations and electronic data exchange through the State Bank of Vietnam no longer arise, the Central State Treasury Authority shall request the termination of bank codes on the public service portal of the State Bank of Vietnam following Appendix No. 02 enclosed with Circular No. 18/2023/TT-NHNN.

(7) For other organizations engaging in reporting and exchanging electronic data concerning the State Bank of Vietnam, if they wish to terminate bank codes, they shall request the termination of bank codes on the public service portal of the State Bank of Vietnam following Appendix No. 02 enclosed with Circular No. 18/2023/TT-NHNN.

(8) When receiving requests for bank code termination, the Information Technology Department shall assess the documentation and cooperate with units of the State Bank of Vietnam or access the system of national databases on operational registration of enterprises to inspect and compare the documentation. 

Within 3 working days from the date of receipt of valid documentation, the Information Technology Department shall terminate bank codes, send the results to requesting units, and issue electronic notifications of the termination of bank codes on the public service portal of the State Bank of Vietnam following Appendix No. 06 enclosed with Circular No. 18/2023/TT-NHNN;

In case of refusal to terminate bank codes, the Information Technology Department shall notify requesting units of the reasons under the method such units use to submit the code termination requests. 

See more details in Circular No. 18/2023/TT-NHNN, effective as of July 1, 2024. 

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