New Text Notification

Vietnam: Time limit for responding to a complaint in use of current accounts

Kim Linh

16:52, 04/03/2019

This is a new notable content of 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.

According to Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam, the time limit for responding to a trace request/complaint is specified as follows:

- Within a maximum period of 30 business days from the receipt of the initial trace request/complaint from the customer by one of the methods of receipt, 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;

- If no reason is found or no faults is determined within 30 days, 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 more details at Circular No. 02/2019/TT-NHNN of the State Bank of Vietnam, effective from March 01, 2019.

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