On Sep. 8, 2025, VIE SEC said VIE CB issued circular25/2025/TT-NHNN (of Aug. 31), amending circular17/2024/TT-NHNN on opening and using payment accounts at payment service providers.
Permits opening payment accounts through electronic means for foreign currency accounts and individual customers aged 15-18 years.
Adds provisions for foreign investors who are non-residents to open payment accounts for indirect investment activities in Vietnam; excludes application of certain usage restrictions for specific cases.
Requires banks to organize implementation and fully comply with internal regulations on opening and using payment accounts.
The circular is effective from Aug. 31, 2025; articles 5, 9, and paragraphs 2-3 of article 10 apply from Dec. 1, 2025; article 4 provisions apply from Mar. 1, 2026.
On Jul. 8, VIE CB proposed revision to circular on payment accounts.
VIE CB issued draft circular amending a number of articles of circular 17/2024/TT-NHNN regulating opening and use of payment accounts at payment service providers.
Follows VIE CB Mar. 2024 proposed regulations re opening, use of accounts, #204892.
Proposed Amendments
Updated VIE CB branch names to align with change in organizational structure.
Abolished provisions on blocking and debiting of accounts at the request of competent authorities, as it only applies to accounts of organizations and individuals opened at commercial banks and other credit institutions, and excludes VIE CB.
Abolish the need for a people's identity card when applying to open a savings account as they are now obsolete; replaced with citizen identification card or passport.
Clarified that for foreigners residing in Vietnam, there must be an additional entry visa, a document equivalent to a visa or a document proving exemption from an entry visa.
Added a requirement to provide documents, information, data of the person in charge of accounting, for customers who are organizations, to aid customer due diligence.
Clarified provisions to prevent bad actors from taking advantage of unclear legal regulations to register confusing payment account names for fraudulent purposes.
Supplemented procedures for opening a payment account by clearly specifying the requirement to match biometric information, check mobile phone number information of account holder or, in case of institutional customers, their legal representative.
Consultation Period
Comment period for the consultation has not been mentioned.
Aug. 2025 Public Comments
On Aug. 22, 2025, VIE CB published a summary of the public comments it received.
Sep. 2025 Circular Issued
On Sep. 8, 2025, VIE SEC said VIE CB issued circular25/2025/TT-NHNN (of Aug. 31), amending circular17/2024/TT-NHNN on opening and using payment accounts at payment service providers.
Permits opening payment accounts through electronic means for foreign currency accounts and individual customers aged 15-18 years.
Adds provisions for foreign investors who are non-residents to open payment accounts for indirect investment activities in Vietnam; excludes application of certain usage restrictions for specific cases.
Requires banks to organize implementation and fully comply with internal regulations on opening and using payment accounts.
The circular is effective from Aug. 31, 2025; articles 5, 9, and paragraphs 2-3 of article 10 apply from Dec. 1, 2025; article 4 provisions apply from Mar. 1, 2026.
