VIE CB Provision of Treasury Services

Updated on: Jan 9, 2025

Latest Event


  • Jan. 2025 Promulgation
  • On Jan. 8, 2025, VIE CB issued circular 60/2024/TT-NHNN on cash management services for credit institutions and foreign bank branches; implements proposals above.
  • The circular will come into effect on Feb. 14, 2025

On Jul. 9, VIE CB proposed draft regs on providing treasury services.

  • VIE CB drafted regs for treasury services offered by credit institutions (CIs) to CIs and foreign bank branches; regulates provision of such services by permitted institutions.
  • Follows Dec. 2022, VIE CB issued rules on new functions, tasks, powers, see #156590.
  • Overview of Proposal
  • Treasury services include safekeeping, cash handling, transportation of cash, valuables; specific terms like safekeeping, transportation, cash handling are defined.
  • Provides that credit institutions must have a license that includes treasury services if providing same; adequate facilities i.e. standard vaults, armored vehicles are required.
  • Contracts between service providers and users must adhere to circular's stipulations and include detailed terms about the scope of services, fees, and dispute resolution.
  • Detailed regulations for safekeeping, transportation, cash handling, money processing, centralized cash replenishment services; specific guidelines for execution, agreements.
  • Fees are negotiated, detailed in contract based on principles of equality, voluntariness.
  • In addition, specifies procedures for managing discrepancies in cash and valuables.
  • Effectiveness
  • Consultation is open for opinions but does not mention consultation end date.
  • Jan. 2025 Promulgation
  • On Jan. 8, 2025, VIE CB issued circular 60/2024/TT-NHNN on cash management services for credit institutions and foreign bank branches; implements proposals above.
  • The circular will come into effect on Feb. 14, 2025
Regulators
VIE CB
Entity Types
Bank; MSB
Reference
PR, Cir 60/2024/TT-NHNN, 1/8/2025; CP, PR 7/9/2024
Functions
Complaints; Compliance; Financial; Legal; Operations; Product Administration; Registration/Licensing; Risk; Treasury
Countries
Vietnam; Cross-Border
Category
State
N/A
Products
Banking; Custody; Forex
Rule Type
Final
Regions
AP
Rule Date
Jul 9, 2024
Effective Date
Feb 14, 2025
Rule ID
218827
Linked to
Reg. Last Update
Jan 8, 2025
Report Section
International