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