SWIFT user group meeting in Vietnam

This is annual meeting for the credit institutions and the foreign bank branches using the SWIFT system in Vietnam, with the goals of reviewing and assessing the situation of the international payment operations in Vietnam; acting as a bridge in disseminating SWIFT’s policies and solutions to its members in order to ensure smooth and safe international payment operations in Vietnam; providing updates on SWIFT’s polices and solutions; answering the questions and addressing the obstacles that may arise during the international payment operations.

Delivering his opening speech, Mr. Nguyen Van Anh, Director General of the SBV Reserve Management Department and Chairman of VIETSWIFT, provided a summary of the results of the Annual Meeting of the Society for Worldwide Interbank Financial Telecommunication as well as the activities of Vietnamese banks at Sibos 2024 in Beijing, China. Mr. Nguyen Van Anh also briefed the participants of VIETSWIFT’s activities in 2024 and the orientations for 2025.

Mr. Bernie Woodruff, SWIFT Specialist for ASEAN

At the meeting, the specialists from SWIFT also updated the participants on the Electronic Data Interchange (EDI) standards. Specifically, by November 2025, all member banks have accomplish the application of MT1xx, 2xx, while MT9xx message type has been postponed since many banks have not yet met the requirements from the cross-border payment trends, as well as insufficient country traffic overview, etc.

Mr. Pham Anh Tuan, Director General of the SBV Payment Department speaks at the meeting

At the meeting, Mr. Pham Anh Tuan, Director General of the SBV Payment Department answered the questions about the substances as stated in Article 9.2 of Circular No. 34/2024/TT-NHNN on dossiers for requesting a re-issuance of a license and a supplementation of the additional operations in the License, which includes the substance of International payment operations via SWIFT system.

Seminar on implementing ISO 20022

Within the framework of the meeting, the meeting was chaired by the SBV Reserve Management Department, with the participation of 3 representatives from BIDV, Vietcombank and NamABank. These representatives from the commercial banks, which have implemented the application of the new MX Standard, therefore, they have lots of experience in implementing the transition to ISO 20022 standard, including: challenges and key factors in the transition process. These participants shared about useful information, which helps banks to learn experience from when implementing the new standard in their own banks.

HY