Hanoi, August 31, 2025. The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 25/2025/TT-NHNN (Circular 25) amending and supplementing a number of Articles of Circular No. 17/2024/TT-NHNN regulating the opening and use of payment accounts at the payment service providers.
Circular 25 is composed of 15 Articles, amending and supplementing a number of regulations as follows:
- (i) On the agreement for opening and use of payment accounts (PAs): supplementing regulations on the account name and the account number;
- (ii) On the procedures for opening PAs at the banks and the foreign bank branches: supplementing the requirement of face-to-face meetings and biometric verification of the account holders, the authorized representatives for individual customers, and of the legal representatives for institutional customers when opening PAs over-the-counter (with some exemptions for certain institutional customers); and the requirement of verification of the phone number information when customers register to use PAs via electronic means;
- (iii) On the opening of PAs by foreign investors who are non-residents to carry out indirect investment activities in Vietnam;
- (iv) On the opening of PAs via electronic means: amending and supplementing regulations to allow the opening of PAs in foreign currencies and applicable to individual customers from full 15 years of age to under 18 years of age;
- (v) On the use of PAs: supplementing a regulation excluding the application of Point c, Clause 5, Article 17 in certain cases;
- (vi) On the obligations of the banks and the foreign bank branches: amending and supplementing to require the banks and the foreign bank branches to take responsibility in guiding their customers how to correctly use their account numbers and account names when making payment transactions in the agreements on the opening and use of PAs; to organize the implementation and to fully comply with the internal regulations on the opening and use of PA by the banks and the foreign bank branches.
In addition, Circular 25 also amends and supplements other substances, such as: revising the names of the SBV entities in line with the new SBV’s organizational structure; amending and supplementing the regulations on ensuring the safety and security in the opening and use of PAs; supplementing Appendix 03; and revising certain provisions to ensure better clarity, consistency, and practicality.
Entry into force: The new Circular enters into force on August 31, 2025. For a number of new provisions, in order to allow time for the banks and the foreign bank branches to organize the implementation, and to adjust and update their technological solutions, the Circular stipulates that the effective dates of certain Articles as follows:
- The provisions in Article 5, Article 9, and Clauses 2 and 3 of Article 10 shall come into effect on December 1, 2025 (03 months after the effective date of the Circular).
- The provisions in Article 4 shall come into effect on March 1, 2026 (06 months after the effective date of the Circular).
HM