On November 30th, 2018, the Governor of the State Bank of Vietnam (SBV) issued Document No. 9159/NHNN-TTGSNH responding to the request for the establishment of a cash processing center of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).
Accordingly, the SBV Governor approved Vietcombank’s request to establish the Cash Processing Center in Ho Chi Minh City in line with the Plan on Cash Processing Center establishment attached to Document No. 877/VCB-TCCB dated July 20th, 2018 with the Vietnamese name of: Ngân hàng thương mại cổ phần Ngoại thương Việt Nam- Trung tâm xử lý tiền mặt tại thành phố Hồ Chí Minh; the English name of: Joint Stock Commercial Bank for Foreign Trade of Vietnam – Cash Processing Center Hồ Chí Minh; Abbreviation: VCBC-HCM.
Vietcombank Cash Processing Center in Ho Chi Minh City is expected to be located at No. 10 Vo Van Kiet Street, District 1, Ho Chi Minh City.
Vietcombank is responsible for launching the operations of the Cash Processing Center in Ho Chi Minh City and reporting in accordance with Circular No. 21/2013/TT-NHNN dated September 9th, 2013 regulating the operation networks of the commercial banks and other relevant provisions of applicable laws.
The Document clearly states that the Cash Processing Center of Vietcombank in Ho Chi Minh City shall be operational only after Vietcombank has fully issued internal regulations guiding specific operational procedures at the Cash Processing Center in Ho Chi Minh City, while ensuring safety, prudent operations. The internal regulations issued by Vietcombank must be sent to the SBV through the Issue and Vault Department to monitor and provide directions (if necessary), the SBV – Ho Chi Minh Branch, the Banking Supervision Agency via the Banking Supervision Agency in Ho Chi Minh City (for inspection and supervision).
At the same time, the operations of Vietcombank Cash Processing Center must comply with the regulations of the SBV on technical standards for the vault operations, and special vehicles used by the credit institutions and foreign bank branches, as well as the regulations on delivery, receipt, preservation and transportation of cash, valuable assets and papers, the regulations related to the issuance and treasury activities issued by the SBV.
In addition, Vietcombank is fully responsible for the safety and effectiveness of Vietcombank Cash Processing Center in Ho Chi Minh City.
The Document will cease to be valid if Vietcombank does not inaugurate the above – mentioned Cash Processing Center in Ho Chi Minh City within 12 months from the date of its signing.
VA