On December 30, 2020, the Governor of the State Bank of Vietnam (SBV) issued Document No. 9499/NHNN-TT on continuing to apply the policy on waiving and reducing transaction fees for payment services.
SBV headquarters
Accordingly, in light of the still complicated developments of the COVID-19 pandemic, which has been negatively affecting enterprises and the people, in order to further support the economic recovery, the SBV has issued Circular No. 15/2020/TT-NHNN amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN dated December 5, 2013 on the banking tariff for payment services via the SBV, with the aim of extending the duration of reducing by 50% of the transaction fees for payment services via the inter-bank electronic payment system. Document No.9499/NHNN-TT is valid between January 1, 2021 and June 30, 2021. In the same Document, the SBV Governor also required the credit institutions and the foreign bank branches to implement the following:
Continuing to apply the policy on reducing fees for money transfers via the SBV inter-bank electronic payment system by their customers, with the minimum fee reduction equivalent to the reduction offered by the SBV to the respective credit institution or foreign bank branch; Encouraging the credit institutions and the foreign bank branches to offer higher fee reduction than that offered by the SBV. The fee reduction is effective from January 1, 2021 to June 30, 2021.
In the same Document, the Chairpersons of the Boards of Directors/Boards of Members, the General Directors of the credit institutions and the foreign bank branches are also requested to review their banking tariffs for payment services; formulating specific plans and programs for fee waiving and reduction, and disseminating publicly on the scope, form and time of the fee waivers and reductions. In the process of implementation, if there is any difficulty or obstacle, the credit institutions and the foreign bank branches should promptly report to the SBV (via the Payment Department) for information and possible actions.
Le Hang