On August 31, 2025, the Governor of the State Bank of Vietnam signed and issued
Circular No. 25/2025/TT-NHNN (referred to as Circular 25). This circular amends and supplements several articles of Circular No. 17/2024/TT-NHNN, which governs the opening and use of payment accounts (PAs) at payment service providers.
Circular 25 contains 15 articles and introduces several key amendments and additions:
(i) Payment Account Agreement: Additional regulations on the name and number of payment accounts.
(ii) Procedures for Opening a PA at a Bank or Foreign Bank Branch: New requirements for in-person meetings and biometric verification of the account holder or legal representative for individual and corporate customers when opening an account at a counter. It also adds a requirement for verifying phone numbers when a customer registers to use a payment account via electronic means.
(iii) Opening PAs for Non-resident Foreign Investors: Regulations for opening accounts to facilitate indirect investment activities in Vietnam.
(iv) Opening PAs via Electronic Means: Amendments that allow opening foreign currency payment accounts and accounts for individual customers between 15 and 18 years old using electronic methods.
(v) Use of PAs: Supplements a provision to exclude certain cases from applying point c, Clause 5, Article 17.
(vi) Obligations of Banks and Foreign Bank Branches: Amendments requiring banks and foreign bank branches to guide customers in using the correct payment account name and number during payment transactions. Banks and branches must also fully comply with their internal regulations on opening and using payment accounts.
The circular also includes other amendments, such as updating the names of State Bank of Vietnam departments , adding regulations on ensuring security for opening and using payment accounts , and supplementing Appendix 03 and clarifying certain provisions for consistency with practical implementation.
Circular 25 became effective on August 31, 2025.
To allow time for banks and foreign bank branches to implement and update their technology solutions, the circular provides different effective dates for specific articles:
December 1, 2025 (3 months after the circular's effective date): Applies to the provisions in Article 5, Article 9, and Clauses 2 and 3 of Article 10.
March 1, 2026 (6 months after the circular's effective date): Applies to the provisions in Article 4.
SBV News/VNBA News
