Beginning July 1, 2025, corporate customers in Vietnam will only be allowed to withdraw funds or conduct electronic payment transactions if they have completed biometric and ID document verification of their legal representatives. The move is mandated under Clause 5(c), Article 17 of Circular 17/2024/TT-NHNN issued by the State Bank of Vietnam.
Verification can be completed via mobile banking apps or in person
Although the regulation takes effect from July 1, many banks have already begun notifying business customers to proactively verify required information to avoid service disruptions.
Mandatory biometric verification for digital transactions
To comply with the regulation, banks are requiring legal representatives of businesses and organizations to complete identity and biometric verification before July 1. Failing to do so will result in the temporary suspension of all digital payment and withdrawal services associated with their corporate accounts.
Verification can be done via the bank’s mobile app, where users are prompted to sync stored personal data. If the legal representative has already completed biometric verification (e.g., via eKYC), the app will prompt them to confirm and complete OTP authentication.
If the legal representative has not previously verified biometrics, they must follow additional steps: uploading front and back images of their citizen ID card, capturing a facial image, and positioning the ID card for the camera as guided by the app. After these steps, the system will cross-reference biometric data with ID records to complete the verification process.
Alternatively, representatives can visit a physical bank branch to provide biometric data and complete the verification manually.
What Circular 17/2024/TT-NHNN mandates
Although the Circular officially takes effect on July 1, 2024, the specific clause requiring biometric verification for corporate digital transactions becomes enforceable from July 1, 2025.
As per Clause 5(c), Article 17, electronic transactions - including fund withdrawals and payments - are only permitted after confirming that the biometric data and identity documents of the account holder or legal representative match one of the following:
Encrypted ID card data: Biometric data stored in the encrypted section of the citizen ID card that has been verified by the Ministry of Public Security or through a verified digital identity account.
Foreign nationals and stateless persons: Biometric data collected via direct in-person verification for individuals without electronic identity (e.g., foreigners or people of Vietnamese origin without confirmed citizenship).
Previously verified biometric data: Already-verified biometric information matched against government-issued encrypted ID cards or digital identity systems.
National population database: For ID cards without encrypted data, biometric information stored in the National Population Database can be used.
The policy is a major step toward enhancing digital banking security and aligning financial services with Vietnam’s growing e-identification ecosystem.