THE STATE BANK OF VIETNAM

Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;
Pursuant to the Civil Code No. 33/2005/QH11 dated 14 June 2005;
Pursuant to the Decree No. 101/2012/ND-CP dated 22 November 2012 of the Government on non-cash payment;
Pursuant to the Decree No. 156/2013/ND-CP dated 11 November 2013 of the Government providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;
Upon proposal given by the Director of Payment Department, Governor of the State Bank of Vietnam hereby issues the Circular guiding the opening and use of payment accounts at payment services suppliers.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of adjustment
1. This Circular guiding the opening and use of payment accounts at payment service suppliers.
2. The opening and use of payment accounts by State Treasuries shall be subject to provisions of this Circular and guidance of the State Bank of Vietnam (hereinafter shortly referred to as the State Bank).
3. The opening and use of payment account in foreign currency by residents and non- residents, payment accounts in VND by non-residents and residents who are foreign individuals shall be conformable to laws and regulations on foreign exchange control and provisions of this Circular.
Article 2. Subjects of application
1. Payment service suppliers shall include:
a) The State Bank;
b) Commercial banks, banks for social policies, cooperative banks (hereinafter collectively referred to as banks);
c) Foreign bank branches.
2. Entities, individuals who open payment accounts at payment service suppliers (hereinafter called customers).
3. Other entities, individuals relating to the opening and use of payment accounts at payment service suppliers.
Article 3. Forms of opening payment accounts and interest payment for the balance on the payment account
1. Forms of opening payment accounts shall include personal payment account, corporate payment account and shared payment accounts.
2. Personal payment account shall mean an account that is opened by an individual at a payment service supplier.
3. Corporate payment account shall mean an account that is opened by an entity at a payment service supplier. Holder of corporate payment account shall be the legal representative or authorized representative of the entity that opens the account, who shall perform transactions relating to the payment account on behalf of the entity.
4. Shared payment account shall mean the account as prescribed in Clause 3 Article 10 of Decree 101/2012/ND-CP dated 22 November 2012 on non-cash payment.