| THE GOVERNMENT ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ------------ |
| No: 64/2001/ND-CP | Hanoi, September 20, 2001 |
DECREE
ON PAYMENT ACTIVITIES VIA PAYMENT SERVICE-PROVIDING ORGANIZATIONS
THE GOVERNMENT
Pursuant to the Law on Organization of the Government of September 30, 1992;
Pursuant to the Law on the State Bank of Vietnam of December 12, 1997;
Pursuant to the Law on Credit Institutions of December 12, 1997;
At the proposal of the Governor of the State Bank of Vietnam,
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1.- Objects and scope of application
1. This Decree prescribes payment activities via payment service-providing organizations, including:
a/ Opening accounts, providing payment services, organizing and joining payment systems of payment service-providing organizations;
b/ Opening accounts, using payment services by payment service users.
2. This Decree applies to domestic and international payment activities carried out via payment service-providing organizations on the Vietnamese territory. All payment activities via payment service-providing organizations must comply with the provisions of this Decree and other relevant legislations.
Article 2.- The State management over payment activities
The State Bank of Vietnam exercises the function of State management over payment activities via payment service-providing organizations by:
1. Studying and proposing policies to promote the expansion and development of non-cash payment.
2. Promulgating legal documents on payment according to its competence.
3. Granting permits for, and suspending payment operations of credit institutions and other organizations.
4. Examining, inspecting and handling law-breaking acts committed by payment service providing organizations and payment service users.
Article 3.- Interpretation of terms
In this Decree, the following terms and expressions are construed as follows:
1. Payment activities mean the opening of accounts, provision of payment services, organization of and joining in payment systems of payment service-providing organizations as well as the opening of accounts and use of payment services by payment service users.
2. Payment service-providing organizations are the State Bank of Vietnam (hereinafter called the State Bank for short), banks and other organizations permitted to provide payment services.
3. Payment service users are organizations and individuals conducting payment transactions via payment service-providing organizations.
4. Payment transactions are the performance of the obligation to pay or transfer money among organizations and/or individuals.
