Decree No. 52/2024/ND-CP dated May 15, 2024 on cashless payments

THE GOVERNMENT -------	SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------
No: 52/2024/ND-CP	Hanoi, May 15, 2024

 

DECREE

REGULATIONS ON CASHLESS PAYMENTS

Pursuant to the Law on Government Organization dated June 19, 2015; the Law amending and supplementing a number of articles of the Law on Government Organization and the Law on Local Government Organization dated November 22, 2019;

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Investment Law dated June 17, 2020;

Pursuant to the Law on State Budget dated June 25, 2015;

Pursuant to the Cybersecurity Law dated June 12, 2018;

Pursuant to the Law on Anti-Money Laundering dated November 15, 2022;

Pursuant to the Law on Anti-Terrorism dated June 12, 2013;

Pursuant to the Postal Law dated June 17, 2010;

Upon the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates a Decree on cashless payments.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree provides for cashless payment activities, including: opening and using payment accounts; cashless payment services; intermediary payment services; organizing, managing, and supervising payment systems.

Article 2. Subjects of application

1. Organizations providing cashless payment services.

2. Organizations providing intermediary payment services.

3. Organizations and individuals involved in providing cashless payment services and intermediary payment services.

4. Organizations and individuals using cashless payment services and intermediary payment services (hereinafter referred to as customers).

Article 3. Interpretation of terms

In this Decree, the terms below are construed as follows:

1. Cashless payment services (hereinafter referred to as payment services) include: payment services through the customer's payment account and payment services not through the customer's payment account.

2. Payment services through the customer's payment account refer to the provision of payment instruments; executing payment services such as checks, payment orders, direct debits, collection authorizations, debit cards, credit transfers, payment collection services, payment disbursement services, and other payment services for customers through the customer's payment account.

3. Payment services not through the customer's payment account refer to the provision of payment services, executing payment transactions without the use of the customer's payment account.

4. Organizations providing cashless payment services (hereinafter referred to as payment service providers) are organizations allowed to provide one or more payment services as stipulated in this Decree, including: the State Bank of Vietnam (hereinafter referred to as the State Bank), banks, foreign bank branches, credit cooperatives, micro-finance institutions, and public postal service providers.

5. Organizations providing intermediary payment services are organizations that are not banks or foreign bank branches, but are licensed by the State Bank to provide intermediary payment services.

6. Public postal service providers are enterprises designated under the provisions of the Postal Law.

7. Cashless payment transactions (hereinafter referred to as payment transactions) refer to the use of payment services to perform payments or money transfers by organizations and individuals.

8. International payment transactions refer to payment transactions conducted involving an organization or individual with a payment account or payment instrument issued outside the territory of Vietnam.

9. Payment account holders are individuals in whose name the account is opened (for individual accounts) or organizations in whose name the account is opened (for organizational accounts).

10. Non-cash payment instruments (hereinafter referred to as payment instruments) are instruments issued by payment service providers, finance companies authorized to issue credit cards, and intermediary payment service providers issuing e-wallets that customers use to perform payment transactions, including: checks, payment orders, direct debits, collection authorizations, bank cards (including debit cards, credit cards, prepaid cards), e-wallets, and other payment instruments as specified by the State Bank.

11. Unlawful payment instruments are payment instruments not included in the provisions of Clause 10 of this Article.

12. Electronic money refers to the value of Vietnam Dong stored on electronic means provided on the basis of corresponding money prepaid by customers to banks, foreign bank branches, or intermediary payment service providers issuing e-wallets.

13. Financial switch services refer to the provision of technical infrastructure to connect, transmit, and process electronic data for domestic payment transactions among payment service providers, finance companies authorized to issue credit cards, and intermediary payment service providers.

14. International financial switch services refer to connecting with international payment systems to transmit and process electronic data for international payment transactions.

15. Electronic clearing services refer to the provision of technical infrastructure and professional expertise to receive, reconcile payment data, and calculate net settlement results after clearing among participating members to finalize payments to the related parties.

16. E-wallet services refer to services provided by banks, foreign bank branches, or intermediary payment service providers to customers for loading money into e-wallets, withdrawing money from e-wallets, and conducting payment transactions.

17. Payment collection and disbursement support services involve receiving and processing electronic data, calculating collection and disbursement results, canceling collection and disbursement for customers with payment accounts, bank cards, and making payments to related parties.

18. Electronic payment gateway services refer to providing technical infrastructure to connect, transmit, and process electronic data for payment transactions using payment instruments between customers, merchants, banks, foreign bank branches, finance companies authorized to issue credit cards, and intermediary payment service providers.

19. Payment systems are systems including regulations, instruments, processes, procedures, and technical infrastructure to process, switch, clear, and settle payment transactions.

20. International payment systems are payment systems established abroad that permit international payment transactions.

21. Important payment systems are payment systems playing a key role in serving the payment needs of the economy's entities, capable of generating systemic risks, meeting at least one of the following criteria:

a) The only or predominant payment system compared to the total value of payments processed by similar systems; or

b) Processing high-value payment transactions; or

c) Used to settle for other payment systems or financial market transactions.

22. Systemic risk refers to the risk that one member of a payment system cannot fulfill financial obligations within the system when due, leading to other participating members also being unable to meet financial obligations on time, spreading risk to other payment systems.

23. Joint payment accounts are payment accounts held by at least two or more entities in their names.

Article 4. Responsibilities of the State Bank for the management of cashless payment activities

1. Issuing within its authority or submitting to competent authorities for issuing legal documents on cashless payment activities; regulating the management, connection, and sharing of data serving cashless payment activities.

2. Organizing, managing, operating, and supervising the national payment system; participating in organizing and supervising the operation of other important payment systems in the economy; supervising the provision of payment services and intermediary payment services.

3. Providing written approval for the participation of commercial banks and foreign bank branches in international payment systems.

4. Issuing, amending, supplementing, and revoking licenses for the provision of intermediary payment services by intermediary payment service providers.

5. Approving and revoking documents for the provision of cashless payment services by public postal service providers without customer payment accounts.

6. Inspecting, supervising, and handling within its authority legal violations in cashless payment activities by organizations and individuals.

7. Managing international cooperation activities in the payment sector; presiding over and coordinating with relevant agencies in managing international payment activities.

Article 5. Payments in foreign currency and international payments

1. Payments in foreign currency and international payments must comply with the provisions of this Decree, laws on foreign exchange management, user data protection, cybersecurity, tax management, anti-money laundering, counter-terrorism financing, financing the proliferation of weapons of mass destruction, and international treaties and agreements on payments that Vietnam is a party to. The application of commercial practices follows Article 3 of the Law on Credit Institutions.

2. Commercial banks and foreign bank branches may participate in international payment systems after meeting the conditions stipulated in Article 21 of this Decree.

3. Foreign organizations providing payment services and intermediary payment services to non-residents and foreign residents in Vietnam for transactions of goods and services in Vietnam must do so through commercial banks and foreign bank branches approved by the State Bank to participate in the foreign organization's international payment system.

4. Financial switch service providers may connect with international payment systems to provide international financial switch services after meeting the conditions stipulated in Article 22 of this Decree.

5. Intermediary payment service providers (except financial switch service providers) may provide intermediary payment services to customers for transactions of foreign goods and services; the execution of payments and settlement for these international payment transactions must be carried out through commercial banks and foreign bank branches approved by the State Bank to operate foreign exchange activities in the international market.

6. Parties involved in international payment activities must provide complete, accurate, and timely information and meet the requirements of state management agencies in accordance with Vietnamese law.

Article 6. E-wallets, prepaid cards

1. E-wallets and prepaid cards are electronic money storage instruments.

2. Banks and foreign bank branches are allowed to issue and provide e-wallets and prepaid cards. The issuance, provision, and use of e-wallets and prepaid cards must comply with the regulations of the State Bank.

3. Intermediary payment service providers providing e-wallet services must ensure maintaining the total balance of all accounts ensuring payment for e-wallet services at banks and foreign bank branches is not less than the total balance of all e-wallets issued to customers; only allowing the use of e-wallet services for e-wallets linked to the payment accounts and debit cards of the customers themselves.

Article 7. Organizing, managing, and operating the national payment system

1. The State Bank organizes, manages, and operates the national payment system to provide payment services to system participants, including the State Bank, credit institutions, foreign bank branches, and the State Treasury; performing settlement results for other payment systems.

2. The State Bank regulates the management, operation, and safety assurance of the national payment system.

Article 8. Prohibited acts

1. Unauthorized alteration or erasure of payment instruments and payment documents; counterfeiting payment instruments and payment documents; storing, circulating, transferring, or using counterfeit payment instruments.

2. Unauthorized access or attempts to access, steal data, sabotage, or illegally alter software programs and electronic data used in payment; exploiting network system errors for personal gain.

3. Providing untruthful information related to the provision or use of payment services and intermediary payment services.

4. Disclosing and providing information about payment account balances, bank card balances, e-wallet balances, and payment transactions of customers at payment service providers and intermediary payment service providers not in accordance with relevant legal regulations.

5. Opening or maintaining anonymous or pseudonymous payment accounts and e-wallets; buying, selling, renting, leasing, borrowing, or lending payment accounts and e-wallets; renting, leasing, buying, selling, or opening bank cards on behalf of others (except for anonymous prepaid cards); stealing or conspiring to steal, buying, or selling payment account information, bank card information, and e-wallet information.

6. Issuing, providing, and using illegal payment instruments.

7. Providing intermediary payment services without a license from the State Bank; providing payment services without being a payment service provider.

8. Performing, organizing, or facilitating activities using payment accounts, payment instruments, payment services, and intermediary payment services for gambling, organizing gambling, fraud, deceit, unlawful business activities, and other legal violations.

9. Altering, changing the content, buying, selling, transferring, leasing, or lending licenses for the provision of intermediary payment services.

10. Entrusting or assigning agencies to other organizations and individuals to perform activities authorized by the license for the provision of intermediary payment services.

11. Fraudulently or falsely presenting documents proving eligibility for obtaining a license for the provision of intermediary payment services in the application dossier.

12. Conducting activities not in accordance with the content specified in the license for the provision of intermediary payment services.

13. Payment account holders having payment accounts at payment service providers but providing information or committing to not having payment accounts at payment service providers to parties with rights and obligations related under the legal regulations on disbursing loans from credit institutions and foreign bank branches.

Chapter II

OPENING AND USING PAYMENT ACCOUNTS

Section 1. GENERAL REGULATIONS

Article 9. Opening and using payment accounts

The opening and use of payment accounts by customers at payment service providers shall be carried out in accordance with the regulations of the State Bank and relevant legal provisions.

Article 10. Using and authorizing the use of payment accounts

1. The holder of a payment account may use their payment account to deposit and withdraw cash and request the payment service provider to execute valid payment transactions. The account holder has the right to request the payment service provider to provide information on transactions and the balance of their payment account in accordance with the agreement with the payment service provider where the account is opened.

2. The holder of a payment account may authorize the use of the payment account. The authorization must be made in writing, in accordance with the legal regulations on authorization.

3. The holder of a payment account is obligated to provide complete and truthful information and comply with regulations on opening, using, and authorizing the use of payment accounts by the payment service provider, and must ensure sufficient funds (credit balance) in the payment account to execute payment orders issued, except in cases of overdraft agreements with the payment service provider.

4. The payment service provider is obligated to execute valid payment orders from the account holder fully and timely.

5. The payment service provider has the right to refuse to execute payment orders from the account holder when the payment orders are invalid, or there is a legal basis to determine the account holder is violating prohibited acts under Article 8 of this Decree, or when the payment account has insufficient funds except in cases of other agreements. In case of refusal to execute payment orders from the account holder, the payment service provider must notify the account holder of the reason for refusal.

Article 11. Freezing payment accounts

1. Payment accounts may be partially or entirely frozen in the following cases:

a) As per a prior agreement between the account holder and the payment service provider, or at the request of the account holder;

b) When there is a written decision or request from a competent authority in accordance with the law;

c) When the payment service provider discovers errors or mistakes in crediting the account or acts upon a request to return money due to errors or mistakes compared to the payment order after crediting the account. The frozen amount should not exceed the erroneous amount;

d) When there is a request to freeze from any co-account holders, except where a prior written agreement exists between the payment service provider and co-account holders.

2. The termination of account freezing is carried out:

a) As per a written agreement between the account holder and the payment service provider;

b) When there is a decision from a competent authority to terminate the freezing;

c) After handling errors and mistakes in credit transfer payments as stipulated in Clause 1(c) of this Article;

d) Upon request to terminate freezing from all co-account holders or as per prior written agreements between the payment service provider and co-account holders.

3. The payment service provider, the account holder, and the competent authority shall be liable for any damages caused to the account holder due to illegal account freezing, in accordance with the law.

Article 12. Closing payment accounts

1. Payment accounts may be closed under the following conditions:

a) At the request of the account holder after fulfilling all related obligations;

b) If the account holder is deceased or declared dead;

c) If the organization holding the payment account ceases operations as per legal regulations;

d) If the account holder violates prohibited acts related to payment accounts under Clauses 5 and 8, Article 8 of this Decree;

e) As per prior written agreements between the account holder and the payment service provider;

f) Other conditions as per legal regulations.

2. Handling account balances when closing payment accounts:

a) Payments may be made as requested by the account holder or as per prior agreements between the account holder and the payment service provider; if the account holder lacks legal capacity, payments shall be made according to the request of the legal representative or guardian as per civil law regulations; or payments may be made to heirs or legal representatives if the account holder is deceased or declared dead;

b) Payments may be made as per decisions from competent authorities as per legal regulations;

c) Handling in accordance with legal regulations in case the legal beneficiary of the account balance is notified but does not claim the amount.

Section 2. OPENING AND USING PAYMENT ACCOUNTS BY THE STATE BANK

Article 13. Opening and using payment accounts by the State Bank

1. The State Bank shall open payment accounts for the State Treasury, credit institutions, and foreign bank branches as per the Law on the State Bank and the Law on Credit Institutions.

2. The State Bank shall open accounts for central banks of other countries, foreign banks, international monetary organizations, and international banks as per international treaties and agreements that Vietnam is a member of. In cases where Vietnam is not yet a member, account opening shall be decided by the Prime Minister.

3. Article 14. Dossiers and procedures for opening and closing payment accounts at the State Bank of credit institutions, foreign bank branches, and the State Treasury

   1. Principles for preparing and submitting dossiers:

   a) The dossiers must be made in Vietnamese. If documents in the payment account opening dossier are in a foreign language, they must be translated into Vietnamese and notarized and authenticated in accordance with the law.

   b) Copies of documents and materials in the payment account opening and closing dossier must be certified copies, issued from the original register, or copies presented with the originals for comparison in accordance with the law. If the dossier is submitted online, it must comply with administrative procedures in the electronic environment.

   c) The dossiers can be sent by mail (postal service) or submitted directly to the One-Stop Department of the State Bank where the organization requests to open a payment account or online through the State Bank Public Service Portal or the National Public Service Portal.

   d) Organizations requesting to open or close payment accounts are fully responsible before the law for the accuracy and truthfulness of the information provided.

   2. The dossier for opening a payment account at the State Bank includes:

   a) An application for opening a payment account accompanied by a registration of seal and signature sample according to Form No. 01 issued with this Decree, signed and sealed by the legal representative or authorized representative of the organization opening the payment account.

   b) Documents proving that the organization opening the payment account is legally established and operates legally, including: establishment decision, operating license, enterprise registration certificate, cooperative registration certificate, or equivalent documents.

   c) Documents proving the representative capacity of the legal representative or authorized representative of the organization opening the payment account and their identity card, citizen identification card, electronic identification, or valid passport.

   d) A document or appointment decision and the identity card, citizen identification card, electronic identification, or valid passport of the chief accountant or the person in charge of accounting, the person controlling transaction documents with the State Bank of the organization opening the payment account.

   3. Procedures for opening a payment account:

   a) When there is a need to open a payment account at the State Bank, the organization requesting to open the payment account submits 01 set of the opening dossier as stipulated in Clause 2 of this Article to the State Bank (Transaction Office, the State Bank branch in provinces and cities) where the account is to be opened.

   b) Upon receiving the opening dossier, the State Bank inspects the dossier's components and checks against the elements declared in the application to ensure correctness and accuracy.

   In case the dossier is incomplete, invalid, or there are discrepancies between the declared elements in the application and related documents in the dossier, within 01 working day from the date of receipt, the State Bank notifies the organization requesting to open the account to complete the dossier.

   Within 05 working days from the receipt of the written request for supplementation and completion from the State Bank, if the organization requesting to open the account does not provide the additional information, the State Bank will issue a written refusal to open the payment account and return the dossier.

   c) Within 02 working days from the date of receiving a complete and valid opening dossier, the State Bank must handle the opening of the payment account for the organization. If the State Bank refuses to open the account, it must notify the organization in writing of the reason.

   4. Procedures for closing a payment account:

   a) Credit institutions, foreign bank branches, and the State Treasury wishing to close payment accounts at the State Bank must prepare an application for closing the account and request handling of the account balance (if any) according to Form No. 02 issued with this Decree, signed and sealed by the legal representative of the organization and submitted to the State Bank (where the account was opened).

   b) Upon receiving the application for closing the account, the State Bank inspects and checks the information on the application against the account information and handles the account balance according to the account holder's request (if any). After completing the handling of the remaining balance, the State Bank closes the payment account.

   c) Within 02 working days from the receipt of the application for closing the account, the State Bank must handle the closure of the payment account.

   d) In cases of closing the account as stipulated in Points c, d, and e, Clause 1, Article 12 of this Decree, handling the remaining balance (if any) after fulfilling obligations with related parties shall be carried out according to the written request of the account holder before the decision to revoke the establishment and operation license, as per the decision of the competent state agency or relevant legal regulations. After closing the payment account, within 05 working days, the State Bank shall notify the account-opening organization in writing.

   Section 3. OPENING AND USING PAYMENT ACCOUNTS AT CREDIT INSTITUTIONS, FOREIGN BANK BRANCHES

   Article 15. Opening and using payment accounts between credit institutions and foreign bank branches

   1. The opening of payment accounts between credit institutions and foreign bank branches must comply with the provisions of the Law on Credit Institutions. Payment accounts opened between credit institutions and foreign bank branches are solely for payment purposes and cannot be used for lending, overdrafts, or other purposes.

   2. Credit institutions and foreign bank branches authorized to conduct foreign exchange activities may open payment accounts in foreign currency at other authorized credit institutions. The opening and use of payment accounts in foreign currency must comply with foreign exchange regulations.

   Article 16. Opening payment accounts for customers who are not credit institutions

   1. Banks and foreign bank branches shall guide customers in opening payment accounts in accordance with the regulations of the State Bank and other relevant legal provisions.

   2. Joint account holders can be organizations or individuals. The purpose of using joint accounts, rights, and obligations of joint account holders, and related regulations on using joint accounts must be clearly defined in writing and comply with legal regulations on opening and using payment accounts.

Chapter III

CASHLESS PAYMENT SERVICES

Section 1. PAYMENT SERVICES THROUGH CUSTOMERS' PAYMENT ACCOUNTS

Article 17. Payment services through customers' payment accounts

1. Payment services through customers' payment accounts include:

a) Provision of payment instruments;

b) Execution of payment services: checks, payment orders, direct debits, collection authorizations, bank cards, money transfers, payment collection services, payment disbursement services;

c) Other payment services executed as per the regulations of the State Bank.

2. Organizations providing payment services through customers' payment accounts:

a) The State Bank provides payment services to customers opening payment accounts at the State Bank;

b) Commercial banks, foreign bank branches, and policy banks provide all payment services stipulated in Clause 1 of this Article;

c) Cooperative banks provide some payment services stipulated in Clause 1 of this Article after being recorded in the Establishment and Operation License issued by the State Bank.

3. The provision of payment services through customers' payment accounts is executed according to the regulations of the State Bank.

Section 2. PAYMENT SERVICES WITHOUT CUSTOMERS' PAYMENT ACCOUNTS

Article 18. Payment services without customers' payment accounts

1. Payment services without customers' payment accounts include:

a) Execution of payment services: money transfers, payment collection services, payment disbursement services;

b) Other payment services without accounts executed according to the regulations of the State Bank.

2. Organizations providing payment services without customers' payment accounts:

a) Commercial banks, foreign bank branches, and policy banks;

b) Cooperative banks provide some payment services without customers' payment accounts after being recorded in the Establishment and Operation License issued by the State Bank;

c) Credit cooperatives provide money transfer services, and execute payment collection and disbursement operations for members and customers of the respective credit cooperative after being recorded in the Establishment and Operation License issued by the State Bank;

d) Microfinance institutions provide money transfer services, payment collection, and disbursement services for customers of the respective microfinance institution after being recorded in the Establishment and Operation License issued by the State Bank;

e) Public postal service providers provide money transfer services, payment collection, and disbursement services after meeting the conditions stipulated in Article 19 of this Decree and receiving written approval from the State Bank.

3. The provision of payment services without customers' payment accounts is executed according to the regulations of the State Bank.

Article 19. Conditions for providing payment services without customers' payment accounts by public postal service providers

Public postal service providers may provide payment services without customers' payment accounts when they fully meet and maintain the following conditions during the provision process:

1. Have an information system serving the provision of payment services without customers' payment accounts that meets the safety requirements of information systems at level 3 as per legal regulations.

2. Personnel conditions: The legal representative, General Director (Director), the person responsible for providing payment services without customers' payment accounts of the public postal service provider must have a university degree or higher in one of the fields of economics, business administration, law, or information technology.

Key personnel providing payment services without customers' payment accounts (including department heads or equivalent and technical staff) must have a college degree or higher in one of the fields of economics, business administration, law, information technology, or the relevant professional field.

3. Have technical and business processes for each type of service; measures to ensure payment capability, maintaining the payment account balance of their unit at the bank and cash exceeding the amount payable to customers at the time of payment; internal inspection and control processes; risk management mechanisms; general principles and internal regulations on anti-money laundering, counter-terrorism financing, and financing the proliferation of weapons of mass destruction; procedures and processes for handling trace requests, complaints, disputes; regulations on the rights and responsibilities of related parties.

4. Have plans for collecting and transporting cash to ensure daily deposits into the payment account opened at the bank, ensuring security and safety in cash circulation; equipped with devices ensuring the reception, storage, cash transfer limits, and cash retention levels at service points; ensure compliance with fire prevention and firefighting regulations.

Article 20. Dossiers, procedures, and procedures for written approval, and revocation of written approval for the provision of payment services without customers' payment accounts by public postal service providers

1. The dossier requesting approval to provide payment services without customers' payment accounts includes:

a) An application for providing payment services without customers' payment accounts according to Form No. 03 issued with this Decree;

b) A resolution from the Board of Members, a document from the authorized representative of the owner in accordance with the authority stipulated in the company's charter approving the explanatory document of conditions for providing payment services without customers' payment accounts;

c) Explanatory document of conditions for providing payment services without customers' payment accounts as per the regulations in Article 19 of this Decree;

d) Personnel dossier: Curriculum vitae, certified copies, or copies issued from the original register or copies presented with the original for comparison of certificates proving the capacity and professional qualifications of the legal representatives, General Director (Director), the person in charge, and key personnel providing the service;

e) Establishment license or enterprise registration certificate, or equivalent documents issued by competent state agencies, the company's charter (certified copies or copies issued from the original register or copies presented with the original for comparison).

2. Approval procedures:

a) Public postal service providers send 03 sets of dossiers requesting approval to provide payment services without customers' payment accounts according to the regulations in Clause 1 of this Article by mail (postal service) or submit directly to the One-Stop Department of the State Bank or online at the State Bank Public Service Portal or the National Public Service Portal (online dossiers follow administrative procedures in the electronic environment). The requesting public postal service providers must be fully responsible before the law for the accuracy and truthfulness of the information provided.

Based on the dossier, the State Bank conducts dossier appraisal based on the conditions stipulated in Article 19 of this Decree;

b) Within 05 working days from the date of receiving the dossier, the State Bank issues a document to the requesting public postal service provider acknowledging the receipt of a complete and valid dossier, or an incomplete or invalid dossier as per regulations.

In case the dossier is incomplete or invalid as per regulations, the State Bank issues a document requesting the public postal service provider to supplement and complete the dossier. The time for the provider to supplement and complete the dossier is not included in the appraisal period.

c) Within 60 working days from the receipt of a complete and valid dossier, the State Bank conducts dossier appraisal. If 60 days elapse from the date the State Bank issues a document requesting dossier supplementation and completion but the requesting provider does not send the supplementary dossier, or after 02 times the dossier still does not meet the conditions, the State Bank issues a written refusal of approval and returns the dossier to the public postal service provider.

Within 60 working days from the date of receiving the supplementary and completed dossier from the public postal service provider, the State Bank conducts appraisal and issues written approval as per regulations. In case of non-approval, the State Bank issues a written reply to the provider, clearly stating the reasons.

3. The validity period of the approval document is 10 years from the date of signing by the State Bank. In case of extending the validity of the approval document for the provision of payment services without customers' payment accounts, at least 60 days before the approval document expires, the requesting provider sends 03 sets of the extension request dossier including: an application for providing payment services without customers' payment accounts according to Form No. 03 issued with this Decree; a report on the implementation status according to the approval document from the date of approval to the date of application submission and a copy of the valid approval document to the State Bank.

Within 30 working days from the receipt of the extension request dossier from the provider, the State Bank considers and extends the approval document or issues a written notification of refusal, stating the reasons.

The extension period for the approval document is 10 years from the date the provider is granted the extension by the State Bank.

4. Revocation of written approval for the provision of payment services without customers' payment accounts in the following cases:

a) The enterprise, which has been granted written approval by the State Bank for the provision of payment services without customers' payment accounts, is dissolved or bankrupt as per legal regulations;

b) The enterprise, which has been granted written approval by the State Bank for the provision of payment services without customers' payment accounts, submits a request to revoke the written approval due to the termination of the provision of payment services without customers' payment accounts according to Form No. 05 issued with this Decree;

c) When there is a court judgment, enforcement decision, administrative sanctioning decision from a competent state agency, a criminal enforcement agency requesting the revocation of the written approval of the public postal service provider, or when there is a written request from a competent state agency or a criminal enforcement agency requesting the revocation of the written approval of the public postal service provider;

d) The enterprise, which has been granted written approval by the State Bank for the provision of payment services without customers' payment accounts, violates the prohibited acts stipulated in Clause 8, Article 8 of this Decree;

e) After a period of 03 months from the date the State Bank issues a notification to the organization violating one of the conditions in the service provision process stipulated in Article 19, and corrective measures must be taken, but the enterprise fails to rectify the issue;

f) Operating beyond the content approved by the State Bank for the provision of payment services without customers' payment accounts;

g) During inspections, monitoring, and supervision of the provision of payment services without customers' payment accounts, it is found that within a continuous period of 06 months, the enterprise has not provided payment services without customers' payment accounts.

5. Procedures for considering or revoking written approval for the provision of payment services without customers' payment accounts by public postal service providers:

a) In the case of dissolution or bankruptcy of the enterprise as stipulated in Point a, Clause 4 of this Article, the enterprise must notify the State Bank within 07 working days from the date of approval of the dissolution decision as per the Law on Enterprises or the date of receiving the bankruptcy declaration from the People's Court as per the law on bankruptcy. Within 10 working days from the date of receiving the enterprise's notification, the State Bank issues a decision to revoke the written approval.

Within 10 working days from the date the State Bank receives the request for revocation of the written approval for the provision of payment services without customers' payment accounts stipulated in Point b, Clause 4 of this Article, the State Bank issues a decision to revoke the written approval.

Within 10 working days from the date one of the cases stipulated in Points c, d, e, Clause 4 of this Article arises, the State Bank issues a decision to revoke the written approval;

b) When the enterprise shows signs of violating one of the cases stipulated in Points f, g, Clause 4 of this Article, the State Bank issues a notification and requests the enterprise to provide an explanation.

Within 15 working days from the date the State Bank issues the notification but the approved enterprise does not provide an explanation or the explanation content is not satisfactory, the State Bank considers issuing a decision to revoke the written approval.

6. Upon receiving the State Bank's decision to revoke the written approval, the enterprise must immediately cease providing payment services without customers' payment accounts.

Within 30 days from the date of the State Bank's decision to revoke the written approval, the enterprise must send written notifications to relevant organizations and individuals to liquidate contracts and fulfill obligations and responsibilities between the parties as per legal regulations.

Once the enterprise has fulfilled obligations and responsibilities between the parties as per legal regulations, after a period of 03 years from the date the enterprise is revoked the written approval in the case stipulated in Clause 4 (excluding Point a, Clause 4) of this Article, the enterprise may request to provide payment services without customers' payment accounts as per the regulations in Article 19 of this Decree. The procedures and dossier preparation must follow the regulations in Clauses 1 and 2 of this Article.

Section 3. PARTICIPATION IN INTERNATIONAL PAYMENT SYSTEMS

Article 21. Conditions for commercial banks and foreign bank branches to participate in international payment systems

1. They must be authorized to conduct basic foreign exchange activities in the domestic and international markets.

2. They must have policies and procedures for risk management related to anti-money laundering, counter-terrorism financing, and financing the proliferation of weapons of mass destruction that meet the legal requirements on anti-money laundering, counter-terrorism financing, and financing the proliferation of weapons of mass destruction when participating in international payment systems.

3. They must have an information system that meets the requirements for management, safety, and security as per Vietnamese law; have internal regulations on standards for selecting connections to international payment systems.

4. The organization operating the international payment system must be legally established and operating abroad.

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