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THE
GOVERNMENT
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
64/2001/ND-CP
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Hanoi,
September 20, 2001
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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
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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.
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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.
5. Payment services mean the supply of payment
instruments, the conduct of domestic and international payment transactions,
and the performance of authorized collection and/or expenditure and other types
of services as specified by the State Bank, which are carried out by payment
service-providing organizations at requests of payment service users.
6. Other organizations permitted to provide
payment services are organizations permitted by the competent State agencies to
perform one or several payment services.
7. Payment instruments are cash and non-cash
payment instruments, which are used to effect payment transactions.
8. Payment accounts are those opened by payment
service users at payment service-providing organizations to effect payment
transactions according to the State Bank’s regulations.
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10. Account joint-holders are two or more
persons who jointly open an account under their names.
11. Payment orders are orders made by account
holders to payment service-providing organizations in form of paper vouchers,
electronic vouchers or other forms under the regulations of competent State agencies,
requesting such organizations to conduct payment transactions.
12. Overdraft means the expenditure by payment
service users in excess of money amounts they have on their payment accounts
when using payment services.
Article 4.- Application
of international agreements and international practices in payment activities
with foreign countries
1. In international payment activities, in cases
where an international agreement, which the Socialist Republic of Vietnam has
signed or acceded to, contains provisions different from those of this Decree,
the provisions of such international agreement shall apply.
2. Parties participating in international
payment activities may agree upon the application of international practices,
provided that those practices are not contrary to the law of the Socialist
Republic of Vietnam.
Chapter II
OPENING AND USE OF
PAYMENT ACCOUNTS
Article 5.- Opening of
payment accounts
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The State Bank is entitled to open payment
accounts at foreign banks, international monetary organizations and banks.
2. Credit institutions being banks shall open
payment accounts for other credit institutions, other organizations and
individuals. The State-run commercial banks shall open payment accounts for the
State Treasury offices in districts and provincial towns other than provincial
capitals.
Credit institutions shall open payment accounts
at the State Bank and banks. Credit institutions being banks shall be entitled
to open payment accounts at foreign banks as soon as they are permitted by the
State Bank to provide international payment services.
3. The State Treasury shall open payment
accounts at the State Bank. In districts and provincial towns other than
provincial capitals, the State Treasury shall open payment accounts at
State-run commercial banks.
4. Other organizations which are permitted to
provide payment services shall open payment accounts for payment service users
under the regulations of competent State agencies.
5. Payment service users have the right to
choose banks and other organizations permitted to provide payment services to
open their payment accounts, except otherwise provided for by law.
Article 6.- Use of
accounts and authorized use of accounts
1. Account holders have the right to use money
amounts on their payment accounts by means of payment orders placed in
compliance with the State Bank’s regulations and other relevant legislations.
2. Account holders are obliged to abide by the
provisions of this Decree and other relevant legislations on the use of payment
accounts.
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Article 7.- The use and
authorized use of accounts by joint-holders
Besides the provisions of above-said Article 6,
the use of accounts and authorized use of accounts by joint-holders must also
comply with the following regulations:
1. All payment transactions on the accounts
shall be conducted only when so consented by all account joint-holders.
2. Account joint-holders may authorize others to
use the accounts within the ambit of their rights and obligations. The
authorization must be made in writing according to the provisions of law.
3. In cases where an account joint-holder dies,
is declared missing or losing his/her civil act capacity, the right to use the
account and the obligation(s) arising from the use of such person’s account
shall comply with the provisions of law.
Article 8.- Payment
accounts, the conditions and procedures for opening and using payment accounts
Types and characteristics of payment accounts,
conditions and procedures for opening and use of payment accounts shall be
prescribed by the payment service providing organizations in compliance with
the regulations of the State Bank and other relevant provisions of law.
Article 9.- Blockade of
accounts
1. Part or the whole money amount on a payment
account shall be blockaded in the following cases where:
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b/ There is a decision or written request of a
competent person according to the provisions of law;
c/ Other cases prescribed by law.
2. The payment account blockade shall terminate
when:
a/ The account blockade duration agreed upon
between the account holder and the payment service-providing organization
expires;
b/ The competent person defined by law issues a
decision on or requests the blockade termination;
c/ According to the provisions of law.
Article 10.- Closure of
accounts
1. A payment service-providing organization
shall close a payment account in the following cases where:
a/ The account holder so requests;
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c/ The organization holding such account
terminates its operation according to the provisions of law.
2. Payment service-providing organizations can
decide the closure of accounts when holders of such accounts commit law
violations in payment activities or breach agreements with payment
service-providing organizations; or when such accounts have low balance and
remained dormant for a certain period of time as prescribed by the payment
service-providing organizations.
3. After an account is closed, the balance
remaining thereon shall be handled as follows:
a/ To be disbursed at request of the account
holder or his/her heir or inheritance representative in cases where the account
holder being an individual dies or his/her guardian in cases where the account
holder being an individual loses his/her civil act capacity;
b/ To be disbursed under the court’s decision;
c/ To be managed according to regulations of the
payment service-providing organization for cases where the account is closed
according to Clause 2 of this Article, but the account holder, his/her heir,
inheritance representative or guardian does not receive the money amount
remaining on the account after the payment service-providing organization notifies
in writing the account holder, his/her heir, inheritance representative or
guardian of the account closure.
Chapter III
USE AND PERFORMANCE OF
PAYMENT SERVICES
Article 11.- Payment
services
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a/ Supply of payment instruments;
b/ Domestic payment services;
c/ International payment services;
d/ Authorized collection and expenditure
services;
e/ Other payment services prescribed by the
State Bank.
2. Payment services shall be performed in
compliance with the following regulations:
a/ The State Bank is entitled to provide all the
payment services prescribed in Clause 1 of this Article for domestic credit
institutions, other organizations permitted to provide payment services and
foreign banks, international monetary institutions and banks.
b/ Banks are permitted to provide the following
payment services:
- Providing payment services prescribed at
Points a, b and d, Clause 1 of this Article for other credit institutions,
organizations and individuals;
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- Providing other payment services prescribed at
Point e, Clause 1, Article 1 of this Article according to the provisions of the
State Bank.
c/ Other organizations shall be permitted by the
State Bank to provide one or several payment services prescribed in Clause 1 of
this Article for organizations and individuals if they fully meet the following
conditions:
- The provision of payment services is necessary
and closely related to the main activity;
- They have material conditions suited to
requirements of the provision of payment services;
- They have contingents of personnel knowledgeable
about payment activities.
Article 12.- Payment
instruments
Payment instruments include:
a/ Cash;
b/ Check;
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d/ Accreditative collection;
e/ Bank card;
f/ Other payment instruments provided for by
law.
Article 13.- Cash
supply
Payment service-providing organizations are
obliged to fully and promptly meet the cash-depositing and -withdrawing
requests of payment service users in compliance with the provisions of law.
Article 14.- Use of
payment services
Payment service users are entitled to choose and
use payment services provided by payment service-providing organizations in
compliance with provisions of law.
Article 15.- Assurance
of solvency
Payment service users must assure enough money
on payment accounts to execute payment orders they have placed, except for
cases where there are overdraft agreements with payment service-providing
organizations.
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Payment service-providing organizations are
obliged to execute fully and promptly payment orders of payment service users
in compliance with regulations or agreements between payment service-providing
organizations and payment service users not in contravention of law.
Article 17.- Payment
service charges
Payment service-providing organizations are
entitled to collect charges from payment service users. The payment service
charge levels shall be set by payment service-providing organizations and
publicly posted up.
Article 18.- Damage
compensations
If payment service-providing organizations
and/or payment service users cause damage to relevant parties due to their
breaches of regulations or their mutual agreements, they shall have to pay
compensations therefor.
Article 19.- Settlement
of disputes
Any dispute arising between a payment service
user and a payment service-providing organization shall be, first of all,
settled through conciliation between the involved parties. In cases where the
dispute cannot be settled through conciliation, the dispute settlement shall be
made under the provisions of law.
Article 20.- Assurance
of payment safety
Payment service-providing organizations are
entitled to prescribe measures to ensure safety in payment activities. Payment
service users are obliged to abide by measures to ensure safety in payment
activities, which are prescribed by payment service-providing organizations.
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ORGANIZATION OF AND
PARTICIPATION IN PAYMENT SYSTEMS
Article 21.-
Organization of internal payment systems
1. Banks are entitled to organize their own
internal payment systems to perform payment services among their attached
units.
Conditions, order and procedures for
participating in internal payment systems as well as measures to ensure safety
for the operation of internal payment systems shall be prescribed by banks
organizing such internal payment systems.
2. The organization of internal payment systems
by other organizations permitted to provide payment services shall comply with
the regulations of competent State agencies.
Article 22.-
Organization of and participation in inter-bank payment systems
1. The State Bank organizes the inter-bank
payment system to perform payment services among such system’s members being
the State Bank, credit institutions and other organizations permitted to
provide payment services.
Conditions, order and procedures for
participating in the inter-bank payment system as well as measures to ensure
safety for the operation of the inter-bank payment system shall be prescribed
by the State Bank.
2. Banks are entitled to organize the inter-bank
payment according to agreements reached between the involved parties and in
compliance with the State Bank’s regulations.
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Article 23.-
Participation in international payment activities
1. The State Bank is entitled to participate in international
payment activities to perform agreements on payment with foreign banks and
international monetary institutions and banks according to the provisions of
law.
2. Banks and other organizations, which are
permitted to provide payment services, shall participate in the international
payment system when being permitted by the State Bank.
Chapter V
NOTIFICATION AND
REPORTING REGIME AND INFORMATION CONFIDENTIALITY
Article 24.- Rights and
obligations of payment service-providing organizations regarding notification
and reporting
1. Payment service-providing organizations are
entitled to request payment service users to supply relevant information when
using payment services.
2. Payment service-providing organizations are
obliged to periodically notify account holders of payment transactions and
balance on their accounts.
3. When account holders request, the payment
service-providing organizations may supply extraordinary information on payment
transactions and balance on their accounts.
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Article 25.- Information
confidentiality
The secrecy, archival and supply of information
related to deposits of payment service users at payment service-providing
organizations shall comply with the provisions of law.
Chapter VI
VIOLATIONS AND HANDLING
THEREOF
Article 26.- Strictly-prohibited
acts
1. Counterfeiting payment instruments;
2. Keeping, circulating, transferring and using
counterfeit payment instruments;
3. Modifying, erasing payment instruments and
vouchers for deceitful purposes;
4. Intruding or seeking to intrude into,
spoiling or illegally changing programs or databases in computer networks used
in payment activities.
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6. Supplying information related to deposits of
account holders at payment service-providing organizations not in compliance
with the provisions of law.
7. Covering up or performing payment services
on, money amounts already proved having illegal origin.
Article 27.- Handling
of violations
Organizations and individuals that violate the
provisions of this Decree shall, depending on the nature and seriousness of
their violations, be disciplined, administratively sanctioned or examined for
penal liability. If damage is caused, they shall have to pay the compensations
therefor according to the provisions of law.
Chapter VII
IMPLEMENTATION
PROVISIONS
Article 28.-
Implementation effect
1. This Decree takes effect as from January 1,
2002.
2. To annul the Government’s Decree No.91/CP of
November 25, 1993 on organization of non-cash payment.
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Article 29.-
Implementation responsibilities
The State Bank Governor shall have to guide the
implementation of this Decree.
The ministers, the heads of the
ministerial-level agencies, the heads of the agencies attached to the
Government, the presidents of the provinces and centrally-run cities shall have
to implement this Decree.
ON BEHALF OF THE GOVERNMENT
PRIME MINISTER
Phan Van Khai