Circular 17/2024/TT-NHNN (Circular 17) regulating the opening and use of payment accounts at credit institutions was issued by the State Bank of Vietnam (SBV) on June 28, 2024, effective from July 1, 2024.

According to Article 11 of Circular 17 regulating subjects opening payment accounts (bank accounts), individuals opening bank accounts include:

Persons aged 15 years or older who are not restricted or have lost civil capacity according to the provisions of Vietnamese law;

Persons under 15 years of age, persons with limited or lost civil act capacity according to the provisions of Vietnamese law, if opening a bank account, must go through a legal representative;

People with cognitive and behavioral difficulties according to Vietnamese law must open a bank account through a guardian.

Bank account opening documents include: agreement on opening and using a bank account; agreement on management and use of a joint account between the account holders (if any) in case of opening a joint account.

Individual customers opening an account need to provide identification documents including: citizen identification card or identity card or birth certificate for people under 14 years old.

In case an individual opens a bank account through a representative, the representative's citizen identification card is required.

In case of foreign individuals, a passport is required; for foreigners working in Vietnam, an entry visa or electronic identity is required.

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People aged 15 and over can open a bank account. Photo: Pham Hai

The bank is responsible for checking the legality, validity and comparison to ensure the correctness and accuracy of customer information and verifying customer identification information according to the provisions of law on anti-money laundering.

In case of detecting customers using fake or illegal documents, information or data or customers on the "blacklist" according to the provisions of the law on anti-money laundering, the bank must report to the competent authority and handle it according to the provisions of the law.

Circular 17 also regulates the opening of bank accounts by electronic means (Article 16). It stipulates that banks must issue internal regulations on the process and procedures for opening accounts by electronic means (opening accounts online) in accordance with the provisions of this Circular and the provisions of law on anti-money laundering, electronic transactions, protection of personal data, ensuring safety and security.

Accordingly, biometric data stored in the encrypted information storage part of the citizen identification card has been accurately authenticated as being issued by the police agency or through authentication of that person's electronic identification account created by the electronic identification and authentication system.

Online account opening does not apply to opening joint payment accounts or foreign currency payment accounts.

Article 17 of this Circular stipulates that account holders are allowed to use their accounts to deposit and withdraw cash and request banks to provide payment services via accounts such as: providing payment means, performing check payment services, payment orders, payment authorizations, collection, collection authorizations, bank cards, money transfers, collection, payment and other value-added services in accordance with current law provisions.

The use of bank accounts by persons under 15 years of age, persons with limited or lost civil capacity, persons with difficulty in cognition or behavior control must be carried out through a representative. The representative shall carry out payment transactions through the payment account of the represented person in accordance with the provisions of civil law and guardianship and representation.