Press Release on issuance of Circular No.41/2018/TT-NHNN
Hanoi, December 28, 2018 – The Governor of the State Bank of Vietnam (SBV) issued Circular No.41/2018/TT-NHNN amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN dated June 30, 2016 stipulating bank card operations (as amended and supplemented by Circular No.30/2016/TT-NHNN dated October 14, 2016, and Circular No.26/2017/TT-NHNN dated December 29, 2017).
The new Circular is composed of 3 articles covering the specific areas as follows:
- Supplementing the regulation on the quotation of the application of the basic standards for domestic chip cards as announced in Decision No.1927/QD-NHNN dated October 5, 2018.
- Supplementing the regulation on the roadmap for replacing the cards in line with the basic standards for domestic chip cards; a specific roadmap for the replacement by the card payment institutions until December 31, 2020 and a roadmap for the replacement by the card issuers until December 31, 2021.
At the time of card replacement, the card issuers and card payment institutions are required to ensure smooth operations of the bank cards and the legitimate interests of the cardholders.
- Amending the effectiveness date of paragraph 2 of Article 24 of Circular No. 19/2016/TT-NHNN to January 01, 2020 (one more year in comparison with the current regulation) in order to allow the related parties more time for the implementation).
This new Circular will take effect from February 18, 2019, but as for paragraph 6 of Article 1 of this Circular, it shall be effective from January 1st, 2019.
Translated by Le Hang