December 29, 2017 – The Governor of the State Bank of Vietnam (SBV) issued Circular No. 26/2017/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)
The new Circular is composed of 3 articles covering specific areas as follows:
- Providing guidance on the limits of credit cards for individuals as stipulated in Paragraph 1 of Article 126 of the Law on Credit Institutions (as amended and supplemented).
- Supplementing the regulation on controlling the utilization of credit cards for overseas payment and cash withdrawals.
- Amending the regulation on individuals who are permitted to open and utilize bank cards (primary and secondary cardholders).
- Adjusting the effectiveness of Paragraph 2 of Article 24.
- Amending and supplementing prohibited acts and the regulations to prevent arising risks in the payment through POSs.
- Besides, the new Circular also amends and supplements a number of regulations with regard to the interpretation, procedures of card issuance, card information, etc.
The new Circular shall take effect from March 3, 2018, with the exclusion of Point b of Paragraph 6 of Article 1 of this Circular, which shall take effect from January 15, 2018; and Paragraph 13 of Article 1, which shall be effective from January 1, 2018.
Translated by Le Hang