Press Release on issuance of Circular No.28/2019/TT-NHNN
Hanoi, December 25, 2019 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 28/2019/TT-NHNN amending and supplementing a number of articles of Circular No.19/2016/TT-NHNN dated June 30, 2016 of the SBV Governor providing for bank card operations (as amended and supplemented by Circular No.30/2016/TT-NHNN dated October 14, 2016, Circular No.26/2017/TT-NHNN dated December 29, 2017, and Circular No.41/2018/TT-NHNN dated December 28, 2018).
Specifically, the new Circular amends and supplements the following key substances:
- Stipulating the switching of domestic transactions when using bank cards with providers’ codes issued by international bank card institutions, and bank cards with providers’ codes issued by other nations, and the effective duration of Paragraph 2 of Article 24 of Circular No.19/2016/TT-NHNN providing for bank card operations.
- Stipulating the substances related to international card institutions, bank cards with providers’ codes issued by other nations.
- Several other regulations: the scope of use of several card types; the information on the cards; the card users; the management and supervision of the operations of the POSs; the responsibilities of the SBV entities; and other relevant regulations.
The new Circular shall take effect from April 1, 2020, with the exception of Paragraph 14 of Article 1 of this Circular, which takes effect from January 1, 2020.
Translated by Le Hang