Press release on issuance of Circular No.22/2020/TT-NHNN
Hanoi, December 31, 2020. The Governor of the State Bank of Vietnam (SBV) has issued Circular No.22/2020/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, Circular No.41/2018/TT-NHNN dated December 28, 2018, and Circular No.28/2019/TT-NHNN dated December 25, 2019).
The new Circular was formulated in order to address the issues arising from the practical situations in the area of bank card operations in the process of transitioning to full compliance with the basic standards applied to domestic chip cards in line with the regulations of Chapter IVa of Circular No. 19/2016/TT-NHNN dated June 30, 2016 of the SBV Governor providing for bank card operations. The new Circular is composed of the following key substances:
- Paragraph 2 of Article 27a is amended and supplemented as follows:
By December 31, 2021, 100% of ATMs and POSs operating in Vietnam are required to comply with the basic standards applied to domestic chip cards.
- Supplementing Paragraph 4 to Article 27b, to read as follows:
Starting from March 31, 2021, all card issuers issuing cards with bank identification numbers (BINs) granted by the SBV shall have to comply with the basic standards applied to domestic chip cards.
The new Circular shall take effect from February 16, 2021, excluding Paragraph 1 of Article 1 of this Circular, which took effect from January 1, 2021.
Translated by Le Hang