State Bank of Vietnam amends payment account rules introducing in-person biometric checks and phased implementation to March 2026

The State Bank of Vietnam issued Circular 25/2025/TT-NHNN amending Circular 17/2024/TT-NHNN on the opening and use of payment accounts at payment service providers. The amendments tighten in-branch account-opening procedures through face-to-face and biometric verification, add new information and security requirements, and broaden the scope of accounts that can be opened electronically, including foreign-currency accounts and individuals aged 15 to under 18. Key changes include adding requirements for payment account agreements to specify the payment account name and number, and requiring in-person meetings and biometric cross-checks for account holders or representatives when opening accounts at the counter, with exclusions for certain organisational customers. The circular also introduces phone number verification where customers register to use payment accounts via electronic means, updates rules for non-resident foreign investors opening payment accounts for indirect investment activity in Vietnam, and adds exclusions for applying point c of clause 5, Article 17 in certain cases. Banks and foreign bank branches must guide customers to use the correct payment account name and number when making payment transactions and must implement and fully comply with their internal rules on opening and using payment accounts; additional amendments cover updates to State Bank unit names, strengthened safety and security provisions, the addition of Annex 03, and other clarifications. The circular took effect on 31 August 2025, with selected provisions applying from 1 December 2025 (Articles 5 and 9 and clauses 2 and 3 of Article 10) and from 1 March 2026 (Article 4).