Tiếng Việt

Legal update relating to Finance and Credit (Monthly Legal Update – 05/2020)

by | May 12, 2020 | Banking, EN, Legal Update | 0 comments

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/05/2020

1.1. Circular No. 27/2019/TT-NHNN amending and supplementing a number of articles of Circular No. 35/2014/TT-NHNN dated on November 20, 2014 of the Governor of the State Bank of Vietnam prescribing the fee for cash withdrawal via payment accounts at the State Bank Vietnam

  • Name of legal document: Circular No. 27/2019/TT-NHNN issued on 25/12/2019 by the State Bank of Viet Nam amending and supplementing a number of articles of Circular No. 35/2014/TT-NHNN dated on November 20, 2014 of the Governor of the State Bank of Vietnam prescribing the fee for cash withdrawal via payment accounts at the State Bank Vietnam (referred to as the “Circular No. 27/2019/TT-NHNN”).

  • Effective date: 01/05/2020.

Some contents should be noted:

  • Firstly, amending and supplementing the regulation on cash withdrawal fee at the State Bank.

Specifically, Clause 1 Article 1 stipulates: “Article 1. Amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuer code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Vietnam

1. Article 3 is amended and supplemented as follows:

“Article 3. Cash withdrawal fee at the State Bank

  1. Credit institutions, branches of foreign banks are exempted from cash withdrawal in the month when the value of cash withdrawn via payment accounts is less than or equal to cash value which is not eligible for circulation are submitted to the State Bank where the account is opened.

  2. Credit institutions, branches of foreign bank shall pay a fee of 0.005% of the positive difference in the month between the value of cash withdrawn via payment accounts minus the value of cash value which is not eligible for circulation are submitted to the State Bank where the account is opened.””

  • Secondly, amending and supplementing the regulation on cash withdrawal fee at the State Bank.

Specifically, Clause 2 Article 1 stipulates: “Article 1. Amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuers code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Vietnam

…

“2. To add Article 3a as follows:

Article 3a. Methods of collecting cash withdrawal fee

Every month, after calculating and collecting the cash withdrawal fee of credit institutions, foreign bank branches, Operation Centers, State Bank branches in centrally-affiliated cities and provinces, based on based on the receipts under the charge list is in the Appendix to this Circular, the accounting of cash withdrawal fee is in accordance with the provisions of the accounting account system issued in Circular No. 19/2015/TT-NHNN of October, 22nd, 2015 regulating the accounting system of the State Bank of Vietnam and the Operating Manual of the core banking system, budget accounting and system integration”.”

1.2. Circular No. 33/2020/TT-BTC regulating on the level of collection and payment of the fee for granting the establishment and operation of banks, non-bank credit institutions

  • Name of legal document: Circular No. 33/2020/TT-BTC issued on 05/05/2020 by the Ministry of Finance regulating on the level of collection and payment of the fee for granting the establishment and operation of banks, non-bank credit institutions (referred to as the “Circular No. 33/2020/TT-BTC”).

  • Effective date: 05/05/2020.

The content should be noted: providing on the level of collection and payment of the fee for granting the establishment and operation of banks, non-bank credit institutions.

Specifically, Article 1 of Circular No. 33/2020/TT-BTC stipulates: “Article 1. Levels of collection and payment of fees for granting establishment and operation licenses to banks and non-bank credit institutions

Organizations that are granted the license of establishment and operation of bank, the license of establishment and operation license of a non-bank credit institution by a competent state agency shall pay the following fees:

1. From May 5, 2020 to the end of December 31, 2020, pay the fee equal to 50% of the fee rate prescribed at Points a and b, Section 1 of the Table of fee rates in Clause 1, Article 4 of Circular No. 150/2016/TT-BTC dated on October 14, 2016 of the Minister of Finance stipulating the level, regime of collection, payment of fees for granting establishment and operation licenses of credit institutions; licenses for establishment of foreign bank branches, representative offices of foreign credit institutions and other foreign organizations engaged in banking activities; license for providing intermediary payment services for non-bank organizations (hereinafter referred to as Circular No. 150/2016/TT-BTC).

During the effective time of this Circular, no fee for the establishment and operation license of banks and non-bank credit institutions must be paid at the level specified in Clause 1, Article 4 of Circular No. 150/2016/TT-BTC.

2. From January 1, 2021 onwards, pay the fee for the establishment and operation license of banks and non-bank credit institutions according to the levels prescribed in Clause 1, Article 4 of Circular No. 150/2016/TT-BTC.”

2. LEGAL DOCUMENTS ARE ISSUED IN 04/2020

2.1. Circular No. 28/2020/TT-BTC annulling a number of legal documents issued by the Minister of Finance in the fields of securities, insurance business and banking finance

  • Name of legal document: Circular No. 28/2020/TT-BTC issued on 17/04/2020 by the Minister of Finance annulling a number of legal documents issued by the Minister of Finance in the fields of securities, insurance business and banking finance (referred to as the “Circular No. 33/2020/TT-BTC”).

  • Effective date: 02/06/2020.

The content should be noted: Annulling a number of legal documents promulgated by the Minister of Finance in the field of banking finance.

Specifically, Article 3 of Circular No. 28/2020/TT-BTC stipulates: “Article 3. Annulling all contents of 02 legal documents issued by the Minister of Finance in the field of banking and finance, as follow:

  1. Circular No. 105/2007/TT-BTC on August 30, 2007 of the Ministry of Finance guiding on handling of risk for investment credit capital and export credit of the State.

  2. Circular No. 35/2012/TT-BTC on March 2, 2012 of the Ministry of Finance guiding a number of articles of Decree No. 75/2011/ND-CP on August 30, 2011 of the Government on the investment credit and export credit of State.”

2.2. Consolidated Document No. 07/VBHN-NHNN promulgating the Fee Schedule for payment services via the State Bank of Viet Nam

  • Name of legal document: Consolidated Document No. 07/VBHN-NHNN issued on 07/04/2020 by the State Bank of Viet Nam promulgating the Fee Schedule for payment services via the State Bank of Viet Nam (referred to as the “Consolidated Document No. 07/VBHN-NHNN”).

  • Issuing date: 07/04/2020.

The contents should be noted: Consolidated Document No. 07/VBHN-NHNN consolidates the provisions of the following documents:

  • Circular No. 26/2013/TT-NHNN dated December 5, 2013 of the Governor of the State Bank of Vietnam promulgating the tariff of charges for payment services offered via the state bank of Viet Nam, effective from April 1, 2014;

  • Circular No. 33/2018/TT-NHNN dated December 21, 2018 of the Governor of the State Bank of Viet Nam amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN dated December 5, 2013 of the Governor of the State Bank of Vietnam promulgating the tariff of charges for payment services offered via the state bank of Viet Nam, effective from November 1, 2019; and

Circular No. 04/2020/TT-NHNN dated March 31, 2020 of the Governor of the State Bank of Viet Nam amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN dated December 5, 2013 of the Governor of the State Bank of Vietnam promulgating the tariff of charges for payment services offered via the state bank of Viet Nam, effective from April 1, 2020.