1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/02/2020

1.1. Circular No. 15/2020/TT-NHNN amendment and supplement a number of articles of Circular No. 26/2013/TT-NHNN issued on December 5, 2013 of the State bank of Vietnam promulgating the tariff of charges for payment services offered via the State bank of Vietnam

• Name of legal document: Circular No. 15/2020/TT-NHNN issued on 20/11/2020 by the Governor of the State Bank amendment and supplement a number of articles of Circular No. 26/2013/TT-NHNN issued on December 5, 2013 of the State bank of Vietnam promulgating the tariff of charges for payment services offered via the State bank of Vietnam (referred to as the “Circular No. 15/2020/TT-NHNN).
• Effective date: 01/02/2021.

The content should be noted: Amending and supplementing regulations on International payment service charge.

Specifically, Clause 3 of Article 1 Circular No. 15/2020/TT-NHNN stipulates: “Article 1.

3. Part IV “International payment service charge” in the Tariff of charges for payment services offered via the State bank of Vietnam issued together with Circular No. 26/2013/TT-NHNN is amended and supplemented as follows:IV. International payment service charge:

1.2. Circular No. 17/2020/TT-NHNN amending and supplementing a number of articles of the Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam guiding procedures for the approval for activities of export and import of foreign currencies in cash of the authorized banks

• Name of legal document: Circular No. 17/2020/TT-NHNN issued on 14/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam guiding procedures for the approval for activities of export and import of foreign currencies in cash of the authorized banks (referred to as the “Circular No. 17/2020TT-NHNN”).
• Effective date: 01/02/2021.

The content should be noted: Amending and supplementing regulations on dossiers and procedures for requesting for the approval for export and import of foreign currencies in cash of the authorized banks are specified in Article 3 of Circular No. 33/2013/TT-NHNN.

Specifically, Article 1 Circular No. 17/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 33/2013/TT-NHNN

Article 3 is amended and supplemented as follows: “Article 3. Procedures for requesting for the approval for export and import of foreign currencies in cash of the authorized banks

…

2. Dossier includes:a) An application form for the approval for export and import of foreign currencies in cash of the authorized banks, made according to the form provided in Appendix 01 to this Circular;b) Contract of export and/or import of foreign currencies in cash signed between a authorized bank and a foreign bank or foreign financial institution enclosed with a Vietnamese translation certified by the authorized bank’s legal representative (only send for the first time and send additionally when there is a change);c) Internal regulations of the authorized bank on the export and import of cash foreign currencies, in which the provisions on decentralization of authorization to carry out the cash foreign currency import and export activities within the system and regulations on management, supervision and safety assurance in the delivery, preservation and transportation of cash foreign currencies must comply with the State Bank of Vietnam regulations (sending only for the first time and sending supplement when there is a change);d) Power of attorney in case the person signing the application for approval is the authorized representative of the authorized bank (only send for the first time and additionally send when there is a change).
3. Order and procedures for the approval for export and import of foreign currencies in cash:a) When wishing to export or import cash in foreign currency, authorized bank to prepare and send 01 (one) set of dossier to the State Bank branch in Hanoi city or the State Bank branch in Ho Chi Minh city as prescribed in Clauses 1 and 2 of this Article;b) Within 02 (two) working days from the date of receipt of complete and valid dossiers as prescribed in Clause 2 of this Article, the State Bank branch in Hanoi city or the State Bank branch in Ho Chi Minh city shall consider and approve the export and import of cash in foreign currencies by an authorized bank using the form provided in Appendix 02 to this Circular and send it to the authorized bank under Points a and b Clause 1 of this Article.In case the application is incomplete or invalid, the State Bank branch in Hanoi or the State Bank branch in Ho Chi Minh City shall issue a notice on the national single-window portal or a written notice to authorized bank (in the case specified in point b clause 1 of this Article) and clearly state the reason.
4. Within 03 (three) working days from the date of receipt of all documents related to the export and import of cash foreign currency (payment wire and customs declaration), the authorized bank sends The State Bank branch in Hanoi city or the State Bank branch in Ho Chi Minh City a copy of the payment wire and the customs declaration (certified by the legal representative of the authorized bank).”

1.3. Circular No. 23/2020/TT-NHNN provisions on safety ratios and limitations in the operation of non-bank credit institutions

• Name of legal document: Circular No. 23/2020/TT-NHNN issued on 31/12/2020 by the State Bank provisions on safety ratios and limitations in the operation of non-bank credit institutions (referred to as the “Circular No. 23/2020TT-NHNN”).
• Effective date: 14/02/2021.

Some contents should be noted: Providing conditions for credit extension for stock investment and trading.

Specifically, Clause 1, Article 12 of Circular No. 23/2020/TT-NHNN stipulates: “Article 12. Conditions and limits on credit extension for stock investment and trading.

1. Finance companies may only extend credit for a period of up to 01 (one) year for customers to invest in and trade in stocks and when extending credit, must satisfy the following conditions:a) The credit extension must ensure the prudential ratios and limits as prescribed by law;b) Bad debt ratio below 3%;c) Fully complying with regulations on risk management in accordance with regulations of the State Bank on internal control system of non-bank credit institutions and regulations on classification of assets, appropriation, method of setting up of risk provisions and the use of provisions to deal with risks in the operations of credit institutions, foreign bank branches.”

1.4. Circular No. 18/2020/TT-NHNN abolishing a number of legal documents promulgated by the Governor of the State Bank of Vietnam

• Name of legal document: Circular No. 18/2020/TT-NHNN issued on 30/12/2020 by the State Bank abolishing a number of legal documents promulgated by the Governor of the State Bank of Vietnam(referred to as the “Circular No. 18/2020TT-NHNN”).
• Effective date: 15/02/2021.

The content should be noted: abolishing Decision No. 1087/2003/QD-NHNN dated on 17/09/2003 of the Governor of the State Bank of Vietnam and Decision No. 45/2007/QD-NHNN dated on 17/12/2007 of the Governor of the State Bank of Vietnam.

Specifically, Clause 4 and Clause 7 Article 1 Circular No. 18/2020/TT-NHNN stipulates: “Article 1. Abolishing all legal documents

Abolishing all the following legal documents promulgated by the Governor of the State Bank:

…

4. Decision No. 1087/2003/QD-NHNN dated on 17/09/2003 of the Governor of the State Bank of Vietnam on issuance of regulations on protecting state secrets;

…

7. Decision No. 45/2007/QD-NHNN dated on 17/12/2007 of the Governor of the State Bank of Vietnam on the confidentiality of each type of document, materials containing state secret in banking area;”

1.5. Circular No. 22/2020/TT-NHNN amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN dated June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations

• Name of legal document: Circular No. 22/2020/TT-NHNN issued on 31/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN dated June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations (referred to as the “Circular No. 22/2020TT-NHNN”).
• Effective date: 16/02/2021.

Some contents should be noted: Amending and supplementing regulations on Transformation schedule designed for card acquirers.

Specifically, Article 1 of Circular No. 22/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN

1. Clause 2 Article 27a (supplemented in accordance with Clause 5 Article 1 of the Circular No. 41/2018/TT-NHNN dated December 28, 2018 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN) is amended and supplemented as follows:

“2. As of December 31, 2021, 100% of ATMs and card processing devices at point of sale operating in Vietnam of card acquirers shall comply with the basic standard of domestic chip cards.”

2. To add Clause 4 to Article 27b (supplemented in accordance with Clause 5, Article 1 of the Circular No. 41/2018/TT-NHNN dated December 28, 2018 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN) as follows:“4. From March 31, 2021, card issuers that issue cards with BINs issued by the State Bank must comply with the basic standard of domestic chip cards. ”.”

2. LEGAL DOCUMENTS ARE ISSUED IN 01/2020

Directive No. 02/CT-NHNN on strengthening prevention, fighting of violations of the law in banking card operations

• Name of legal document: Directive No. 02/CT-NHNN issued on 07/01/2021 by the State Bank on strengthening prevention, fighting of violations of the law in banking card operations (referred to as the “Directive No. 02/CT-NHNN”).
• Effective date: 07/01/2021.

The content should be noted: Adding regulations on payment fees are regulated in Circular No. 26/2013/TT-NHNN.

Specifically, Item II of Directive No. 02/CT-NHNN stipulates: “… To limit risks, continue to strengthen control, prevent illegal acts in banking card operations, Governor of the Bank The State Bank of Vietnam (SBV) requires affiliates of the State Bank, card issuers, card payment organizations, providers of intermediary payment services, and Representative Offices of international card organizations take the following measures:

II. For card issuers and card payment organizations

1. Checking and reviewing the entire process, procedures and regulations on dossiers and contracts for opening and using payment accounts and bank cards, on that basis, to amend, supplement and complete the above internal regulations to ensure the safety and confidentiality of customers’ information and comply with the law; reviewing the scope of use of bank cards in card issuance and usage contracts, limit and exchange rate in card transactions to ensure compliance with law; strictly comply with the instructions and warnings of the State Bank of Vietnam1 on the supervision and control of the banking card operations, with special attention paid to the identification and verification of information of customers and merchants. Thoroughly understand all relevant officials in the whole system to strictly comply with the laws and regulations and internal guidelines issued.
2. Improve the efficiency of administration, operating and the internal inspection and control system to limit risks, prevent violations of the law on bank card operations. Organize and coordinate with the information provider to monitor, check and review card transactions arising at merchants to prevent: (i) the use of credit card limit for money transfer and credit checking account, debit card or prepaid card of a customer or a third party (not merchant); (ii) Payment transactions that do not happen actually at merchants (no purchase and sale of goods and service provision) for the purpose of cash withdrawal; (iii) card transactions not in accordance with the law (related to prize-winning games, gambling, gambling, foreign exchange, securities, virtual money, electronic money …). Review, terminate cooperation and take appropriate measures for information providers, merchants that use bank cards in contravention of law.
3. Strengthen propaganda and guidance so that customers, providers of intermediary payment services and merchants can understand and use card services safely, comply with legal regulations: actively share and exchange information between card issuers and card payment organizations to promptly detect suspicious transactions; warns customers, providers of intermediary payment services, merchants not to use or facilitate other entities to take advantage of the use of payment accounts, bank cards for illegal purposes, such as leasing, lending current accounts, buying, selling, renting, leasing cards or card information, opening card for…
4. To closely coordinate with legal protection agencies and relevant functional agencies in detecting and handling violations of the law on banking card operations in accordance with law.”

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

1.1. Circular No. 09/2020/TT-NHNN on information system security in banking operations

• Name of legal document: Circular No. 09/2020/TT-NHNN issued on 21/10/2020 by the Governor of the State Bank on information system security in banking operations (referred to as the “Circular No. 08/2020/TT-NHNN).

• Effective date: 01/01/2021.

The content should be noted: Regulation on classification of other information systems which were not regulated in Decree No. 85/2016/ND-CP dated July 01, 2016 of the Government in information system in baking operations.

Specifically, Clause 1, 2, 3, 4, 5, 6 and 7 of Article 5 Circular No. 09/2020/TT-NHNN stipulates: “Article 5. Classification of information systems

For information systems that provide online services to customers, the institution shall conduct the classification according to the provisions of Decree No. 85/2016/ND-CP dated July 1, 2016 of the Government on the security of information systems by classification. For other information systems, it shall be classified according to the provisions of Clauses 2, 3, 4, 5, 6, 7 of this Article.

Information system level 1 is an information system that serves internal activities of the institution and only processes public information.

An information system of level 2 is an information system that has one of the following criteria:a) Information systems serving internal activities of the institution, processing private information, personal information of users, information restricted to access according to regulations of the institution but do not processing secret state information;b) The customer service information system does not require 24/7 operation;c) Information infrastructure system serving the operation of a number of sections of the institution or the microfinance institution, the grassroots people’s credit fund.

An information system level 3 is an information system that has one of the following criteria:a) An information system that processes confidential state information at Confidential level;b) An information system serving daily internal operations of the institution and refusing to stop operating for more than 4 working hours from the time of shutdown;c) An information system serving customers that require 24/7 operation and do not accept to stop operation without prior planning;d) Payment systems of third party that the institution use for payment outside the institution’s systemdd) The shared information infrastructure system serving the operation of the institution and the banking sector.

An information system of level 4 is an information system that has one of the following criteria:a) An information system that processes confidential state information at the top confidential level;b) An information system serving customers that processes and stores data of 10 million customers or more;c) The national information system in the banking sector, requires 24/7 operation and does not accept to stop operation without prior pland) An Important payment system in the banking sector in accordance with regulations of the State Bank;dd) A shared information infrastructure system for banking sector operations, requiring 24/7 operation and refusing to stop operation without prior plan.

An information system of level 5 is an information system that has one of the following criteria:a) An information system that process confidential state information at the Absolute Secret level;b) A national information system in the banking sector serving the interconnection of Vietnam’s activities with the international;c) A national information infrastructure system in the banking sector serving the interconnection of Vietnam’s activities with the international.

In the case of an information system consisting of many component systems, each of which corresponds to a different level, the information system level is defined as the highest level in the of the constituent systems.”

1.2. Circular No. 10/2020/TT-NHNN amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate  and authentication service of digital signature of the State Bank

• Name of legal document: Circular No. 10/2020/TT-NHNN issued on 02/11/2020 by the State Bank of amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate and authentication service of digital signature of the State Bank (referred to as the “Circular No. 10/2020TT-NHNN”).

• Effective date: 01/01/2021.

Some contents should be noted:

• Firstly, amending and supplementing regulations on granting digital certificates.

Specifically, Clause 6 Article 1 Circular No. 10/2020TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN

…

6. Article 5 (Circular No. 28/2015/TT-NHNN) is amended and supplemented as follows:

“Article 5. Grant digital certificates

1. When in need of granted digital certificate or supplement profession of digital certificate, the subscriber-managing organization shall send 01 (one) set of dossier, including:

a) To grant digital certificate and supplement profession of digital certificate to individuals who are competent:

– An application form for granting digital certificate or supplementation profession of digital certificate according to Appendix 01 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– An application form for granting digital certificate or supplementation profession of digital certificate for individuals according to Appendix 02 (Circular No. 28/2015/TT-NHNN) enclosed herewith;

– Documents proving the legal representative status of a competent person of an agency or organization as follows:

+ Enterprise registration certificate or certificate of cooperative registration or documents of equivalent value for enterprises, credit institutions, foreign bank branches;

+ Appointment decision of the person applying for granting digital certificate and supplementing profession of digital certificate (for state agencies).

b) To grant digital certificate and supplement profession of digital certificate to individuals who are authorized by a person:

– An application form for granting digital certificate or supplementation profession of digital certificate according to Appendix 01 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– An application form for granting digital certificate or supplementation profession of digital certificate for individuals according to Appendix 02 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– Authorization document of the authorized person allowing the authorized person to represent the organization to sign and approve documents, documents, reports, transactions on the information system corresponding to the profession of the digital certificate applied for granting. Authorized person is not allowed to authorize another person to perform;

– Document certifying the title of the person applying for granting profession of digital and supplementing profession of digital certificate.

c) To grant digital certificate and supplement profession of digital certificate to organizations:

– An application form for the granting digital certificate or supplementation of digital certificate to the organization according to Appendix 02a issued with this Circular (Circular No. 28/2015/TT-NHNN);

– Establishment decision or decision specifying functions, duties, powers, organizational structure or certificate of business registration or certificate of registration of the cooperative or papers of equivalent value.

2. In case a digital certificate has been granted and is still valid and is requested by the subscriber-managing organization to supplement the digital certificate profession, the Information Technology Department shall supplement the profession to the existing subscriber’s digital certificate.

3. Time limit for settlement and implementation results

Within 05 working days from the day on which the application for digital certificate is received, the Department of Information Technology shall inspect the application, issue digital certificates or supplement digital certificate profession to subscribers, send digital certificate granting notice and digital certificate activation code to the email address and text message to subscribers’ mobile phone number. For digital certificates for organizations, the Information Technology Department shall send notices of digital certificate granting and digital certificate activation code to the email address and text message to the mobile phone number of the focal officer in charge about digital certificate of the subscriber management organization according to the provisions of Clause 1, Article 14 of this Circular (Circular No. 28/2015/TT-NHNN).

In case the dossier is invalid, the Information Technology Department shall refuse to process the dossier and state the reason. Feedback and dossier processing results comply with Clause 3 Article 4a of this Circular (Circular No. 28/2015/TT-NHNN).

4. The digital certificate activation code is valid for up to 30 days from the date the digital certificate is issued. For newly issued digital certificates, subscribers must activate their digital certificates before the expiration of the activation code. Guidance documents on activation and renewal of digital certificates of the State Bank are posted on the State Bank’s web portal. For digital certificates with additional profession added, subscribers are not required to activate digital certificates.

5. The validity period of a subscriber’s digital certificate is proposed by the subscriber-management organization but must not exceed 05 years from the date of activation of the digital certificate.””

• Secondly, amending and supplementing regulations on extension and change of information about digital certificates.

Specifically, Clause 7 Article 1 of Circular No. 10/2020/TT-NHNN stipulates: ““Article 1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN

…

7. Article 6 (Circular No. 28/2015 / TT-NHNN) is amended and supplemented as follows:

“Article 6. Renewal and change of digital certificate information content

1. Digital certificates requested for information renewal or change must be valid.

2. Effective period of digital certificates:

a) Digital certificates, after being renewed, will be valid from the time of successful renewal but not exceeding 5 years;b) Changing the contents of information of a digital certificate does not change the validity period of a digital certificate.

3. In case of extension or change of information of digital certificates:

a) The subscriber-management organization requests the extension of the subscriber’s digital certificate at least 10 days before the expiration of the digital certificate’s validity;b) The subscriber-management organization requests to change the content of information about the subscriber’s digital certificate within 05 working days from the date of the following changes:

– Subscriber changes title, position or working department;

– Subscriber changes information of Identity Card/Citizen’s Identity;

– Subscriber changes address information, email, phone.

4. The subscriber-management organization sends 01 (one) set of dossier to request the renewal or change of digital certificate information, including the request for renewal or change of digital certificate information content according to Appendix 03. issued together with this Circular (Circular No. 28/2015/TT-NHNN).

5. Time limit for settlement and implementation results

Within 05 working days from the date of receipt of the dossier for the extension or change of digital certificate content, the Information Technology Department shall inspect the dossier, renew or change the content of digital certificate for subscription. In case the dossier is invalid, the Information Technology Department shall refuse to process the dossier and state the reason. Feedback and dossier processing results comply with Clause 3 Article 4a of this Circular (Circular No. 28/2015/TT-NHNN).

Receive the notice of approval for digital certificate extension, subscriber shall renew digital certificate according to the instruction manual on activation and renewal of digital certificate posted on the Portal of the State Bank.””

1.3. Circular No. 14/2020/TT-NHNN regulations on jurisdiction in monetary and banking sector

• Name of legal document: Circular No. 14/2020/TT-NHNN issued on 16/11/2020 by the State Bank regulations on jurisdiction in monetary and banking sector (referred to as the “Circular No. 14/2020TT-NHNN”).

• Effective date: 01/01/2021.

The content should be noted: Providing on the scope of judicial expertise in the monetary and banking sector.

Specifically, Article 3 of Circular No. 14/2020/TT-NHNN stipulates: “Article 3. Scope of judicial assessment in the monetary and banking sector

Judicial assessment in the monetary and banking sector includes judicial assessment on:

1. Paper money, metal money issued by the State Bank;

2. Foreign exchange and gold trading;

3. Banking activities, including activities of: granting credit, receiving deposits and providing payment services via accounts;

4. Deposit insurance;

5. Other activities related to currency and banking under the State management function of the State Bank according to the provisions of law. ”

1.4. Circular No. 19/2020/TT-NHNN amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN dated December 5, 2013 of the State Bank of Vietnam promulgating the tariff of charges for payment services offered via the State bank of Vietnam

• Name of legal document: Circular No. 19/2020/TT-NHNN issued on 30/12/2020 by the State Bank amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN dated December 5, 2013 of the State Bank of Vietnam promulgating the tariff of charges for payment services offered via the State bank of Vietnam (referred to as the “Circular No. 19/2020TT-NHNN”).

• Effective date: 01/01/2021.

The content should be noted: Adding regulations on payment fees are regulated in Circular No. 26/2013/TT-NHNN.

Specifically, Article 1 Circular No. 19/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN

Article 1a is added as follows:

“Article 1a: Reduce 50% of payment charge at Points 1.1 and 1.2, Item 1 “Charge for payment transactions performed via the eIPS” in Part III “In-country payment service charge” the tariff of charges for payment services offered via the State bank of Vietnam issued together with this Circular from January 1, 2021 to June 30, 2021.”.”

1.5. Directive No. 02/CT-NHNN on strengthening prevention, fighting of violations of the law in banking card operations

• Name of legal document: Directive No. 02/CT-NHNN issued on 07/01/2021 by the State Bank on strengthening prevention, fighting of violations of the law in banking card operations (referred to as the “Directive No. 02/CT-NHNN”).

• Effective date: 07/01/2021.

The content should be noted: Adding regulations on payment fees are regulated in Circular No. 26/2013/TT-NHNN.

Specifically, Item II of Directive No. 02/CT-NHNN stipulates: “… To limit risks, continue to strengthen control, prevent illegal acts in banking card operations, Governor of the Bank The State Bank of Vietnam (SBV) requires affiliates of the State Bank, card issuers, card payment organizations, providers of intermediary payment services, and Representative Offices of international card organizations take the following measures:

1. For card issuers and card payment organizations

2. Checking and reviewing the entire process, procedures and regulations on dossiers and contracts for opening and using payment accounts and bank cards, on that basis, to amend, supplement and complete the above internal regulations to ensure the safety and confidentiality of customers’ information and comply with the law; reviewing the scope of use of bank cards in card issuance and usage contracts, limit and exchange rate in card transactions to ensure compliance with law; strictly comply with the instructions and warnings of the State Bank of Vietnam1 on the supervision and control of the banking card operations, with special attention paid to the identification and verification of information of customers and merchants. Thoroughly understand all relevant officials in the whole system to strictly comply with the laws and regulations and internal guidelines issued.

3. Improve the efficiency of administration, operating and the internal inspection and control system to limit risks, prevent violations of the law on bank card operations. Organize and coordinate with the information provider to monitor, check and review card transactions arising at merchants to prevent: (i) the use of credit card limit for money transfer and credit checking account, debit card or prepaid card of a customer or a third party (not merchant); (ii) Payment transactions that do not happen actually at merchants (no purchase and sale of goods and service provision) for the purpose of cash withdrawal; (iii) card transactions not in accordance with the law (related to prize-winning games, gambling, gambling, foreign exchange, securities, virtual money, electronic money …). Review, terminate cooperation and take appropriate measures for information providers, merchants that use bank cards in contravention of law.

4. Strengthen propaganda and guidance so that customers, providers of intermediary payment services and merchants can understand and use card services safely, comply with legal regulations: actively share and exchange information between card issuers and card payment organizations to promptly detect suspicious transactions; warns customers, providers of intermediary payment services, merchants not to use or facilitate other entities to take advantage of the use of payment accounts, bank cards for illegal purposes, such as leasing, lending current accounts, buying, selling, renting, leasing cards or card information, opening card for…

5. To closely coordinate with legal protection agencies and relevant functional agencies in detecting and handling violations of the law on banking card operations in accordance with law.”

2. LEGAL DOCUMENTS ARE ISSUED IN 12/2020

2.1. Decision No. 2158/QD-NHNN on the revision of Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers

• Name of legal document: Decision No. 2158/QD-NHNN issued on 17/12/2020 by the State Bank on the revision of Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank amendments to Circular No. 23/2014/TT-NHNNdated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service provider (referred to as the “Decision No. 2158/QD-NHNN”).

• Effective date: 17/12/2020.

The content should be noted: Correct technical errors.

Specifically, Article 1 of Decision No. 2158/QD-NHNN stipulates: “Article 1. Correction of technical errors presented in Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service provider are as follows:

1. In Clause 5 Article 1 (amending and supplementing Point b, Clause 3 and Clause 6 Article 14 of Circular No. 23/2014/TT-NHNN), to correct the phrase “khách hàng, chi nhánh ngân hàng nước ngoài” into “khách hàng, ngân hàng, chi nhánh ngân hàng nước ngoài” and correct the phrase “chi nhánh ngân hàng đó” to “chi nhánh ngân hàng nước ngoài đó”.

2. In Clause 6 Article 1 (adding Point a, Clause 4, Article 14a to Circular No. 23/2014/TT-NHNN), correcting the phrase “tín hiệu liên lục” to “tín hiệu liên tục”.”

2.2.  Circular No. 16/2020/TT-NHNN amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers

• Name of legal document: Circular No. 16/2020/TT-NHNN issued on 04/12/2020 by the State Bank amendments to Circular No. 23/2014/TT-NHNNdated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers (referred to as the “Circular No. 16/2020TT-NHNN”).

• Effective date: 05/03/2021.

The content should be noted: Amending and supplementing regulations on the application for checking account opening for a personal checking account and a corporate checking account.

Specifically, Clause 2 Article 1 Circular No. 16/2020/TT-NHNN stipulates: “Article 1. Amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers

…

2. Article 12 is amended as follows:

“Article 12. Application for checking account opening

1. With regard to a personal checking account, the bank or foreign bank branch is allowed to stipulate and instruct the client to prepare an application for checking account opening which must, inter alia, include the following documents:

a) The application form for checking account opening which is made using the form provided by the bank or foreign bank branch where the checking account is opened and complies with Clause 1 Article 13 of this Circular;b) The applicant’s identity papers, including the citizen identity card or ID card or unexpired passport or birth certificate (if the applicant is a Vietnamese citizen aged under 14 years), or unexpired entry visa or certificate of visa exemption (if the applicant is a foreigner), except a checking account opened by a foreigner as prescribed in Clause 4 Article 14 of this Circular;c) If a checking account is opened by a person’s guardian or legal representative (hereinafter referred to as the “applicant’s legal representative”), in addition to the documents specified in Point a, b Clause 1 of this Article, the application for checking account opening must also include the following documents:

– If the applicant’s legal representative is an individual: his/her identity papers and documents proving his/her capacity as a legal representative of the applicant for the checking account;

– If the applicant’s legal representative is a juridical person: its establishment decision, operation license, enterprise registration certificate or other documents as prescribed by law; documents proving its capacity as a legal representative of the applicant for the checking account; identity papers and documents proving the representative capacity of its legal representative.

2. With regard to a corporate checking account, the bank or foreign bank branch is allowed to stipulate and instruct the client to prepare an application for checking account opening which must, inter alia, include the following documents:

a) The application form for checking account opening which is made using the form provided by the bank or foreign bank branch where the checking account is opened and complies with Clause 2 Article 13 of this Circular;

b) Documents proving that the organization opening the checking account is duly established and legally operating, including:  establishment decision, operation license, enterprise registration certificate or other documents as prescribed by law;

c) Documents proving the capacity of legal representatives of the organization and their identity papers;

d) Decision on appointment of chief accountant or person in charge of accounting works or accounting service contract (if outsourced accounting is used) and identity papers of chief accountant or person in charge of accounting works.””

2.3. Circular No. 17/2020/TT-NHNN amending and supplementing a number of articles of the Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam guiding procedures for the approval for activities of export and import of foreign currencies in cash of the authorized banks

• Name of legal document: Circular No. 17/2020/TT-NHNN issued on 14/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam guiding procedures for the approval for activities of export and import of foreign currencies in cash of the authorized banks (referred to as the “Circular No. 17/2020TT-NHNN”).

• Effective date: 01/02/2021.

The content should be noted: Amending and supplementing regulations on dossiers and procedures for requesting for the approval for export and import of foreign currencies in cash of the authorized banks are specified in Article 3 of Circular No. 33/2013/TT-NHNN.

Specifically, Article 1 Circular No. 17/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 33/2013/TT-NHNN

Article 3 is amended and supplemented as follows: “Article 3. Procedures for requesting for the approval for export and import of foreign currencies in cash of the authorized banks

…

2. Dossier includes:

a) An application form for the approval for export and import of foreign currencies in cash of the authorized banks, made according to the form provided in Appendix 01 to this Circular;

b) Contract of export and/or import of foreign currencies in cash signed between a authorized bank and a foreign bank or foreign financial institution enclosed with a Vietnamese translation certified by the authorized bank’s legal representative (only send for the first time and send additionally when there is a change);

c) Internal regulations of the authorized bank on the export and import of cash foreign currencies, in which the provisions on decentralization of authorization to carry out the cash foreign currency import and export activities within the system and regulations on management, supervision and safety assurance in the delivery, preservation and transportation of cash foreign currencies must comply with the State Bank of Vietnam regulations (sending only for the first time and sending supplement when there is a change);

d) Power of attorney in case the person signing the application for approval is the authorized representative of the authorized bank (only send for the first time and additionally send when there is a change).

2. Order and procedures for the approval for export and import of foreign currencies in cash:

a) When wishing to export or import cash in foreign currency, authorized bank to prepare and send 01 (one) set of dossier to the State Bank branch in Hanoi city or the State Bank branch in Ho Chi Minh city as prescribed in Clauses 1 and 2 of this Article;

b) Within 02 (two) working days from the date of receipt of complete and valid dossiers as prescribed in Clause 2 of this Article, the State Bank branch in Hanoi city or the State Bank branch in Ho Chi Minh city shall consider and approve the export and import of cash in foreign currencies by an authorized bank using the form provided in Appendix 02 to this Circular and send it to the authorized bank under Points a and b Clause 1 of this Article.

In case the application is incomplete or invalid, the State Bank branch in Hanoi or the State Bank branch in Ho Chi Minh City shall issue a notice on the national single-window portal or a written notice to authorized bank (in the case specified in point b clause 1 of this Article) and clearly state the reason.

4. Within 03 (three) working days from the date of receipt of all documents related to the export and import of cash foreign currency (payment wire and customs declaration), the authorized bank sends The State Bank branch in Hanoi city or the State Bank branch in Ho Chi Minh City a copy of the payment wire and the customs declaration (certified by the legal representative of the authorized bank).”

2.4. Circular No. 18/2020/TT-NHNN abolishing a number of legal documents promulgated by the Governor of the State Bank of Vietnam

• Name of legal document: Circular No. 18/2020/TT-NHNN issued on 30/12/2020 by the State Bank abolishing a number of legal documents promulgated by the Governor of the State Bank of Vietnam(referred to as the “Circular No. 18/2020TT-NHNN”).

• Effective date: 15/02/2021.

The content should be noted: abolishing Decision No. 1087/2003/QD-NHNN dated on 17/09/2003 of the Governor of the State Bank of Vietnam and Decision No. 45/2007/QD-NHNN dated on 17/12/2007 of the Governor of the State Bank of Vietnam.

Specifically, Clause 4 and Clause 7 Article 1 Circular No. 18/2020/TT-NHNN stipulates: “Article 1. Abolishing all legal documents

Abolishing all the following legal documents promulgated by the Governor of the State Bank:

…

4. Decision No. 1087/2003/QD-NHNN dated on 17/09/2003 of the Governor of the State Bank of Vietnam on issuance of regulations on protecting state secrets;

…

7. Decision No. 45/2007/QD-NHNN dated on 17/12/2007 of the Governor of the State Bank of Vietnam on the confidentiality of each type of document, materials containing state secret in banking area;”

2.5. Circular No. 20/2020/TT-NHNN amending and supplementing a number of articles of the Circular No. 47/2014/TT-NHNN dated December 31, 2014 of the Governor of the State bank of Vietnam defining the technical requirements for confidentiality and safety of equipment serving bank card payment

• Name of legal document: Circular No. 20/2020/TT-NHNN issued on 30/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 47/2014/TT-NHNN dated December 31, 2014 of the Governor of the State bank of Vietnam defining the technical requirements for confidentiality and safety of equipment serving bank card payment (referred to as the “Circular No. 20/2020TT-NHNN”).

• Effective date: 15/02/2021.

Some contents should be noted:

• Firstly, amending and supplementing the interpretation of the term “Powerful encryption” is specified in Clause 9, Article 2 of Circular No. 47/2014/TT-NHNN.

Specifically, Clause 1 Article 1 Circular No. 20/2020TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular 47/2014/TT-NHNN

1. Clause 9 Article 2 is amended and supplemented as follows:

…

“9. Powerful encryption is an encryption method based on the algorithm tested, widely accepted in the world with a minimum key length of 112 (one hundred and twelve) bits and appropriate key management techniques. The minimum algorithms include: AES (256 bit); TDES (168 bit); RSA (2048 bit); ECC (224 bits); ElGamal (2048 bit).”.”

• Secondly, amending and supplementing regulations on Storage, recovery, cancellation of card information and data specified at Point c, Clause 1, Article 14 of Circular No. 47/2014/TT-NHNN.

Specifically, Clause 9, Article 1 of Circular No. 20/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular 47/2014 / TT-NHNN

…

9. Point c, Clause 1 of Article 14 is amended and supplemented as follows:

“C) The card number must be concealed when being displayed (only displaying up to 6 first and last 4 digits) and only fully displayed to: owners of the card, competent state agency according to regulations of laws, some employees according to job requirements approved by the authorized person; ”.”

2.6. Circular No. 21/2020/TT-NHNN amending and supplementing a number of articles of the Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system

• Name of legal document: Circular No. 21/2020/TT-NHNN issued on 31/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system (referred to as the “Circular No. 21/2020TT-NHNN”).

• Effective date: 01/04/2021.

Some contents should be noted: Amending and supplementing regulations on Working time of the NIEPS[1] as prescribed in Clause 1, Article 9 of Circular 37/2016/TT-NHNN

Specifically, Clause 3 Article 1 of Circular No. 21/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of the Circular No. 37/2016/TT-NHNN dated December 30, 2016 of The Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system

…

3. Clause 1 of Article 9 is amended and supplemented as follows:

“1. Working time of the NIEPS are stipulated as follows:

a) The time when the NIEPS starts receiving high-value payment orders, low-value payment orders and net settlement result from other systems: 8:00 am on working day;

b) The time when NIEPS starts receiving foreign currency payment orders: 9:00 am on a working day;

c) Time to stop receiving low-value payment orders, requests for processing net settlement results from other systems: 16:30 for a normal working day, 17:00 for 02 working days at the end of the month;

d) Time to stop receiving high-value payment orders, foreign currency payment orders: 17:00 for normal working days, at 17:45 for two last working days of the month;

dd) Time of completing the processing of payment orders received in the settlement queue (if any): up to 30 minutes from the time the NIEPS stops receiving the Payment orders;

e) Time to perform day-end tasks (check comparison conditions, perform comparison and confirm data with the National Processing Center): right after the time specified at Point dd of this Clause.””

2.7. Circular No. 22/2020/TT-NHNN amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN dated June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations

• Name of legal document: Circular No. 22/2020/TT-NHNN issued on 31/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN dated June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations (referred to as the “Circular No. 22/2020TT-NHNN”).

• Effective date: 16/02/2021.

Some contents should be noted: Amending and supplementing regulations on Transformation schedule designed for card acquirers.

Specifically, Article 1 of Circular No. 22/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN

1. Clause 2 Article 27a (supplemented in accordance with Clause 5 Article 1 of the Circular No. 41/2018/TT-NHNN dated December 28, 2018 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN) is amended and supplemented as follows:

“2. As of December 31, 2021, 100% of ATMs and card processing devices at point of sale operating in Vietnam of card acquirers shall comply with the basic standard of domestic chip cards.”

2. To add Clause 4 to Article 27b (supplemented in accordance with Clause 5, Article 1 of the Circular No. 41/2018/TT-NHNN dated December 28, 2018 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN) as follows:

“4. From March 31, 2021, card issuers that issue cards with BINs issued by the State Bank must comply with the basic standard of domestic chip cards. ”.”

2.8.           Circular No. 23/2020/TT-NHNN provisions on safety ratios and limitations in the operation of non-bank credit institutions

• Name of legal document: Circular No. 23/2020/TT-NHNN issued on 31/12/2020 by the State Bank provisions on safety ratios and limitations in the operation of non-bank credit institutions (referred to as the “Circular No. 23/2020TT-NHNN”).

• Effective date: 14/02/2021.

Some contents should be noted: Providing conditions for credit extension for stock investment and trading.

Specifically, Clause 1, Article 12 of Circular No. 23/2020/TT-NHNN stipulates: “Article 12. Conditions and limits on credit extension for stock investment and trading.

1. Finance companies may only extend credit for a period of up to 01 (one) year for customers to invest in and trade in stocks and when extending credit, must satisfy the following conditions:

a) The credit extension must ensure the prudential ratios and limits as prescribed by law;

b) Bad debt ratio below 3%;

c) Fully complying with regulations on risk management in accordance with regulations of the State Bank on internal control system of non-bank credit institutions and regulations on classification of assets, appropriation, method of setting up of risk provisions and the use of provisions to deal with risks in the operations of credit institutions, foreign bank branches.”

[1] The National Interbank Electronic Payment System (Clause 1 Article 1 Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system)

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/12/2020

1.1. Decree No. 126/2020/ND-CP detailing a number of articles of the Law on tax administration

• Name of legal document: Decree No. 126/2020/ND-CP issued on 19/10/2020 by the Government detailing a number of articles of the Law on tax administration (referred to as the “Decree No. 126/2020/ND-CP”).

• Effective date: 05/12/2020.

Some contents should be noted: Stipulates the responsibility of the commercial banks to provide taxpayer payment account information.

Specifically, clause 2 Article 30 of Decree No. 126/2020/ND-CP stipulates: “Article 30. Duties and powers of a commercial bank, organization providing payment intermediary services

2. Commercial banks shall provide information on taxpayers’ payment accounts opened at banks to tax administration agencies as follows:

a) At the request of the tax authority, the commercial banks shall provide information about each taxpayer’s payment account, including: name of account holder, account number according to Tax Identification Number issued by the tax authorities, account opening date, account closing date.

b) The provision of account information under Point a of this Clause shall be performed for the first time within 90 days from the effective date of this Decree. Account information is updated monthly for 10 days of the next month. The method of providing information is in the electronic form.

c) Commercial banks provide transaction information via accounts, account balances, transaction data at the request of the Head of tax authorities to serve the purpose of inspection, examination and definition determination the tax liability to be paid and taking coercive measures to enforce administrative decisions on tax administration according to the provisions of tax law.

d) Tax authority is responsible for keeping information confidential and responsible for the safety of information in accordance with the Law on Tax Administration and relevant laws.”

1.2. Circular No. 10/2020/TT-NHNN amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate  and authentication service of digital signature of the State Bank

• Name of legal document: Circular No. 10/2020/TT-NHNN issued on 02/11/2020 by the State Bank of amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate and authentication service of digital signature of the State Bank (referred to as the “Circular No. 10/2020TT-NHNN”).

• Effective date: 01/01/2021.

Some contents should be noted:

• Firstly, amending and supplementing regulations on granting digital certificates.

Specifically, Clause 6 Article 1 Circular No. 10/2020TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN

…

6. Article 5 (Circular No. 28/2015/TT-NHNN) is amended and supplemented as follows:

“Article 5. Grant digital certificates

1. When in need of granted digital certificate or supplement profession of digital certificate, the subscriber-managing organization shall send 01 (one) set of dossier, including:

a) To grant digital certificate and supplement profession of digital certificate to individuals who are competent:

– An application form for granting digital certificate or supplementation profession of digital certificate according to Appendix 01 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– An application form for granting digital certificate or supplementation profession of digital certificate for individuals according to Appendix 02 (Circular No. 28/2015/TT-NHNN) enclosed herewith;

– Documents proving the legal representative status of a competent person of an agency or organization as follows:

+ Enterprise registration certificate or certificate of cooperative registration or documents of equivalent value for enterprises, credit institutions, foreign bank branches;

+ Appointment decision of the person applying for granting digital certificate and supplementing profession of digital certificate (for state agencies).

b) To grant digital certificate and supplement profession of digital certificate to individuals who are authorized by a person:

– An application form for granting digital certificate or supplementation profession of digital certificate according to Appendix 01 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– An application form for granting digital certificate or supplementation profession of digital certificate for individuals according to Appendix 02 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– Authorization document of the authorized person allowing the authorized person to represent the organization to sign and approve documents, documents, reports, transactions on the information system corresponding to the profession of the digital certificate applied for granting. Authorized person is not allowed to authorize another person to perform;

– Document certifying the title of the person applying for granting profession of digital and supplementing profession of digital certificate.

c) To grant digital certificate and supplement profession of digital certificate to organizations:

– An application form for the granting digital certificate or supplementation of digital certificate to the organization according to Appendix 02a issued with this Circular (Circular No. 28/2015/TT-NHNN);

– Establishment decision or decision specifying functions, duties, powers, organizational structure or certificate of business registration or certificate of registration of the cooperative or papers of equivalent value.

2. In case a digital certificate has been granted and is still valid and is requested by the subscriber-managing organization to supplement the digital certificate profession, the Information Technology Department shall supplement the profession to the existing subscriber’s digital certificate.

3. Time limit for settlement and implementation results

Within 05 working days from the day on which the application for digital certificate is received, the Department of Information Technology shall inspect the application, issue digital certificates or supplement digital certificate profession to subscribers, send digital certificate granting notice and digital certificate activation code to the email address and text message to subscribers’ mobile phone number. For digital certificates for organizations, the Information Technology Department shall send notices of digital certificate granting and digital certificate activation code to the email address and text message to the mobile phone number of the focal officer in charge about digital certificate of the subscriber management organization according to the provisions of Clause 1, Article 14 of this Circular (Circular No. 28/2015/TT-NHNN).

In case the dossier is invalid, the Information Technology Department shall refuse to process the dossier and state the reason. Feedback and dossier processing results comply with Clause 3 Article 4a of this Circular (Circular No. 28/2015/TT-NHNN).

4. The digital certificate activation code is valid for up to 30 days from the date the digital certificate is issued. For newly issued digital certificates, subscribers must activate their digital certificates before the expiration of the activation code. Guidance documents on activation and renewal of digital certificates of the State Bank are posted on the State Bank’s web portal. For digital certificates with additional profession added, subscribers are not required to activate digital certificates.

4. The validity period of a subscriber’s digital certificate is proposed by the subscriber-management organization but must not exceed 05 years from the date of activation of the digital certificate.””

• Secondly, amending and supplementing regulations on extension and change of information about digital certificates.

Specifically, Clause 7 Article 1 of Circular No. 10/2020/TT-NHNN stipulates: ““Article 1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN

…

7. Article 6 (Circular No. 28/2015 / TT-NHNN) is amended and supplemented as follows:

“Article 6. Renewal and change of digital certificate information content

1. Digital certificates requested for information renewal or change must be valid.

2. Effective period of digital certificates:

a) Digital certificates, after being renewed, will be valid from the time of successful renewal but not exceeding 5 years;

b) Changing the contents of information of a digital certificate does not change the validity period of a digital certificate.

3. In case of extension or change of information of digital certificates:

a) The subscriber-management organization requests the extension of the subscriber’s digital certificate at least 10 days before the expiration of the digital certificate’s validity;

b) The subscriber-management organization requests to change the content of information about the subscriber’s digital certificate within 05 working days from the date of the following changes:

– Subscriber changes title, position or working department;

– Subscriber changes information of Identity Card/Citizen’s Identity;

– Subscriber changes address information, email, phone.

4. The subscriber-management organization sends 01 (one) set of dossier to request the renewal or change of digital certificate information, including the request for renewal or change of digital certificate information content according to Appendix 03. issued together with this Circular (Circular No. 28/2015/TT-NHNN).

5. Time limit for settlement and implementation results

Within 05 working days from the date of receipt of the dossier for the extension or change of digital certificate content, the Information Technology Department shall inspect the dossier, renew or change the content of digital certificate for subscription. In case the dossier is invalid, the Information Technology Department shall refuse to process the dossier and state the reason. Feedback and dossier processing results comply with Clause 3 Article 4a of this Circular (Circular No. 28/2015/TT-NHNN).

Receive the notice of approval for digital certificate extension, subscriber shall renew digital certificate according to the instruction manual on activation and renewal of digital certificate posted on the Portal of the State Bank.””

1.3. Circular No. 14/2020/TT-NHNN regulations on jurisdiction in monetary and banking sector

• Name of legal document: Circular No. 14/2020/TT-NHNN issued on 16/11/2020 by the State Bank regulations on jurisdiction in monetary and banking sector (referred to as the “Circular No. 14/2020TT-NHNN”).

• Effective date: 01/01/2021.

The content should be noted: Providing on the scope of judicial expertise in the monetary and banking sector.

Specifically, Article 3 of Circular No. 14/2020/TT-NHNN stipulates: “Article 3. Scope of judicial assessment in the monetary and banking sector

Judicial assessment in the monetary and banking sector includes judicial assessment on:

1. Paper money, metal money issued by the State Bank;

2. Foreign exchange and gold trading;

3. Banking activities, including activities of: granting credit, receiving deposits and providing payment services via accounts;

4. Deposit insurance;

5. Other activities related to currency and banking under the State management function of the State Bank according to the provisions of law. ”

1.4. Circular No. 15/2020/TT-NHNN amendment and supplement a number of articles of Circular No. 26/2013/TT-NHNN issued on December 5, 2013 of the State bank of Vietnam promulgating the tariff of charges for payment services offered via the State bank of Vietnam

• Name of legal document: Circular No. 15/2020/TT-NHNN issued on 20/11/2020 by the Governor of the State Bank amendment and supplement a number of articles of Circular No. 26/2013/TT-NHNN issued on December 5, 2013 of the State bank of Vietnam promulgating the tariff of charges for payment services offered via the State bank of Vietnam (referred to as the “Circular No. 15/2020/TT-NHNN).

• Effective date: 01/02/2021.

The content should be noted: Amending and supplementing regulations on International payment service charge.

Specifically, Clause 3 of Article 1 Circular No. 15/2020/TT-NHNN stipulates: “Article 1.

3. Part IV “International payment service charge” in the Tariff of charges for payment services offered via the State bank of Vietnam issued together with Circular No. 26/2013/TT-NHNN is amended and supplemented as follows:

4. International payment service charge:

”

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/11/2020

1.1. Circular No. 09/2020/TT-NHNN on information system security in banking operations

• Name of legal document: Circular No. 09/2020/TT-NHNN issued on 21/10/2020 by the Governor of the State Bank on information system security in banking operations (referred to as the “Circular No. 08/2020/TT-NHNN).

• Effective date: 01/01/2021.

The content should be noted: Regulation on classification of other information systems which were not regulated in Decree No. 85/2016/ND-CP dated July 01, 2016 of the Government in information system in baking operations.

Specifically, Clause 1, 2, 3, 4, 5, 6 and 7 of Article 5 Circular No. 09/2020/TT-NHNN stipulates: “Article 5. Classification of information systems

1. For information systems that provide online services to customers, the institution shall conduct the classification according to the provisions of Decree No. 85/2016/ND-CP dated July 1, 2016 of the Government on the security of information systems by classification. For other information systems, it shall be classified according to the provisions of Clauses 2, 3, 4, 5, 6, 7 of this Article.

2. Information system level 1 is an information system that serves internal activities of the institution and only processes public information.

3. An information system of level 2 is an information system that has one of the following criteria:

a) Information systems serving internal activities of the institution, processing private information, personal information of users, information restricted to access according to regulations of the institution but do not processing secret state information;

b) The customer service information system does not require 24/7 operation;

c) Information infrastructure system serving the operation of a number of sections of the institution or the microfinance institution, the grassroots people’s credit fund.

4. An information system level 3 is an information system that has one of the following criteria:

a) An information system that processes confidential state information at Confidential level;

b) An information system serving daily internal operations of the institution and refusing to stop operating for more than 4 working hours from the time of shutdown;

c) An information system serving customers that require 24/7 operation and do not accept to stop operation without prior planning;

d) Payment systems of third party that the institution use for payment outside the institution’s system;

dd) The shared information infrastructure system serving the operation of the institution and the banking sector.

5. An information system of level 4 is an information system that has one of the following criteria:

a) An information system that processes confidential state information at the top confidential level;

b) An information system serving customers that processes and stores data of 10 million customers or more;

c) The national information system in the banking sector, requires 24/7 operation and does not accept to stop operation without prior plan;

d) An Important payment system in the banking sector in accordance with regulations of the State Bank;

dd) A shared information infrastructure system for banking sector operations, requiring 24/7 operation and refusing to stop operation without prior plan.

6. An information system of level 5 is an information system that has one of the following criteria:

a) An information system that process confidential state information at the Absolute Secret level;

b) A national information system in the banking sector serving the interconnection of Vietnam’s activities with the international;

c) A national information infrastructure system in the banking sector serving the interconnection of Vietnam’s activities with the international.

7. In the case of an information system consisting of many component systems, each of which corresponds to a different level, the information system level is defined as the highest level in the of the constituent systems.”

1.2. Circular No. 10/2020/TT-NHNN amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate  and authentication service of digital signature of the State Bank

• Name of legal document: Circular No. 10/2020/TT-NHNN issued on 02/11/2020 by the State Bank of amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate and authentication service of digital signature of the State Bank (referred to as the “Circular No. 10/2020TT-NHNN”).

• Effective date: 01/01/2021.

Some contents should be noted:

• Firstly, amending and supplementing regulations on granting digital certificates.

Specifically, Clause 6 Article 1 Circular No. 10/2020TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN

…

6. Article 5 (Circular No. 28/2015/TT-NHNN) is amended and supplemented as follows:

“Article 5. Grant digital certificates

1. When in need of granted digital certificate or supplement profession of digital certificate, the subscriber-managing organization shall send 01 (one) set of dossier, including:

a) To grant digital certificate and supplement profession of digital certificate to individuals who are competent:

– An application form for granting digital certificate or supplementation profession of digital certificate according to Appendix 01 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– An application form for granting digital certificate or supplementation profession of digital certificate for individuals according to Appendix 02 (Circular No. 28/2015/TT-NHNN) enclosed herewith;

– Documents proving the legal representative status of a competent person of an agency or organization as follows:

+ Enterprise registration certificate or certificate of cooperative registration or documents of equivalent value for enterprises, credit institutions, foreign bank branches;

+ Appointment decision of the person applying for granting digital certificate and supplementing profession of digital certificate (for state agencies).

b) To grant digital certificate and supplement profession of digital certificate to individuals who are authorized by a person:

– An application form for granting digital certificate or supplementation profession of digital certificate according to Appendix 01 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– An application form for granting digital certificate or supplementation profession of digital certificate for individuals according to Appendix 02 enclosed herewith (Circular No. 28/2015/TT-NHNN);

– Authorization document of the authorized person allowing the authorized person to represent the organization to sign and approve documents, documents, reports, transactions on the information system corresponding to the profession of the digital certificate applied for granting. Authorized person is not allowed to authorize another person to perform;

– Document certifying the title of the person applying for granting profession of digital and supplementing profession of digital certificate.

c) To grant digital certificate and supplement profession of digital certificate to organizations:

– An application form for the granting digital certificate or supplementation of digital certificate to the organization according to Appendix 02a issued with this Circular (Circular No. 28/2015/TT-NHNN);

– Establishment decision or decision specifying functions, duties, powers, organizational structure or certificate of business registration or certificate of registration of the cooperative or papers of equivalent value.

2. In case a digital certificate has been granted and is still valid and is requested by the subscriber-managing organization to supplement the digital certificate profession, the Information Technology Department shall supplement the profession to the existing subscriber’s digital certificate.

3. Time limit for settlement and implementation results

Within 05 working days from the day on which the application for digital certificate is received, the Department of Information Technology shall inspect the application, issue digital certificates or supplement digital certificate profession to subscribers, send digital certificate granting notice and digital certificate activation code to the email address and text message to subscribers’ mobile phone number. For digital certificates for organizations, the Information Technology Department shall send notices of digital certificate granting and digital certificate activation code to the email address and text message to the mobile phone number of the focal officer in charge about digital certificate of the subscriber management organization according to the provisions of Clause 1, Article 14 of this Circular (Circular No. 28/2015/TT-NHNN).

In case the dossier is invalid, the Information Technology Department shall refuse to process the dossier and state the reason. Feedback and dossier processing results comply with Clause 3 Article 4a of this Circular (Circular No. 28/2015/TT-NHNN).

4. The digital certificate activation code is valid for up to 30 days from the date the digital certificate is issued. For newly issued digital certificates, subscribers must activate their digital certificates before the expiration of the activation code. Guidance documents on activation and renewal of digital certificates of the State Bank are posted on the State Bank’s web portal. For digital certificates with additional profession added, subscribers are not required to activate digital certificates.

5. The validity period of a subscriber’s digital certificate is proposed by the subscriber-management organization but must not exceed 05 years from the date of activation of the digital certificate.””

• Secondly, amending and supplementing regulations on extension and change of information about digital certificates.

Specifically, Clause 7 Article 1 of Circular No. 10/2020/TT-NHNN stipulates: ““Article 1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN

…

7. Article 6 (Circular No. 28/2015 / TT-NHNN) is amended and supplemented as follows:

“Article 6. Renewal and change of digital certificate information content

1. Digital certificates requested for information renewal or change must be valid.

2. Effective period of digital certificates:

a) Digital certificates, after being renewed, will be valid from the time of successful renewal but not exceeding 5 years;

b) Changing the contents of information of a digital certificate does not change the validity period of a digital certificate.

3. In case of extension or change of information of digital certificates:

a) The subscriber-management organization requests the extension of the subscriber’s digital certificate at least 10 days before the expiration of the digital certificate’s validity;

b) The subscriber-management organization requests to change the content of information about the subscriber’s digital certificate within 05 working days from the date of the following changes:

– Subscriber changes title, position or working department;

– Subscriber changes information of Identity Card/Citizen’s Identity;

– Subscriber changes address information, email, phone.

4. The subscriber-management organization sends 01 (one) set of dossier to request the renewal or change of digital certificate information, including the request for renewal or change of digital certificate information content according to Appendix 03. issued together with this Circular (Circular No. 28/2015/TT-NHNN).

5. Time limit for settlement and implementation results

Within 05 working days from the date of receipt of the dossier for the extension or change of digital certificate content, the Information Technology Department shall inspect the dossier, renew or change the content of digital certificate for subscription. In case the dossier is invalid, the Information Technology Department shall refuse to process the dossier and state the reason. Feedback and dossier processing results comply with Clause 3 Article 4a of this Circular (Circular No. 28/2015/TT-NHNN).

Receive the notice of approval for digital certificate extension, subscriber shall renew digital certificate according to the instruction manual on activation and renewal of digital certificate posted on the Portal of the State Bank.””

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/10/2020

1.1. Circular No. 08/2020/TT-NHNN amending, supplementing to a number of articles of the Circular No.22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches

• Name of legal document: Circular No. 08/2020/TT-NHNN issued on 14/08/2020 by the Governor of the State Bank amending, supplementing to a number of articles of the Circular No.22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches (referred to as the “Circular No. 08/2020/TT-NHNN).

• Effective date: 01/10/2020.

The content should be noted: Amending and supplementing regulations on compliance with the maximum ratio of short-term capital for provision of medium-term and long-term loans according to the roadmap specified in Clause 5, Article 16 of Circular No. 22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches.

Specifically, Article 1 Circular No. 08/2020/TT-NHNN stipulates: “Article 1. Amending, supplementing to a number of articles of the Circular No.22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches

Clause 5 Article 16 is amended, supplemented as follow:

“5. Banks and / or foreign bank branches must comply with the maximum ratio of short-term capital for provision of medium-term and long-term loans according to the following roadmap:

a) From January 1, 2020 to the end of September 30, 2021: 40%;

b) From October 1, 2021 to the end of September 30, 2022: 37%;

c) From October 1, 2022 to the end of September 30, 2023: 34%;

d) From October 1, 2023: 30%.””

1.2. Decision No. 1729/QD-NHNN maximum interest rates of deposits in Vietnam dong of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014

• Name of legal document: Decision No. 1729/QD-NHNN issued on 30/09/2020 by the State Bank of Viet Nam maximum interest rates of deposits in Vietnam dong of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014 (referred to as the “Decision No. 1729/QD-NHNN”).

• Effective date: 01/10/2020.

Some contents should be noted:

• Firstly, stipulating maximum interest rates of deposits in Vietnam Dong of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNNdated March 17, 2014.

Specifically, Article 1 Decision No. 1729/QD-NHNN stipulates: “Article 1. Maximum interest rates of deposits in Vietnam Dong of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014 are as follows:

1. The maximum interest rate of demand deposits and deposits with term less than 1 month is 0.2%/year.

2. The maximum interest rate of deposits with a term from 1 month to less than 6 months is 4.0%/year; in particular, people’s credit funds and microfinance institutions shall adopt the maximum interest rate of 4.5%/year with respect to deposits with a term from 1 month to less than 6 months.”

• Secondly, Decision No. 1729/QD-NHNN supersedes the Decision No. 919/QD-NHNNdated May 12, 2020 of the Governor of the State Bank of Vietnam.

Specifically, Clause 1 Article 2 of Decision No. 1729/QD-NHNN stipulates: “Article 2. 

1. This Decision comes into force from October 01, 2020 and supersedes Decision No. 919/QD-NHNNdated May 12, 2020 of the Governor of the State Bank of Vietnam prescribing maximum interest rates of deposits in Vietnam Dong of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014.”

1.3.  Decision No. 1730/QD-NHNN prescribing maximum interest rates of short-term loans in Vietnam dong offered by credit institutions and foreign bank branches to customers to meet their demand of fund in certain economic sectors according to Circular No. 39/2016/TT-NHNN dated December 30, 2016

• Name of legal document: Decision No. 1730/QD-NHNN issued on 30/09/2020 by the State Bank of Viet Nam prescribing maximum interest rates of short-term loans in Vietnam dong offered by credit institutions and foreign bank branches to customers to meet their demand of fund in certain economic sectors according to Circular No. 39/2016/TT-NHNNdated December 30, 2016 (referred to as the “Decision No. 1730/QD-NHNN”).

• Effective date: 01/10/2020.

Some contents should be noted:

• Firstly, stipulating maximum interest rates of short-term loans in Vietnam Dong according to Clause 2 Article 13 of the Circular No. 39/2016/TT-NHNN dated December 30, 2016.

Specifically, Article 1 of Decision No. 920/QD-NHNN stipulates: “Article 1. Maximum interest rates of short-term loans in Vietnam Dong according to Clause 2 Article 13 of the Circular No. 39/2016/TT-NHNN dated December 30, 2016 are as follows:

1. Credit institutions and foreign bank branches (except people’s credit funds and microfinance institutions) shall offer short-term loans in Vietnam Dong with the maximum interest rate of 4.5%/year.

2. People’s credit funds and microfinance institutions shall offer short-term loans in Vietnam Dong with the maximum interest rate of 5.5%/year.”

• Secondly, Decision No. 1730/QD-NHNN supersedes Decision No. 920/QD-NHNNdated May 12, 2020 of the Governor of the State Bank of Vietnam.

Specifically, Clause 1 Article 2 of Decision No. 1730/QD-NHNN stipulates: “Article 2. 

1. This Decision comes into force from October 01, 2020 and supersedes Decision No. 920/QD-NHNN dated May 12, 2020 of the Governor of the State Bank of Vietnam prescribing maximum interest rates of short-term loans in Vietnam Dong offered by credit institutions and foreign bank branches to customers to meet their demand of fund in certain economic sectors according to Circular No. 39/2016/TT-NHNN dated December 30, 2016.”

1. LEGAL DOCUMENTS ARE ISSUED IN 08/2020

1.1. Decision No. 1349/QD-NHNN prescribing interest rates of required reserves and excess reserves of credit institutions and foreign bank branches at the State Bank of Vietnam

• Name of legal document: Decision No. 1349/QD-NHNN issued on 06/08/2020 by the State Bank of Viet Nam prescribing interest rates of required reserves and excess reserves of credit institutions and foreign bank branches at the State Bank of Vietnam (referred to as the “Decision No. 1349/QD-NHNN”).

• Effective date: 06/08/2020.

Some contents should be noted:

• Firstly, providing interest rates of required reserves and excess reserves deposited by credit institutions and foreign bank branches at the State Bank of Vietnam.

Specifically, Article 1 of Decision No. 1349/QD-NHNN stipulates: “Article 1. Interest rates of required reserves and excess reserves deposited by credit institutions and foreign bank branches at the State Bank of Vietnam are as follows:

1. The interest rate of required reserves deposited in Vietnam Dong: 0.5%/year.

2. The interest rate of required reserves deposited in foreign currency: 0%/year.

3. The interest rate of excess reserves deposited in Vietnam Dong: 0%/year.

4. The interest rate of excess reserves deposited in foreign currency: 0.05%/year.”

• Secondly, Decision No. 1349/QD-NHNN comes into force from August 06, 2020 and supersedes the Decision No. 421/QD-NHNNdated March 16, 2020 of the Governor of the State Bank of Vietnam.

Specifically, Article 2 of Decision No. 1349/QD-NHNN stipulates: “Article 2. This Decision comes into force from August 06, 2020 and supersedes the Decision No. 421/QD-NHNN dated March 16, 2020 of the Governor of the State Bank of Vietnam prescribing interest rates of required reserves and excess reserves deposited by credit institutions and foreign bank branches at the State Bank of Vietnam.”

1.2. Decision No. 1350/QD-NHNN prescribing interest rates of deposits in Vietnam dong made by Vietnam development bank, Vietnam bank for social policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam

• Name of legal document: Decision No. 1350/QD-NHNN issued on 06/08/2020 by the State Bank of Viet Nam prescribing interest rates of deposits in Vietnam dong made by Vietnam development bank, Vietnam bank for social policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam (referred to as the “Decision No. 1350/QD-NHNN”).

• Effective date: 06/08/2020.

Some contents should be noted:

• Firstly, providing interest rates of deposits in Vietnam Dong made by Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam.

Specifically, Article 1 of Decision No. 1350/QD-NHNN stipulates: “Article 1. Interest rates of deposits in Vietnam Dong made by Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam are as follows:

1. The interest rate of deposits made by Vietnam Development Bank: 0.8%/year.

2. The interest rate of deposits made by Vietnam Bank for Social Policies: 0.8%/year.

3. The interest rate of deposits made by people’s credit funds: 0.8%/year.

4. The interest rate of deposits made by microfinance institutions: 0.8%/year.”

• Secondly, Decision No. 1350/QD-NHNN comes into force from August 06, 2020 and supersedes the Decision No. 422/QD-NHNNdated March 16, 2020 of the Governor of the State Bank of Vietnam.

Specifically, Article 2 of Decision No. 1350/QD-NHNN stipulates: “Article 2. This Decision comes into force from August 06, 2020 and supersedes the Decision No. 422/QD-NHNN dated March 16, 2020 of the Governor of the State Bank of Vietnam prescribing interest rates of deposits in Vietnam Dong made by Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam.”

1.3.  Decision No. 1351/QD-NHNN prescribing interest rates of deposits made by state treasury and deposit insurance of Vietnam at the State Bank of Vietnam

• Name of legal document: Decision No. 1351/QD-NHNN issued on 06/08/2020 by the State Bank of Viet Nam prescribing interest rates of deposits made by state treasury and deposit insurance of Vietnam at the State Bank of Vietnam (referred to as the “Decision No. 1351/QD-NHNN”).

• Effective date: 06/08/2020.

Some contents should be noted:

·        Firstly, providing interest rates of deposits made by State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam.

Specifically, Article 1 of Decision No. 1351/QD-NHNN stipulates: “Article 1. Interest rates of deposits made by State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam are as follows:

1. The interest rate of deposits in Vietnam Dong made by State Treasury: 0.8%/year.

2. The interest rate of deposits in foreign currency made by the State Treasury: 0.05%/year.

3. The interest rate of deposits in Vietnam Dong made by Deposit Insurance of Vietnam: 0.8%/year.”

• Secondly, Decision 1351/QD-NHNN comes into force from August 06, 2020 and supersedes the Decision No. 423/QD-NHNN dated March 16, 2020 of the Governor of the State Bank of Vietnam.

Specifically, Article 2 of Decision No. 1351/QD-NHNN stipulates: “Article 2. This Decision comes into force from August 06, 2020 and supersedes the Decision No. 423/QD-NHNN dated March 16, 2020 of the Governor of the State Bank of Vietnam prescribing interest rates of deposits made by State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam.”

1.4. Circular No. 08/2020/TT-NHNN amending, supplementing to a number of articles of the Circular No.22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches

• Name of legal document: Circular No. 08/2020/TT-NHNN issued on 14/08/2020 by the Governor of the State Bank amending, supplementing to a number of articles of the Circular No.22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches (referred to as the “Circular No. 08/2020/TT-NHNN).

• Effective date: 01/10/2020.

The content should be noted: Amending and supplementing regulations on compliance with the maximum ratio of short-term capital for provision of medium-term and long-term loans according to the roadmap specified in Clause 5, Article 16 of Circular No. 22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches.

Specifically, Article 1 Circular No. 08/2020/TT-NHNN stipulates: “Article 1. Amending, supplementing to a number of articles of the Circular No.22/2019/TT-NHNN dated November 15, 2019 of the Governor of the State Bank of Vietnam limits and prudential ratios of banks and foreign bank branches

Clause 5 Article 16 is amended, supplemented as follow:

“5. Banks and / or foreign bank branches must comply with the maximum ratio of short-term capital for provision of medium-term and long-term loans according to the following roadmap:

a) From January 1, 2020 to the end of September 30, 2021: 40%;

b) From October 1, 2021 to the end of September 30, 2022: 37%;

c) From October 1, 2022 to the end of September 30, 2023: 34%;

d) From October 1, 2023: 30%.””