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Legal Update

New Law On Providing The Structure; Procedure; Subjects To Be Issued, Managed And Used Banking Codes Which Are Used In Professional Banking Activities And Operations

16 October 2007
Mayer Brown Legal Update


On 5 June 2007, governor of the State Bank issued Decision No 23/2007/QĐ-NHNN promulgating the Relation on the System of Banking Codes use in professional banking operations ("Decision 23"). 

Decision 23 replaces the State Bank Governor's Decision No.02/2006/QD-NHNN dated 18 January 2006.

The Decree was posted in the Official Gazette on 24 June 2007 and became valid on 9 July 2007.

Full Update

According to this Decision 23, the banking codes are issued to the State Bank's units (agencies, departments of the State bank; the units, enterprise directly under the State Bank and the branches of the State Bank in provinces or cities directly under the central government); head offices, exchange departments, branches, representative offices and other agencies directly under the credit institutions, State Treasury and other credit institutions with banking activities under the Law on credit institutions, having taken part in professional operations of the State Bank  ("Credit Institutions").

Decision 23 provides the structure of the banking codes which include 8 characters and will be divided into 3 groups, each group standing for code of province, city or banking code or order number of the banking system. The banking code is associated with information of the bank and if the information of the bank is cancelled, the banking code is cancelled.

Within 5 working days from the date of submission of valid documents, the Chief of the Department of Banking Information Technology shall be responsible to issue or cancel the banking code under this Decision 23.

Banking codes and information of the banks must be publicised in the website of the State Bank. The State Bank shall announce the change of banking codes and information of the banks through the computer network to the State Bank's units and the head offices of the Credit Institutions.

Author: Tram Than

For further information, please contact:

Name: Dao Nguyen
Phone: +84 8 3822 8860
Fax: +84 8 3822 8864

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