Free and reduced banking fees for all transactions
The State Bank of Vietnam (SBV) has just issued Official Letter No. 5517 NHNN-TT on service fee exemption and reduction policy.
In order to implement Resolution 63/NQ-CP of the Government on key tasks and solutions to promote economic growth, disbursement of public investment and sustainable exports in the last months of 2021 and early 2022 in the context of the complicated development of the COVID-19 pandemic, the State Bank of Vietnam has requested credit institutions and foreign bank branches to apply the service fee exemption and reduction policy. The service fee reduction applies to ATM and POS transactions processed via NAPAS and 24/7 interbank transfer transactions. The application period is from August 1, 2021 to December 31, 2021.
The SBV directed NAPAS to continue implementing the policy of reducing service fees for financial switching and electronic clearing services in 2021. Specifically, NAPAS to reduce 50% of financial switching and electronic clearing service fees for transactions on ATMs, POSs compared to the applicable fee; reduce at least 75% of financial switching and electronic clearing service fees for 24/7 interbank transfers transactions compared to the applicable fees.
The State Bank of Vietnam requires credit institutions and foreign bank branches to reduce transaction fees on ATMs, POSs processed via NAPAS and 24/7 interbank transfer transaction fees for customers with a reduction at least equal to the reduced, adjusted NAPAS fee reduction.
The State Bank encourages credit institutions and foreign bank branches to reduce fees larger than those of NAPAS; in which, for cases where the free policy is applied, it is recommended to continue doing so. The minimum implementation period is from August 1, 2021 to December 31, 2021.
The SBV also requires the chairman of the board of directors, the general director of credit institutions and foreign bank branches to be responsible for the development and implementation of the fee reduction policy for customers at their units, including types of fee reduction, fee reduction rate, types of customer getting fee reduction, etc., to ensure that fees, fee reductions and application time meet the requirements as mentioned above.
In addition, the State Bank of Vietnam directs credit institutions and foreign bank branches to report to the Governor of the State Bank of Vietnam on types of fee reduction, fee reduction rate, types of customer getting fee reduction before August 15, 2021 through the Payment Department – the State Bank of Vietnam.
- Governor: Will increase credit limit for banks
- BVSC: Credit demand may increase, the State Bank would provide more room extension
- SSI Research: increasing remittances at the end of the year will help stabilize the exchange rate
- SBV: Directing credit flows to manufacturing and priority sectors
- The State Bank of Vietnam extends the debt restructuring period for another 6 months
- SSI: Credit growth in August will not be too positive
- Eight months, credit increased by 7.4%
- In the first 7 months of the year, Ho Chi Minh City credit grew by 5.9%
- Credit flows strongly into industrial zones
- The SBV may continue to cut policy interest rates if GDP growth is negative in the third quarter