Vietnamese teenagers can now open bank accounts
Vietnamese teenagers can now open bank accounts
Individuals aged between 15 and 18, who own separate assets, will be allowed to independently open and operate bank accounts without seeking approval from their parents or guardians.
A draft circular on the issuance, use and payment of bank cards recently released by the State Bank of Vietnam (SBV) states that these individuals may be permitted to open and manage their own accounts in commercial banks and foreign bank branches. Once approved, the circular will replace Decision No. 20/2007/QD-NHNN, issued in 2007, which only allows people aged 18 and above to own bank cards.
The draft circular also proposes that individuals aged 11 to 14 may own bank cards, which will function as sub-cards of the primary cards held by their parents or guardians.
The SBV disclosed that 77.3 million bank cards were issued by 50 card-issuing organisations until the end of October. Moreover, nearly 15,900 ATMs and more than 164,000 points of sale/electronic draft capture (POS/EDC) are installed across the country.
A representative of the central bank said that the approval of the circular would contribute to the development and popularity of bank cards.
