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Set up a company in Vietnam providing e-wallet trading

Legal basis

  • Law on State Bank of Vietnam;
  • Decree 101/2012/ND-CP amending and supplementing by Decree 80/2016/ND-CP and Decree 16/2019/ND-CP on non-cash payment;
  • Circular 39/2014/TT-NHNN guiding payment intermediary services issued by the Governor of the State Bank of Vietnam (amended and supplemented from time to time);
  • Circular 150/2016/TT-BTC stipulating the rate, collection and payment of fees for licensing the establishment and operation of credit institutions; to establish foreign bank branches, representative offices of foreign credit institutions and other foreign organizations engaged in banking activities; provision of payment intermediary services for organizations other than banks promulgated by the Minister of Finance (amended and supplemented from time to time).

Conditions for foreign investor to set up a company in Vietnam providing e-wallet trading

As a member of the International Trade Organization (WTO), Vietnam is committed to opening its market, including the service market, for foreign investors to participate. However, for payment intermediary services, Vietnam currently has no commitments to expand the market. Therefore, for foreign investors, Vietnamese authorities will consider each specific case and decide whether or not to license this service business.

In addition, Clause 1, Article 15 of Decree No. 101/2012/ND-CP on non-cash payments stipulates that non-banking organizations that want to provide intermediary payment services must ensure that they satisfy all following conditions:

  • Having an establishment license or business registration issued by a competent state agency;
  • Having an approved payment intermediary service business plan in accordance with the regulations on investment authority in the organization’s charter, which must contain at least the following contents:
    • Technical business process of the service requesting the license; solvency guarantee mechanism;
    • Internal inspection and control process;
    • Risk management, ensuring safety and security;
    • General principles and internal regulations on prevention and combat of money laundering;
    • Process and procedures for settlement of tracing requests, complaints and disputes;
    • Rights and obligations of the parties involved in the service provision process;
  • Having a minimum charter capital of VND 50 billion;
  • Personnel conditions:
    • The legal representative, the General Director (Director) of the organization applying for the license must have professional qualifications or practical experience in business administration or the field of responsibility.
    • The staff of payment intermediary services have professional qualifications in the field of responsibility;
  • Technical and professional conditions include:
    • Having physical facilities, technical infrastructure, information technology systems and technology solutions suitable to the requirements of the provision of intermediary payment services;
    • The backup engineering system is built independently of the main system to ensure safe and continuous service provision when the main system fails and complies with other regulations on ensuring safety and security of the public system. information technology in banking activities;
  • Organizations providing e-wallet services must have tools for the State Bank to check and monitor in real time the total amount of customers’ money on e-wallets and the total amount on their payment guarantee accounts. providing e-wallet services at banks.

Procedures for setting up a company in Vietnam providing e-wallet trading

Step 1: Apply for an Investment Registration Certificate;

Step 2: Apply for a Enterprise Registration Certificate;

Step 3: Announce business registration information and engrave the seal;

Step 4: Apply for a license to provide intermediary payment services;

Step 5: Open a direct capital investment account;

Step 6: Open a payment guarantee account;

Step 7: Carry out some other post -establishment procedures .

This article presents Step 4: Apply for a license to provide intermediary payment services and Step 6: Open a payment guarantee account.

Apply for a license to provide intermediary payment services

Dossier to prepare 05 sets including:

  • An application form for a License, made according to the form in Appendix 01 issued together with Circular 39/2014/TT-NHNN;
  • Minutes or resolution of the meeting of the Members’ Council, the Board of Directors (or the General Meeting of Shareholders in accordance with the provisions of the organization’s charter) approving the scheme on provision of payment intermediary services;
  • Scheme of providing intermediary payment services;
  • Explanation of technical solutions and Minutes of technical test acceptance with a cooperative organization;
  • Personnel records: Curriculum vitae, certified copy or a copy issued from the original book or a copy accompanied by presentation of the original for comparison of documents proving the professional competence and qualifications of the legal representatives, the General Director (Director), Deputy General Director (Deputy Director) and key officials to implement the scheme on provision of payment intermediary services;
  • Establishment license or business registration certificate issued by a competent state agency, the organization’s charter and operation (certified copy or a copy issued from the original book or a copy enclosed with the organization’s charter). present the original for comparison).

Competence to settle: State Bank (can be by post or directly)

Duration: Within 60 days from the date of receipt of complete and valid dossiers, the State Bank will appraise and grant the License or issue a written refusal stating the reasons therefor.


  • First grant: 10 million VND / 1 license.
  • Re-gratn: 5 million VND/1 license.

License Term: 10 years from the date the organization is licensed by the State Bank. At least 60 days before the License expires, the License-granted organization must send a written application for re-issuance of the License and a copy of the valid License to the State Bank.

Open a guaranteed payment account

According to the provisions of Article 8 of Circular 39/2014/TT-NHNN, organizations providing e-wallet services must open a payment security account to ensure the provision of services. The balance on the payment guarantee account must be maintained not less than the total balance of all the E-Wallets of the customers at the same time. The payment guarantee account is only used to pay money to units that accept payment and refund money to customers using the service upon request.

The article above is the advice of Viet An Law, if Clients have any inquiries or demand to set up a company in Vietnam providing e-wallet trading, please contact Viet An Law for specific advice!

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