Vietnam Clarifies 24-Hour Wait for Transactions Over VND 400 Million

The State Bank of Vietnam (SBV) has clarified that the regulation requiring a 24-hour waiting period for money transfers exceeding VND 400 million (approximately USD 16,000) will not be applied to all transactions uniformly. This measure, initially considered to prevent illicit activities such as money laundering and terrorism financing, will have its scope limited, taking into account its impact on public life. The SBV has instructed payment service providers to develop and implement services that allow individual customers to register their transaction limits and waiting times in advance. This will enable customers to ensure flexibility in their transfer procedures according to their needs. The implementation of this service is required to be completed by March 1, 2027. This decision aligns with the government's goals of promoting the digitalization of Vietnam's economy and financial inclusion. It also suggests Vietnam's response to the complex challenges it faces, balancing the need to comply with international financial crime prevention requirements with efforts to boost domestic economic activity. This reflects a situation where, while policy decisions can be made swiftly under the one-party system, considerations for public life are also being advanced.