Vietcombank (VCB) to Suspend Passport-Based Transactions from 2026 Under New SBV Rules

Overview

From 2026, major Vietnamese banks including Vietcombank (VCB), VietinBank (CTG), and Agribank (BID) will suspend all withdrawal and transfer transactions for personal accounts registered with passports. This action implements new State Bank of Vietnam (SBV) regulations mandating biometric verification through chip-based citizen ID cards or the VNeID digital identity platform, directly impacting customer authentication processes and operational compliance for these HOSE-listed institutions.

Key Facts

• Effective date: Full implementation from the beginning of 2026.
• Affected documents: Personal accounts registered using passports as identification.
• Required verification: Biometric data (facial, fingerprint) matching the original data issued by the Ministry of Public Security.
• Acceptable verification methods: Chip-based citizen ID card, new citizen ID card, or VNeID electronic identification account.
• Regulatory basis: SBV Circulars No. 17 and No. 18.
• Corporate impact: Transactions for businesses will be tightened from mid-2025 if legal representatives have not updated biometric data.
• Action required: Affected customers must visit bank branches in person with a chip-based or new citizen ID card to update identification systems.

What Happened

The State Bank of Vietnam has issued new regulations under Circulars No. 17 and No. 18, requiring full biometric verification for domestic financial transactions. According to the article, these rules take full effect from the start of 2026, leading major banks like Vietcombank, VietinBank, and Agribank to suspend all withdrawal and transfer functions for personal accounts registered with passports. The core reason cited is that current passports do not meet the technical standards for banks to directly cross-check biometric data with the National Population Database, making them legally insufficient for authentication.

The new legal framework permits electronic payment and transfer orders for individual customers only when their facial and fingerprint information fully matches the original data provided by the Ministry of Public Security. This strict verification must be conducted through the chip-based citizen ID card platform, new citizen ID card, or VNeID account. The article states that this comprehensive tightening of authentication processes is viewed as a critical technical barrier to maximally protect citizens’ assets amid increasingly complex high-tech fraud waves. Banks have already begun applying these provisions.

Market Context

Vietcombank (VCB), VietinBank (CTG), and Agribank (BID) are all listed on the Ho Chi Minh Stock Exchange (HOSE). As of April 14, 2026, VCB closed at VND 59,000 (+0.34%), CTG at VND 35,000 (+0.14%), and BID at VND 40,000 (unchanged), with moderate trading volumes. This news emerges in a sector where regulatory compliance and digital security are increasingly pivotal, following broader trends in Vietnam’s banking industry toward enhanced anti-fraud measures and technological integration. The immediate market reaction has been muted, but the long-term operational implications warrant investor attention.

Strategic Significance

For long-term investors, this regulatory shift underscores the SBV’s intensified focus on financial system security and its push for a standardized digital identity infrastructure. The mandate forces banks to accelerate customer onboarding onto more secure platforms, potentially reducing fraud-related losses but also incurring costs for system upgrades and customer support. It may temporarily disrupt transaction flows for affected accounts, impacting fee income, while ultimately driving a more integrated and secure banking ecosystem that could enhance trust and operational efficiency.

What to Watch

• Customer compliance rates by Q4 2025, as indicated by updates to identification systems.
• Impact on transaction volumes and digital banking metrics in 2026 financial reports.
• Any adjustments to operational cost guidance from banks due to verification infrastructure investments.
• Potential SBV updates or extensions to the 2026 deadline based on implementation progress.
• Broader sector adoption and any competitive differentiation in customer migration support.