EXB, VPB, TPB Halt Fast Transfers Over 500M VND Under New SBV Rule

Overview

Eximbank (EXB) has announced it will stop automatically splitting interbank transfers exceeding 500 million VND to process them via the fast Napas system, effective April 21. VPBank (VPB) and TPBank (TPB) issued similar notifications earlier in April, citing compliance with a revised State Bank of Vietnam (SBV) circular effective November 2025. This regulatory change forces large-value transfers to use a slower standard processing channel, impacting transaction speed for corporate and high-value retail clients.

Key Facts

• Eximbank (EXB) will process interbank transfers over 500 million VND only via the standard channel from April 21, 2025.
• VPBank (VPB) and TPBank (TPB) issued similar compliance notices earlier in April 2025.
• The change follows SBV’s revised circular on payment intermediary services, effective November 2025, capping fast electronic clearing system transactions at 500 million VND.
• Transfers exceeding this limit are routed to the standard channel, with a minimum processing time of 4 hours during business hours.
• If initiated outside business hours (e.g., Friday evening), transfers may not settle until the next business day (e.g., Monday).
• Banks previously used an automatic “split-transfer” feature, breaking large sums into sub-500M VND chunks (often 450M VND) to use the fast Napas 24/7 channel.
• Banks now advise clients to manually initiate multiple sub-500M VND transactions if fast processing is required.

What Happened

According to company announcements, Eximbank notified customers that interbank transfers above 500 million VND will no longer be automatically split for processing via the fast Napas channel, instead being routed exclusively through the standard transfer system starting April 21. VPBank and TPBank had issued similar communications earlier in April, attributing the change to regulatory compliance. The article states these actions are in response to a revised SBV circular on payment intermediary services, which took effect in November 2025 and imposes a 500 million VND cap on transactions processed through the SBV’s Electronic Clearing System (ECS) for fast settlement.

Historically, most banks offered an automatic “fast transfer splitting” feature. Their systems would divide transfers over 500 million VND into smaller amounts, typically 450 million VND plus a remainder, to utilize the 24/7 Napas switching network for instant recipient credit. The new regulation mandates that transfers exceeding the 500 million VND threshold must use the standard processing channel, which has a minimum 4-hour settlement time during business hours and delays until the next business day if initiated outside of them.

Market Context

Eximbank (EXB), VPBank (VPB), and TPBank (TPB) are all listed on the Ho Chi Minh Stock Exchange (HOSE). As of the latest session, VPB closed at VND 27,000 with volume of 9.5 million shares, and TPB closed at VND 16,000 with volume of 6.6 million shares. The banking sector has been navigating a period of regulatory tightening and margin pressure. This specific operational change, while driven by compliance, introduces a friction point in customer transaction processing that could be perceived negatively by the market, particularly among client segments reliant on large, time-sensitive transfers.

Strategic Significance

The elimination of the automatic split-transfer function represents a strategic shift in retail and corporate banking service delivery. For banks like EXB, VPB, and TPB, which compete heavily on digital convenience and transaction speed, this regulatory constraint removes a key differentiator for high-value clients. The long-term implication is a potential re-evaluation of fee structures or the development of alternative premium services to retain corporate and high-net-worth customers who may now face operational inefficiencies. It also underscores the SBV’s continued focus on monitoring and controlling large-value payment flows within the formal banking system.

What to Watch

• Client feedback and potential changes in large-transfer volumes reported in upcoming quarterly earnings (Q2 2025).
• Any announcements from other major banks (e.g., BIDV, Vietcombank, Techcombank) regarding similar compliance measures.
• Possible SBV clarifications or adjustments to the circular’s implementation based on industry feedback.
• Innovations in bank product offerings aimed at mitigating the speed inconvenience for premium clients.
• Monitoring for any impact on net interest margin or fee income from transaction services in subsequent financial disclosures.