BIDV, Vietcombank, VietinBank, Agribank Suspend Transactions for Unverified Accounts
This Aveluro analysis covers BID (Đầu tư và Phát triển Việt Nam (BIDV), có tiền thân là Ngân hàng Kiến thiết Việt Nam trực thuộc Bộ Tài chính được thành lậ) in the Banking sector. The classified event type is regulation change, with neutral sentiment and a deterministic market-impact score of 7.0/10. Source coverage came from CafeF - Tài chính ngân hàng, classified as a primary/top-tier source.
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Overview
Vietcombank, BIDV, VietinBank, Agribank, and other major Vietnamese banks have begun suspending all withdrawal and transfer transactions for accounts that have not updated their identification documents and biometric data. The action follows new regulations from the State Bank of Vietnam (SBV) under Circulars 17/2024/TT-NHNN and 18/2024/TT-NHNN, aimed at strengthening payment security and customer authentication.
Key Facts
- The suspension applies to accounts of individuals with expired ID documents (CMND, CCCD, passport) or incomplete biometric verification.
- Corporate accounts are affected if the legal representative or authorized user’s ID has expired.
- Transactions affected include over-the-counter, online (app/web), and ATM/POS withdrawals and transfers.
- The deadline for individual customers to update information is January 1, 2025.
- The regulation targets five specific cases: expired personal ID, missing biometric data, expired residency papers for foreigners, expired ID of corporate representatives, and expired ID of authorized corporate users.
- BIDV (BID) closed at VND 42,800 on May 13, 2026, up 2.51% with volume of 15.2 million shares.
What Happened
According to the SBV’s Circulars 17/2024 and 18/2024, banks are required to verify customer identification and biometric data before allowing transactions. As a result, major banks including Vietcombank, BIDV, VietinBank, Agribank, MB, and VPBank have begun implementing suspensions for non-compliant accounts. The SBV has set a deadline of January 1, 2025, for individual customers to complete the updates, while corporate customers face similar requirements.
The suspension covers all transaction types: cash withdrawals, transfers, bill payments, and card transactions at ATMs and POS terminals. The move is intended to prevent fraud and ensure that all accounts are linked to verified identities.
Market Context
BIDV (BID), listed on HOSE, saw its stock close at VND 42,800 on May 13, 2026, with a 2.51% gain on high volume of 15.2 million shares. The banking sector has been under regulatory pressure to enhance security, and this new requirement may temporarily slow transaction volumes as customers update their information. However, the long-term impact is expected to be positive for system integrity.
Strategic Significance
For BIDV and other state-owned banks, compliance with these regulations is critical to maintaining operational licenses and customer trust. The biometric verification requirement aligns with global trends in digital banking security. While the short-term disruption may affect transaction fee income, the enhanced security could reduce fraud losses and improve the quality of the customer database, potentially lowering operational risks.
What to Watch
- Customer update completion rates by the January 1, 2025 deadline.
- Any SBV guidance on extensions or penalties for non-compliance.
- Impact on BIDV’s quarterly transaction volumes and fee income.
- Potential for increased IT spending by banks to handle biometric data processing.
- Regulatory developments on data privacy and biometric storage standards.