Vietnam banks to require facial biometric approval for business transfers over 10 million dong

From July 1, Vietnamese banks will mandate facial biometric authentication for legal representatives approving business money‑transfer transactions that exceed 10 million VND per operation or 20 million VND per day for micro‑businesses and solo‑account holders. Higher thresholds apply to newly‑established firms, with transfers above 50 million VND per transaction or 100 million VND per day also requiring facial verification. The rule follows the State Bank of Vietnam’s Circular 77, issued on 31 December 2025, which tightens security for high‑risk or large‑value transfers.

Banks such as ABBank, TPBank, Vietcombank, VietinBank, Techcombank, Sacombank and MB have already instructed corporate clients to update the biometric data of their legal representatives, warning that failure to do so could suspend online transfers and cash withdrawals. Simultaneously, the banks will cease acceptance of magnetic‑stripe ATM cards on the same date, urging customers to switch to chip‑enabled cards to avoid service interruptions.