HSBC Vietnam licensed to supply forex services

The Governor of the State Bank of Vietnam (SBV), on December 29, issued Document No.11327/NHNN-CNH, asserting that the Hongkong and Shanghai Banking Corporation Limited (Vietnam) (HSBC Vietnam) has met proper conditions to provide foreign exchange services to its customers.

Under this Document, the HSBC Vietnam is allowed to conduct forex services as follows:

- Spots, forwards, futures, options, and other types of FX transactions in line with international practice;

- Mobilization, lending and guaranty in foreign currencies in various forms set by the SBV;

- Acting as issuer and issuing agent of international payment cards;

- Domestic and international remittance and settlements; Acceptance and payment of foreign currencies.

- Discounting and rediscounting of valuable papers in foreign currencies;

- Authorizing other credit institutions and/or economic entities to act as agents to conduct money exchange, acceptance and payment of foreign currencies, and other services;

- Providing trust and asset management services; and investment banking services (M&A, underwriting and issuing stocks in foreign currencies…);

- Provision of forex advices to customers;

- Other forex services in line with international practice and the Vietnamese law.

The same day, the Governor also issued Document No.11328/NHNN-CNH to confirm the HSBC (Vietnam) Limited registration of forex services. Accordingly, the Bank could provide forex settlement services and conduct forex transactions in overseas markets.

The confirmation of commercial banks to meet proper conditions to provide forex services and complete their registration of forex services is done in accordance with Circular No.03/2008/TT-NHNN of the SBV Governor dated April 11, 2008 on guidelines of forex services of credit institutions.

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