VBARD licensed to supply forex services

The Governor of the State Bank of Vietnam issued on January 16 Document No. 442/NHN-CNH, asserting that the Vietnam Bank for Agriculture and Rural Development (VBARD) has met proper conditions to provide foreign exchange services to its customers.

Accordingly, VBARD is permitted to conduct foreign exchange services as follows:

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

- Mobilization, lending and guaranty in foreign currencies in various forms set by 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…); and

- Provision of forex consultancy to customers.

SBV also requires VBARD to strictly comply with the Vietnamese law on forex services and other relevant legal documents.

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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