Eximbank permitted to provide forex services

The Governor of the State Bank of Vietnam (SBV) issued, on April 24, Document No. 2925/NHNN-CNH, asserting that the Vietnam Export Import Commercial Joint-stock Bank (Eximbank) has met proper conditions to provide foreign exchange services.

Accordingly, Eximbank is permitted to conduct foreign exchange services as follows: Spots, forwards, futures, options, and other types of FX transactions in accordance with SBV’s regulations in each field; 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 foreign currency-denominated valuable papers; 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; Provision of forex consultancy to customers; and providing other forex services in line with international practice and the Vietnamese law.

The same day, the SBV Governor issued Document No. 2926/NHNN-CNH, to confirm Eximbank’s registration of forex services. Accordingly, this bank could provide forex trading and international forex settlements in the overseas markets.

The SBV Governor requires Eximbank to strictly comply with the existing regulations 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 August 11th, 2008 on guidelines of forex services of credit institutions.

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