RFC allowed to provide forex services

The Governor of the State Bank of Vietnam (SBV) issued, on April 28, Document No. 3047/NHNN-CNH, asserting that Rubber Finance Company (RFC) has registered to provide forex services in the domestic market.

Accordingly, the RFC is permitted to supply such forex services as follows:

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

- Mobilization in foreign currencies with the maturity over 1 year; Issuing bonds and various forms of valuable paper in foreign currencies; Borrowing foreign currencies from international and domestic credit institutions;

- Providing short, medium and long-term loans in foreign currencies to customers; Discounting, rediscounting and supplying mortgage of valuable papers in foreign currencies;

- Providing trust and asset management services in foreign currencies;

- Provision of forex consultancy to customers;

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

The SBV requires the RFC to strictly comply with existing regulations on forex services and other relevant legal documents.

sbv

>   Loan subsidies fuel credit, raise risks: Citigroup says (29/04/2009)

>   Bonds gain on bleak economic outlook; dong advances (29/04/2009)

>   Commercial banks rushing to set up finance companies (29/04/2009)

>   VIB permitted to provide forex services (28/04/2009)

>   HSBC Vietnam and ANZ Bank Vietnam allowed to open branch (28/04/2009)

>   Banks raising deposit interest rates to retain clients (28/04/2009)

>   Prime Minister urges better debt management (28/04/2009)

>   VIB allowed to issued long-term valuable papers for 2009 (28/04/2009)

>   Vietnam cuts rate on export credit to 2.9 percent (28/04/2009)

>   Central bank orders companies to price items in dong (27/04/2009)