VIB permitted to provide forex services

The Governor of the State Bank of Vietnam (SBV) issued, on April 28, Document No.3045/NHNN-CNH, asserting that Vietnam International Commercial Joint Stock Bank (VIB) has met proper conditions to provide forex services.

Accordingly, the Bank is permitted to conduct foreign exchange 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;

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

- Provision of forex consultancy to customers;

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

On the same day, the SBV Governor issued Document No.3046/NHNN-CNH, to confirm the VIB’s registration of forex services. Accordingly, this Bank could provide forex settlement services and conduct forex transactions in overseas markets.

VIB is required to strictly comply with the SBV regulations and other relevant laws on forex services.

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