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VPBank allowed to provide forex services
The Governor of the State Bank of Vietnam (SBV) issued, on May 19, Document No. 3592/NHNN-CNH, asserting that the Vietnam Commercial Joint Stock Bank for private Enterprises (VPBank) has registered 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.3593/NHNN-CNH, to confirm the VPBank’s registration of international forex settlement service.
VPBank is required to strictly comply with the SBV regulations and other relevant laws on forex services.
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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