ACB licensed to supply forex services

The Governor of the State Bank of Vietnam (SBV) issued, on June 14, Document No.4092/NHNN-CNH, asserting that the Asia Joint-Stock Commercial Bank (ACB) has met proper conditions to provide foreign exchange services to its customers in the domestic market.

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

- Discounting and rediscounting of valuable papers in foreign currencies;

- Guaranty in foreign currencies in various forms set by the State Bank of Vietnam;

- Provision of forex consultancy to customers.

The SBV also requires the Asia Joint-Stock Commercial Bank 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 to 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 the credit institutions.

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