First Commercial Bank allowed to provide forex services
The Governor of the State Bank of Vietnam (SBV) issued Document No. 6532/NHNN-TTGSNH on August 19 to assert that the Hanoi Branch of the First Commercial Bank of Taiwan is allowed to provide foreign exchange services in the local market.
Accordingly, the Bank is permitted to supply such forex services as spots, forwards, futures, options, and other types of FX transactions in line with international practices; Mobilization, lending and guaranty in foreign currencies in various forms set by the SBV; acting as issuer and the issuing agent of international payment cards; Domestic and international remittance and settlements; Acceptance and payment of foreign currencies; discounting and rediscounting of foreign exchange-denominated valuable papers; authorizing other credit institutions and/or economic entities to act as agents to conduct foreign exchange services; providing trust and asset management services in foreign currencies; providing foreign exchange investment banking services (M&A, underwriting of foreign exchange-denominated stocks…); providing forex consultancy to customers; and other forex services in line with international practices and the Vietnamese law.
Accordingly, the Hanoi Branch of First Commercial Bank is also required to strictly comply with the applicable laws and other relevant legal texts on foreign exchange management.
SBV
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