Foreign banks allowed to have foreign currency transactions

A circular issued by the State Bank of Vietnam (SBV) on February 27 says all foreign credit organizations and bank branches will be allowed to carry out foreign currency transactions with SBV if they meet the following conditions:

They were established to operate within the law on credit organizations

They were licensed by SBV to operate and do business through their foreign currency services in Vietnam.

They were installed or equipped with means of foreign currency transaction, such as Reuters system or other facilities as approved by SBV in certain periods of time.

The circulation also speculates the responsibility of foreign credit organizations and bank branches to observe regulations on providing information, reporting and dealing with violations.

The circulation will come into effect 45 days the date of signing.

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