Issuance of Decree on amendments on operations of foreign exchange agents in Vietnam
From 01/7/2023, what are amendments on operations of foreign exchange agents in Vietnam? - Question from Mr. Tien (Hai Phong).
Issuance of Decree on amendments on operations of foreign exchange agents in Vietnam
On 12/5/2023, the Government issued the Decree 23/2023/NĐ-CP amending the Decree 89/2016/NĐ-CP and the Decree 88/2019/NĐ-CP.
The Decree 23/2023/NĐ-CP amends operations of foreign exchange agents in Vietnam as follows:
- Supplement eligibility requirements to be satisfied by business entities to act as foreign currency agents (excluding exchange of currencies of bordering countries).
- Supplement the principle of making a dossier of application for issuance, re-issuance, modification and extension of the certificate of foreign exchange agent registration.
- Cases of re-issuance and modification of foreign currency exchange agent registration certificates.
What are cases of revocation of a Certificate of registration of agent for exchange of currencies in Vietnam?
Pursuant to Article 6e of the Decree 89/2016/NÐ-CP (amended by Clause 9 Article 1 of the Decree 23/2023/NĐ-CP ) stipulating cases of revocation of a Certificate of registration of agent for exchange of currencies in Vietnam as follows:
Revocation of a Certificate
1. The SBV’s branch in border province shall consider revoking the Certificate or modified or extended Certificate in the following cases:
a) The business entity does not establish its agent for exchange of bordering countries’ currencies within 12 months from the issue date of its Certificate;
b) The business entity stops performing or has earned no revenues from exchange of bordering countries’ currencies for a period of 12 consecutive months;
c) The business entity applies for approval of the SBV’s branch in border province for shutdown of its agent for exchange of bordering countries’ currencies;
d) The Certificate is revoked in accordance with law regulations on penalties for administrative violations in monetary and banking sector.
2. Revocation procedures:
a) The SBV’s branch in border province shall issue a decision to revoke the Certificate or modified or extended Certificate (using Form No. 05 in the Appendix enclosed herewith);
b) Within 15 days from the effective date of the revocation decision, the business entity shall shut down its agent for exchange of bordering countries’ currencies and return the original Certificate or modified or extended Certificate (if any) to the SBV’s branch in border province that has issued such a Certificate.
As regulations above, the Certificate of registration of agent for exchange of currencies in Vietnam shall be revoked in following cases:
- The business entity does not establish its agent for exchange of bordering countries’ currencies within 12 months from the issue date of its Certificate;
- The business entity stops performing or has earned no revenues from exchange of bordering countries’ currencies for a period of 12 consecutive months;
- The business entity applies for approval of the SBV’s branch in border province for shutdown of its agent for exchange of bordering countries’ currencies;
- The Certificate is revoked in accordance with law regulations on penalties for administrative violations in monetary and banking sector.
What are rules for preparing applications for issuance, re-issuance, modification and extension of Certificate of registration of agent for exchange of currencies in Vietnam?
Pursuant to Article 6b of the Decree 89/2016/NÐ-CP (amended by Clause 5 Article 1 of the Decree 23/2023/NĐ-CP ) stipulating rules for preparing applications for issuance, re-issuance, modification and extension of Certificate of registration of agent for exchange of currencies in Vietnam as follows:
Rules for preparing applications for issuance, re-issuance, modification and extension of Certificate
1. If documents included in an application are copies, their certified true copies or copies extracted from master registers or copies presented together with their originals for verification purpose or copies bearing the applicant’s certification that they are exact and accurate copies of the original documents shall be submitted. If a copy is presented together with its original for verification purpose, the receiving officer shall certify the received copy by appending his/her signature thereto and assume responsibility for the accuracy of that copy compared with its original.
2. Application form for issuance, re-issuance, modification or extension of the Certificate, reports, and the agreement signed by and between the applicant and the authorizing credit institution must bear signature of the applicant’s lawful representative.
As regulations above, rules for preparing applications for issuance, re-issuance, modification and extension of Certificate of registration of agent for exchange of currencies in Vietnam are:
- If documents included in an application are copies, their certified true copies or copies extracted from master registers or copies presented together with their originals for verification purpose or copies bearing the applicant’s certification that they are exact and accurate copies of the original documents shall be submitted.
- If a copy is presented together with its original for verification purpose, the receiving officer shall certify the received copy by appending his/her signature thereto and assume responsibility for the accuracy of that copy compared with its original.
- Application form for issuance, re-issuance, modification or extension of the Certificate, reports, and the agreement signed by and between the applicant and the authorizing credit institution must bear signature of the applicant’s lawful representative.
Note: Decree 89/2016/NÐ-CP takes effect from 01/7/2023.
Best regards!
