06 Principles of Provision of Receipt and Disbursement of Foreign Currency Services

According to the provisions of Circular 34/2015/TT-NHNN, credit institutions and economic organizations must adhere to the following principles when providing foreign currency receipt and payment services:

- Economic organizations directly receiving and making foreign currency payments are only authorized to credit institutions and are not authorized to other economic organizations as agents for foreign currency payments.- Economic organizations and credit institutions acting as agents for foreign currency payments are not allowed to delegate payment responsibilities to other economic organizations or credit institutions.- A credit institution or an economic organization may act as an agent for foreign currency payments for one or more authorized credit institutions.- A credit institution is only allowed to act as an agent for foreign currency payments for one economic organization.- In the event that the agency contract for foreign currency payments signed with the authorizing institution expires or is terminated prematurely, economic organizations and credit institutions acting as agents for foreign currency payments must cease all foreign currency payment agency activities with that authorizing institution.- In the event that the contract for receiving and making foreign currency payments signed with a foreign partner expires or is terminated prematurely, the economic organization must cease all direct foreign currency receipt and payment activities with that foreign partner.

For detailed information, refer to Circular 34/2015/TT-NHNN effective from March 1, 2016.

- Khanh Chi -

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