Vietnam: Amending the application for modification of a License to conduct foreign currency collections and payments of enterprises

11:55, 10/10/2017

The State Bank of Vietnam issued Circular No. 11/2017/TT-NHNN providing amendments to the Circular No. 15/2014/TT-NHNN providing guidance on foreign exchange management for business of prize-rewarding electronic games for foreigners.

According to Circular No. 11/2017/TT-NHNN of the State Bank of Vietnam, the gambling company that wants to modify the contents of a License to conduct foreign currency collections and payments must submit an application for modification of a License. The application includes:

- The application form for modification of a License, which specifies reasons for license modification;

- Documents proving that contents requiring modification are conformable with regulations in Point a Clause 2 Article 11 of Circular No. 15/2014/TT-NHNN;

According to current regulations, gambling businesses shall be entitled to adjust their Licenses in the following cases:

- The gambling business name that may be changed;

- Authorized banks where gambling businesses open their special foreign currency accounts that may be changed;

- The amount of foreign currency cash in hand that may be changed.

View full text at Circular No. 11/2017/TT-NHNN of the State Bank of Vietnam, effective from October 15, 2017.

- Thanh Lam -

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