Vietnam: Credit institution may authorize one of its branches to make foreign currency transactions

17:17, 06/10/2015

This is an information newly updated in Circular No. 15/2015/TT-NHNN on foreign currency transaction on foreign currency market by credit institution permitted to make foreign currency transactions issued by the State Bank of Vietnam.

According to Circular No. 15/2015/TT-NHNN of the State Bank of Vietnam, the foreign currency transaction on foreign currency market by credit institution shall comply with the following principles:

- Foreign currency transactions must be made in accordance with this Circular, the scope of each credit institution, branches of foreign banks permitted by the State bank according to their licenses for establishment and operation or Decisions on amendments to the license as prescribed by law. With regard to the foreign currency transactions that credit institutions and branches of foreign banks are not permitted to make by the State bank , credit institutions and branches of foreign banks may make foreign currency transactions that credit institutions are permitted to make as if business organizations in accordance with this Circular.

- The parties to the foreign currency transaction must make the foreign currency in a transparent, truthful manner and are totally responsible for their decision to participate in the transaction.

- Each permitted credit institution may directly or authorize one of its branches to make foreign currency transactions with another permitted credit institution.

View relevant provisions at Circular No. 15/2015/TT-NHNN of the State Bank of Vietnam, effective from October 05, 2015.

- Thu Ba -

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