Legal Counselling

Vietnam: When shall the gambling business’s License be revoked?

16:00, 29/07/2014

This is an outstanding content mentioned in Circular No. 15/2014/TT-NHNN on the management of foreign exchange for the gambling business for foreigners, issued on July 24, 2014 by the State Bank of Vietnam.

According to Circular No. 15/2014/TT-NHNN, the State Bank of Vietnam must revoke the gambling business’s License in the following cases:

- Application documents applying for the issuance of the License consist of the information that has been falsified to obtain the License.

- The receipts and expenditures of foreign currency as well as other foreign exchange transactions of gambling businesses have not been started after 12 (twelve) months from the licensing date.

- Any gambling business has been separated, merged, consolidated, dissolved, or bankrupted in accordance with laws.

- Gambling business’s investment certificate, business registration certificate or certificate of eligibility for the gambling business has been revoked by competent authorities.

- Any gambling business has been subject to administrative punishments in 03 (three) times or more for their violations against regulations on the foreign exchange management.

View details at Circular No. 15/2014/TT-NHNN of the State Bank of Vietnam, effective from September 06, 2014.

- Thu Ba -

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