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Official Gazette

Tuesday, March 28, 2017

Foreign exchange agents placed under stricter control

Updated: 09:37’ - 21/07/2016
Under Government Decree No. 89/2016/ND-CP dated July 1, an economic institution wishing to act as a foreign exchange agent must obtain an agency registration certificate from the State Bank of Vietnam.
A licensed foreign exchange agent must have its own foreign exchange procedures and implement security and safety measures during the transaction process__Photo: Internet

To be granted such a certificate, an economic institution must be established or registered under the Vietnamese law and entrusted by a licensed credit institution; and locate its foreign exchange agents in tourist accommodation establishments ranked three stars or above by the state management agency in charge of tourism, international border gates, licensed prize-winning game centers for foreigners, foreign booking offices for airlines, shipping and travel service companies, booking offices of Vietnam’s airlines, or tourist sites, trade centers and department stores frequented by foreigners.

A licensed foreign exchange agent must satisfy operation requirements such as having separate rooms or counters for foreign exchange transactions which are fully equipped with phones, fax machines, safes, exchange rate displays, and signboards showing names of the entrusting credit institution and the agent’s name.

Such agent must have its own foreign exchange procedures and implement security and safety measures during the transaction process.

Its foreign exchange cashiers must be certified by the entrusting credit institution as having been trained in detecting counterfeit banknotes.

Under the Decree, an economic institution may act as a foreign exchange agent for only one licensed credit institution, and is allowed to open its foreign exchange counters in one or more places in the locality where its head office or branch is located.- (VLLF)
 

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