Decree No. 95 issued by the Government on October 21 increases sanctions for administrative violations in the financial and banking sector.
The Decree imposes the highest penalties on administrative violations of regulations relating to foreign currency and god trading management. This will be a seven-fold increase from the current VND 70 million to VND 500 million.
The posting up of prices for commodities, properties or services in foreign currencies, or gold, will be penalized by between VND 300 - 500 million.
A VND 50 - 100 million fine is stipulated for violations in using gold to pay for commodities and services, and for gold trading activities.
In the past, such practices were not penalized.
The new regulation also stipulates fines of VND 300 - 500 million for illegal foreign exchange activities as well as illegal import and export of foreign currencies and gold. This marks a seven-fold increase from current fines of VND 45 million and VND 70 million per case.
Those who illegally transport foreign currencies across borders, or use foreign currencies for paying commodities and services breaking current regulations will be fined VND 50 - 100 million, up from VND 5 - 12 million.
People who engage in illegal foreign currency and gold trading activities, or use foreign currencies and gold for paying for commodities and services without authorized agencies’ permissions can also have their business licenses revoked.-