The State Bank of Viet Nam (SBV) issued Circular No 32 on December 26 to regulate foreign exchange activities within the country.
The State Bank of Viet Nam (SBV) issued Circular No 32 on December 26 to regulate foreign exchange activities within the country.
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| The State Bank of Viet Nam issued Circular No 32 to regulate foreign exchange activities within the country. It will come into effect on January 10, 2014. |
According to the legal document, foreign exchange activities are allowed in 16 cases in Viet Nam. For example, customs, police, border soldiers, and government agencies in border areas can collect foreign currency being paid for entry/exit visa fees, taxes and other bills, following legal regulations.
Banks, credit institutions and the branches of international banks are allowed to provide foreign exchange services and conduct transactions, payments, billing, advertisements, price quotations, and price calculations, as well as set prices in contracts and agreements in their business.
However, residents and non-residents are not allowed to use foreign exchange in the aforementioned and similar, activities including converting or adjusting the prices of products and services and the values of contracts and agreements.
The circular will come into effect on February 10, 2014.
(Source: VNS)
