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The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
  • Your subscription will continue until you cancel.
  • You can cancel by using My account. Under My account, select "Unsubscribe" and then follow the instructions to cancel.
  • You can notify us of your intent to cancel at any time during your billing period. Cancellations take effect at the end of your current billing period.
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Ho Chi Minh City
Sunday, April 6, 2025

SBV calls for stronger oversight of forex, gold trading

The Saigon Times

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HCMC – The State Bank of Vietnam’s HCMC branch has urged efforts to curb unauthorized foreign exchange and gold trading activities.

In response to a spike in foreign exchange demand towards the end of the lunar year, the SBV branch emphasized the need for enhanced oversight of foreign currency exchange and gold sales. The heightened demand is attributed to increased international visitors, tourists, and citizens seeking currency change services.

Earlier, the SBV, the nation’s central bank, warned of regulatory violations involving gold trading activities and currency exchanges, saying that some organizations and individuals are engaging in illegal foreign exchange transactions. This not only breaches foreign exchange regulations but also impacts exchange rates and market stability.

In response to these concerns, it mandated that businesses and individuals dealing in gold report transactions worth VND400 million or above each. This requirement, issued on December 28, aims to identify and assess the risk of money laundering amid increased buying and selling activities, driven by significant fluctuations in gold prices.

The central bank also urged coordination among relevant authorities, including law enforcement agencies and local administrations, with a focus on inspections and monitoring of those involved in gold trading.

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