HCMC – The State Bank of Vietnam (SBV)’s Regional Branch No. 2 has stepped up oversight, instructing banks to monitor currency exchange agents and take disciplinary action in cases of detected violations.
The SBV’s Regional Branch No. 2 issued a document to licensed foreign exchange credit institutions and economic organizations acting as currency exchange agents in HCMC, calling for strengthened management of these agents.
The document also instructs authorized banks to ensure that their exchange agents display clear signage at transaction counters, showing the full name of the authorized bank and the name of the exchange agent.
For exchange agents authorized to repatriate foreign currency, the SBV’s Regional Branch No. 2 requests compliance with relevant regulations and strictly prohibits illegal foreign currency trading.
Currency exchange agents are required to follow reporting regulations, cooperate with and facilitate inspections by the authorized credit institutions and state management agencies, while also strengthening procedures and measures to ensure safety and security in foreign exchange operations and other related activities.
Under current regulations, currency exchange agents are only allowed to buy foreign currency in cash from individuals within the country and are not permitted to sell U.S. dollars back to the public, except for agents located in international border gate isolation areas, where selling foreign currency to departing foreigners is allowed.
However, due to limited access to foreign currency at banks, many people still turn to unauthorized exchange points, posing legal risks and potential security concerns.
