35 C
Ho Chi Minh City
Saturday, May 18, 2024

SBV warns against unregulated foreign currency trading

The Saigon Times

Must read

HCMC – The HCMC branch of the State Bank of Vietnam (SBV) has told citizens to avoid participating in informal foreign exchange markets.

In a statement released on April 23, the SBV said that such activities violate the prevailing regulations and carry inherent risks.

According to Nguyen Duc Lenh, deputy director of the SBV’s HCMC branch, individuals who have foreign currency should sell it to banks, foreign bank branches, or entities authorized to provide currency exchange services.

Authorized currency exchange agents are only allowed to use Vietnamese dong to purchase foreign currency from individuals, with exceptions made for agents operating at designated international border checkpoints.

Vietnamese citizens residing abroad are permitted to purchase, transfer, or carry foreign currency abroad for legitimate purposes under Decree 70/2014/ND-CP.

To comply with regulations, currency traders need proper documentation for their transactions, said Lenh. Violations of foreign exchange management regulations can lead to administrative sanctions, adding that breaking foreign exchange rules will result in administrative penalties.

More articles


Please enter your comment!
Please enter your name here

Latest articles