The State Bank of Vietnam (SBV) Branch in Region 2 has issued a directive requiring foreign exchange agents in Ho Chi Minh City to operate in strict compliance with established regulations.
Specifically, agents are only authorized to purchase foreign currency in cash and subsequently resell it in cash to designated credit institutions. Illegal foreign currency transactions are expressly prohibited as a measure to support the anti-dollarization policy.
To ensure the stability of the foreign exchange market and improve management effectiveness in Ho Chi Minh City, the SBV Branch in Region 2 has issued two official dispatches urging licensed credit institutions and foreign exchange agents to strengthen oversight of their foreign exchange operations in the city.
Accordingly, the SBV Branch in Region 2 requires all licensed credit institutions to strictly comply with regulations governing the management of foreign exchange agents. Special attention must be given to monitoring enterprises operating authorized foreign exchange desks, ensuring full adherence to legal requirements and contractual obligations.
Each transaction location must be equipped with a telephone, fax machine, clearly displayed exchange rate board, and signage that includes the name of an authorized credit institution and a foreign exchange agent. Credit institutions are also responsible for supervising agents, conducting regular and ad hoc inspections, and strictly addressing any legal violations.
Additionally, coordination with the State Bank and relevant authorities must be strengthened to ensure foreign exchange operations are conducted safely and in full compliance with regulations.
For economic organizations operating as foreign exchange agents, the SBV Branch in Region 2 asks strict adherence to all relevant regulations. These entities must fully meet the prescribed requirements for facilities and equipment to ensure transparent and well-regulated operations.
The SBV clearly stipulates that such organizations are only permitted to purchase foreign currency in cash from individuals and resell it to authorized credit institutions—excluding amounts retained in accordance with fund regulations. Unauthorized foreign currency transactions are strictly prohibited.
Additionally, foreign exchange agents must comply with all information disclosure and reporting requirements, and facilitate inspections by credit institutions and regulatory authorities. They are also responsible for guiding the public and tourists to conduct transactions only at licensed exchange locations to minimize legal and financial risks.
Moreover, agents must regularly update operational guidelines and regulatory documents, while enhancing procedures and controls to safeguard the security and integrity of their foreign exchange activities.
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