The State Bank of Vietnam (SBV) this afternoon issued an official notice requiring all economic organizations engaged in foreign exchange activities in Ho Chi Minh City and Dong Nai Province to strictly comply with legal regulations governing foreign exchange operations.
This directive comes amid recent fluctuations in the global economy, where the unofficial USD/VND exchange rate has shown upward volatility and divergence from official bank rates. To proactively prevent misconduct, ensure market stability, and uphold the rule of law, the SBV branch in Region 2 emphasized full adherence to regulations on foreign exchange management, anti–money laundering, counter-terrorism financing, and other relevant legal provisions to maintain stability in the foreign exchange and currency markets.
SBV further instructed all foreign exchange–related organizations to stay updated on all relevant regulations, strengthen internal processes, and enhance security measures across their operations.
In cases where violations are detected, organizations must promptly report to the SBV branch in Region 2 and relevant authorities for appropriate handling in accordance with Decree No. 88/2019/ND-CP and its amendment, Decree No. 143/2021/ND-CP, on administrative penalties in the monetary and banking sectors.
Earlier, SBV had sent formal communications to the Ministry of Public Security, the Ministry of Industry and Trade, and the Government Inspectorate to strengthen coordination in managing the foreign exchange market. The central bank continues to direct credit institutions to comply strictly with laws on foreign exchange service provision to minimize systemic risks.
To enhance state oversight, SBV proposed these ministries and agencies to intensify inspections and supervision, promptly detect and address illegal currency trading and unregulated market activities, and ensure strict enforcement of the law. It also urged close information sharing on violations to enable timely and effective market management, safeguarding the banking system’s stability and security.
