Legal basis
- Ordinance on Foreign Exchange 2005
- Decree 89/2016/ND-CP stipulating conditions for foreign currency exchange agency activities, service provision of foreign currency receipt, payment and payment of economic organizations
- Decree No. 16/2019/ND-CP amending the Decree stipulating business conditions within the scope of state management of the State Bank of Vietnam
Content
Economic organizations wishing to conduct foreign currency payment and payment agency activities must obtain approval from the State Bank of Vietnam. Accordingly, in order to receive approval, the organization must meet certain conditions.
1. Conditions for economic organizations to be considered and approved by the State Bank of Vietnam for registration of foreign currency payment agents. That is an economic organization authorized by an authorized credit institution to act as a foreign currency payment agent.
In which, authorized credit institutions are banks, non-banking credit institutions and foreign bank branches that are allowed to trade and provide foreign exchange services according to the provisions of law.
2. Conditions for economic organizations to be considered and approved by the State Bank of Vietnam for the extension of registration of foreign currency payment and payment agents:
a) Satisfy the conditions specified in Clause 1 above;
b) The issued written approval of foreign currency payment agent registration is valid for at least 30 days up to the time of application submission;
c) Have not violated the reporting regime as prescribed by the State Bank of Vietnam for at least 04 quarters from the time of being granted the written approval for registration of foreign currency payment agent or the written approval for renewal recently up to the time of applying for an extension.
Above is our consultancy about this issue. If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nguyen Duc Trong via hotline: 0912.35.65.75, 0912.35.53.53 or call the free legal consultation hotline 1900.6575 or send a service request via email: info@hongbanglawfirm.com hoặc lienheluathongbang@gmail.com
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