In the current period of economic integration, foreign exchange agencies have become a potential business type. However, to be able to do business legally, traders need to meet the conditions as prescribed by law.

Legal basis

• 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 may only conduct foreign currency exchange agency activities after they have been granted a certificate of foreign currency exchange agent registration by the State Bank of Vietnam. Conditions for economic organizations to be considered and granted certificates of foreign currency exchange agent registration by the State Bank of Vietnam:

Firstly, having a foreign currency exchange agent located at one or more locations according to the following regulations:

a) The tourist accommodation establishment has been rated 3 stars or higher by the state management agency in charge of tourism;

b) International border gates (land, air, waterway);

c) An amusement park with prizes for foreigners licensed in accordance with law;

d) Ticket offices of foreign airlines, maritime and tourism companies and international ticket offices of Vietnamese airlines;

d) Tourist areas, commercial centers, supermarkets with foreign tourists visiting and shopping.

Secondly, there is a professional process for foreign currency exchange, and measures to ensure security and safety in the process of foreign currency exchange; At the transaction place, there must be a public exchange rate notice board, a sign showing the name of the authorized credit institution and the name of the foreign currency exchange agent.”

Third, authorized by an authorized credit institution to act as a foreign currency exchange agent.

Fourth, an economic organization is only allowed to act as a foreign currency exchange agent for an authorized credit institution.

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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