Circular 28/2016/TT-NHNN on Forex Operation Licensing_E

Unofficial translation by Minh Nguyen at [email protected]

THE STATE BANK OF VIETNAM THE SOCIALIST REPUBLIC OF VIETNAMIndependence – Freedom – Happiness

No. 28/2016/TT-NHNN Hanoi, 5 October 2016

CIRCULARAmending and supplementing a certain number of articles of Circular 21/2014/TT-NHNN

dated 14 August 2014 of the Governor of the State Bank of Vietnam, which guides thescope of foreign exchange operations, the conditions, process and procedures for

authorizing foreign exchange operations by credit institutions and foreign bank branches

Pursuant to the Law on the State Bank of Vietnam 46/2010/QH12 dated 16 June 2010;

Pursuant to the Law on Credit Institutions 47/2010/QH12 dated 16 June 2010;

Pursuant to the Ordinance on Foreign Exchange 28/2005/PL-UBTVQH11 dated 13 December 2005 andthe Ordinance 06/2013/UBTVQH13 dated 18 March 2013 amending and supplementing a certainnumber of articles of the Ordinance on Foreign Exchange;

Pursuant to Decree 156/2013/ND-CP dated 11 November 2013 of the Government, defining thefunctions, mandates, powers and organisational structure of the State Bank of Vietnam;

At the request of the Director of the Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam hereby promulgates this Circular to amend andsupplement a certain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014, whichguides the scope of foreign exchange operations, the conditions, process and procedures forauthorizing the foreign exchange operations by credit institutions and foreign bank branches.

Article 1. Amendments and/or supplements to a certain number of articles of Circular21/2014/TT-NHNN dated 14 August 2014, which guides the scope of foreign exchangeoperations, the conditions, process and procedures for authorizing the foreign exchangeoperations by credit institutions and foreign bank branches “Circular 21/2014/TT-NHNN”:

1. Sub-Article 1.5 is supplemented as follows:

“5. Offshore indirect investments by credit institutions or foreign bank branches shall be made inaccordance with the legislation on offshore indirect investments.”

2. Sub-Article 3.2 is amended and supplemented as follows:

“ 2. Foreign exchange operations by a permitted credit institution means foreign exchange tradingand services conducted by such permitted credit institution with resident or non-resident personsin any current or capital transactions or other transactions in connection with foreign exchange,including the basic foreign exchange operations on the domestic market, the basic foreign

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exchange operations on international markets and other foreign exchange operations on thedomestic and international markets.”

3. Sub-Article 3.5 is annulled.

4. Article 4 is amended and supplemented as follows:

“Article 4. Principles of foreign exchange operations

1. Basic foreign exchange operations:

a) After having been authorized by the State Bank of Vietnam (the “SBV”) in the form of a newor replacement Establishment and Operation Licence or a Decision on Amendments andSupplements to Establishment and Operation Licence, which covers the foreign exchangetrading and foreign exchange services authorized on the domestic and/or international marketswithin the respective scope as defined by the SBV, a commercial bank, cooperative bank,general finance company, factoring company, consumer credit company, finance leasingcompany or a foreign bank branch may conduct all the basic foreign exchange operations onthe domestic and/or international markets within the respective scope stated herein;

b) In respect of foreign exchange related derivatives and other foreign exchange operations otherthan those stated in Sub-Articles 4.1(a) and 4.2 hereof:

(i) Permitted commercial banks and foreign bank branches may conduct foreign exchangerelated derivatives without having to obtain further approval therefor when the SBV hasissued its written guidelines thereon and such commercial banks and foreign bankbranches have been authorized by the SBV to conduct such derivatives in Vietnam Dong;

(ii) Permitted commercial banks and foreign bank branches may conduct such other foreignexchange operations without having to obtain further approval therefor when the SBV hasissued its written guidelines thereon;

c) Policy banks may conduct the basic foreign exchange operations on the domestic andinternational markets under this Circular.

2. Other foreign exchange operations:

a) After having obtained a fixed term authorization from the SBV for each specific product orgroup of products (“fixed term authorization”), a permitted credit institution may conductother foreign exchange operations on the domestic and/or international markets;

b) When the term of such fixed term authorization for other foreign exchange operations hasexpired, the permitted credit institution may carry on its other foreign exchange operations onthe domestic and/or international markets after it has been considered and given by the SBVan extension of its original fixed term authorization. Such an extension shall not exceed theperiod allowed in the original fixed term authorization for other foreign exchange operations.



3. In the course of their foreign exchange operations on international markets, the permittedcredit institutions shall be responsible to regularly review, monitor and assess their foreignpartners to make appropriate adjustments aimed at procuring their safe operations.

4. In the course of their foreign exchange operations, the permitted credit institutions shallprocure their compliance with the provisions of this Circular and other relevant laws in respectof each of their foreign exchange operations. The policy banks shall procure their compliancewith the regulations of the Government and the Prime Minister and relevant laws.”

5. Sub-Article 5.2 shall be amended, and Sub-Articles 5.15, 5.16. 5.17 and 5.18 shall besupplemented, as follows:

“2. Conducting foreign exchange forwards, foreign exchange swaps and foreign exchangeoptions.”

“15. Opening current accounts for offshore credit institutions.

16. Receiving foreign currency deposits from offshore credit institutions.

17. Conducting interest rate derivatives and other foreign exchange related derivatives on thedomestic market in accordance with the principle stated in Sub-Article 4.1.b(i) hereof.

18. Conducting other foreign exchange operations on the domestic market other than those statedin Sub-Articles 5.1 to 5.17 hereof in accordance with the principle stated in Sub-Article 4.1.b(ii)hereof.”


“Article 6. Scope of basic foreign exchange operations by commercial banks oninternational markets

1. International payment and remittance.

2. Conducting foreign exchange spots on international markets.

3. Conducting foreign exchange forwards and swaps with offshore credit institutions for thepurpose of hedging or reducing risks in respect of foreign exchange forwards and swapsentered into and conducted with local customers.

4. Providing international factoring and guarantees in foreign currencies.

5. Offshore lending to the customers that are not credit institutions.

6. Making offshore deposits in foreign currencies (including fixed term and demand deposits).

7. Conducting interest rate derivatives and other foreign exchange related derivatives oninternational markets in accordance with the principle stated in Sub-Article 4.1.b(i) hereof.



8. Conducting other foreign exchange operations on international markets other than thosestated in Sub-Articles 6.1 to 6.7 hereof in accordance with the principle stated in Sub-Article4.1.b(ii) hereof.”


“Article 7. Other foreign exchange operations on the domestic and internationalmarkets

1. The SBV shall consider authorizing a commercial bank to conduct other foreign exchangeoperations on the domestic and international markets for a limited period of time in respect ofeach specific product or group of products, including other foreign exchange operations on thedomestic and international markets other than those stated in Articles 5 and 6 hereof.

2. After the term of the fixed term authorization to conduct other foreign exchange operations onthe domestic and international markets has expired, the SBV shall consider authorizing thecommercial bank to carry on such other foreign exchange operations by giving an extension ofthe original fixed term authorization, if it has requested therefor and it has satisfied all theconditions and the documents required in Sub-Articles 10.2 and 11.5 hereof and the SBV’srelevant regulations.”


“Article 8. Conditions for authorizing the basic foreign exchange operations on thedomestic market

The conditions under which a commercial bank shall be considered and authorized to conduct thebasic foreign exchange operations on the domestic market include:

1. it has an information technology system in place, satisfying the requirements as toadministration, risk management, safety and security in respect of its foreign exchangeoperations, such as machines and facilities catering for its foreign exchange operations,information and data storage devices, a disaster response plan, and software systemssupportive to its foreign exchange related operations.

2. it has internal regulations in place to manage risks in connection with its proposed foreignexchange operations.”


“Article 9. Conditions for authorizing the basic foreign exchange operations oninternational markets

The conditions under which a commercial bank shall be considered and authorized to conduct thebasic foreign exchange operations on international markets include:



1. it has satisfied the conditions set forth under Article 8 hereof.

2. it has in place internal regulations on the standards used to select its institutional partners anddefine transaction limits for its foreign partners, provided that the foreign partners with whomit makes deposit transactions (other than current deposits) shall be offshore credit institutionsrated Baa3/P-3 or higher by Moody’s Investor Service or rated BBB-/A-3 or higher by Standard& Poor’s or rated BBB-/F3 or higher by Fitch Ratings.

3. The condition stated in Sub-Article 9.2 above shall not apply where the commercial bankmakes deposits (other than current deposits) at its own offshore branches and subsidiaries.

The aggregate of deposit balances maintained by a commercial bank in all of its own offshorebranches and subsidiaries shall not exceed 10% of its chartered capital.”


“Article 10. Conditions for authorizing other foreign exchange operations on thedomestic and international markets

1. From time to time and subject to the goals of the monetary policies and foreign exchangeadministration policies, a commercial bank may be considered and authorized to conduct otherforeign exchange operations on the domestic and international markets for a limited period oftime, when it has satisfied the following conditions:

a) It has been authorized to conduct the basic foreign exchange operations on the domesticmarket or international markets;

b) It has internal regulations on operational processes together with risk managementmeasures for each of its proposed foreign exchange operations;

c) It has in place internal regulations on the standards used to select its partners and definetransaction limits appropriate to each of its foreign partners;

d) It has complied with the laws on the capital adequacy ratios in banking in the yearimmediately preceding the year, and up to the date, of its submitted application for a fixedterm authorization;

e) It has not been penalized for any administrative violations in respect of its foreignexchange operations in the year immediately preceding the year, and up to the date, of itssubmitted application for a fixed term authorization;

f) As per its audited financial statements, its banking operations generated profits in the yearimmediately preceding the year of its submitted application for a fixed term authorization.



2. The conditions under which a commercial bank shall be considered and given an extension ofits fixed term authorization for other foreign exchange operations on the domestic andinternational markets include:

a) it has obtained a fixed term authorization from the SBV;

b) it has not been penalized for any administrative violations in respect of its foreignexchange operations in the course of the foreign exchange operations under its fixed termauthorization;

c) It has complied with the laws on the capital adequacy ratios in banking in the yearimmediately preceding the year, and up to the date, of its submitted application for anextension;

d) As per its audited financial statements, its banking operations generated profits in the yearimmediately preceding the year of its submitted application for such extension.”


“Article 11. Application documents for authorization for foreign exchange operations

1. The principles of preparing and submitting application documents for authorization for foreignexchange operations (the “application documents”):

a) The application documents shall be made in Vietnamese. Should any of its applicationdocuments is a translation from a foreign language, the commercial bank may opt tosubmit either such translation as is certified truly signed by the translator in accordancewith Vietnamese legislation on certification or such translation as is attested by its legalrepresentative;

b) The application documents shall include an application for authorization for foreignexchange operations, internal regulations, and reports signed by its legal representative;

c) The application documents shall be delivered to the SBV in person or by post;

d) Where any of the application documents is a copy, the commercial bank shall submit thecopy certified as a true copy of the original by its legal representative.

2. Application documents for authorization for the basic foreign exchange operations on thedomestic market include:

a) an application for authorization for foreign exchange operations in the form set forth underAppendix 1 hereof;

b) internal regulations on the management of risks in connection with the foreign exchangeoperations, which at least cover the identification of risks and a plan for management ofsuch risks;



c) a report describing the information technology system, technical solutions in place andforeign exchange operations processes in the information technology system according tothe details as required in Appendix 3 hereof.

3. Application documents for authorization for the basic foreign exchange operations oninternational markets include:

a) such documents as are stated in Sub-Article 11.2 above;

b) internal regulations on the standards used to select institutional partners and definetransaction limits for the partners, including the regulations on partner review andreassessment on a periodic basis or in any unexpected events that may affect a partner’scredit ratings.

4. Application documents for a fixed term authorization to conduct other foreign exchangeoperations on the domestic and international markets include:

a) an application in the form set forth under Appendix 1 hereof, stating the product or groupof products proposed and its provision period;

b) a report on compliance with the statutory requirements as to the capital adequacy ratios inbanking in the year immediately preceding the year, and up to the date, of the submittedapplication for a fixed term authorization;

c) internal regulations on operational processes together with risk management measuresappropriate to each of the proposed foreign exchange operations, which risk managementmeasures shall at least cover the identification of risks and a plan for management of suchrisks;

d) internal regulations on the standards used to select institutional partners and definetransaction limits for the partners, including the regulations on partner review andreassessment on a periodic basis and in any unexpected events that may affect a partner’scredit ratings;

e) a status report on the foreign exchange operations conducted in the year immediatelypreceding the year, and up to the date, of the submitted application for a fixed termauthorization, including an undertaking that no penalty has been imposed for anyadministrative violations in respect of the foreign exchange operations;

f) copies of the audited financial statements for the year immediately preceding the year ofthe submitted application for a fixed term authorization.

5. Application documents for extension of a fixed term authorization for other foreign exchangeoperations on the domestic and international markets include:



a) an application in the form set forth under Appendix 1 hereof, which shall contain anexplanation of why such an extension is necessary and an undertaking that no penalty hasbeen imposed for any administrative violations in respect of the foreign exchangeoperations in the course of the foreign exchange operations under the fixed termauthorization;

b) a performance assessment report on the foreign exchange operations conducted underthe fixed term authorization;

c) copies of the audited financial statements for the year immediately preceding the year ofthe submitted application for such extension;

d) a report on compliance with the statutory requirements as to the capital adequacy ratios inbanking in the year immediately preceding the year, and up to the date, of the submittedapplication for such extension.”


“Article 12. Authorizing and extension process and procedures for foreign exchangeoperations

1. When a commercial bank wishes to conduct foreign exchange operations on the domesticand/or international markets, it shall prepare and submit 1 (one) set of the documents asstated in Article 11 hereof to the SBV. Should the submitted documents be insufficient, theSBV shall, within 10 (ten) working days of its receipt of such documents, give the commercialbank a written request for additional documents.

2. Within 40 (forty) days of its receipt of the sufficient valid documents as required herein, theSBV shall consider:

a) giving its authorization for the basic foreign exchange operations on the domestic and/orinternational markets to the commercial bank by way of issuing a new or replacementEstablishment and Operation Licence or a Decision on Amendments and Supplements toEstablishment and Operation Licence.

b) giving its authorization for other foreign exchange operations on the domestic and/orinternational markets to the commercial bank.

The authorization given by the SBV to the commercial bank to conduct other foreignexchange operations on the domestic and/or international markets shall contain thefollowing primary details: the designations of the operations, product or group of productsauthorized; the authorized term; and any restrictions and conditions for safety assurance(if any). The authorization given to the commercial bank for its other foreign exchangeoperations shall be in the form as set forth under Appendix 4 hereof;



c) In the event of refusal, the SBV shall give a notice in writing to the commercial bank of itsrefusal and reasons therefor.

3. The process and procedures for giving a commercial bank an extension to carry on its otherforeign exchange operations on the domestic and/or international markets shall be as set forthin Sub-Articles 12.1 and 12.2 hereof.”


“Article 14. Scope of the basic foreign exchange operations on international markets

1. Providing international payment and remittance services to the customers in Vietnam.

2. Conducting foreign exchange spots on international markets.

3. Conducting foreign exchange forwards and swaps with offshore credit institutions for thepurpose of hedging or reducing risks in respect of the foreign exchange forwards and swapsentered into and conducted with local customers.

4. Providing international factoring and guarantees in foreign currencies to the customers inVietnam.

5. Making offshore deposits in foreign currencies (including fixed term and demand deposits).

6. Conducting interest rate derivatives and foreign exchange related derivatives on internationalmarkets in accordance with the principle stated in Sub-Article 4.1.b(i) hereof, for which nofurther approval is required.

7. Conducting other foreign exchange operations on international markets other than thosestated in Sub-Articles 14.1 to 14.6 above in accordance with the principle stated in Sub-Article4.1.b(ii) hereof, for which no further approval is required.”


Article 15. Other foreign exchange operations on the domestic and internationalmarkets

1. In addition to such foreign exchange operations as are stated in Articles 13 and 14 hereof, theSBV shall consider authorizing a foreign bank branch to conduct other foreign exchangeoperations in respect of each specific product or group of products for a fixed term, covering:

a) other foreign exchange operations on the domestic market;

b) other foreign exchange operations on international markets for the purpose of serving thecustomers in Vietnam.



2. After the term of its fixed term authorization for other foreign exchange operations on thedomestic and international markets has expired, the foreign bank branch shall be consideredand authorized by the SBV to carry on such other foreign exchange operations by way of anextension of its original fixed term authorization, if it has requested therefor and it has satisfiedall the conditions and the documents as required under Articles 18 and 20 hereof, and theSBV’s relevant regulations.”

15. Article 16 is renamed as follows:

“Article 16. Conditions for authorizing the basic foreign exchange operations on thedomestic market”


“Article 17. Conditions for authorizing the basic foreign exchange operations oninternational markets”


“Article 18. Conditions for authorizing other foreign exchange operations on thedomestic and international markets”


“Article 19. Application documents, process and procedures for authorizing the basicforeign exchange operations on the domestic and international markets

The application documents, process and procedures for authorizing the basic foreign exchangeoperations on the domestic and international markets shall be as those provided for in the case ofa commercial bank under Sub-Articles 11.1, 11.2 and 11.3 and Article 12 hereof.”


“Article 20. Application documents, process and procedures for authorizing otherforeign exchange operations on the domestic and international markets

The application documents, process and procedures for authorizing, or extending an authorizationfor, other foreign exchange operations on the domestic and international markets shall be as thoseprovided for in the case of a commercial bank under Sub-Articles 11.1, 11.4 and 11.5 and Article12 hereof.”


“Article 21. Scope of the foreign exchange operations by general finance companies

1. Scope of the basic foreign exchange operations on the domestic market:



a) Conducting foreign exchange spots;

b) Conducting foreign exchange forwards, foreign exchange swaps and foreign exchangeoptions;

c) Receiving foreign currency deposits from the institutional customers that are not creditinstitutions; foreign currency lending to the customers that are not credit institutions;

d) Factoring and guarantee in foreign currencies;

e) Issuing international credit cards;

f) Discounting and rediscounting of negotiable instruments and valuable papers in foreigncurrencies;

g) Providing foreign currency reception and payment services; engaging business entities asforeign exchange agents and foreign currency paying agents;

h) Providing management and custody services in respect of foreign exchange denominatedassets; entrusted lending in foreign currencies;

i) Acting as agents in issuing valuable papers denominated in foreign currencies;

j) Providing foreign exchange advice services to customers;

k) Opening foreign currency current accounts at the commercial banks and foreign bankbranches that are authorized to conduct foreign exchange operations;

l) Borrowing and lending in foreign currencies from and to permitted credit institutions andonshore financial institutions;

m) Making and accepting deposits in foreign currencies into and from other permitted creditinstitutions;

n) Accepting deposits in foreign currencies from offshore credit institutions;

o) Finance leasing in foreign currencies.

2. Scope of the basic foreign exchange operations on international markets:

a) Conducting foreign exchange spots on international markets;

b) Conducting foreign exchange forwards and swaps with offshore credit institutions for thepurpose of hedging or reducing risks in respect of the foreign exchange forwards andswaps entered into and conducted with local customers;

c) Offshore lending to the customers that are not credit institutions;



d) Opening current accounts at offshore banks for the purpose of issuing credit cards;

e) Providing international factoring and bank guarantee in foreign currencies.

3. In regard to other foreign exchange operations on the domestic and international markets:

a) The SBV shall consider authorizing a general finance company to provide each specificproduct or group of products for a fixed term, including other foreign exchange operationson the domestic and international markets other than those stated in Sub-Articles 21.1 and21.2 above, provided that all the conditions and the documents as required under Sub-Articles 26.1 and 27.3 hereof are satisfied;

b) After the term of its fixed term authorization to conduct other foreign exchange operationson the domestic and international markets has expired, the general finance company maybe considered and authorized by the SBV to carry on such other foreign exchangeoperations by way of an extension of its original fixed term authorization, if it hasrequested therefor and it has satisfied all the conditions and the documents as requiredunder Sub-Articles 26.2 and 27.4 and the SBV’s relevant regulations.’


“Article 22. Scope of the foreign exchange operations by factoring companies


a) Accepting deposits in foreign currencies from the institutional customers that are not creditinstitutions;

b) Making and accepting deposits in foreign currencies into and from permitted creditinstitutions;

c) Borrowing in foreign currencies from permitted credit institutions and onshore financialinstitutions;

d) Discounting and rediscounting of negotiable instruments and valuable papers in foreigncurrencies;

e) Factoring in foreign currencies;

f) Providing management and custody services in respect of foreign exchange denominatedassets;

g) Providing foreign exchange advice services to customers;

h) Opening foreign currency current accounts at the commercial banks and foreign bankbranches that are authorized to conduct foreign exchange operations.



2. Scope of the basic foreign exchange operations on international markets: Internationalfactoring.”

22. Article 22a is supplemented after Article 22 as follows:

“Article 22a. Scope of the foreign exchange operations by consumer credit companies


a) Accepting deposits in foreign currencies from the institutional customers that are not creditinstitutions;

b) Making and accepting deposits in foreign currencies into and from permitted creditinstitutions;

c) Borrowing in foreign currencies from permitted credit institutions and onshore financialinstitutions;

d) Discounting and rediscounting of negotiable instruments and valuable papers denominatedin foreign currencies;

e) Issuing international credit cards;

f) Providing management and custody services in respect of foreign exchange denominatedassets;


h) Opening foreign currency current accounts at the commercial banks and foreign bankbranches that are authorized to conduct foreign exchange operations.

2. Scope of the basic foreign exchange operations on international markets: Opening currentaccounts at foreign banks for the issue of credit cards.”


“Article 23. Scope of the basic foreign exchange operations by finance leasingcompanies on the domestic market

1. Accepting deposits in foreign currencies from the institutional customers that are not creditinstitutions.

2. Making and accepting deposits in foreign currencies into and from permitted credit institutions.

3. Borrowing in foreign currencies from permitted credit institutions and onshore financialinstitutions.



4. Finance leasing in foreign currencies.

5. Extending working capital loans in foreign currencies to finance lessors.

6. Entrusted finance leasing in foreign currencies.

7. Providing management and custody services in respect of foreign exchange denominatedassets.

8. Providing foreign exchange advice services to customers.

9. Purchase and leaseback in the form of finance leasing in foreign currencies.

10. Opening foreign currency current accounts at the commercial banks and foreign bankbranches that are authorized to conduct foreign exchange operations.”


“Article 24. Conditions for authorizing general finance companies, factoringcompanies, customer credit companies and finance leasing companies to conduct thebasic foreign exchange operations on the domestic market

1. General finance companies shall be considered and authorized by the SBV to conduct the basicforeign exchange operations on the domestic market stated in Sub-Article 21.1 hereof whenthey have satisfied the conditions as required for commercial banks under Article 8 hereof.

2. Factoring companies shall be considered and authorized by the SBV to conduct the basicforeign exchange operations on the domestic market stated in Sub-Article 22.1 hereof whenthey have satisfied the conditions as required for commercial banks under Article 8 hereof.

3. Customer credit companies shall be considered and authorized by the SBV to conduct the basicforeign exchange operations on the domestic market stated in Sub-Article 22a.1 hereof whenthey have satisfied the conditions as required for commercial banks under Article 8 hereof.

4. Finance leasing companies shall be considered and authorized by the SBV to conduct the basicforeign exchange operations on the domestic market stated in Article 23 hereof when theyhave satisfied the conditions as required for commercial banks under Article 8 hereof.”


“Article 25. Conditions for authorizing general finance companies, factoring companiesand customer credit companies to conduct the basic foreign exchange operations oninternational markets

1. They have satisfied such conditions as are required under Article 9 hereof;



2. As per their audited financial statements, their business operations generated profits in the 1(one) year immediately preceding the year of their submitted applications for authorization forthe foreign exchange operations.”


“Article 26. Conditions for authorizing general finance companies to conduct otherforeign exchange operations on the domestic and international markets

1. From time to time and subject to the goals of the monetary policies and foreign exchangeadministration policies, a general finance company may be considered and authorized toconduct other foreign exchange operations on the domestic and international markets for afixed term when it has satisfied the following conditions:

a) It has satisfied the conditions as required for commercial banks under Sub-Articles 10.1(a),(b), (c), (d) and (e) hereof;

b) As per its audited financial statements, its business operations generated profits in the 2(two) years immediately preceding the year of its submitted applications for authorization.

2. The conditions under which a general finance company shall be considered and given anextension to carry on its other foreign exchange operations on the domestic and internationalmarkets include:

a) it has satisfied the conditions as required for a commercial bank under Sub-Articles 10.2(a), (b) and (c) hereof;

b) as per its audited financial statements, its business operations generated profits in the 2(two) years immediately preceding the year of its submitted application for suchextension.”


“Article 27. Application documents for authorization for foreign exchange operations

1. The application documents for authorization for the basic foreign exchange operations on thedomestic market, in the case of a general finance company, factoring company, customercredit company or a finance leasing company, shall be as stated in Sub-Articles 11.1 and 11.2hereof.

2. The application documents for authorization for the basic foreign exchange operations oninternational markets, in the case of a general finance company, factoring company or acustomer credit company, shall include:

a) such documents as are stated in Sub-Article 11.3 hereof;



b) copies of its audited financial statements for the 1 (one) year immediately preceding theyear of its submitted application for authorization for the foreign exchange operations.

3. The application documents for a fixed term authorization for other foreign exchangeoperations on the domestic and international markets, in the case of a general financecompany, shall include:

a) such documents as are stated under Sub-Articles 11.4(a), (b), (c), (d) and (e) hereof;

b) copies of its audited financial statements for the 2 (two) years immediately preceding theyear of its submitted application for such fixed term authorization.

4. The application documents required of a general finance company for an extension to carry onits other foreign exchange operations on the domestic and international markets shall include:

a) such documents as are stated under Sub-Article 11.5(a), (b) and (d) hereof;

b) copies of its audited financial statements for the 2 (two) years immediately preceding theyear of its submitted application for such extension.”


“Article 29. Foreign exchange operations for the Vietnam Bank for Social Policies

1. The Vietnam Bank for Social Policies may conduct the following basic foreign exchangeoperations on the domestic market without having to obtain the SBV’s authorization:



c) Accepting deposits, and extending loans, in foreign currencies, from and to the customersthat are not credit institutions;

d) Providing foreign currency remittance and payment services within the territory ofVietnam; foreign currency reception and payment services;

e) Purchase, sale, discounting and rediscounting of negotiable instruments and valuablepapers denominated in foreign currencies;

f) Providing management and custody services in respect of foreign exchange denominatedassets; entrusted lending in foreign currencies;




h) Opening foreign currency current accounts at the commercial banks and foreign bankbranches that are authorized for foreign exchange operations;

i) Borrowing and lending in foreign currencies from and to other permitted credit institutions;

j) Making and accepting deposits in foreign currencies into and from other permitted creditinstitutions.

2. The Vietnam Bank for Social Policies may conduct the following basic foreign exchangeoperations on international markets without having to obtain the SBV’s authorization:

a) Providing international payment and remittance services;

b) Conducting foreign exchange spots on international markets;

c) Conducting foreign exchange forwards and swaps with offshore credit institutions for thepurpose of hedging or reducing risks in respect of the foreign exchange purchase and salecontracts and foreign exchange swaps entered into and conducted with its localcustomers.


a) Subject to the goals of the monetary policies and foreign exchange administration policiesfrom time to time, the SBV may consider authorizing the Vietnam Bank for Social Policiesto provide each specific product or group of products for a fixed term, including otherforeign exchange operations on the domestic and international markets other than thosestated in Sub-Articles 29.1 and 29.2 above, provided that the Vietnam Bank for SocialPolicies has satisfied all the conditions and the documents as required for a commercialbank under Sub-Articles 10.1(a), (b), (c), (e) and (f) and Sub-Articles 11.4(a), (c), (d), (e)and (f) hereof;

b) After the term of its fixed term authorization to conduct other foreign exchange operationson the domestic and international markets has expired, the Vietnam Bank for SocialPolicies may be considered and authorized by the SBV to carry on such other foreignexchange operations by way of an extension of its original fixed term authorization, if ithas requested therefor and it has satisfied all the conditions and the documents asrequired for a commercial bank under Sub-Articles 10.2(a), (b) and (d) and Sub-Articles11.5(a), (b) and (c) hereof and the SBV’s relevant regulations.

4. The process and procedures under which an application for authorization or an extension of afixed term authorization for other foreign exchange operations is considered, shall be as statedunder Article 12 hereof.”

29. Article 29a is supplemented after Article 29 as follows:

“Article 29a. Foreign exchange operations for the Vietnam Development Bank



1. The Vietnam Development Bank may conduct the following basic foreign exchange operationson the domestic market:




d) Factoring and guarantee in foreign currencies;

e) Providing foreign currency remittance and payment services within the territory ofVietnam;

f) Purchase, sale, discounting and rediscounting of negotiable instruments and other valuablepapers denominated in foreign currencies;

g) Entrusted lending in foreign currencies;

h) Providing foreign exchange advice services to customers;

i) Opening foreign currency current accounts at other commercial banks and foreign bankbranches that are authorized for foreign exchange operations;

j) Borrowing and lending in foreign currencies from and to other permitted credit institutions;

k) Making and accepting deposits in foreign currencies into and from other permitted creditinstitutions;

l) Opening current accounts for offshore credit institutions;

m) Accepting deposits in foreign currencies from offshore credit institutions.

2. The Vietnam Development Bank may conduct the following basic foreign exchange operationson international markets:

a) International payment and remittance;

b) Conducting foreign exchange spots on international markets;

c) Conducting foreign exchange forwards and swaps with offshore credit institutions for thepurpose of hedging or reducing risks in respect of the foreign exchange purchase and salecontracts and foreign exchange swaps entered into and conducted with its localcustomers;



d) Providing international factoring and guarantee in foreign currencies;

e) Offshore lending to its customers that are not credit institutions;

f) Depositing foreign currencies offshore (including fixed term and demand deposits).


a) Subject to the goals of the monetary policies and foreign exchange administration policiesfrom time to time, the SBV may consider authorizing the Vietnam Development Bank toprovide each specific product or group of products for a fixed term, including other foreignexchange operations on the domestic and international markets other than those stated inSub-Articles 29a.1 and 29a.2 above, provided that it has satisfied all the conditions and thedocuments as required for a commercial bank under Sub-Articles 10.1(a), (b), (c), (e) and(f) and Sub-Articles 11.4(a), (c), (d), (e), and (f) hereof;

b) After the term of its fixed term authorization to conduct other foreign exchange operationson the domestic and international markets has expired, the Vietnam Development Bankmay be considered and authorized to carry on such other foreign exchange operations byway of an extension of its original fixed term authorization, if it has requested therefor andit has satisfied all the conditions and the documents as required for a commercial bankunder Sub-Articles 10.2(a), (b) and (d) and Sub-Articles 11.5(a), (b) and (c) hereof andthe SBV’s relevant regulations.

4. The process and procedures under which an application for authorization or an extension of afixed term authorization for other foreign exchange operations is considered, shall be as statedunder Article 12 hereof.”


“Article 30. Foreign exchange operations for cooperative banks

1. Basic foreign exchange operations by cooperative banks on the domestic market:




d) Providing foreign currency remittance and payment services within the territory ofVietnam; foreign currency reception and payment services;

e) Providing management and custody services in respect of foreign exchange denominatedassets; entrusted lending in foreign currencies;



f) Providing foreign exchange advice services to customers;

g) Opening foreign currency current accounts at other commercial banks and foreign bankbranches that are authorized for foreign exchange operations;

h) Borrowing and lending in foreign currencies from and to other permitted credit institutionsand onshore financial institutions;

i) Making and accepting deposits in foreign currencies into and from other permitted creditinstitutions.

2. Basic foreign exchange operations on international markets:

a) International payment and remittance;

b) Conducting foreign exchange spots on international markets:

c) Conducting foreign exchange forwards and swaps with offshore credit institutions for thepurpose of hedging or reducing risks in respect of the foreign exchange purchase and salecontracts and foreign exchange swaps entered into and conducted with its localcustomers.

3. The conditions, application documents, process and procedures under which the basic foreignexchange operations on the domestic and international markets are considered andauthorized, shall be as provided for in the case of a commercial bank under Articles 8 and 9,Sub-Articles 11.1, 11.2 and 11.3 and Article 12 hereof.”


“Article 31. Principles of exchange

1. The SBV shall exchange authorizations for foreign exchange operations that have been givento commercial banks, general finance companies, factoring companies, customer creditcompanies, finance leasing companies and foreign bank branches in accordance with thefollowing principles:

a) Establishment and Operation Licences or Decisions on Amendments and Supplements toEstablishment and Operation Licences shall be exchanged to incorporate the foreignexchange trading and services on the domestic and/or international markets within therespective scope as defined by the SBV, in the case of the commercial banks, generalfinance companies, factoring companies, customer credit companies, finance leasingcompanies and foreign bank branches that have been licensed to conduct one or a numberof basic foreign exchange operations on the domestic and/or international markets;

b) Fixed term authorizations shall be exchanged in the case of other foreign exchangeoperations;



c) In regard to such a credit institution that is subjected to special control, exchange of itsauthorization for foreign exchange operations shall be carried out in accordance with thisCircular. During the special control, the credit institution subjected to special control shalloperate in compliance with the SBV’s decision on special control, its approvedorganisational and operational consolidation plan and relevant laws;

d) Such exchanges shall be completed by 31 October 2017. Should any permitted commercialbank, general finance company, factoring company, customer credit company, financeleasing company or foreign bank branch fail, or be refused, to exchange its authorizationafter this date, because of its failure to satisfy the conditions stated in Article 32 hereof inthe latter case, it shall terminate its foreign exchange operations.

2. The SBV shall exchange the authorization for foreign exchange operations given to theVietnam Development Bank in accordance with this Circular. After the exchange has beencompleted, the Vietnam Development Bank may conduct all the basic foreign exchangeoperations on the domestic and international markets in accordance with this Circular. Theauthorization for foreign exchange operations exchanged for the Vietnam Development Bankshall be in the form set forth under Appendix 5 hereof.

3. While such exchanges are underway, the Vietnam Development Bank, permitted commercialbanks, general finance companies, factoring companies, customer credit companies, financeleasing companies and foreign bank branches may carry on their respective foreign exchangeoperations under their Licences, Certificates of Qualification for foreign exchange operations onthe domestic market, Certificates of Registration of foreign exchange operations oninternational markets or authorizations as issued by the SBV.

4. In respect of any pilot foreign exchange operations already authorized by the SBV, relevantcredit institutions and foreign bank branches may carry on the same until the end of the pilotperiod stated in the authorization. After such pilot period, the credit institutions and foreignbank branches may complete the procedures to obtain an extension of the authorization underthis Circular, if they wish to carry on those operations.


“Article 32. Conditions for exchange

1. The SBV shall consider exchanging authorizations for the basic foreign exchange operations onthe domestic market when permitted commercial banks, general finance companies, factoringcompanies, customer credit companies, finance leasing companies and foreign bank brancheshave satisfied the conditions stated in Article 8 hereof.

2. The SBV shall consider exchanging authorizations for the basic foreign exchange operations oninternational markets when permitted commercial banks, general finance companies, factoringcompanies, customer credit companies, finance leasing companies and foreign bank brancheshave satisfied the conditions stated in Article 9 hereof.



3. The SBV shall consider exchanging authorizations for other foreign exchange operations on thedomestic and international markets when commercial banks and foreign bank branches havesatisfied the conditions stated in Sub-Article 10.1 hereof.

4. The SBV shall consider exchanging authorisations for other foreign exchange operations on thedomestic and international markets when general finance companies have satisfied theconditions stated in Sub-Article 26.1 hereof.”


“Article 33. Application documents for exchange

1. Application documents for exchange of authorization for the basic foreign exchange operationson the domestic market include:

a) an application for exchange of authorization in the form set forth under Appendix 2 hereof;

b) copies of the Establishment and Operation Licence, Certificate of Qualification, Certificateof Registration and authorizations for foreign exchange operations (if any);

c) internal regulations on the management of risks in connection with foreign exchangeoperations, covering at least the identification of risks and a plan for management of suchrisks;

d) a report describing the information technology system, technical solutions in place andforeign exchange operations processes in the information technology system according tothe details stated under Appendix 3 hereof.

2. Application documents for exchange of authorization for the basic foreign exchange operationson international markets include:

a) such documents as are stated under Sub-Article 33.1 above;

b) internal regulations on the standards used to select institutional partners and definetransaction limits for the partners, including the regulations on partner review andreassessment on a periodic basis and in any unexpected events that may affect a partner’scredit ratings.

3. Application documents for exchange of authorization for other foreign exchange operations onthe domestic and international markets include:


b) such documents as are stated in Sub-Articles 11.4(b), (c), (d) and (e) hereof;

c) such document as is stated in Sub-Article 11.4(f) hereof (in the case of a commercial bankor foreign bank branch);



d) such document as is stated in Sub-Article 27.3(b) hereof (in the case of a general financecompany);

e) a status report on each of other foreign exchange operations conducted since it wasauthorized by the SBV.”

4. Application documents for exchange of authorization in the case of the Vietnam DevelopmentBank include:


b) copies of the Certificate of Qualification and Certificate of Registration of foreign exchangeoperations.

34. Sub-Article 35.3 is amended and supplemented and Sub-Article 35.11 is supplemented as follows:

“3. Permitted credit institutions shall develop and take self-responsibility for the content of theirinternal regulations on operational processes and risk management processes in respect of theirforeign exchange operations; may conduct their foreign exchange operations only after theirinternal regulations on operational processes have been in place; shall conduct their foreignexchange operations in accordance with their developed internal regulations. Transactions shall becontrolled in accordance with the applicable regulations on internal check, control and audit.”

“11. On making deposits with their own offshore branches or subsidiaries under Sub-Article 9.3hereof, commercial banks shall be responsible for their business performance. The commercialbanks shall submit reports on the deposit balances maintained with their own offshore branchesand subsidiaries to the SBV (the Bank Supervision Agency) on a quarterly basis and by the 10th ofthe first month of the subsequent quarter.”


“Article 36. Responsibilities of the SBV’s subordinate bodies

1. The Bank Supervision Agency:

a) shall take the role of receiving, and verifying the sufficiency and validity of, applicationdocuments for authorization or exchange of authorization for foreign exchange operations;

b) shall send written requests for comments from the SBV’s relevant subordinate bodies onthe applications by credit institutions or foreign bank branches for authorization orexchange of authorization for foreign exchange operations;

c) shall consolidate the comments submitted by the relevant subordinate bodies, carry outfinal verifications and make submissions to the Governor of the SBV for his authorizing orrefusing to authorize foreign exchange operations or exchange of authorization for foreignexchange operations as proposed by the credit institutions or foreign bank branches;



d) shall take the role of dealing with any obstacles in relation to authorization for foreignexchange operations or exchange of authorization for foreign exchange operations underthis Circular.

2. The Foreign Exchange Management Department:

Within 10 (ten) working days of its receipt of such a written request from the Bank SupervisionAgency, the Foreign Exchange Management Department shall, subject to its assigned functionsand mandates, be responsible to:

a) give its comments on the application by a credit institution or foreign bank branch forauthorization for foreign exchange operations in connection with its functions andmandates;

b) give its comments on the application, by a credit institution or foreign bank branch thathas been authorized to conduct foreign exchange operations, for exchange ofauthorization for foreign exchange operations in connection with its functions andmandates;

c) take the role of dealing with obstacles arising out during the implementation of thisCircular.

3. The Monetary Policy Department:

Within 10 (ten) working days of its receipt of such a written request from the Bank SupervisionAgency, the Monetary Policy Department shall, subject to its assigned functions and mandates,be responsible to:

a) give its comments on compliance with the aggregate foreign exchange position limits asreported on the report on foreign exchange positions submitted by the credit institution orforeign bank branch that is authorized to conduct foreign exchange operations;

b) give its comments on the application by the credit institution or foreign bank branch forauthorization for foreign exchange operations in connection with its functions andmandates;

c) give its comments on the application, by the credit institution or foreign bank branch thathas been authorized to conduct foreign exchange operations, for exchange ofauthorization for foreign exchange operations in connection with its functions andmandate.

4. The Information Technology Department:

Within 10 (ten) working days of its receipt of such a written request from the Bank SupervisionAgency, the Information Technology Department shall, subject to its assigned functions andmandates, give its comments on the report describing the information technology system,



technical solutions in place and foreign exchange operations processes in the informationtechnology, when the credit institution or foreign bank branch applies for authorization orexchange of authorization for foreign exchange operations.

5. Other related bodies under the SBV:

Other related bodies under the SBV shall, subject to their respective assigned functions andmandates, and as requested by the Bank Supervision Agency, be responsible to contributetheir comments on the issues related to authorization or exchange of authorization for foreignexchange operations as applied for by credit institutions or foreign bank branches.”

Article 2. Replaced and supplemented Appendices

1. Appendix 1 of Circular 21/2014/TT-NHNN shall be replaced by Appendix 1 hereof.

2. Appendix 2 of Circular 21/2014/TT-NHNN shall be replaced by Appendix 2 hereof.

3. Appendices 3, 4 and 5 are supplemented as attached hereto.

Article 3. Effectiveness

This Circular shall take effect as from 18 November 2016.

Article 4. Administration

The Chief of the SBV Office, the Director of the Foreign Exchange Management Department, theheads of the SBV’s subordinate bodies, the Directors of the SBV’s provincial and municipalbranches, the Chairmen of the Boards of Directors, the Chairmen of the Boards of Members, theChief Executive Officers/General Directors (Executive Officers/Directors) of the commercial banksand the Chief Executive Officers (Executive Officers) of the foreign bank branches, shall beresponsible to administer the implementation of this Circular.

Recepients:- As stated in Article 4;- SBV Management Board;- Government Office;- Ministry of Justice;- Official Gazette;- Archives: DLA, Office, FEMD (5 copies)

FOR GOVERNORDEPUTY GOVERNOR

(Signed and Stamped)

Nguyen Dong Tien



Appendix 1

(Promulgated under Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing acertain number of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of theState Bank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process andprocedures for authorizing the foreign exchange operations by credit institutions and foreign bankbranches)

NAME OF CREDIT INSTITUTION ORFOREIGN BANK BRANCH

THE SOCIALIST REPUBLIC OF VIETNAMIndependence – Freedom – Happiness

Dated….

APPLICATION FOR AUTHORIZATION/FIXED TERM/EXTENED AUTHORIZATIONFOR FOREIGN EXCHANGE OPERATIONS

Attention: The State Bank of Vietnam(The Bank Supervision Agency)




Pursuant to Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the State Bank ofVietnam, guiding the scope of foreign exchange operations, the conditions, process and procedures forauthorizing the foreign exchange operations by credit institutions and foreign bank branches;

Pursuant to Circular 28/2016/TT-NHNN dated 5 October 2016 amending and supplementing a certainnumber of articles of Circular 21/2014/TT-NHNN dated 14 August 2014 of the Governor of the StateBank of Vietnam, guiding the scope of foreign exchange operations, the conditions, process andprocedures for authorizing the foreign exchange operations by credit institutions and foreign bankbranches;

The credit institution or the foreign bank branch would like to apply for the SBV’s authorization/fixedterm authorization/extension of fixed term authorization for our foreign exchange operations withinthe scope as detailed below:

I. Basic foreign exchange operations on the domestic and international markets:

1. Basic foreign exchange operations on the domestic market:



a.

b.

….


a.

b.

….

II. Other foreign exchange operations on the domestic and international markets:

1.

2.

….

The credit institution or the foreign bank branch hereby undertakes to:

- be liable before the law for the content, accuracy and truth of its application documents forauthorization for the foreign exchange operations;

- procure that it has satisfied the conditions required to conduct the foreign exchange operationsproposed in this Application and shall keep maintaining these conditions in accordance with theSBV’s regulations and relevant laws;

- strictly comply with the applicable regulations of Vietnam on foreign exchange administration andother relevant laws.

LEGAL REPPRESENTATIVE OF CREDITINSTITUTION OR FOREIGN BANK BRANCH

(Signature and Stamp)

Note: The credit institution or foreign bank branch is requested to specify the designation or numberof the document which has authorized it to conduct other foreign exchange operations on thedomestic and international markets for a fixed term and an extension of which is being applied for.



Appendix 2


NAME OF CREDIT INSTITUTION ORFOREIGN BANK BRANCH

THE SOCIALIST REPUBLIC OF VIETNAMIndependence – Freedom – Happiness

Dated….

APPLICATION FOR EXCHANGE OF AUTHORIZATIONFOR FOREIGN EXCHANGE OPERATIONS

Attention: The State Bank of Vietnam(The Bank Supervision Agency)






The credit institution or the foreign bank branch would like to request the SBV to exchange ourLicence/Certificate of Qualification for foreign exchange operations on the domestic market/ourCertificate of Registration of foreign exchange operations on international markets/our authorizationfor foreign exchange operations within the scope as detailed below:

I. Basic foreign exchange operations on the domestic and international markets:

1. Basic foreign exchange operations on the domestic market:



a.

b.

….


a.

b.

….

II. Other foreign exchange operations on the domestic and international markets:

1.

2.

….

The credit institution or the foreign bank branch hereby undertakes to:

- be liable before the law for the content, accuracy and truth of its application documents forauthorization for foreign exchange operations;

- procure that it has satisfied the conditions required to conduct the foreign exchange operationsproposed in this Application and shall keep maintaining these conditions in accordance with theSBV’s regulations and relevant laws;

- strictly comply with the applicable regulations of Vietnam on foreign exchange administration andother relevant laws.

LEGAL REPPRESENTATIVE OF CREDITINSTITUTION OR FOREIGN BANK BRANCH

(Signature and Stamp)



Appendix 3


Requirements as to Description of Information Technology System

No.Information Technology

InfrastructureDetails to be Described

1 Application software systemsfor operations

- Foreign exchange transaction processing and accountingsystems.

- Domestic and international payment and settlementsystems.

- Reporting, analysis and decision support systems.- Operational risk management tools for transaction

applications.- Anti-money laundering system.

2 Server systems - Server system hardware and software.- Quantities, types and operating mechanics.

3 Storage systems - Storage system hardware and software.- Quantities and types.- Periodic backup, verification and recovery mechanics.

4 Network infrastructure - Network connecting branches and transaction offices todata center/head office (quantities and types oftransmission line).

- LAN systems in data center/server room.5 Cybersecurity infrastructure - Cybersecurity systems such as Firewall and intrusion

prevention systems (IDS/IPS) etc.- Malware prevention solutions.- Enciphering and protection solutions for sensitive data

on the network and in storage.- Decentralized access to information and applications and

control thereof.- Cybersecurity verification solutions for application

systems before the rendering of services.6 Data center/server room

infrastructure- Data center/server room locations and architecture.- Power supply and uninterrupted power systems.- Data center/server room environment management

systems.- Fire alarm and extinguishing systems.- Operation supervision and monitoring systems.



7 Standby systems for disasterresponse

- Data center/server room locations.- Standby information technology systems.- Plans for the assurance of uninterrupted operations.

8 Other systems - Dedicated computer systems for foreign exchangeoperations, printers, fax machines, photocopy machinesand telephones etc.

- Ingress/egress monitoring and control systems at foreignexchange operation sections (if any).



Appendix 4



No: /QD-NHNN Dated….

DICISIONon

Fixed Term Authorization for Other Foreign Exchange Operations

THE GOVERNOROF THE STATE BANK OF VIETNAM






Upon consideration of the request made by (the credit institution or the foreign bank branch) in itsApplication No…. for fixed term authorization for foreign exchange operations, dated…;

At the request by the Chief Bank Supervisor,

DICIDES



Article 1

To authorize (the credit institution or foreign bank branch), with Establishment and Operation LicenceNo…., dated…., to conduct the foreign exchange operations as detailed below:

1. Designations of operations, product or group of products.

2. Authorized term.

3. Restrictions and conditions for safety assurance (if any).

4. Other details.

Article 2. In the course of its foreign exchange operations, (the credit institution or foreign bankbranch) shall comply fully with the applicable regulations on foreign exchange administration andrelevant laws.

Article 3. This Decision takes effect as from its signature date. This Decision shall be valid for a termof… year(s) as of the signature date.

Recipients:- Credit institution or foreign bank

branch;- For archives.

GOVERNOR(Signature and Stamp)



Appendix 5



No: /QD-NHNN Dated….

DICISIONon

Authorization for Foreign Exchange Operations by Vietnam Development Bank

THE GOVERNOROF THE STATE BANK OF VIETNAM






Upon consideration of the request made by the Vietnam Development Bank in its Application No…. forexchange of authorization for foreign exchange operations, dated…;

At the request by the Chief Bank Supervisor,

DICIDES



Article 1

To authorize the Vietnam Development Bank, with its Establishment Decision No…., dated…., toconduct the basic foreign exchange operations on the domestic and international markets as detailedbelow:

Trading in foreign exchange and providing foreign exchange services on the domestic and/orinternational markets within the respective scope as defined by the SBV.

Article 2. In the course of its foreign exchange operations, the Vietnam Development Bank shallcomply fully with the applicable regulations on foreign exchange administration and relevant laws.

Article 3. This Decision takes effect as from its signature date and supersedes the authorizations forforeign exchange operations previously issued.

Recipients:- Vietnam Development Bank;- For archives.

GOVERNOR(Signature and Stamp)


Circular 28/2016/TT-NHNN on Forex Operation Licensing_E

Law

Transcript of Circular 28/2016/TT-NHNN on Forex Operation Licensing_E