Requirements applicable to business entities acting as currency exchange agents

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Decree No. 89/2016/ND-CP on requirements applicable to business entities acting as currency exchange agents or providing foreign currency receipt and payment services is issued by the Government on July 01, 2015.

Accordingly,  a  business  entity  is  entitled  to  act  as  a currency exchange agent only after it is issued with a certification of registration of currency exchange agent by the State bank of Vietnam. Requirements for issuance of a certification of registration of currency exchange agent to a business  entity  by  the  State  bank  of  Vietnam,  it  is established or registered in accordance with Vietnamese law. It has its currency exchange agent located in one or more of the locations such as tourist accommodation establishments  ranked  at  least  3  stars  by  a  tourism authority; international checkpoints (road, air, water)…..; it has facilities that satisfy the following operational requirements of the currency exchange agent: there is a separate transaction area (transaction room(s) or counter(s) not associated with other business activities, only for currency exchange services)…. Or each staff member who document certifying that he/she has been trained in recognition of real or fake foreign currencies that is issued by the authorizing credit institution.

A business entity may only acts as a currency exchange agent for an authorizing credit institution and the business entity may agree to set currency exchange agent at one or multiple locations in the area where the organization has its head office or branch located.

This Decree takes effect on July 01, 2016.