THE STATE BANK OF VIET NAM
Circular No. 21/2014/TT-NHNN dated August 14, 2014 of the State Bank of Vietnam guiding the foreign exchange transactions, conditions, process and procedures for accepting the foreign exchange transactions of credit institutions and branches of foreign banks
Pursuant to Law on the State Bank of Vietnam No.46/2010/QH12 dated June 16, 2010;
Pursuant to Law on credit institutions No.47/2010/QH12 dated June 16, 2010;
Pursuant to Ordinance on Foreign Exchange Control No. 28/2005/PL-UBTVQH11 dated December 13, 2005 and Ordinance No. 06/2013/UBTVQH13 dated March 18, 2013 on amendments to Ordinance on Foreign Exchange Control;
Pursuant to Decree No. 156/2013/ND-CP dated November 11, 2013 of the Government defining the functions, tasks, entitlements and organizational structure of the State Bank of Vietnam;
At the request of Director of Foreign exchange Management Department,
The Governor of the State Bank of Viet Nam issued the Circular guiding the foreign exchange transactions, conditions, process and procedures for accepting the foreign exchange transactions of credit institutions and branches of foreign banks.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of adjustment
1. This Circular guides the foreign exchange transactions, conditions, process and procedures for accepting the foreign exchange transactions of credit institutions and branches of foreign banks.
2. Gold trading activity of credit institutions, branches of foreign banks must conform to other relevant regulations.
3. Foreign loans taken by credit institutions and branches of foreign banks must conform to regulations on taking and repaying foreign loans.
4. Commercial banks, co-operative banks, banks for social policies, general finance corporations, factoring companies, consumer credit companies, financial leasing companies, branches of foreign banks, microfinance institutions may use foreign exchange services provided by credit institutions permitted to conduct foreign exchange transactions similarly to businesses in accordance with relevant regulations.
Article 2. Subjects of application
1. Commercial banks
2. Co-operative banks
3. Banks for social policies
4. General finance corporations, factoring companies, consumer credit companies, financial leasing companies.
5. Branches of foreign banks
Article 3. Interpretation of terms
For the purposes of this Circular, these terms below shall be construed as follows:
1. A permitted credit institution means any commercial bank, co-operative bank, bank for social policies, general finance operation, factoring company, consumer credit company, financial leasing company or branch of foreign bank that is permitted to conduct foreign exchange trading and provide foreign exchange services.
