A CREDIT INSTITUTIONS ONLY TAKES DIRECT FOREIGN CURRENCY RECEIPT AND PAYMENT ACTIVITIES OF ECONOMIC ORGANIZATIONS
This is one of the most principles prescribed at the Circular No. 34/2015/TT-NHNN dated December 31, 2015 of the State Bank of Vietnam guiding the provision of foreign currency receipt and payment services.
Apart from above regulations, economic organizations directly receiving and paying foreign currencies may only authorize credit institutions but not other economic organizations to act as foreign currency payment agents. Economic organizations and credit institutions acting as foreign currency payment agents may not authorize payment activities to other economic organizations and credit institutions. A credit institution or an economic organization may act as a foreign currency payment agent for one or more than one licensed credit institution. A credit institution may act as a foreign currency payment agent for an economic organization.
This Circular also requires that before March 02, 2017, economic organizations and credit institutions that have been granted foreign currency payment agent registration certificates or foreign currency receipt and payment service provision licenses shall convert them to written approvals of foreign currency payment agent registration or written approvals of direct foreign currency receipt and payment in accordance to this Circular. If past the above time limit, economic organizations and credit institutions still fail to convert or are not permitted for conversion because of failing to fully meet the conditions, they shall terminate acting as foreign currency payment agents or direct foreign currency receipt and payment activities.
This Circular takes effect on March 01, 2016.
