Chapter VI
PROVISION OF FOREIGN EXCHANGE SERVICES BY CREDIT INSTITUTIONS AND OTHER ORGANIZATIONS
Section 1. PROVISION OF FOREIGN EXCHANGE SERVICES IN THE DOMESTIC MARKET
Article 41.- Scope of, and conditions for, the provision of foreign exchange services by banks
1. When satisfying the conditions set by the State Bank of Vietnam, banks may be permitted by the State Bank of Vietnam to provide foreign exchange services within the following scope:
a/ Providing foreign exchange transactions in form of spot, forward or swap transactions, option, future contracts and other foreign exchange transactions in accordance with international practice;
b/ Mobilizing capital, lending and providing guarantees in foreign currencies in the forms provided by the State Bank of Vietnam;
c/ Issuing, acting as agents to issue international payment cards;
d/ Providing money transfer and payment services (domestically and internationally) to subjects defined in this Decree; receiving and paying foreign currencies;
e/ Discounting, rediscounting valuable papers in foreign currencies;
f/ Authorizing other credit institutions and economic organizations acting as agents to provide a number of foreign exchange services, including currency exchange, foreign currency receipt and payment and other services as provided for by this Decree;
g/ Providing entrusting services and services of managing assets in foreign exchange;
h/ Providing banking services of investment in foreign exchange (foreign currency securities purchase, sale, merger, underwriting and issuance agency...);
i/ Providing foreign exchange consultancy services to customers;
j/ Conducting other foreign exchange activities in accordance with international practice and Vietnamese law.
2. The State Bank of Vietnam shall specify conditions, dossiers and procedures for and certify the qualifications of banks to provide foreign exchange services.
Article 42.- Provision of foreign exchange services by non-bank credit institutions
Non-bank credit institutions must register with the State Bank of Vietnam their operations to provide a number or all of the following foreign exchange services:
1. For financial companies:
a/ Providing foreign exchange transactions in form of spot, forward or swap transactions, option and other foreign exchange transactions in accordance with international practice;
b/ Receiving time deposits in foreign currencies for a term of one year or longer, issuing bonds and valuable papers in foreign currencies, borrowing capital in foreign currencies from domestic and foreign credit institutions;
c/ Providing short-, medium- and long-term loans in foreign currencies, discount, rediscount and pledge of valuable papers in foreign currencies, providing credit guarantees in foreign currencies;
d/ Providing entrusting services and services of managing assets in foreign exchange;
e/ Receiving and paying foreign currencies; authorizing economic organizations to act as foreign exchange agents or payment agents;
f/ Providing foreign exchange consultancy services to customers.
2. For financial leasing companies:
a/ Receiving time deposits in foreign currencies for a term of one year or longer, issuing bonds or valuable papers in foreign currencies, borrowing capital in foreign currencies from domestic and foreign credit institutions;
b/ Conducting financial leasing in foreign currencies;
c/ Providing credit guarantees in foreign currencies;
d/ Providing entrusting services and services of managing assets in foreign currencies;
e/ Providing foreign exchange consultancy services to customers.
3. Other non-bank credit institutions may provide a number of foreign exchange services under regulations of the State Bank of Vietnam.
4. The State Bank of Vietnam shall specify the conditions, dossiers and procedures for registration of the provision of foreign exchange services by non-bank credit institutions.
Article 43.- Provision of foreign exchange services by other organizations
1. Economic organizations may act as currency exchange agents for licensed credit institutions when so authorized. The authorization of currency exchange must be effected on the basis of currency exchange agency contracts between credit institutions and authorized economic organizations and registered with the State Bank of Vietnam.
2. Foreign currency reception and payment services
a/ Economic organizations acting as agents providing foreign currency reception and payment services for credit institutions must register with the State Bank of Vietnam. Economic organizations which directly provide foreign currency reception and payment services must be licensed by the State Bank of Vietnam;
b/ The State Bank of Vietnam shall specify the conditions, dossiers and procedures for registration and licensing of economic organizations which provide foreign currency reception and payment services.
3. Provision of other foreign exchange services
Economic organizations may provide foreign exchange services besides those prescribed in Clauses 1 and 2 of this Article only after they are licensed by the State Bank of Vietnam.
Section 2. PROVISION OF FOREIGN EXCHANGE SERVICES ON INTERNATIONAL MARKET
Article 44.- Scope of, and conditions for, the provision of foreign exchange services on international market
1. Credit institutions and other organizations may provide foreign exchange services on international market within the following scope:
a/ For banks
- Providing international payment services;
- Conducting foreign exchange and gold sale and purchase transactions on foreign markets;
- Participating in foreign monetary and derivative markets;
- Providing services of managing financial assets of customers overseas;
- Providing investment banking services (financial consultancy, sale, purchase, merger, guarantee, co-financing...) on international market.
b/ For financial companies:
- Conducting foreign exchange and gold sale and purchase transactions on foreign markets;
- Participating in foreign monetary and foreign exchange derivative markets;
- Providing services of managing financial assets of customers overseas;
c/ For other organizations:
The State Bank of Vietnam may, on a case-by-case basis, permit other organizations to provide a number of foreign exchange services mentioned in Clauses 1 and 2 of this Article.
2. The State Bank of Vietnam shall specify the conditions, dossiers and procedures for registration of foreign exchange service provision by credit institutions and other organizations on international market.
Section 3. RESPONSIBILITIES OF CREDIT INSTITUTIONS AND OTHER ORGANIZATIONS WHEN PROVIDING FOREIGN EXCHANGE SERVICES
Article 45.- Observance of law on foreign exchange management
When providing foreign exchange services, credit institutions and other organizations licensed to conduct foreign exchange activities shall:
1. Provide foreign exchange services within the scope of operation stated in their licenses, certificates of registration of foreign exchange activities, the provisions of this Decree and relevant provisions of law.
2. Take responsibility before law for contents of foreign exchange services entrusted to credit institutions and economic organizations.
3. Observe regulations on assurance of safety in accordance with regulations of the State Bank of Vietnam.
4. Strictly observe and guide their customers to strictly observe regulations on foreign exchange management and relevant provisions of law.
Article 46.- Checking of vouchers
When conducting foreign exchange transactions for customers, credit institutions and other organizations licensed to conduct foreign exchange activities shall examine, check and keep papers and vouchers in compatibility with actual transactions in order to ensure that foreign exchange services are provided for proper purposes and in accordance with the provisions of law.
Article 47.- Satisfaction of foreign currency demands for payment in current transactions
Within the scope of their existing foreign currency supply capability, credit institutions and other organizations licensed to conduct foreign exchange activities shall satisfy foreign currency demands of residents and nonresidents for payment in current transactions, based on the actual and reasonable demand of each transaction.
Article 48.- Inspection, control and reporting
1. Credit institutions and other organizations licensed to conduct foreign exchange activities are subject to inspection, control and reporting regime provided for by the State Bank of Vietnam.
2. Responsibilities for information reported by licensed credit institutions
Licensed credit institutions shall report information on foreign exchange activities according to the following regulations:
a/ Reporting necessary information and data on foreign exchange and foreign exchange activities according to the time limits provided for in current legal documents on foreign exchange activities;
b/ Requesting customers to supply information for the gathering of data and information on foreign exchange and foreign exchange activities;
c/ Supplying information and advice on foreign exchange policies and activities for organizations and individuals in accordance with the provisions of law;
d/ Keeping secret and taking responsibility for information on the list of classified information of the banking industry.
3. Responsibilities for information reported by organizations and individuals
a/ Organizations and individuals involved in foreign exchange activities are obliged to supply information and data at the request of the State Bank of Vietnam or licensed credit institutions according to the time limits provided by current legal documents on foreign exchange activities;
b/ Organizations and individuals may request credit institutions to supply information guiding the proper implementation of policies on foreign exchange management.
Tìm kiếm
Nghị định 160/2006/NĐ-CP (Bản Word)