On August 29, 2023, the Governor of the State Bank of Vietnam (SBV) issued Decision No. 1635/QD-NHNN on a timed approval for ANZ Bank (Vietnam) Limited (ANZVL) to conduct other foreign exchange operations. This Decision took effect from the date of signing.
Specifically, the SBV Governor has permitted ANZVL, established and operating under License No. 110/GP-NHNN dated November 9, 2018, to carry out a number of foreign exchange operations, specifically as follows:
Names of operations, products or groups of products:
+ Conducting forex forward trading and foreign currency swaps with the ANZ Banking Group (including its headquarters, branches and subsidiaries overseas) in the international markets with the aim of supporting the foreign currency liquidity for ANZVL;
+ Conducting forex forward trading and foreign currency swaps with the ANZ Banking Group (including its headquarters, branches and subsidiaries overseas) in the international markets with the aim of preventing and limiting risks on the banking balance sheets of ANZVL;
+ Conducting forex forward trading and foreign currency swaps with the ANZ Banking Group (including its headquarters, branches and subsidiaries overseas) in the international markets with the aim of preventing and limiting risks for transactions that ANZVL has concluded and implemented with authorized domestic credit institutions.
Duration of implementation: two (02) years from the effective date of this Decision.
The Decision also clearly states that ANZVL shall:
+ formulate and take responsibility for the substances of its internal regulations on its operational procedures and the risk management process for its forex operations. ANZVL shall only be allowed to conduct the above-mentioned forex operations after having formulated its internal regulations on its operational procedures, and shall conduct these forex operations in line with the formulated internal operational procedures. All transactions shall be monitored and managed in line with the applicable regulations on internal controls and audit.
+ when carrying out the above-mentioned foreign exchange operations, ANZVL is required to comply with the applicable regulations on forex management and other relevant laws.
Le Hang