Press release on issuance of Circular No. 04/2023/TT-NHNN
Hanoi, June 16, 2023 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 04/2023/TT-NHNN regulating the operations of the money exchange agents for the currency of a country sharing the border with Vietnam.
The issuance of Circular No. 04/2023/TT-NHNN is aimed to provide guidance for the substances related to the operations of the money exchange agents for the currency of a country sharing the border with Vietnam as stated at Paragraph 1 of Article 5 of Decree No. 23/2023/ND-CP dated May 12, 2023 of the Government amending and supplementing a number of Articles of Decree No. 89/2016/ND-CP dated July 01, 2016 of the Government on the conditions for a business entity to act as a foreign exchange agent, or to provide foreign currency receipt and payment services, and Decree No. 88/2019/ND-CP dated November 14, 2019 of the Government on the administrative sanctions against the violations in the monetary and banking sector.
The new Circular comprises of 10 Articles with the following main substances:
Article 1 and Article 2 on the Scope of application and the Subjects of application.
Article 3, Article 4 and Article 5 provide regulations on the Scope of operations of a money exchange agent for the currency of a country sharing the border with Vietnam; regulations on the sale of the currency of a country sharing the border with Vietnam to a foreign individual upon their departure from Vietnam; the timelines for the sale of the foreign currency, and the authorized balance of the currency of a country sharing the border with Vietnam of a money exchange agent.
Article 6, Article 7 and Article 8 provide regulations on the responsibilities of a money exchange agent for the currency of a country sharing the border with Vietnam; the responsibilities of an authorized credit institution; the responsibilities of the SBV provincial branch in the bordering province for the issuance of the Certificate of Registration of a money exchange agent for the currency of a country sharing the border with Vietnam, as well as for the inspection, examination and supervision activities.
Article 9 and Article 10 provide regulations on the Reporting mechanism and the Enforcement.
The new Circular will take effect on August 01, 2023.
Translated by LK.