The Governor of the State Bank of Vietnam (SBV) issued Decision No. 2278/QĐ-NHNN on November 15 2016 to publicize new administrative procedures and revise a number of administrative procedures under its jurisdiction.
SBV announces new and revised administrative procedures
Accordingly, the SBV is officially releasing four newly-issued administrative procedures in the forex field, including (i) The procedure for approving the fixed-term implementation of related forex operations by the Vietnam Bank for Social Policies in both the domestic and international markets; (ii) The procedure for extending the length of implementation of other forex operations by the Vietnam Bank for Social Policies in both the domestic and international markets; (iii) The procedure for approving the fixed-term implementation of other forex operations by the Vietnam Development Bank in both the domestic and international markets; (iv) The procedure for extending the length of implementation of other forex operations by the Vietnam Development Bank in both the domestic and international markets.
The SBV has announced five revisions to administrative procedures in the forex field, namely (i) The procedure for approving basic forex activities in the domestic market; (ii) The procedure for approving basic forex activities in the international market; (iii) The procedure for approving the fixed-term implementation of other forex activities in both the domestic and international markets; (iv) The procedure for extending the duration of the implementation of other forex activities in both the domestic and international markets; (v) The procedure for transforming forex activities.
These procedures are specified in Circular No. 28/2016/TT-NHNN dated October 5 2016, to revise a number of articles in Circular No.21/2014/TT-NHNN, dated August 14 2014, on guiding the scope, conditions, and procedures for the forex operations of credit institutions and foreign bank branches.
The Decision took effect from November 18, 2016 and, accordingly, Decision No. 2113/QĐ-NHNN (dated October 21 2014), is no longer in effect.
The specific details of the aforesaid administrative procedures have been posted on the Public Service Column of the SBV portal.
Le Hang