The Governor of the State Bank of Vietnam (SBV) issued Decision No. 397/QD-NHNN on March 14, 2018 on a time approval of the Joint-stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)’s providing other forex services. This Decision shall be valid for two years starting from the date of signature.
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Accordingly, the SBV Governor permits Vietcombank to establish and operate in line with its License No. 138/GP-NHNN dated May 23, 2008, and to provide the following forex services: foreign currency swaps with foreign banks for the purpose of supporting Vietcombank’s foreign currency liquidity; FX forward and swaps with foreign banks aiming at preventing risks for Vietcombank’s transactions which have been carried out with domestic licensed credit institutions; FX options with foreign banks, aiming at preventing risks for Vietcombank’s transactions which have been implemented with clients and licensed credit institutions in the domestic market in accordance with applicable laws.
The validity of the permit for Vietcombank’s provision of other forex services as mentioned above is two years.
Vietcombank is required to formulate and be self-responsible for all substances of its internal regulations on operational processes and the process of risk management for forex services stated in this Decision. Vietcombank is allowed to provide the above mentioned forex services only after it has completed the formulation of internal regulations on operational processes and shall be required to perform forex activities in compliance with the formulated internal processes. All of the transactions must be controlled in accordance with applicable regulations on inspection, internal control and audit.
When providing the above mentioned forex operations, Vietcombank is required to comply with the applicable laws on forex management and other relevant laws and regulations.
Le Hang