State Bank of Vietnam Region 13 has issued an instruction letter requiring branches of commercial banks authorised to conduct foreign exchange business in its area to strengthen controls and accountability to prevent potential breaches of foreign exchange rules. The measures call for banks to promptly update and fully implement applicable foreign exchange regulations across activities including foreign currency receipts and payments, currency exchange, external borrowing and debt repayment, payments and outward remittances, and direct and indirect investment. Banks are required to adhere strictly to internal control procedures and strengthen oversight and retention of complete transaction files and supporting documents to ensure foreign exchange transactions are conducted for the correct purpose and in line with legal requirements. The letter also asks banks to enhance staff training on professional skills and ethics, deal strictly with any facilitation or collusion in illegal foreign currency trading, and strengthen communication and guidance for agents and customers to support compliance with foreign exchange management rules.
State Bank of Vietnam 2025-06-02
State Bank of Vietnam Region 13 instructs licensed bank branches to tighten foreign exchange controls and compliance
The State Bank of Vietnam Region 13 has instructed commercial bank branches to enhance controls and accountability to prevent breaches of foreign exchange rules. Banks must update and implement foreign exchange regulations, adhere to internal controls, and ensure proper transaction documentation. The directive also emphasizes staff training, strict action against illegal trading, and improved communication with agents and customers.