Circular on foreign exchange business
Source: 26-APR-2008 Intellasia | Sao Viet
Apr 26, 2008 - 7:00:00 AM State Bank of Vietnam (SBV) recently issued a circular guiding trading foreign exchange services in credit organisations.

Under it, credit organisations, which want to be licensed to operate in foreign exchange business field in domestic market, must ensure that their business is profitable for the first year after registering to start operation and for three latest years if these credit organisations want to operate in the international market.

Before carrying out foreign exchange services, credit organisations must build transaction process, risk management methods and strict internal control measures.

The circular will take effect after 15 days as being gazetted.

[Circular No 03/2008/TT-NHNN dated on April 11, 2008]

The Ministry of Industry and Trade recently issued a circular to modify the Circular No 09/2007/TT-BTM guiding implementing the Decree No 23/2007/ND-CP that detailed Trade Law on buying and selling goods and other relevant activities in foreign-invested firms in Vietnam.

Under it, foreign-invested firms that were licensed to carry out import right but not yet have right to distribute are allowed to sell these imported goods to legal distributors.

Quarterly, before the 15th of the first month of next quarter, these foreign-invested firms must make report on their selling to authorities.

The circular will take effect after 15 days as being gazetted.

[Circular No 05/2008/TT-BCT dated on April 14, 2008]