Decision No. 21/2008/QD-NHNN dated July 11, 2008 of the State Bank of Vietnam issuing the Regulation on foreign exchange agents

THE STATE BANK OF VIETNAM

DECISION No. 21/2008/QD-NHNN OF JULY 11, 2008, ISSUING THE REGULATION ON FOREIGN EXCHANGE AGENTS

THE STATE BANK GOVERNOR

Pursuant to the 1997 Law on the State Bank of Vietnam and the 2003 Law

Amending and Supplementing a Number of Articles of the Law on the State Bank of Vietnam;

Pursuant to the 2005 Ordinance on Foreign Exchange;

Pursuant to the Government’s Decree No. 160/2006/ND-CP of December 28, 2006, detailing the implementation of the Ordinance on Foreign Exchange;

Pursuant to the Government’s Decree No. 52/2003/ND-CP of May 19, 2003, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the director of the Department for Foreign Exchange Management,

DECIDES:

Article 1.- To issue together with this Decision the Regulation on foreign exchange agents.

Article 2.- This Decision takes effect 15 days after its publication in “CONG BAO” and replaces the State Bank Governor’s Decision No. 1216/2003/QDNHNN of October 9, 2003, promulgating the Regulation on operation of foreign exchange counters.

Article 3.- The director of the Office, the director of the Department for Foreign Exchange Management, heads of concerned units under the State Bank, directors of the State Bank’s branches in provinces and centrally run cities, general directors (directors) of credit institutions licensed to provide foreign exchange services, organizations acting as foreign exchange agents, and concerned individuals shall implement this Decision. 
State Bank Governor.

NGUYEN VAN GIAU

REGULATION ON FOREIGN EXCHANGE AGENTS 

(Issued together with the State Bank Governor’s Decision No. 21/2008/QDNHNN of July 11, 2008)

Chapter I
GENERAL PROVISIONS

Article 1.- Governing scope

1. This Regulation governs foreign exchange activities of organizations acting as foreign exchange agents for credit institutions licensed to provide foreign exchange services (below referred to as licensed credit institutions) in the territory of the Socialist Republic of Vietnam. 
2. Foreign exchange activities of licensed credit institutions comply with regulations of general directors (directors) of those institutions in accordance with regulations on operation networks of credit institutions. 
3. The conversion of currencies of countries bordering on Vietnam complies with the provisions of other legal documents and is not governed by this Regulation.

Article 2.- Subjects entitled to act as foreign exchange agents Economic organizations of all economic sectors (below referred to as organizations) which fully satisfy the conditions set out in Article 5 of this Regulation may act as foreign exchange agents for licensed credit institutions on the basis of foreign exchange agency contracts between the two parties. Foreign exchange agents may start operation only after being granted foreign exchange agent-registration certificates by the State Bank’s branches in provinces or centrally run cities (below referred to as the State Bank’s provincial/municipal branches).

Article 3.- Locations of foreign exchange agents

1. Tourist accommodation establishments (including hotels, high-class resorts...) which are graded three stars upwards by the state management agency in charge of tourism;

2. International (road, airway, waterway) border gates;

3. Recreation and entertainment centers which organize prized games exclusively for foreigners;

4. Air ticket offices of foreign airlines, shipping lines or tourism agencies and international air-ticket offices of Vietnamese airlines;

5. Tourist sites, trade centers and supermarkets with many foreign visitors and customers.

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