VCFC allowed to supply forex services

The State Bank of Vietnam (SBV) issued Document No.2557/NHNN-TTGSNH on April 6 to assert that the Vietnam Chemical Finance Joint- Stock Company (VCFC) has registered to provide foreign exchange services to its customers.

 

Accordingly, the VCFC is permitted to conduct foreign exchange services in the domestic market as follows: Spots, forwards, options, and other types of FX transactions in line with international practices; accepting deposits of one-year and above term from institutions and individuals; issuing bonds and negotiable papers; borrowing from foreign and domestic credit institutions; providing short, medium and long term loans, discount, rediscount and mortgaging of valuable papers, credit guarantee; providing trust and asset management services; acceptance and payment; authorizing other credit institutions and/or economic entities to act as agents; provision of consultancy to customers.

 

The VCFC is required to strictly comply with the SBV regulations and other relevant legal documents on forex services.

 

SBV