Press Release on issuance of Circular No.15/2019/TT-NHNN
Hanoi, October 11, 2019 – The Governor of the State Bank of Vietnam (SBV) issued Circular No. 15/2019/TT-NHNN amending and supplementing a number of legal documents related to the dossiers and administrative procedures in the field of forex management.
The issuance of the new Circular is aimed at simplifying the dossiers and administrative procedures for forex management in order to ensure uniformity and consistency with Decree No.16/2019/ND-CP of the Government dated February 1, 2019 amending and supplementing a number of Articles of the Decrees regulating the business conditions within the SBV’s jurisdiction, and Circular No.17/2018/TT-NHNN of the SBV Governor dated August 14, 2018 amending and supplementing a number of articles of the Circulars regulating the licensing, operational networks and forex activities of the credit institutions and the foreign bank branches.
The new Circular is composed of 7 Articles as follows:
Article 1, amending and supplementing a number of Articles in the Regulations for Foreign Exchange Agents issued in Decision No.21/2008/QD-NHNN dated July 11, 2008 of the SBV Governor. Specifically, supplementing Paragraph 3 about the operational principles of forex agents to Article 4; amending and supplementing Item d of Paragraph 1 and Item c of Paragraph 2 of Article 7; abolishing Item dd of Paragraph 1 of Article 7.
Article 2, amending and supplementing a number of Articles of Circular No.34/2015/TT-NHNN dated December 31, 2015 of the SBV Governor providing guidance for the services of receiving and paying in foreign currencies; specifically, amending and supplementing Item d of Paragraph 3 of Article 11; abolishing Item dd of Paragraph 1 of Article 11 and Item d of Paragraph 1 of Article 14.
Article 3, amending and supplementing a number of Articles of Circular No.21/2014/TT-NHNN dated August 14, 2014 of the SBV Governor providing guidance for the scope of forex activities, the conditions, the sequences, and the procedures for approving of forex activities of the credit institutions and the foreign bank branches; specifically, amending and supplementing Item a of Paragraph 2 of Article 26, Item b of Paragraph 3 of Article 29 and Item b of Paragraph 3 of Article 29a.
Article 4, amending and supplementing a number of Articles of Circular No.10/2016/TT-NHNN dated June 29, 2016 of the SBV Governor providing guidance for several substances as stipulated in Decree No.135/2015/ND-CP dated December 31, 2015 of the Government regulating the overseas indirect investments; specifically, amending and supplementing Item b of Paragraph 1 of Article 13 and Item b of Paragraph 1 of Article 15; abolishing Items e and g of Paragraph 1 of Article 13, Item e of Paragraph 1 of Article 15.
Article 5, abolishing Items 3 and 6 of Article 1 of Circular No.11/2016/TT-NHNN dated June 29, 2016 of the SBV Governor amending and supplementing a number of legal documents on the services of receiving and paying in foreign currencies, the operations of the forex agents and individual forex stalls.
Articles 6 and 7, responsibilities for implementation and enforcement.
The new Circular shall take effect on November 25, 2019.
Translated by Le Hang