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THE GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No. 89/2016/ND-CP
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Hanoi, July 1,
2016
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DECREE
ON REQUIREMENTS
APPLICABLE TO BUSINESS ENTITIES ACTING AS CURRENCY EXCHANGE AGENTS OR PROVIDING
FOREIGN CURRENCY RECEIPT AND PAYMENT SERVICES
Pursuant to Law on Organization of the
Government dated June 19, 2015;
Pursuant to the Law on the State bank of Vietnam
dated June 16, 2010;
Pursuant to the Law on credit institutions dated
June 16, 2010;
Pursuant to the Law on employment dated November
26, 2014;
Pursuant to the Ordinance on Foreign Exchange
dated December 13, 2005 and the Ordinance on amendments to the Ordinance on
Foreign Exchange dated March 18, 2013;
At the request of the Governor of the State bank
of Vietnam;
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Article 1. Scope
This Decree deals with requirements applicable to
business entities that act as currency exchange agents; and to business
entities that provide foreign currency receipt and payment services, including
direct receipt and payment of foreign currency and currency payment agents
Article 2. Regulated entities
1. Business entities acting as currency exchange
agents.
2. Business entities providing foreign currency
receipt and payment services.
3. Other organizations and individuals that are
related to the currency exchange agents, foreign currency receipt and payment
services.
Article 3. Interpretation of terms
For the purposes of this Decree, these terms below
shall be construed as follows:
1. Licensed credit institutions are banks, non-bank
credit institution and branches of foreign banks that are licensed to trade in
and provide foreign exchange services as prescribed by law.
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3. Business entities (excluding credit
institutions) are organizations that are established and operate in accordance
with Vietnamese law, including enterprises, cooperatives, cooperatives unions
and other organizations doing businesses.
Article 4. Requirements pertaining to business
entities acting as currency exchange agents
An business entity is entitled to act as a currency
exchange agent only after it is issued with a certification of registration of
currency exchange agent by the State bank of Vietnam. Requirements for issuance
of a certification of registration of currency exchange agent to a business
entity by the State bank of Vietnam:
1. It is established or registered in accordance
with Vietnamese law.
2. It has its currency exchange agent located in
one or more of the following locations:
a) Tourist accommodation establishments ranked at
least 3 stars by a tourism authority;
b) International checkpoints (road, air, water);
c) Prize gaming facilities for foreigners which are
licensed as prescribed by law;
d) Ticket offices of the airlines, maritime,
foreign travel, and international ticket offices of Vietnam airlines;
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3. It has facilities that satisfy the following
operational requirements of the currency exchange agent:
a) There is a separate transaction area
(transaction room(s) or counter(s) not associated with other business
activities, only for currency exchange services);
b) The transaction area must have adequate working
equipment, at least including telephones, fax machines, safes, public exchange
rate bulletin, signs stated the name of authorizing credit institution and name
of currency exchange agent.
4. Each staff member who directly works in the
currency exchange agent must have a document certifying that he/she has been
trained in recognition of real or fake foreign currencies that is issued by the
authorizing credit institution.
5. It has established currency exchange procedures;
measures to ensure security and safety in the process of currency exchange.
6. It is authorized by the credit institution to
act as a currency exchange agent.
7. A business entity may only acts as a currency
exchange agent for an authorizing credit institution and the business entity
may agree to set currency exchange agent at one or multiple locations in the
area where the organization has its head office or branch located.
Article 5. Requirements pertaining to business
entities providing direct foreign currency payment services
1. Requirements applicable to a business entity for
approval for direct foreign currency payment services granted by the State bank
of Vietnam:
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b) It has equipment and facilities that satisfy the
requirements for foreign currency payment services such as: Computers,
telephones, fax machines;
c) There is an agreement on foreign currency
payment services concluded with foreign partners;
d) There is a plan for foreign currency payment
services bearing the signature of the legal representative.
2. Requirements applicable to a business entity for
extension of approval for direct foreign currency payment services granted by
the State bank of Vietnam:
a) It satisfies the requirements prescribed in
Clause 1 of this Article;
b) The approval for direct foreign currency payment
services remains valid at least 30 days before the submission date;
c) It does not violate reporting regulations as
prescribed by the State bank of Vietnam in at least 4 quarters from the date on
which the approval for direct foreign currency payment services or the
extension of approval for direct foreign currency payment services is granted.
Article 6. Requirements pertaining to business
entities acting as foreign currency payment agents
1. Requirements applicable to a business entity for
approval for registration of foreign currency payment agent granted by the
State bank of Vietnam:
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b) It has equipment and facilities that satisfy the
requirements pertaining to foreign currency payment agent: Computers, telephones,
fax machines;
c) It is authorized by the credit institution to
act as a foreign currency payment agent.
2. Requirements applicable to a business entity for
extension of approval for foreign currency payment agent granted by the State
bank of Vietnam:
a) It satisfies the requirements prescribed in
Clause 1 of this Article;
b) The approval for registration of foreign
currency payment agent remains valid at least 30 days before the submission
date;
c) It does not violate reporting regulations as prescribed
by the State bank of Vietnam in at least 4 quarters from the date on which the
approval for registration of foreign currency payment agent or the approval for
extension of direct foreign currency payment agent is granted.
Article 7. Implementation
1. This Decree comes into force from July 1, 2016.
2. The Governor of the State bank of Vietnam,
Ministers, Heads of ministerial-level agencies, Heads of Governmental agencies,
the Presidents of the People’s Committees of central-affiliated cities and provinces
and relevant organizations or individuals shall implement this Decree./.
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ON BEHALF OF
THE GOVERNMENT
PRIME MINISTER
Nguyen Xuan Phuc