This is the main content of Circular 15 issued by the State bank of Vietnam, aiming to prevent the hoarding of foreign currencies. As defined in the circular, all foreign currency exchanges need documents showing purpose, amount, and payment period. If customers need foreign currency within 2 working days, the bank can conduct spot transactions. In case the period is longer, the bank can only sell forward foreign currency.
The circular also regulates that financial institutions are not allowed to charge fees for foreign currency exchanges. The Vietnamese Dong – USD exchange rate is determined by an agreement between the parties, but should not exceed the rate based on spot rate on the transaction day.
