Documents, order and procedures for applying for certificate of foreign currency exchange agent registration

In the context of increasingly deep international integration and the rising demand for foreign exchange transactions, the establishment and operation of foreign exchange agencies play a role in providing diverse financial services to the community. However, to operate legally and transparently, the process of obtaining a Currency Exchange Agent Registration Certificate is a complex procedure that requires compliance with legal regulations. 

1. Activities of foreign exchange agents 

Foreign currency exchange agents may only operate by buying foreign currency cash from individuals using Vietnamese dong, and not selling foreign currency cash to individuals for Vietnamese Dong or other foreign currency, except in the case of foreign currency exchange agents located at isolated areas at international border gates selling foreign currency cash for Vietnamese Dong to individuals returning to their country carrying a foreign passport issued by the competent authority of the foreign country5. 

2. Conditions for issuance of a Currency Exchange Agent Registration Certificate 

Conditions for economic organizations to be considered for and granted Currency Exchange Agent Registration Certificate by the State Bank of Vietnam6 include: 

a. Having a foreign exchange agent located at one or more locations as follows: 

• Tourist accommodation establishments ranked at least 3 stars by a tourism authority;
• International checkpoints (road, air, water);
• Prize gaming facilities for foreigners which are licensed as prescribed by law;
• Ticket offices of the airlines, maritime, foreign travel, and international ticket offices of Vietnam airlines;
• Tourist areas, shopping centers, supermarkets with foreigners visitors and shoppers.

b. The procedures for foreign exchange operations must be available; methods for ensuring security and safety during the foreign exchange process must be adopted; the notice of exchange rates and the signboard specifying the name of the authorizing credit institution and the name of the foreign exchange agent must be available at the transaction location. 

c. Authorized by a credit institution to act as a foreign currency exchange agent. 

d. An economic organization is allowed to act as the foreign exchange agent for only one licensed credit institution. 

3. Dossier components  

The dossier for requesting approval for registration as a foreign exchange agent7 includes: 

• An application form for foreign exchange agent registration (according to the form issued with these Regulations);
• Economic organization’s written commitments to comply with the Government regulations on foreign exchange agent’s office location; and a commitment to perform as the foreign exchange agent of only one permitted credit institution;
• Copies of documents certifying the lawful establishment and operation;
• Report on the organization’s equipment with full public exchange rate display boards, signboard with the name of the authorized credit institution and of the foreign currency exchange agent;
• Foreign exchange procedures;
• Copy of the foreign exchange agent contract signed with the authorized credit institution.

4. Procedures 

The economic organization sends 01 dossier by post or directly to the branch of the State Bank of the province where the foreign exchange agent is located8. 

The time limit for processing the dossier is 30 days from the date the State Bank received a complete and valid dossier. 

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