Ho Chi Minh City, May 28, 2025 – Vietnam Insider – In a renewed effort to stabilize its currency and reinforce regulatory control, the State Bank of Vietnam (SBV) Branch in Region 2 has issued a strong directive targeting illegal foreign exchange activities in Ho Chi Minh City.
The move comes amid growing concerns over unregulated currency trading that threatens Vietnam’s anti-dollarization agenda.
Under the new directive, foreign exchange agents are strictly limited to buying and selling foreign currencies in cash—and only with licensed credit institutions. All other transactions outside this framework are considered illegal and subject to severe penalties.
Tightened Oversight and Market Discipline
To reinforce compliance, the SBV has rolled out two official dispatches urging all licensed credit institutions and authorized exchange agents to enhance oversight and tighten internal controls.
Each foreign exchange desk must now meet a set of operational standards, including:
- Displaying official signage with the name of the authorized agent and credit institution
- Clearly listing exchange rates
- Being equipped with proper communication devices (telephone, fax)
- Maintaining records for transparency and audit readiness
Licensed institutions are expected to conduct regular and surprise inspections, ensuring agents are operating strictly within the legal framework.
No Room for Unauthorized Transactions
The SBV reiterated that foreign exchange agents may only purchase cash from individuals and resell it to approved institutions. Any form of unauthorized trading—particularly with unlicensed parties or in the informal market—is strictly banned.
Economic entities operating as agents must also adhere to stringent infrastructure and equipment requirements, fully comply with information disclosure rules, and support inspections by regulatory bodies.
Educating the Public, Protecting the Market
As part of this regulatory push, foreign exchange agents are also responsible for educating the public and tourists—guiding them to transact only at licensed locations to avoid legal and financial risks.
The directive further encourages agents to regularly update their operational manuals and implement tighter security protocols to safeguard their operations.
Why It Matters
This move signals Vietnam’s determination to curb dollarization and strengthen control over its foreign exchange market, ensuring transparency and economic stability. For foreign visitors and expats in Vietnam, it’s a clear reminder to avoid black-market currency exchanges and use only officially sanctioned agents for all money-changing needs.
The crackdown not only supports monetary policy goals but also aligns Vietnam’s financial practices with international standards—making the market safer and more predictable for everyone involved.
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Source: Vietnam Insider