The State Bank of Vietnam (SBV) has proposed easing regulations governing foreign exchange agents, aiming to reduce business conditions, simplify administrative procedures and expand currency exchange services at locations frequented by international visitors.
Under a draft circular released for public consultation, the central bank plans to amend several foreign exchange management regulations related to foreign exchange services provided by non-credit institutions.
A key proposal would relax requirements for foreign currency exchange agents and allow a broader network of exchange points at hotels, tourist destinations, shopping malls, supermarkets and other venues serving large numbers of foreign visitors.
The draft also revises regulations governing agencies that exchange currencies of countries sharing land borders with Vietnam. Under the proposed changes, applications for the issuance, renewal, amendment or extension of operating certificates could be submitted in person, by post or online through the National Public Service Portal.
According to the SBV, the amendments are intended to reduce administrative burdens and compliance costs for businesses while improving access to legal foreign exchange services.
In addition, the draft introduces updated rights and obligations for authorized credit institutions and participating businesses, strengthening the regulatory framework for supervising foreign exchange services provided by non-bank entities while ensuring effective market oversight.
