State Bank of Vietnam tightens forex trading oversight

2 Comments

Vietnam draws a lot of interest from retail forex brokers lately as it is a strong economy and a large untapped market for them. Most of them still operate there just like they operate in China – through local IBs or through online marketing only however some are thinking of opening local branches, subject to regulatory limitations.

The State Bank of Vietnam (SBV) on Thursday requested foreign banks to strictly adhere to regulations on foreign currency trading activities.

Accordingly, general directors and directors at foreign banks’ branches or 100% foreign-invested banks have to observe current rules about local foreign currency management.

Document 8608/NHNN-QLNH issued by SBV says, “There are still a few foreign credit institutions and foreign banks’ branches having traded foreign currencies at exchange rates higher than the ceiling set by the central bank.”

“This badly affects the effectiveness of new policies, the stability of the foreign currency market as well as business activities of local lenders,” the document says.

To remedy the situation, banking inspection and supervision agencies will check foreign currency transactions with customers carried out via the inter-bank market at a number of foreign banks and branches.

Click here to access your latest copy of the Forex Magnates Retail Forex Industry Report.






TAGS: , , , , , , , , , , , , , , , , , ,
 

Related posts:

More information on this subject is found in the latest Forex Magnates Quarterly Report


2 Comments on this post

Trackbacks

  1. Adil Siddiqui said:

    this will shift people to either debit or credit card or other payment types e.g. liberty reserve, there is a local cash market

    November 7th, 2011 at 12:20 pm
  2. Forex Trading Indicators EA Software said:

    Vietnamese still trade with foreign brokers like fxpro, migbank, forex.com, gomarkets.. and deposit using credit card and paypal

    November 8th, 2011 at 3:44 am

We do not store your information and we do not disclose our sources.


Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):



Digital Currencies

Executive Moves

Startups & New products

Atlas ATS Virtual Book

Atlas ATS Brings Wall Street Grade Crypto-Currency Platform, and Adds Options Trading

A developer regulated as a Money Service Business with FinCen just released its new platform for digital currencies, including options on Crypto-currencies, and described it...

MtGox February Filing Withdrawn Today as Court Appoints Nobuaki Kobayashi Provisional Administrator

According to the latest filings from MtGox, the company has withdrawn its application to rehabilitate itself citing that there are no prospects to restart its...

LTC/USD Technical Analysis – 16th April 2014

Litecoin goes beyond 14 this morning, only to be pegged back with a firm bear tug. Let’s take a closer look at the current LTC/USD...

More Digital Currencies

Lloyds’ Global Head Of Spot Forex, Darren Coote Resigns

Darren Coote, the Global Head of Spot Foreign Exchange at Lloyds Banking Group Plc. has resigned from his position for personal reasons, leaving a notable...

Max Hayden

BCS Appoints Ex-BofA Merrill Lynch MD Max Hayden as Head of Business Development

The latest person to head BCS Financial Group's new business development efforts brings a nearly 30 year career holding senior roles in financial services including...

tomgav

Pete Sinisgalli Appointed New CEO at Eze Software Group, Succeeding Tom Gavin

Eze Software Group, a global provider of investment technology across all asset-classes, has announced the appointment of Pete Sinisgalli as its new CEO, succeeding Tom...

More Executive Moves

New Product Spotlight

BT Prime Extends Emerging Markets Push, Adds Thai Baht Liquidity

EM offerings are taking the stage this year, as after increased offerings of Chinese Yuan trading, we are now getting an announcement that one of the leading FX liquidity providers adds the Thai Baht.
Read more

Normann_landingNormann_logo

Sneak Peak: Meet Normann, Your Cool Headed Trading Assistant

What if your trading platform could know when you aren’t making rational decisions, and could then use that information to restrict trades from taking place that shouldn’t be made? Meet Normann.
Read more

More Startups & New Products

Forex Research

Recent Comments

Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2012 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.