In accordance with the Circular No. 15/2015/TT-NHNN dated October 02, 2015 of the State Bank of Vietnam guiding on foreign exchange transactions of Credit Institutions that are permitted to engage in foreign exchange transactions, parties shall decide on payment of transaction for spot transaction, spot transaction on swap transaction but it must not exceed two working days since the transaction is performed.

bank-lawPayment of transaction forward transaction, forward transaction on swap transaction is the last day of the transaction term; if the date of payment is on the weekend or holidays, it shall be the following day. Customers’ proposals of using Vietnam dong to purchase foreign currency before due date shall follow documents from 3 working days or more, permitted credit institutions shall only sell forward foreign currencies.

Also in accordance with this Circular, when permitted credit institutions perform foreign currency transactions with other permitted credit institutions, they shall not be required to present documents to prove the purpose of using foreign currency. Permitted credit institutions when performing foreign currency transactions with customers shall consider, supervise, save documents used in the transactions to ensure that foreign currency transactions are performed in accordance with purposes and the law.

This Circular takes effect on October 05, 2015.

 

Source: LuatVietnam