Proposed Fines for Foreign Currency Trading in Vietnam
The State Bank of Vietnam has proposed a range of fines for violations in foreign currency trading, as outlined in the latest draft of the decree on administrative sanctions in the monetary and banking fields. The amendments to Decree 88/2019/ND-CP aim to align with the Law on Credit Institutions of 2024 and current legal documents.
Specifically, Article 27 of the draft decree stipulates that the act of buying and selling foreign currencies between individuals or at unauthorized organizations, with a value of less than 1,000 USD (or equivalent in other currencies), shall be subject to a warning. Similarly, making payments for goods and services in foreign currencies below this threshold without following regulations will also be penalized.
A monetary fine of 10 to 20 million VND will be imposed on the act of buying and selling foreign currencies between individuals or at unauthorized organizations, with a value ranging from 1,000 USD to less than 10,000 USD (or equivalent in other currencies)…
Notably, the fine amount will increase according to the value of the violated foreign currency. Specifically, the highest fine, ranging from 80 to 100 million VND, will be applied to cases of buying and selling foreign currencies of 100,000 USD or more (or equivalent in other currencies) between individuals or at unauthorized organizations. Making payments in foreign currencies of equivalent value without complying with regulations will also incur this fine.
Illegal USD trading in Vietnam will incur heavy fines
Additionally, the draft also proposes a maximum fine of 200 to 250 million VND for violations in the foreign exchange field, such as importing and exporting foreign currencies and Vietnamese cash without proper authorization or engaging in foreign exchange activities without a license.
Supplementary penalties are also clearly defined, including the confiscation of the foreign currencies or Vietnamese cash involved in the violation and the suspension of foreign exchange activities for 3 to 6 months for violating credit institutions and branches of foreign banks.
Offenses related to the display of foreign exchange rates that do not comply with regulations, such as failing to display or displaying unclear and misleading rates, will also be subject to corresponding penalties.
The State Bank of Vietnam stated that the amendments to Decree 88/2019/ND-CP aim to ensure alignment with the Law on Credit Institutions of 2024 and current legal regulations. The goal is to ensure that the sanctions are deterrent enough while contributing to improved management and enforcement of laws in the monetary and banking sectors.
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