Circular No. 54/2024/TT-NHNN amends and supplements certain articles of Circular No. 26/2021/TT-NHNN on foreign currency transactions between the State Bank of Vietnam and credit institutions authorized to conduct foreign exchange activities. This Circular provides detailed regulations on suspending foreign currency transactions when credit institutions are subject to special control or suspended from conducting foreign exchange activities, as well as requirements for reporting foreign currency transactions through the Refinitiv system.
适用范围
The State Bank of Vietnam and credit institutions authorized to conduct foreign exchange activities.
要点
- The State Bank of Vietnam shall suspend foreign currency transactions with credit institutions in cases where credit institutions are subject to special control or suspended from conducting foreign exchange activities (Article 1, Clause 2 Article 14).
- Credit institutions authorized to conduct foreign exchange activities must report foreign currency transactions through the Refinitiv system within fifteen minutes from the completion of the transaction (Article 1, Point b Clause 1 Article 15).
- In cases where the Refinitiv system is not used, credit institutions must report foreign currency transactions within forty-five minutes (Article 1, Point b Clause 1 Article 15).
- This Circular takes effect from February 5, 2025 (Article 3).
🌐 本文件的社会影响
- Positive impact: Clear regulations on suspending foreign currency transactions help manage risks and protect national financial security.
- Negative impact: Increased transaction reporting procedures may cause inconvenience for credit institutions.
❓ 常见问题
When does the State Bank of Vietnam suspend foreign currency transactions?
The State Bank of Vietnam shall suspend foreign currency transactions with credit institutions authorized to conduct foreign exchange activities in cases where credit institutions are subject to special control or suspended from conducting foreign exchange activities (Article 1, Clause 2 Article 14).
How must credit institutions report foreign currency transactions?
If using the Refinitiv system, credit institutions authorized to conduct foreign exchange activities must report foreign currency transactions within fifteen minutes from the completion of the transaction. In cases where this system is not used, the report must be completed within forty-five minutes (Article 1, Point b Clause 1 Article 15).
When does this Circular take effect?
This Circular takes effect from February 5, 2025 (Article 3).
How are credit institutions subject to special control?
Credit institutions authorized to conduct foreign exchange activities are subject to suspension of foreign currency transactions according to the Special Control Decision (Article 1, Clause 2 Article 14).
If the Refinitiv system is not used, how can credit institutions report foreign currency transactions?
In cases where the Refinitiv system is not used, credit institutions authorized to conduct foreign exchange activities must report foreign currency transactions on the Refinitiv trading system within forty-five minutes (Article 1, Point b Clause 1 Article 15).
全文
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STATE BANK OF VIETNAM _______________ Number: 54/2024/TT-NHNN |
SOCIALIST REPUBLIC OF VIET NAM Independence – Freedom – Happiness _____________________ Hanoi, December 17, 2024 |
CIRCULAR
Amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam
guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange
Pursuant to Decree No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing the implementation of certain provisions of the Foreign Exchange Ordinance and the Ordinance amending and supplementing certain provisions of the Foreign Exchange Ordinance;
The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange.
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Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated January 18, 2024;
Pursuant to the Foreign Exchange Decree dated December 13, 2005 and the Decree Amending and Supplementing Certain Articles of the Foreign Exchange Decree dated March 18, 2013;
Article 1. Amending and supplementing certain provisions of Circular No. 26/2021/TT-NHNN dated December 31, 2021 of the Governor of the State Bank of Vietnam guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions permitted to operate in foreign exchange
Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
Upon the proposal of the Director of the Department of National Foreign Exchange Reserve Management;
"2. The State Bank shall suspend foreign exchange transactions with credit institutions permitted in cases where such credit institutions are:
b) Suspended from foreign exchange operations."
1. Amend and supplement Clause 2 Article 14 as follows:
2. Amending and supplementing Point b Clause 1 of Article 15 as follows:
a) Suspension of foreign currency transactions as provided for in the Special Control Decision;
"b) In case of using the trading system of Refinitiv, report according to the guidelines of the State Bank on the reporting process for foreign exchange transactions through the Refinitiv trading system.
From the time of completing foreign exchange transactions through the Refinitiv trading system, credit institutions permitted must report transactions conducted on the Refinitiv trading system within 15 minutes. In cases where the parties do not conduct transactions on the Refinitiv trading system, the reporting of transactions must be carried out by credit institutions permitted on the Refinitiv trading system within 45 minutes."
The Director of the Office, the Director of the National Foreign Exchange Reserve Management Department, the Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches permitted to operate in foreign exchange are responsible for organizing the implementation of this Circular.
This Circular takes effect from February 5, 2025.
Article 2. Responsibility for Implementation
As Article 2;
Article 3. Implementation Provisions
- SBV Portal;
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Place of Receipt: - - To be filed: Office, Legal Department, Foreign Exchange Management Department (05). - SBV Leadership; - Government Office; - Ministry of Justice (for verification); - Official Gazette; - The State Bank of Vietnam's online portal; - To be filed with the Office, the Anti-Money Laundering Department, and the Banking Supervision Department (05). |
DIRECTOR |
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