Conference talks foreign exchange in Vietnam-China border trade
A conference discussing the management of foreign exchange activities in Vietnam-China border trade took place in the northern mountainous province of Lao Cai on May 26
Lao Cai (VNA) – Aconference discussing the management of foreign exchange activities inVietnam-China border trade took place in the northern mountainous province ofLao Cai on May 26
The event underscored the need toamend Decree 89/2016/ND-CP stipulating requirements for foreign currencyexchange agents and payment services of economic organisations, and the draftCircular in place of Decision No.689.2004/QD-NHNN on payment regulations intrade of goods and services in border areas and border economic zones betweenVietnam and China.
Nguyen Ngoc Canh, Director of theState Bank of Vietnam (SBV)’s Foreign Currency Management Department, expressedconcern over shortcomings in the management of Chinese yuan exchange,particularly in border areas.
Licensing requirements forindividual foreign exchange desks remain too simple, resulting in their massivepresence that makes it hard for the State management, he said, adding that itis necessary to issue particular conditions and requirements to ensure closecontrol and effectively uphold the use of currencies of border-sharingcountries.
The draft amended decree rulesthat individual foreign exchange desks could continue their activities withinone year since the decree takes into force. After such duration, they mustapply for business establishment so that the SBV could consider licensing theircurrency exchange activities.
Meanwhile, the draft circular alsorevokes regulations on licensing the collection of Chinese yuan in cash forduty-free shops and providers of services for foreigners.-VNA
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Illustrative image (Source: VNA) 
