The State Bank of Vietnam (SBV) has recently taken a series of measures to tighten its management of the foreign exchange and gold markets. In an official dispatch sent to the Ministries of Finance, Public Security, and Industry and Trade, the SBV requested support in enforcing regulations and cracking down on illegal activities in these markets.

One of the key measures outlined in the dispatch is the coordination between the State Bank and the relevant ministries to strengthen market management. This involves implementing measures to strictly handle violations of the law in business activities related to foreign exchange and gold services.

The focus is on activities such as foreign currency exchange, money transfer, remittance payments for illegal gold transactions, and buying and selling of gold bars without proper licensing.

In addition to these measures, the SBV has also called for organizations involved in buying and selling gold to strictly apply electronic invoices in their transactions. This move aims to improve transparency and enhance the effectiveness of supervision and administration in the gold market, ensuring its safe and effective operation.

Furthermore, the State Bank has urged the ministries to cooperate in providing information on cases of smuggling and illegal transportation of foreign currency and gold across the border.

This cooperation is essential for the prompt deployment of an effective market management plan for foreign exchange and gold.

At the local level, the directors of State Bank branches in provinces and cities have been instructed to strengthen their understanding of regulations and to request credit institutions and businesses to comply with relevant legal regulations on foreign exchange and gold business management.

They are also urged to coordinate with local authorities to enhance inspection and supervision to crack down on violations of the law in these areas.

The State Bank has also called upon the People’s Committees of provinces and cities to increase the dissemination and thorough understanding of the laws related to foreign exchange and gold management.

This includes providing guidance on the urgent issues of managing operations in these markets, as directed by the Government and the Prime Minister.

These measures reflect the SBV’s commitment to ensuring the stability and integrity of the foreign exchange and gold markets in Vietnam.

By tightening its management and enforcement efforts, the SBV aims to create a more transparent and secure environment for businesses and individuals involved in these markets.

It is important for all stakeholders, including businesses, financial institutions, and individuals, to be aware of and comply with the regulations set forth by the State Bank and other relevant authorities.

Adhering to these regulations not only ensures legal compliance but also contributes to the overall stability and integrity of the foreign exchange and gold markets.

In conclusion, the recent measures taken by the State Bank of Vietnam underscore the importance of effective market management and enforcement in the foreign exchange and gold sectors.

By collaborating with relevant ministries and local authorities, the SBV aims to create a more secure and transparent environment for these markets, ultimately benefiting businesses, individuals, and the overall economy.

Compliance with regulations is crucial for maintaining the stability and integrity of these markets, and all stakeholders are encouraged to play their part in upholding these standards.