Illegal buying and selling of USD in Vietnam will be severely punished

This is one of the fines proposed by the State Bank in the Draft (3rd) Decree on administrative sanctions for violations in the monetary and banking sector, which is being consulted. The amendment and supplement to Decree 88/2019/ND-CP is to comply with the Law on Credit Institutions 2024 and current legal documents.

Specifically, Article 27 of the draft revised decree stipulates that acts of buying and selling foreign currency between individuals or at organizations not authorized to exchange foreign currency, with a value of less than 1,000 USD (or equivalent foreign currency), will be subject to a warning. Similarly, payment for goods and services in foreign currency below this level in violation of regulations will also be handled.

Accordingly, a fine of 10 - 20 million VND will be imposed on the act of buying and selling foreign currency between individuals; buying and selling foreign currency at an organization not permitted to exchange foreign currency where the foreign currency bought and sold has a value from 1,000 USD to less than 10,000 USD (or other foreign currency of equivalent value)...

Notably, the fine will increase according to the value of the foreign currency violated. Specifically, the highest fine is from 80 to 100 million VND for the purchase and sale of foreign currency from 100,000 USD or more (or equivalent foreign currency) between individuals or at organizations that are not allowed to exchange. Payment in foreign currency with equivalent value will also be subject to this fine if not in compliance with regulations.

Illegal buying and selling of USD in Vietnam will be severely punished

In addition, the draft also proposes a maximum fine of up to VND200-250 million for violations in the foreign exchange sector, such as importing and exporting foreign currency in cash, Vietnamese Dong in cash not in accordance with regulations, and conducting foreign exchange activities without a license.

In addition to fines, additional penalties are also clearly stipulated. For example, confiscation of foreign currency or Vietnamese currency related to the violation; suspension of foreign exchange activities for 3 to 6 months for credit institutions and foreign bank branches that violate the law.

Acts related to posting foreign exchange rates in violation of regulations, such as not posting or posting unclearly, causing confusion to customers, will also be punished accordingly.

The State Bank said that the amendment and supplement to Decree 88/2019/ND-CP aims to update it in accordance with the Law on Credit Institutions 2024 and current legal regulations. The goal is to ensure that the penalties are sufficiently deterrent, while contributing to improving the effectiveness of management and law enforcement in the monetary and banking sector.

Source: https://nld.com.vn/mua-ban-usd-trai-phep-tai-viet-nam-se-bi-phat-nang-19625052014360134.htm