Strict Punishments on Forex Violations

Minister of Industry and Trade Vu Huy Hoang has recently signed a decision to regulate foreign exchange management and requested its affiliates to immediately carry out their tasks to avoid complication of forex market.

 

Accordingly, the Market Management Department will instruct local market watchdogs to examine and regulate forex rules: Illegal foreign exchange activities, advertisement, quotation, and dealing. Violators will be imposed heavy punishments stated in the Government’s Decree No. 107/2008/ND-CP dated September 22, 2008.

 

The department will work with market authorities in Hanoi and Ho Chi Minh City to execute this policy, cooperate with inspectors from the central bank to inspect forex activities, advertisement and quotation.

 

The Trade Promotion Agency is responsible for instructing provincial/municipal market authorities to examine the compliance of foreign exchange activities.