Three Joint Stock Banks Okayed to Join Forex Trade

The State Bank of Vietnam has given a green light to three joint stock banks, Saigon Hanoi Bank (GHB), Nam Viet Bank (NaviBank) and Global Bank (G-bank), to run forex trading activities.

 

Accordingly, these banks are allowed to trade in foreign currencies in the domestic market; collect and open forex exchange counters; receive deposits in foreign currencies; lend foreign currency capital to domestic and foreign institutions; borrow foreign currency loans from domestic and foreign organizations.

 

In addition, these banks can make fund payment in foreign currencies such as opening overseas accounts in foreign currencies for their clients, making domestic payment in foreign currencies, guaranteeing for domestic and foreign loans and so on.

 

However, these joint stock banks have not yet permitted to trade foreign currencies with other allowed banks, make international payment, trade foreign currencies in foreign markets, trade international standard gold in domestic and international markets.