In a draft circular, the State Bank of Vietnam proposed simplifying procedures for foreign exchange agents and expanding where they can operate.
The proposal would allow exchange agents to operate at hotels, border gates, tourist sites, pedestrian streets, shopping centres and supermarkets.
The draft would also ease documentation requirements for businesses seeking to operate as foreign exchange agents, as part of efforts to cut red tape.
Authorised banks would be allowed to select their own exchange-agent partners and establish criteria for cooperation, while remaining responsible for staff training, software provision and oversight of exchange operations.
Exchange agents would be required to display exchange rates, keep transaction records and issue receipts, while reporting any counterfeit or invalid foreign currency.
