On 30 December 2022, the SBV Governor issued Circular 23/2022/TT-NHNN amending and supplementing certain articles of legislative documents to create the hierarchy handling administrative procedures in foreign exchange management. Accordingly, the authorization for foreign currency operations is as follows:
– The SBV Governor has the authority to approve, to approve the extension of foreign exchange operations for the following subjects:
+ Commercial banks, cooperative banks, policy banks, general finance companies, factoring finance companies, consumer finance companies, finance leasing companies;
+ Foreign bank branches being subject to inspection, micro-safety inspection and supervision by the banking inspection and supervision agency.
– Directors of SBV branches in provinces and national central cities have the authority to approve, to approve the extension of foreign exchange operations for foreign bank branches of which head office is located within such provinces or cities, except for foreign bank branches being subject to inspection, micro-safety inspection and supervision by the banking inspection and supervision agency
Circular 23/2022/TT-NHNN takes effect from 15 February 2023.