Incentives in the Banking and Foreign Exchange Management Sector
- The VIFC Da Nang Executive Agency grants licenses for the establishment and operation of banks and foreign bank branches at VIFC Da Nang. Licensing time: 60 days.
- Member banks operate similarly to commercial banks and foreign bank branches in Vietnam. In cases where new operations are needed but not yet regulated, the Executive Agency will provide guidance after consultation with the State Bank of Vietnam.
- Member banks, including foreign bank branches, are allowed to apply international accounting standards according to the policies of their owners and parent banks.
- Application of anti-money laundering reporting according to international transaction standards.
- Liberalization of foreign exchange management:
- Allows listing, quoting, pricing, and trading in foreign currencies within VIFC Da Nang;
- Members with 100% foreign capital do not need to register loans/lending and do not need to register foreign exchange transactions when investing abroad.
