Is forex trading legal in Vietnam? The ban on foreign exchange trading in Vietnam was once introduced to manage the change charge of the Vietnamese dong. The Vietnamese dong has historically been plagued by inflation and so, as foreign exchange buying and selling influences the price of a currency, the State Bank of Vietnam decided to prohibit the practice.
Fortunately, the SBV did not restrict buying and selling with reputable offshore forex brokers. With these brokers, you nonetheless cannot change the Vietnamese dong, but you will have to get entry to interesting buying and selling opportunities.
How is foreign exchange trading regulated in Vietnam? The State Bank of Vietnam is the essential economic regulatory physique in the country. It is classed as a ministerial organization of the government and performs countless functions, including:
- Managing monetary and banking activities, including foreign exchange
- Issuing money
- Acting as the bank of credit institutions
- Providing monetary services for the government
- Managing public services under the jurisdiction of the SBV
The SBV claims that its operations are aimed at stabilizing the value of the Vietnamese dong, ensuring the safety of banking operations and credit institutions, ensuring the safety and efficiency of the national payment system, and contributing to the country’s socio-economic development.