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Hanoi tightens up offshore remittances

Hanoi tightens up offshore remittances

(Vietnam) - The Governor of the State Bank of Vietnam is now requiring its city and provincial branches to tighten control over capital withdrawals and remittance of funds in foreign loan repayments of businesses and commercial banks. The Central Bank had previously required businesses to report foreign lending and repayment transactions, after the event, but many have reportedly ignored such reporting requirements, including many of the commercial banks.

Influencing national monetary policies is proving difficult as a result and violators of these new requirements will be hit with administrative fines in future.
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