How does Vietnam manage foreign currencies?

January 15, 2024

This fiat allowed residents to keep foreign currencies and give foreign currencies to others. The ordinance further prohibits residents from engaging in unregulated foreign currency trading, limiting the sale of foreign currencies to licensed banks exclusively. The rationale behind this restriction is that while foreign currencies are considered personal belongings, they are also regarded as a national resource. Despite the tight management of foreign currencies, banks in Vietnam also pump greenbacks into the economy by allowing the withdrawal of remittances. As Vietnam has managed to keep its exchange rate under control in recent times, many remittance recipients have decided to exchange foreign currencies for the Vietnamese dong.

The source of this news is from Tuoi Tre News