On November 14, 2019, the Government issued Decree 88/2019/ND-CP replacing Decree 96/2014/ND-CP stipulating penalties for administrative violations in the field of currency and banking.
Accordingly, transactions, quotations, pricing indicated in contracts in a foreign currency which fail to conform to the related laws will be subject to the fines of between VND 30 million and VND 50 million (the current fines are from VND 200 million to VND 250 million).
In addition, foreign currency trading at organizations not entitled for such operation will be sanctioned according to the following specific levels (instead of the current common fines of between VND 80 million and VND 100 million):
– Warning if foreign currency traded is valued at less than 1,000 USD;
– The fines of VND 10 million to VND 20 million if the foreign currency traded is valued at between USD 1,000 and under USD 10,000, or is valued at under USD 1,000 in case of relapse of violations;
– The fines of VND 20 million to VND 30 million if the foreign currency traded is between USD 10,000 and under USD 100,000;
– The fines of VND 80 million to VND 100,000 million if the foreign currency traded is valued at USD 100,000 or more.
The above mention fines shall be imposed on individuals. Organizations that commit the same violation shall be fined twice above level.
Decree 88/2019/ND-CP comes into force from December 31, 2019
