Bank inspectors in Hanoi have fined two companies and a university for violating regulations in foreign currency trading and payments.
Ngoc Long Gold Trading Company on Xa Dan Street in Dong Da District was fined VND100 million (US$4,800) for illegally trading over US$12,000, which amount was confiscated by the authorities. Ngoc Long was also asked to sell US$10,000 to a foreign currency licensed unit.
My Phuong Gold Trading private Company on Cat Linh Street was fined VND50 million ($2,400) after selling $1,000.
The two companies were asked to sell their foreign currency to licensed commercial banks.
While FPT University was fined VND500 million (US$24,000) for charging tuition fees in US$ thus violating the Government’s decision as per 95 article 1. The University has been forced to announce collection of school fees in VND.
The fines are in accordance with Government Decision 95/2011/ND-CP on banking and monetary violations that took effect last month.
Translated by Dan