The State Bank of Vietnam (SBV) has decided to fine FPT University, along with two companies, for violations in foreign currency transactions. FPT University was fined VND500 million (USD23,923) for listing course fees in USD
The State Bank of Vietnam (SBV) has decided to fine FPT University, along with two companies, for violations in foreign currency transactions.
|FPT University was fined VND500 million (USD23,923) for listing course fees in USD |
The companies are Ngoc Long Trading and Gold Manufacturing Company and My Phuong Gold Private Enterprise.
A Hanoi inter-disciplinary inspection team recently found that FPT University listed course fees in USD, which is in violation of a law that prohibits the advertisement for services and goods in foreign currencies or gold. The university was fined VND500 million (USD23,923).
Ngoc Long Trading and Gold Manufacturing Company was also fined VND100 million (USD4,784) for illegal foreign currency trading, in the amount of USD12,195.
The company voluntarily handed over USD10,000 to the police after their violation was uncovered. The SBV requested that the firm to sell the money to a valid credit organisation which is allowed to make foreign currency transactions.
My Phuong Gold Private Enterprise was fined VND50 million (USD2,392) after being catch red-handed selling USD1,000 to a client. The SBV ordered them to convert this money at a commercial bank.
The SBV has made moves to put a stop to the unofficial foreign currency. But the black market has continued to thrive in Hanoi.
Still, customers have valid needs for foreign currency, including tourism, business trips and fees for study abroad. Many of these clients complain that commercial banks require far too much paperwork.