Vietnam toughens up fines for gold, forex trading violations

TN News

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The government said it has increased penalties for foreign currency and gold trading violations, raising the maximum fine to VND500 million (US$23,860).

Illegal forex traders and gold importers will be fined between VND300-500 million, compared to VND45-70 million previously, according to statement posted on the government's website Friday.

The government reaffirmed the ban on price listings in either gold or foreign currencies, saying the practice will also be punished with a fine of between VND300 million and VND500 million.

People who violate regulations on bringing foreign currencies in and out of Vietnam will face a fine of up to VND100 million, much higher than the previous range of VND5-12 million.

Forex and gold traders may also have their licenses revoked if found violating regulations, the government said.

The new penalties were announced immediately after the government said it will continue to take measures to strengthen the value of the dong and reduce the use of the dollar in the economy.

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