Forex Brokers in Vietnam

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Forex trading in Vietnam is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Vietnam as clients, forex brokers in Vietnam are required to become authorised by the State Bank of Vietnam (SBV) which is the central bank of Vietnam and works to support monetary stability, implement fiscal policies, support institutions’ stability and supervise financial institutions. However, they do not currently regulate forex brokers which is why many Vietnam traders instead look for a regulated broker that is located overseas.

Best forex brokers Vietnam

To find the best forex brokers in Vietnam, we created a list of all the forex brokers that accept clients in Vietnam and then ranked them based on our overall rating. You can see our list of our top forex brokers for Vietnam below.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Review Trade Trade

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Review Trade Trade

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Review Trade Trade

ASIC, CySEC, DFSA, IFSC

2009

1:888

Review Trade Trade

ASIC, CySEC, FSA, SCB

$200

2007

1:500

Review Trade Trade

SBV forex brokers in Vietnam

In Vietnam, the legality of forex trading is a grey area. Forex floor trading and trading with local forex providers is illegal but trading with an international forex broker is legal. The SBV (State Bank of Vietnam) ruled in 2014 that forex trading in foreign currency markets was prohibited. Because of this, there are no legally regulated forex brokers in the country.

However, this does not mean that traders from Vietnam cannot engaging in foreign exchange trading with an offshore broker, ideally one that is regulated by a top tier regulator such as the FCA, ASIC or CySEC.

The primary stock exchange in Vietnam, the Ho Chi Minh City Stock Exchange, was founded in July 2000. Ho Chi Minh Stock Exchange (commonly referred to as HOSE) is one of two subsidiary stock exchanges of the VNX in Vietnam and also the largest one. Originally, the HOSE was officially opened as a securities trading centre in 2000 and then upgraded to a stock exchange in 2007.

How to verify SBV regulated brokers in Vietnam

Vietnam draws a lot of interest from retail Forex brokers lately as it is a strong economy and a large untapped market for them. Most of them still operate there just like they operate in China – through local introducing brokers or through online marketing only however some are thinking of opening local branches, subject to regulatory limitations.

You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the regulators website to confirm if the forex broker is regulated in Vietnam to provide online forex trading products and services.

Some Vietnam forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.

Vietnamese authorities have not issued any licenses to traders or brokers, making the industry illegal and fines can be issued to those caught trading. However, brokers based in other countries do allow forex traders from Vietnam, giving traders an opportunity to trade forex and other financial instruments online.

Is forex trading legal in Vietnam?

In Vietnam, forex trading is a bit of a gray area. It is not controlled, and the Vietnamese government has no immediate plans to do so. Because of this, the nation does not have any authorized forex brokers. This does not preclude traders from Vietnam from engaging in forex trading, nevertheless.

Using a broker based outside of Vietnam is the only requirement to continue trading forex lawfully within the nation. Vietnamese traders are accepted by many of the biggest brokers. Additionally, all offshore and unregulated brokers with high leverage and typically very low minimum deposits will be available to you. However, I would use any unregulated brokers with extreme caution.

You are allowed to trade any forex currency pairings you like, unlike in certain nations where using foreign currency pairs is prohibited because forex isn’t at all controlled there. This offers traders a ton of possibilities to choose from!

Why is forex trading illegal in Vietnam?

The US Treasury Department included Vietnam, along with some other significant participants like Switzerland, to their watchlists in 2020, alleging that they are actively attempting to lower their own currencies relative to the US dollar through currency manipulation. Since then, they have argued in opposition, claiming that Vietnam’s foreign exchange holdings are incredibly low in comparison to those of other nations in the same region and that their intervention is truly an effort to boost monetary stability and national finances.

The State Bank of Vietnam, however, informed several local banks earlier this year that it planned to stop purchasing US dollars over the course of a few days in favor of agreeing to purchase them at a more favorable rate over the course of several months, and that it would permit the bank to cancel any agreements a few weeks before they were scheduled to take effect.

This would lower the value of the VND while delaying the transactions, preventing them from being reported to the US and leading to further conflict. Any more interference might result in the imposition of tariffs on their products, which would disrupt the market and put additional strain on an already fragile economy. In light of the fact that many people are still looking for ways to trade in Vietnam and that it is common for people to use offshore brokers to avoid the SSC (State Securities Commission of Vietnam), there is the question of how beneficial it would be for Vietnam to issue licenses despite the country’s repeated claims that it has no self interest.