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Fresh guidelines on foreign exchange activities

VGP – The Government on July 17, 2014 issued Decree 70/2014/ND-CP detailing implementation of some articles of the Ordinance on Foreign Exchange and the Ordinance on amending and supplementing some articles of the Ordinance on Foreign Exchange (Decree 70) which regulates issues concerning foreign exchange activities of residents and non-residents in Viet Nam.

August 19, 2014 10:00 AM GMT+7

Question: What are the new regulations of Decree 70?

Answer: Under Decree 70, residents gaining foreign currency revenues from exports, services or other current revenues overseas shall transfer into foreign currency accounts opened at the licensed credit institutions in Viet Nam in accordance with the payment terms of the contract or the payment vouchers, except for some cases where the State Bank of Viet Nam allows the retaining of part or all revenues of foreign currency abroad.

All payment transactions and monetary transfers related to exports and imports and services shall be made by transfer through a licensed credit institution, but not allowed some cases paid in cash when the State Bank of Viet Nam considers and approves as stipulated in Decree 160.

Payment transactions and monetary transfers with respect to the current transactions of residents and non-residents.

In Viet Nam’s territory, all payment transactions and monetary transfers with respect to current transactions by residents and non-residents are free to follow the following principles:

(i)      Residents and non-residents are eligible to purchase, transfer or carry foreign currency abroad in service of payment demands and monetary transfers with respect to current transactions.

(ii)     Residents and non-residents are responsible for presenting documents in accordance with credit institutions for purchasing, transferring or carrying out foreign currencies in the service of current transactions and are responsible to the law for the authenticity of the documents and vouchers produced to the licensed credit institution.

(iii)    In purchasing, transferring or carrying out foreign currencies in the service of current transactions, residents and non-residents are not required to present documents related to the certification of completion of the tax obligations to the State Bank of Viet Nam.

Under Decree 70, a resident being a foreign direct invested enterprise/ a foreign investor participating in business cooperation contracts shall open a direct investment capital account in foreign currencies at a licensed credit institution to perform transactions with respect to receipts and expenditures relating to their direct investment activities in Viet Nam.

If the investment is conducted in VND, the resident as a foreign direct invested enterprise/the foreign investor participating in business cooperation contracts is eligible to open a direct investment capital account in VND at a licensed credit institution to perform such legal transactions with respect to receipts and expenditures relating to direct investment activities in Viet Nam./.