Overseas Vietnamese have rights to bring or transfer legal foreign currencies outside VN
14:16 | 16/05/2008
VNGOP- Overseas Vietnamese can remit or transfer foreign currencies in their accounts or legal revenues in foreign currencies in Việt Nam to other countries.

Question (Mr. Nguyễn Văn Hòa, a Vietnamese national in France): Due to my personal affairs, I cannot live in Việt Nam. I want to sell my house bought two years ago, and remit money to France. What procedures do I have to follow?

Answer (State Bank of Việt Nam): According to Clause 3, Article 8, Decree 160/2006/NĐ-CP dated on December 28, 2006 regulating in details the implementation of the Ordinance on Foreign Currencies, both non-residents and foreign residents who have foreign currencies in their accounts or other legal incomes are permitted to remit outside Việt Nam. If they have legal incomes in Vietnamese currency, they are allowed to convert into foreign currencies for transfer.

Decree 81/2001/NĐ-CP (November 5, 2001) stipulates that overseas Vietnamese can directly engage in buying or selling house; or they can authorize others, in writing, to do so.

Mr. Hòa, if being an overseas Vietnamese national stipulated in Decree 81/2001/NĐ-CP, can remit out of Việt Nam his amount of money which has been previously transferred into Việt Nam, by presenting the following documents to the banks trading in foreign currencies:

+ A confirmation of the amount of money he and his wife transferred to Việt Nam;

+ A written procuration given to the legal representative in order to fulfill procedures of house purchase or sale;

+ A contract on the purchase or sale certified by the State Notary or a competent State agency (clearly declaring the price);  

+ Certificate of house property and land use right, in which he and his wife are named as the owners, issued by competent agencies (if available).

Then, Mr. Hòa or his representative can contact and negotiate with the bank about the conversion of Vietnamese currency earned from selling the house into to foreign currencies, and its remittance to France. The maximum remittance is not bigger than the amount earned from selling the house.

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