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THE
STATE BANK
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No.
02/2000/TT-NHNN7
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Hanoi,
February 24, 2000
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CIRCULAR
GUIDING THE IMPLEMENTATION OF THE PRIME MINISTER’S DECISION No.170/1999/QD-TTg OF
AUGUST 19, 1999 ON ENCOURAGING OVERSEAS VIETNAMESE TO TRANSFER MONEY BACK TO
THE COUNTRY
In order to encourage and
create favorable conditions for overseas Vietnamese and foreigners to transfer
foreign currencies back to Vietnam to help their families and next of kin or
for other charity purposes on the basis of observing the provisions of
Vietnamese law and foreign laws, on August 19, 1999, the Prime Minister issued
Decision No.170/1999/QD-TTg, encouraging overseas Vietnamese to transfer money
back to the country.
Pursuant to Clause 2, Article 10 of the Prime Minister’s
Decision No.170/1999/QD-TTg of August 19, 1999 on encouraging overseas
Vietnamese to transfer money back to the country, the State Bank guides the
implementation thereof as follows:
I. RIGHTS OF
BENEFICIARIES
1. To receive transferred
amounts in foreign currency(ies) or Vietnam dong (in cash or via account
transfers) at their requests;
2. In case they receive
transferred amounts in foreign currencies, the beneficiaries may:
a/ Sell them to the licensed
credit institutions or foreign currency exchange counters;
b/ Deposit them as
foreign-currency savings at the licensed credit institutions;
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d/ Use foreign-currency amounts
for other purposes according to provisions of the Government’s Decree No.63/1998/ND-CP of
August 17, 1998 on foreign exchange management, the State Bank’s Circular No.01/1999/TT-NHNN7
of April 16, 1999 guiding the implementation of the said Decree and other
relevant current regulations on foreign exchange management.
3. Beneficiaries shall
not have to pay income tax for foreign-currency amounts they receive from money
transferors.
II.
CONDITIONS AND PROCEDURES FOR GRANTING LICENSES FOR PROVIDING SERVICES OF
RECEIVING AND DELIVERING FOREIGN CURRENCIES
1. For
credit institutions:
a/ A credit institution shall be
allowed to provide services of receiving and delivering foreign currencies only
after it is granted by the State Bank the license for foreign exchange
activities (which include the provision of foreign currency-receiving and
delivering services).
b/ The conditions and procedures
for licensing credit institutions to conduct foreign exchange activities are
prescribed in the State Bank’s
Circular No.01/1999/TT-NHNN7 of April 16, 1999 guiding the implementation of
the Government’s Decree
No.63/1998/ND-CP of August 17, 1998 on foreign exchange management and other
relevant current regulations on foreign exchange management.
2. For
economic organizations:
2.1. Conditions:
a/ Having in-principle contracts
with foreign partners for providing foreign currency receiving and delivering
services. Such a contract must clearly state the receiving and delivering
mode(s), the rates for sharing the collected money delivery service charge
between the economic organization and the foreign partner (for cases where an
economic organization receives money from a money transferor through its
foreign partner);
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c/ Having networks of convenient
and quick delivery to beneficiaries.
2.2. Procedures:
An economic organization, when
applying for license for providing foreign currency receiving and delivering
services, shall have to submit to the State Bank (the Foreign Exchange
Management Department) a dossier set which comprises:
a/ An application for license
for providing foreign currency receiving and delivering services;
b/ A plan for providing foreign
currency receiving and delivering services;
c/ The in-principle contract
with its foreign partner on foreign currency receiving and delivering services
(for cases where such economic organization receives money from a money
transferor through its foreign partner);
d/ Notarized copies of the
decision on establishment of the economic organization, the business
registration certificate or the investment license, the operation license;
e/ Comments of the managing
agency and the State Bank’s
branch in the province or centrally-run city, where such economic organization
is located, on such economic organization�s provision of foreign
currency receiving and delivering services;
Within 15 working days after
receiving the complete and valid dossier, the State Bank (the Foreign Exchange
Management Department) shall consider to grant or refuse to grant the license.
The refusal to grant the license must be clearly justified in writing.
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3.1. Conditions:
a/ Having in-principle agency
contracts with the licensed credit institutions;
b/ Having networks of convenient
and quick delivery to beneficiaries.
3.2. Procedures:
An economic organization, when
applying for a license for acting as a foreign currency delivering agent for a
licensed credit institution, shall have to submit to the State Bank’s branch in the province or
centrally-run city where it is located a dossier set which comprises:
a/ An application for acting as
a foreign currency delivering agent for a licensed credit institution;
b/ The in-principle agency
contract with the licensed credit institution;
c/ Notarized copies of the
decision on establishment of the economic organization, the business
registration certificate or the investment license, the operation license.
Within 15 working days after
receiving the complete and valid dossier, the State Bank (the Foreign Exchange
Management Department) shall consider to grant or refuse to grant the license.
The refusal to grant the license must be clearly justified in writing.
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After the said time limit, those
organizations that are not granted new licenses shall have to immediately
suspend their activities of providing services of receiving and delivering
foreign currencies from money transferors or acting as foreign currency
delivering agents for licensed credit institutions.
III.
SUSPENSION OR WITHDRAWAL OF LICENSES
The State Bank or the State Bank’s branches in the provinces and
centrally-run cities shall, within their respective licensing competence,
suspend for a definite time or withdraw licenses from violating organizations
in one of the following cases:
1. Organizations shall have
their licenses suspended for a definite time in the following cases:
a/ Repeatedly failing to observe
the regime of reporting to the Bank the contents stipulated in Part VI of this
Circular;
b/ Breaching clauses in
contracts signed with foreign partners or foreign currency delivering agency
contracts signed with licensed credit institutions, to the extent that the
concerned foreign partners or credit institutions request the cancellation of
the signed contracts;
c/ Failing to strictly comply
with stipulations of licenses granted by the Bank.
2. Organizations shall have
their licenses withdrawn in the following cases:
a/ There are evidences that
their license application dossiers contain information which have been
intentionally falsified;
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c/ They voluntarily dissolve or
are compelled to dissolve by competent State agency(ies) to dissolve;
d/ In case of division, merger,
amalgamation or bankruptcy.
IV. MONEY
TRANSFER CHARGE
1. Ordinary money transfer
through the credit institutions’
system: Licensed credit institutions shall collect money transfer service
charges from licensed economic organizations, enterprises providing
international postal finance services and beneficiaries according to the State Bank’s regulations on charges for
banks’ money transfer
services.
2. Money transfer through
organizations providing money transfer services: Credit institutions,
licensed economic organizations and enterprises providing international postal
finance services may reach agreements with their foreign partners on enjoying
money transfer service charges, which shall not be collected directly from
beneficiaries.
V.
ORGANIZATION OF PROPAGANDA
1. The units attached to
the State Bank shall undertake the press propaganda, in coordination with the
information and press agencies, the Ministry for Foreign Affairs, the Committee
for Overseas Vietnamese and the concerned ministries and branches, in order to
propagate and popularize the Vietnamese State’s
policies on encouraging overseas Vietnamese to transfer money back to the
country.
2. The State Bank’s branches in the provinces and
centrally-run cities shall coordinate with the information and press agencies
and the bodies and branches in their respective localities in propagating and
popularizing the Vietnamese State’s
policies on encouraging overseas Vietnamese to transfer money back to the
country among all organizations and individuals in such localities to make them
understand and strictly observe such policies.
VI. REPORTING
REGIME
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a/ The General Department of
Customs shall report to the State Bank (the Foreign Exchange Management
Department) on figures and situation on foreign currencies carried along by
individuals on exit and/or entry;
b/ The Post and
Telecommunications Corporation and other enterprises providing international
postal finance services, which are licensed by the General Department of Post
and Telecommunications, shall report to the State Bank (the Foreign Exchange
Management Department) on figures and situation on receiving and delivering
foreign currencies;
c/ The State Bank’s branches in the provinces and
centrally-run cities shall report to the State Bank (the Foreign Exchange
Management Department) on figures and situation on foreign currency receiving and
delivering agency activities of economic organizations in their localities for
licensed credit institutions.
d/ Licensed credit institutions
and licensed economic organizations shall report to State Bank (the Foreign
Exchange Management Department) on figures and situation on receiving and
delivering foreign currencies of money transferors.
The above-said concerned General
Departments and units shall have to send quarterly reports on the 15th day of
the first month of the following quarter at the latest.
2. For each quarter, by
the 5th day of the first month of the following quarter at the latest, economic
organizations acting as foreign currency delivering agents for licensed credit
institutions shall have to report to the State Bank’s
branch in the same province or centrally-run city on the figures and situation
on domestic foreign currency delivering agents.
3. For each quarter, by
the 25th day of the first month of the following quarter at the latest, the
Foreign Exchange Management Department shall synthesize and submit a report on
figures and situation on transferring foreign currencies into Vietnam by money
transferors from overseas and on delivering them to beneficiaries in the
country to the State Bank Governor, so that the latter can sign and submit it
to the Prime Minister.
VII.
IMPLEMENTATION PROVISIONS
1. This Circular takes
effect 15 days after its signing. Any amendments and/or supplements to this
Circular shall be decided by the State Bank Governor.
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3. The director of the
Office, the chief inspector, the heads of the concerned units attached to the
State Bank, the directors of the State Bank’s
branches of the provinces and centrally-run cities and general directors
(directors) of the licensed credit institutions and licensed economic
organizations shall have to implement this Circular.
FOR THE STATE
BANK GOVERNOR
DEPUTY GOVERNOR
Duong Thu Huong
APPENDIX I
NAME
OF THE ECONOMIC ORGANISATION
SOCIALIST
REPUBLIC OF VIETNAM
Independence-freedom-happiness
No.
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APPLICATION FOR PROVIDING SERVICE OF RECEIVING
AND PAYMENT OF FOREIGN CURRENCY
To:
The State Bank of Vietnam (The Foreign Exchange Control Department)
Name of the Economic
Organisation:
.......................................................................
Decision on the establishment No.:
.........................................................................
Issued by
...................................... date
.................................................................
Certificate of business
registration No.:
Issued by ......................................
date ...................................................................
Head office is located at:
..........................................................................................
Telephone: .......................................
fax: ................................................................
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We respectfully request the State
Bank (the Foreign Exchange Control Department) consider and issue a license for
........................ to provide the service of receiving and payment of
foreign currencies.
We, hereby, confirm that we will
strictly follow the current regulations on the foreign exchange control of the
Government of Vietnam and are responsible for any violation against the Vietnam
law.
Attached documents:
- Decision on establishment
and business registration;
- Proposal on providing services of receiving and payment of foreign
currency;
- Contract in principle with foreign partner;
- Opinion of the management organisations and branches of the State Bank in
provinces and cities regarding the approval of running the services of
receiving and payment of foreign currency.
GENERAL
DIRECTOR (DIRECTOR)
(Sign and seal)
APPENDIX II
NAME
OF THE ECONOMIC ORGANISATION
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No.
Date…..
APPLICATION FOR OPERATION AS AN AGENT IN FOREIGN
CURRENCY PAYMENT FOR THE AUTHORISED CREDIT INSTITUTIONS
To:
The State Bank of Vietnam (The Foreign Exchange Control Department)
Name of the Economic
Organisation:
.......................................................................
Decision on the establishment
No.: .........................................................................
Issued by
...................................... date
.................................................................
Certificate of business registration
No.: .
Issued by
...................................... date
...................................................................
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Telephone:
....................................... fax:
................................................................
We are signed the agent contract
with………..…..dated…………..……to operate as an agent in foreign currency payment for
the credit institution.
We kindly request the Branches
of the State Bank in provinces and cities to consider and issue a license for
operating as an agent in foreign currency payment for .........................
We, hereby, confirm that we will
strictly follow the current regulations on the foreign exchange control of the
Government of Vietnam and are responsible for any violation against the Vietnam
law.
Attached documents:
- Decision on establishment
and business registration;
- Contract being in principle to act as an being agent for the authorised
credit institutions.
GENERAL
DIRECTOR (DIRECTOR)
(Sign and seal)
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GENERAL
DEPARTMENT OF CUSTOMS
SOCIALIST
REPUBLIC OF VIETNAM
Independence-freedom-happiness
No.
Date…..
REPORT
(Re: foreign currency carried by
individuals upon entry to/exit from Vietnam for the Quarter ....... of 2000
from 1/..../2000 to 1/.../2000)
To:
The State Bank of Vietnam (The Foreign Exchange Control Department)
To implement the provisions in
Paragraph 2, Article 8 of Decision No. 170/1999/QD-TTg of the Prime Minister on
encouraging the Vietnamese residing abroad to transfer money to Vietnam, the
General Department of Customs reports on the status of the foreign currency
carried by individuals upon entry to/exit Vietnam as follows:
1. Quantity of the Foreign
currency carried by individuals upon entry to/exit from Vietnam declared at the
Customs office:
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Quantity
of foreign currency declared at the Customs office upon entry to Vietnam
(Converted
to USD)
Quantity
of foreign currency declared at the Customs office upon exit from Vietnam
(Converted
to USD)
Quantity
of foreign currency brought for other person declared at the Customs office
upon entry to Vietnam
(Converted
to USD)
The first month
The second month
The third month
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Total
2. General evaluation on the
status of foreign currency carried by individuals upon entry to/exit from Vietnam
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APPENDIX V
GENERAL
DEPARTMENT OF TELECOM AND POST
SOCIALIST
REPUBLIC OF VIETNAM
Independence-freedom-happiness
No.
Date….
REPORT
(Re: receiving and payment of foreign currency
by the enterprises in the telecom and post industry for the Quarter ....... of
2000 from 1/..../2000 to 1/.../2000)
To:
The State Bank of Vietnam (The Foreign Exchange Control Department)
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1. Number of enterprises:
a. Total number of enterprises
in the telecom and post industry providing the services of receiving and
payment of foreign currency for the overseas remitter at the beginning of the
quarter .... 2000 are .........
b. Total number of enterprises
in the telecom and post industry which are granted a license to provide the
services of receiving and payment of foreign currency for the overseas remitter
by the General Department of Postal services during the quarter .... 2000 are
.........
c. Total number of enterprises
in the telecom and post industry licenses of which are withdrawn or temporarily
suspended by the General Department of Postal services during the quarter ....
2000 are .........
2. Status of being payment
agents of foreign currency:
Name
of Country
Foreign
currency received from overseas remittance
(Converted
to USD)
Payment
to Beneficiary
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Payment
in foreign currency (converted to USD)
Payment
in Vietnamese Dong
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Total
3. General evaluation on the
status of receiving and payment of foreign currency:
GENERAL
DIRECTOR
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APPENDIX VI
NAME
OF THE AUTHORISED CREDIT INSTITUTIONS OR ECONOMIC ORGANISATIONS
SOCIALIST
REPUBLIC OF VIETNAM
Independence-freedom-happiness
No.
Date
THE STATUS REPORT
(Services of receiving and payment of
foreign currency for the Quarter ....... of 200...)
To:
The State Bank of Vietnam (The Foreign Exchange Control Department)
1. Status of receiving and
payment of foreign currency:
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Total
foreign currency received from overseas
Payment
to the Beneficiary
Note
(Converted
to USD)
Payment
in foreign currency
(converted
to USD)
Payment
in Vietnamese Dong
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Total
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a. Total number of economic
organisations being agents in foreign currency payment for the credit institution
at the beginning the quarter
b. Total number of economic
organisations becoming agents of foreign currency payment during the quarter
c. Total number of economic
organisations terminating the contract to operate as agents of foreign currency
payment during the quarter
d. Amount in USD paid by
economic organisations under authorisation of credit institution.
3. General evaluation and
proposal on the status of receiving and payment of foreign currency:
GENERAL
DIRECTOR (DIRECTOR)
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NAME
OF THE ECONOMIC ORGANIZATIONS BEING THE PAYMENT AGENT
SOCIALIST
REPUBLIC OF VIETNAM
Independence-freedom-happiness
No.
Date
THE STATUS REPORT
(Agents of foreign currency payment for the
authorised credit institutions for the Quarter ....... of 200...)
To:
The State Bank of Vietnam (The Foreign Exchange Control Department)
Name
of authorised credit institutions
Amount
received from the authorised credit institutions
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Note
(Converted
to USD)
Payment
in foreign currency
(converted
to USD)
Payment
in Vietnamese Dong
...
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Total
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