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THE PRIME MINISTER OF GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
140/2000/QD-TTg
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Hanoi, December 08, 2000
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DECISION
PROMULGATING THE REGULATION ON THE MANAGEMENT
OF CURRENCIES OF BORDERING COUNTRIES IN BORDER REGIONS AND BORDER-GATE ECONOMIC
ZONES OF VIETNAM
THE PRIME MINISTER
Pursuant to the Law on Organization of the
Government of September 30, 1992;
Pursuant to the Law No. 01/1997/QH10 on Vietnam State Bank of December 12,
1997;
Pursuant to the Government’s
Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management;
At the proposal of the Governor of Vietnam State Bank,
DECIDES:
Article 1.- To promulgate together with this Decision the
"Regulation on the management of currencies of bordering countries in the
border regions and border-gate economic zones of Vietnam".
Article 2.- This Decision takes effect 15 days after its
signing. All previous regulations on the management of currencies of bordering
countries in the border regions or border-gate economic zones of Vietnam, which
are contrary to the Regulation issued together with this Decision, are hereby
annulled.
The Governor of Vietnam State Bank shall have to
guide the implementation of this Decision.
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FOR THE PRIME MINISTER
DEPUTY PRIME MINISTER
Nguyen Tan Dung
REGULATION
ON THE MANAGEMENT OF CURRENCIES OF BORDERING
COUNTRIES IN THE BORDER REGIONS AND BORDER-GATE ECONOMIC ZONES OF VIETNAM
(Issued together with the Prime
Minister’s Decision No. 140/2000/QD-TTg of December 8, 2000)
Article
1.- This Regulation shall apply only to individuals using currencies
of bordering countries in the border regions and border-gate economic zones of
Vietnam.
The use of currencies of bordering countries by
organizations and the use of foreign currencies other than currencies of
bordering countries in the border regions and border-gate economic zones shall
comply with the provisions of the Government’s
Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management.
In cases where exist international agreements
and/or treaties signed between Vietnam and countries bordering Vietnam, which
relate to the use of currencies of bordering countries in the border regions
and border-gate economic zones, such international agreements and/or treaties
shall apply.
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1. Currencies of bordering countries mean the
Chinese yuan, the Lao kip and the Cambodian riel.
2. The border regions is determined according
the territories of the communes, wards or district towns with administrative
boundaries adjoining to the national land borderlines .
3. The border-gate economic zones mean the
economic zones prescribed under the Prime Minister’s
decisions.
4. Border residents mean the following subjects:
a/ Vietnamese citizens with permanent residence
registration in the border regions;
b/ Other citizens (including Vietnamese citizens
living outside the border regions and citizens of countries bordering on
Vietnam) with business registration in the border regions and border-gate
economic zones.
5. The use of currencies of bordering countries
means the use of currencies of bordering countries in the following regions for
the purposes prescribed in Article 3 of this Regulation:
a) Use of the Chinese yuan in the border regions
and border-gate economic zones which are adjacent to China;
b) Use of the Lao kip in the border regions and
border-gate economic zones which are adjacent to Laos;
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Article 3.- The currencies of bordering countries shall be
used for the following purposes:
1. Payment for goods and services in the border
regions and border-gate economic zones.
2. Sale to banks licensed to conduct foreign
exchange operations or to foreign exchange counters located in the border
regions and border-gate economic zones.
3. Storing or bringing along within the
territory of the border province. When they are brought out of the border province
into other inland provinces, such must be approved in writing by the Vietnam
State Bank.
4. Bringing along when on entry or exit via
border-gates as prescribed by the Vietnam State Bank.
5. Investment in the border regions and/or
border-gate economic zones, for foreign citizens. The investment shall comply
with the Law on Foreign Investment in Vietnam and documents guiding the
implementation thereof.
Article 4.- Individuals (including foreign individuals),
who, when on entry or exit via border-gates by passports, laissez-passers or
border identity cards granted by competent agencies of Vietnam or bordering
countries, bringing along an amount of Vietnam dong, currencies of bordering
countries and/or other foreign currencies exceeding the levels prescribed by
the State Bank Governor, shall have to make declarations to the border-gate
customs offices. In cases where individuals, when on exit from Vietnam,
bringing along an amount exceeding the prescribed level, they shall have to
obtain permits from the Vietnam State Bank.
The Governor of the Vietnam State Bank shall
stipulate the amounts of Vietnam dong, currencies of bordering countries and
other foreign currencies allowed to be brought into or out of the country upon
one’s entry or exit for each
period, and prescribe the procedures and competence to grant permits for cases
of exit with an amount exceeding the prescribed levels.
Article 5.- Foreign individuals being citizens of the
bordering countries and licensed to conduct business in the border regions
and/or border-gate economic zones of Vietnam, if they have Vietnam dong
collected from goods sale and/or service provision, as well as from other
lawful sources, they shall be entitled to:
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2. Use the Vietnam dong on their accounts for
purchase and/or sale of goods, payment for services provided in Vietnam, or
contact with banks or foreign exchange counters in the border regions or border-gate
economic zones to have such amount of Vietnam dong converted into the
currencies of the bordering countries for transfer to their home countries.
The procedures for the opening and closing of
Vietnam dong accounts shall be prescribed by the banks where such accounts are
opened.
Article 6.- Foreign exchange counters set up by banks in the
border regions or border-gate economic zones shall be licensed to buy and sell
currencies of the bordering countries. The Vietnam State Bank shall provide
guidance on the sale and purchase of currencies of the bordering countries in
strict compliance with the current regulations on foreign exchange management.
Article 7.- The Vietnam State Bank shall consider and grant
licenses to Vietnamese citizens being border residents, who fully meet the
conditions prescribed by the Vietnam State Bank to set up foreign exchange
counters for the purchase and sale of currencies of bordering countries in the
border regions and border-gate economic zones.
Individuals licensed by the Vietnam State Bank
to set up foreign exchange counters shall carry out the business registration
according to current regulations.
The Governor of the Vietnam State Bank shall
specify the conditions as well as procedures for granting and revoking licenses
granted to individuals for setting up foreign exchange counters in the border
regions and border-gate economic zones.
Article 8.- Organizations and individuals using currencies
of bordering countries in the border regions and border-gate economic zones
shall have to provide information and data to the Vietnam State Bank and other
functional agencies which are permitted by law upon their requests.
Article 9.- Organizations and individuals that breach the
provisions in this Regulation shall, depending on the seriousness of their
violations, be administratively handled or examined for penal liability
according to law provisions.