|
THE
GOVERNMENT
------
|
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
------------
|
|
No.170/1999/QD-TTg
|
Hanoi, August
19, 1999
|
DECISION
ON ENCOURAGING MONEY TRANSFER OF OVERSEAS
VIETNAMESE
PRIME MINISTER
In
accordance with the Government Organisation Law of September 30, 1992;
In accordance with Government Decree No.63/1998/ND-CP of August 17, 1998, on
foreign exchange management;
In accordance with the proposal of the Governor of the State Bank of Vietnam,
DECIDES
Article 1: The Government encourages and
supports Overseas Vietnamese in transferring foreign currencies to the mother
country on their demand and in consonance with the Vietnamese laws and those of
foreign countries where they reside.
The Government also supports those foreigners
transferring money into Vietnam for assisting their families and relatives or
for other humane purposes. These individuals are treated as Overseas Vietnamese
subject to the regulations of this Decision.
Article 2: Explanation of terms and
phrases
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
1. Foreign currencies noted in this Decision are
freely convertible.
2. Domestic recipients can benefit from the
amount of foreign currency transferred by Overseas Vietnamese or foreigners
from overseas countries.
3. Authorised credit organisations are those
operating in Vietnam and allowed by the Sate Bank of Vietnam to perform foreign
exchange.
4. International postal financial service
providers are those businesses licensed by the Department General of Post and
Telecommunications to carry on international postal financial services.
5. International postal financial services
include forms of international money transfer and international postal cheques.
Article 3: Application of international
treaties
In cases where an international treaty, which
the Socialist Republic of Vietnam has signed or participated in, identifies
provisions relating to foreign currency transfer into Vietnam and differing
from the regulations of this Decision, the transfer of foreign currencies must
be in accordance with the provisions of the international treaty.
Article 4: Forms of transferring foreign
currencies into Vietnam
Overseas Vietnamese and foreigners are allowed
to transfer foreign currencies into Vietnam in the following forms:
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
2. Transferring foreign currencies via
international postal financial service providers;
3. Individuals bringing foreign currencies with
them into Vietnam.
When entering Vietnam and helping bring into the
country foreign currency for recipients, these overseas individuals must
declare at the border-gate customs office that amount of foreign currency they
are bringing for domestic recipients.
Article 5: Entities allowed to receive
foreign currencies transferred by Overseas Vietnamese and pay them to domestic
recipients
1. Authorised credit organisations;
2. International postal financial service
providers;
Economic organisations authorised by the State
Bank to provide services in relation to receiving and paying foreign currencies
or those economic organisations acting as agents for credit organisations in
domestically paying foreign currencies.
Article 6: Rights of recipients
1. Receiving either foreign currency or Vietnamese
dong according to their demand.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
3. The recipient is not required to pay income
tax on amounts of foreign currency transferred from foreign countries.
Article 7: Responsibilities and rights of
the State Bank
1. Joining with ministries and branches in
widely popularising the policy to encourage the transfer of foreign currencies
into Vietnam.
2. Ruling terms and procedures for licensing
foreign currency receipt and payment services, identifying the fee rates for
money transfer, and guiding authorised foreign currency receipt and payment
service entities to reform procedures in favour of recipients.
3. Granting licences to economic organisations qualified
for conducting foreign currency receipt and payment services while revoking
licences or suspending, over a certain period of time, the operation of
authorised credit and economic organisations which violate the regulations of
this Decision.
Article 8: Responsibilities of related
ministries and branches
1. Ministries, ministerial-level bodies,
Government bodies and Centrally-governed provincial and municipal People's
Committees, within the scope of responsibilities and rights, must assume the
responsibility to co-ordinate with the State Bank in the State management of
foreign currency receipt and payment services.
2. The General Department of Customs and the
Vietnam Post and Telecommunications Corporation are responsible for reporting
to the State Bank about the actual transfers of foreign currencies into Vietnam
so that the State Bank, in turn, can and will appraise the situation and report
to the Prime Minister. Reports statistics and the actual transfers of foreign
currency into Vietnam are made quarterly and must observe the State Bank's
regulations.
Article 9: Treatment of violations
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
Article 10: Implementation provisions
1. The Decision becomes effective 15 days after
the date of signing. Previous regulations contrary to this decision are null.
2. The State Bank Governor assumes the
responsibility for guiding the implementation of this Decision.
Ministers, heads of ministerial-level bodies,
heads of Government bodies and chairpersons of Centrally-controlled provincial
and municipal People's Committees are responsible for implementing this
Decision.
PRIME
MINISTER
Phan Van Khai