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STATE BANK OF
VIETNAM
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SOCIALIST REPUBLIC
OF VIET NAM
Independence - Freedom – Happiness
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No.
32/2013/TT-NHNN
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Hanoi, December
26, 2013
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CIRCULAR
GUIDING THE IMPLEMENTATION
OF REGULATIONS ON RESTRICTING THE USE OF FOREIGN EXCHANGE IN THE TERRITORY OF
VIETNAM
Pursuant to the June 16, 2010 Law on the State
bank of Vietnam No. 46/2010/QH12;
Pursuant to the June 16, 2010 Law on credit
institutions No. 47/2010/QH12;
Pursuant to Ordinance on foreign exchange No.
28/2005/PL-UBTVQH11 dated 13 December 2005 and Ordinance No. 06/2013/PLUBTVQH13
dated March 18, 2013, amending and supplementing a number of Articles of
Ordinance on foreign exchange;
Pursuant to the Government’s Decree No.
156/2013/ND-CP dated November 11, 2013, defining the functions, tasks, powers
and organizational structure of the State bank of Vietnam;
At the proposal of Department of Foreign
Exchange Management;
The Governor of the State bank of Vietnam issues
the Circular guiding the implementation of regulations on restricting the use
of foreign exchange in the territory of Vietnam.
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This Circular guides the implementation of
regulations on restricting the use of foreign exchange in the territory of
Vietnam.
Article 2. Subjects of application
1. Organizations and individuals being residents
and non-residents and having activities of foreign exchange in Vietnam’s
territory.
2. Organizations and individuals being residents involving
management, examination, inspection and handling of violations in activities of
foreign exchange.
Article 3. Principles in restricting the use of
foreign exchange in the territory of Vietnam
In Vietnam’s territory, except for the cases
allowed to use foreign specified in Article 4 of this Circular, all
transactions, payments, listing, advertisements, quotations, pricing, prices in
contracts, agreements other similar forms (including conversion or adjustment
of prices of goods and services, the value of contracts and agreements) of
residents and non-residents are not allowed to be conducted in foreign
exchange.
Article 4. Cases allowed to use foreign exchange
in the territory of Vietnam
1. Customs agencies, police, border guard and other
state agencies at border gates of Vietnam and bonded warehouses are allowed to
list in foreign currency and collect in foreign currency by transfer or cash
from non-residents for various taxes, charges for exit and entry visa, charges
for provision of services and other charges and fees as prescribed by law.
2. Banks and non-bank credit institutions and
branches of foreign banks licensed to do business and provide foreign exchange
services (hereinafter abbreviated to the authorized credit institutions) are
allowed for transactions, payments, listing, advertisements, quotations,
pricing, prices in contracts, agreements in foreign exchange within the scope
of business and foreign exchange services permitted by the State Bank of
Vietnam (SBV) in accordance with laws.
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4. Residents being entities with legal person
status are allowed to transfer internal capital in foreign currency between
their accounts with accounts of their dependent units that have no legal person
status and vice versa.
5. Residents are allowed to contribute capital in
foreign currency by transfer in order to perform foreign investment projects in
Vietnam.
6. Residents performing contracts of import and
export entrustment shall comply with the following provision:
a) Residents entrusted with import are allowed to
write price in contracts of import entrustment in foreign currency and receive
payments in foreign currency by transfer for the value of import contract from
the import-entrusting party;
b) Residents entrusted with export are allowed to
write price in contracts of export entrustment in foreign currency and pay in
foreign currency by transfer for the value of export contract for the
export-entrusting party.
7. Residents being domestic and foreign contractors
shall comply with the following provision:
a) For costs outside Vietnam involving the
implementation of bidding package through international bid as prescribed in
the Law on bid: Contractors are allowed to bid in foreign currency and receive
payments in foreign currency by transfer from investors or principal
contractors for payment and remittance to foreign countries.
b) For implementation of bidding package as
prescribed by law on oil and gas: Contractors are allowed to bid in foreign
currency and receive payments in foreign currency by transfer from investors or
principal contractors for payment and remittance to foreign countries.
8. Residents being insurers shall comply with the
following provision:
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b) Cases of arising damages for part re-insured
abroad, residents being the insurance-buying organizations shall be allowed to
receive amounts for compensation in foreign currency by transfer from foreign
reinsurers through the insurers so as to pay costs for overseas damage remedy.
9. Residents being organizations trading in
free-duty goods are allowed to list the prices of goods in foreign currency and
receive payments in foreign currency by transfer or cash from provision of
goods. Foreign currencies used in transactions at free-duty stores shall
comply with legislations on sale of duty-free goods.
10. Residents being organizations providing
services in isolated areas at international border gates, organizations trading
in bonded warehouses are allowed for listing, quotation, pricing, prices in
contracts in foreign currency and receipt of payments in foreign currency by
transfer or cash from provision of goods and services.
11. Residents being organizations that act as
agents for foreign transportation firms on the basis of agent contracts signed
by two parties shall comply with the following provision:
a) They are allowed to make quotations, fix prices
and write prices in contract in foreign currency, on behalf of foreign
transportation firms, for freights of international goods. Payment must be
performed in Vietnam dong;
b) They are allowed to provide payment services on
behalf of their customers in foreign currency by transfer so as to pay goods
and services at international sea ports, in isolated areas at international
airports;
c) They are allowed to provide payment services in
foreign currency by cash, under authorization of foreign ship firms, so as to
pay salaries, bonus, and allowances for non-residents.
12. Residents being exporting and processing
enterprises shall comply with the following provision:
a) They are allowed for prices in contracts in
foreign currency and payment in foreign currency by transfer when they buy
goods from domestic market for production, processing, reprocessing, and
assembling of export goods or for export, except for goods banned export.
Domestic enterprises are allowed to make quotations, fix prices in foreign
currency or receive payments in foreign currency by transfer when they sell
goods for exporting and processing enterprises;
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13. Residents being organizations trading in the
domains of air transport, hotel, and tourist are allowed for listing,
advertisement of prices of goods and services in Vietnam dong and equivalent
foreign currency on websites, specialized-line publications (excluding menu and
service price table) that only use foreign language.
14. Residents and non-residents being organizations
are allowed to make agreements and pay salaries, bonus and allowances in labor
contracts in foreign currency by transfer or cash to non-residents and
residents who are foreigners working in such organizations.
15. Non-residents being diplomatic agencies,
consular agencies are allowed for listing in foreign currency and collection of
charges for exit and entry visa, other charges and fees in foreign currency by
transfer or cash.
16. Non-residents shall comply with the following
provision:
a) They are allowed to transfer in foreign currency
for other non-residents;
b) They are allowed for prices in contracts in
foreign currency and payment of export goods and services in foreign currency
by transfer for residents. Residents are allowed to make quotations, fix prices
in foreign currency or receive payments in foreign currency by transfer when
they supply goods and services for non-residents.
17. Other cases allowed to use foreign exchange in
the territory of Vietnam will be considered and approved by the SBV’s Governor
based on the actual situations and necessities of each case.
Article 5. Responsibilities of organizations and
individuals having activities involving foreign exchange in Vietnam’s territory
1. The authorized credit institutions and other
organizations licensed to provide foreign exchange services shall:
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b) Check, keep papers and documents in line with
actual transactions as prescribed in this Circular.
2. The relevant organizations and individuals shall
implement strictly provisions in this Circular.
Article 6. Handling of violations
Organizations and individuals violating provisions
in this Circular, depending on nature and seriousness of violations, shall be
handled as prescribed by law.
Article 7. Provision of implementation
1. This Circular takes effect on February, 10,
2014.
2. The Chief of office, Director of Department of
Foreign Exchange Management, heads of relevant units of the State bank of
Vietnam, Directors of the State bank’s branches in provinces and
central-affiliated cities, chairmen of Boards of Directors, chairmen of
Members' Council, Directors General (Directors) of the authorized credit
institutions shall implement this Circular.
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