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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.
418/1998/QD-NHNN7
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Hanoi, December 11, 1998
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DECISION
ON
THE CHANGE, SUPPLEMENT OF SOME POINTS IN CIRCULAR 08/1998/TT-NHNN7 DATED 30
SEPTEMBER, 1998 GUIDING THE IMPLEMENTATION OF DECISION 173/QD-TTG DATED 12
SEPTEMBER, 1998 OF THE PRIME MINISTER
THE GOVERNOR OF THE STATE BANK
Pursuant to the Decree No.15CP
dated 2 March, 1993 of the Government providing for the assignment and
authority and responsibility of State Management by the Ministries and
ministry-level agencies.
Pursuant to Article 3 of the Decision 232/1998/QD-TTg dated 1 December, 1998 on
the change of the paragraphs 1 and 2 of the Decision No.173/1998/QD-TTg dated
12 September, 1998 of the Prime Minister on the obligation to sell and the
right to buy foreign currency of the residents being an organization.
Upon proposal of the Director of the Foreign Exchange Control department.
DECIDES
Article 1.
To change and supplement some
points in the Circular No.08/1998/TT-NHNN7 dated 30 September, 1998 guiding the
implementation of the Decision No. 173/1998/QD-TTg dated 12 September 1998 of
the Prime Minister as follows:
1.1. Points A Part IV of the Circular No.
08/1998/TT-NHNN7 shall be changed as follows:
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1. For the incomes which have
been determined as current account income: As the foreign currency from the
current account income is credited to the foreign currency deposit account of a
organization (including economic organizations and non-profit organizations is
subject to sale obligation as provided for in Point 1.2, part II of the
Circular No. 08/1998/TT-NHNN7), the bank where the account is maintained shall
be responsible to buy immediately 80% of the foreign currency income for the
economic organization and 100% for a non-profit organization and credit to the
VND account of the organization concerned. In case a organization sells the
foreign currency income to another authorized bank, the implementation shall be
in accordance with paragraphs 5, 6 of this Decision.
If an organization subject to
sale obligation does not have VND account with the Bank, the bank shall be
permitted to open an VND account for the organization concerned in order to
carry out the foreign currency buying transaction.
2. For the income which has
not yet been determined whether it is a current account income or an income not
subject to sale as provided for in part III of the Circular 08/1998/TT-NHNN7:
From the date the foreign
currency income is credited to the deposit account of the organization, the
bank shall be responsible to transfer immediately 80% of the foreign currency
income for an economic organization and 100% for a non-profit organization to
the account Administration for customers, and give immediate notice to the
organization and within 3 (three) subsequent working days, the organization
shall have to present documents evidencing that the foreign currency earning is
the income not subject to sale to the bank as stipulated.
a. Within the above-mentioned
3(three) working days, if the organization has proven that the income is not
subject to sale as provided for in Part III of the Circular 08/1998/TT-NHNN7 ,
the bank shall be responsible to transfer immediately the foreign currency
amount back to the deposit accounts of the organization.
b. After the 3 (three)
working days period as mentioned above, if an organization has not fulfilled
their sale obligation or prove the inapplicability of the sale obligation, the
Bank shall buy the foreign currency on the account Administration for
customers.
3. For the foreign currency
from the current account income of the residents being an organization which
was transferred to the account Administration for customers before the
effective date of this Decision, the organization shall be responsible to
present documents to the authorized bank evidencing that the income is not
subject to sale within 3 (three) working days from the effective date of this
Decision.
If the organization has proven
that the income is not subject to sale, the authorized bank shall be
responsible to transfer back to the organization that foreign currency income.
After that above-mentioned 3 (three) working days, if the organization has not
proven that the income is not subject to sale, the Bank shall immediately buy
this foreign currency.
4. The Bank shall pay interest
in foreign currency for the foreign currency in the account Administration for
customers, at the deposit rates quoted by the Bank. The period to be determined
for calculation of interest shall be from the date the foreign currency is
transferred to the account Administration for customers to the date the foreign
currency is sold to the bank or transferred back to the deposit account of the
organization.
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Based on the spot contract, the
receiving bank shall transfer the foreign currency income of the organization
to the bank being a partner to the spot contract. The contracting bank shall be
responsible to immediately buy this foreign currency income.
6. For the forward contract
a. Forward contracts involving
the foreign currency from a current account income which is subject to sale as
provided for, entered into between a bank and an organization before the
effective date of this Decision shall continue to be carried out.
If the bank buying the foreign
currency in a forward contract is not the bank receiving the current account
income, the organization shall be responsible to present the forward contract
before or at the date the foreign currency is credited to the deposit account
with the receiving bank.
Based on the forward contract,
the receiving bank shall transfer the foreign currency income of the
organization to the bank being a partner to the forward contract. The
contracting bank shall be responsible to immediately buy the foreign currency
income on the due date.
b. From the effective date of
this Decision, forward contracts involving the current account income subject
to sale between economic organizations and banks shall be in line with the term
of payment of the export or service contract with foreign countries in order to
ensure that the current account income shall be sold immediately to the bank
when its account is credited.
The economic organization shall
be responsible to present the foreign currency forward contract and the export
or service contract to the Bank receiving the income. The receiving bank shall
based on the term of the forward contract, transfer the foreign currency of the
organization to the buying bank in accordance with the forward contract. The
buying bank shall be responsible to immediately buy this foreign currency on
the due date.
1.2. Point 4 part IV of the Circular
08/1998/TT-NHNN7 shall be supplemented as follows:
Authorized banks shall be
responsible to report at the end of each business day to the State Bank (the
Foreign Exchange Control Department) on the performance of the purchase of
foreign currency by their own system during the day in accordance with the report
form attached.
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Article 2. This Decision
shall be effective from the date of signing.
Article 3. Head of
Departments, the Head of Governor office, the Chief Inspectors in the State Bank
Head office, General Managers of the State Bank branches in provinces and
cities, Directors general (directors) of commercial banks, joint-venture banks
and joint-stock commercial banks, foreign bank branches shall, within their
competence, be responsible for organising and guiding the implementation of
this Decision.
FOR
THE GOVERNOR OF THE STATE BANK OF VIETNAM
DEPUTY GOVERNOR
Duong Thu Huong
REPORT
ON PERFORMANCE OF FOREIGN CURRENCY PURCHASE FROM THE CURRENT ACCOUNT INCOME OF
RESIDENTS BEING AN ORGANISATION
(Date
)
To: The State Bank of Vietnam
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Fax No. 04 826 8789
Name of the reporting bank:
Telephone No.:
1. The Data Sheet
Unit: US$
Organisation
Amount of foreign currencies bought
during the day
Amount of foreign currencies
transferred to the account "Administration for customers"
Balance of the account
Administration for customers
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2. Non-profit organization
2. Obstacles arising during the
process of implementation
General
Manager (Manager)
(Sign
and seal)
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