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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.
20/2011/TT-NHNN
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Hanoi,
August 29, 2011
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CIRCULAR
PROVIDING FOR THE PURCHASE, SALE OF FOREIGN CURRENCIES IN
CASH BETWEEN INDIVIDUALS AND AUTHORIZED CREDIT INSTITUTIONS
- Pursuant to the Law on the
State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;
- Pursuant to the Law on Credit
Institutions No. 47/2010/QH12 dated 16 June 2010;
- Pursuant to Ordinance on
Foreign Exchange No. 28/2005/PL-UBTVQH dated 13 December 2005;
- Pursuant to the Decree No.
160/2006/ND-CP dated 28 December 2006 of the Government providing in details on
the implementation of the Ordinance on Foreign Exchange;
- Pursuant to the Decree No.
96/2008/ND-CP dated 26/8/2008 of the Government providing for the functions,
duties, authorities and organizational structure of the State Bank of Vietnam;
With a view to implementing the
Resolution No. 11/NQ-CP dated 24 February 2011 of the Government on main
solutions, concentrating on inflation restriction, macro- economic
stabilization, social security assurance,
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Article 1.
Governing scope
1. This Circular provides
guidance on the implementation of regulations on purchase, sale of foreign
currencies in cash between individuals and credit institutions, foreign bank
branches authorized to engage in foreign exchange activity (hereinafter
referred to as authorized credit institutions).
2. Activity of exchanging
foreign currencies by individuals at foreign currency exchange agents of credit
institutions shall be performed under recent provisions related to the
regulation on foreign currency exchange agents.
3. The use of bank cards, other
noncash payment means or purchase of foreign currency in the form of transfer
at authorized credit institutions to make payment overseas by individuals for
legal purposes shall be performed under current provisions of applicable laws.
Article 2.
Subjects of application
1. Individuals who are
Vietnamese citizen shall be authorized to buy foreign currency in cash at
authorized credit institutions to satisfy spending demand of their own as well
as of children sharing passport with their parent, including: food expense,
pocket money, travel expense in foreign country related to one of following
purposes:
a. Study, medical treatment in
abroad;
b. Going on business,
travelling, visiting overseas.
2. For other legal purposes as
stipulated in Paragraph 2, Article 8 of the Decree No.160/2006/ND-CP dated 28
December 2006 of the Government providing in details for the implementation of
the Ordinance on Foreign Exchange, an individual may buy foreign currency in
cash at an authorized credit institution depending on its ability to balance
source of foreign currency in cash.
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4. Individuals selling foreign
currency in cash to authorized credit institutions and foreign currency
exchange agents of such authorized credit institutions in accordance with
current provisions on foreign exchange control.
Article 3.
Place of buying, selling foreign currency
1. The purchase, sale of foreign
currencies in cash shall be performed at places which are authorized to sell
foreign currencies in cash belonging to operating network of authorized credit
institutions in line with provisions of applicable laws.
2. The selling of foreign
currencies in cash by individuals shall be performed at places which are
authorized to purchase foreign currencies in cash belonging to operating
network of authorized credit institutions in line with provisions of applicable
laws and their foreign currency exchange agents.
Article 4.
Types of foreign currency permitted to buy
Individuals being Vietnamese
citizen shall be entitled to buy foreign currencies in cash at authorized
credit institutions to satisfy their foreign currency demands as stipulated in
Paragraph 1, Article 2 of this Circular according to following principles:
1. Entitled to buy foreign
currency which is the local currency of the country where Vietnamese citizen
come.
2. Where they do not have local
currency of the country where Vietnamese citizen come, authorized credit
institutions shall sell other freely convertible foreign currencies.
Article 5.
Limit of purchasing foreign currency
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2. Authorized credit
institutions shall be obliged to sell foreign currencies in cash to individuals
who are Vietnamese citizen in accordance with provisions in Paragraph 1 of this
Article on the basis of presentation of application forms and documents.
3. Based on the ability to self
balance their foreign currency source in cash, authorized credit institutions may
sell an amount of foreign currencies in excess of the limit as stipulated in
Paragraph 1 of this Article to satisfy foreign currency demands as stipulated
in Paragraph 1, Article 2 of this Circular.
Article 6.
Notice of the purchase, sale of foreign currencies in cash
1. Within a period of 15 working
days since the date of signing this Circular, authorized credit institutions
which perform activities of purchasing, selling foreign currencies in cash with
individuals shall be responsible:
a. To give written notice
(directly or by post) to State Bank of Vietnam (Foreign Exchange Control
Department) of their purchase, sale of foreign currencies in cash with
individuals under the Form in Appendix 1 issued in conjunction with this
Circular.
b. To inform the list of places
of purchasing, selling foreign currencies in cash of the entire system on
authorized credit institutions’ website.
c. To inform the list of places
of purchasing, selling foreign currencies in cash to State Bank of Vietnam
(Foreign Exchange Control Department) and State Bank branches in provinces,
cities under the central Government’s management in the local area under the
form at Appendix 2 issued in conjunction with this Circular.
2. Authorized credit
institutions which have not yet performed activity of purchasing, selling
foreign currencies in cash with individuals after the effective date of this
Circular, shall, upon availability of their demand, be responsible for giving
notice of contents as stipulated in Paragraph 1 in this Article within 15 days
prior to performing such activity.
3. Within 15 days since
occurrence of any change in purchase, sale of foreign currencies in cash
(amendment, reduction of places, termination of purchase, sale activity),
authorized credit institutions shall be responsible for giving a written notice
of and updating the list of places of purchasing, selling foreign
currencies in cash (directly or by post) to the State Bank of Vietnam (Foreign
Exchange Control Department) and State Bank branches in provinces, cities under
central Government’s management in local area under the form in Appendix 2
issued in conjunction with this Circular.
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1. To carry out the purchase,
sale of foreign currencies in cash with individuals to satisfy the purposes as
stipulated in this Circular after giving notice to the State Bank.
2. To publicly post, on their
website, the buying, selling rates of foreign currencies with individuals in
places of purchasing, selling foreign currencies in cash and be obliged to
purchase, sell foreign currencies in cash in accordance with provisions of
applicable laws on exchange rate.
3. To issue internal process on
the purchase, sale of foreign currencies in cash with individuals, specifying procedures,
application files, related documents to prove the demand for using, spending
foreign currencies in cash in foreign country of individuals to ensure the
implementation of transaction in right purpose and in line with provisions in
this Circular and other provisions on foreign exchange control.
4. To comply with the regime on
documents, books related to activity of purchasing, selling foreign currencies
in cash with individuals in accordance with provisions of applicable laws.
5. To build guiding regulations
inside authorized credit institutions to manage, supervise, ensure security in
delivery, receipt, preservation and transport of foreign currencies in cash
under applicable provisions of State Bank.
6. To facilitate and encourage
individuals to use non-cash payment means in order to satisfy legal spending
demand in foreign countries.
Article 8.
Responsibilities of State Bank branches in provinces, cities under center
Government’s management
1. To direct and guide
authorized credit institutions in local area to seriously comply with
provisions in this Circular.
2. To examine places of
purchasing, selling foreign currencies of authorized credit institutions in the
local area. To inspect, examine and deal with violation acts related to
activity of purchase, sale of foreign currencies in accordance with provisions
in this Circular.
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Article 9.
Responsibilities of individuals
1. To fully present required
documents, papers under applicable provisions of authorized credit institutions
and take responsibilities to the law for the authenticity of documents, papers
already presented.
2. To use foreign currencies in
cash purchased at authorized credit institution for the right purposes and in
line with provisions of applicable laws.
Article 10.
Reporting regime
Monthly, on the 10th of next
month at the latest, authorized credit institutions shall make report according
to following provisions:
1. Making report to State Bank
branch in province, city under central Government’s management in their local
area on status of purchase, sale of foreign currencies in cash arising in the
month at that local area under the form in Appendix 3 issued in conjunction
with this Circular.
2. To summarize and report State
Bank of Vietnam (Foreign Exchange Control Department) on status of purchase,
sale of foreign currencies in cash of the entire system arising in the month
under the form in Appendix 3 issued in conjunction with this Circular.
Article 11.
Implementation provisions
1. This Circular shall be
effective since 15 October 2011.
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GOVERNOR
OF THE STATE BANK OF VIETNAM
Nguyen Van Binh
APPENDIX 1
NAME
OF AUTHORIZED CREDIT INSTITUTION
…..,
date
NOTICE OF PURCHASE, SALE OF FOREIGN CURRENCIES
IN CASH WITH INDIVIDUALS
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Name of authorized credit
institution:
Address:
Telephone
number:
Fax No.
Operation Licence
Certificate of being qualified
for foreign exchange service supply
(Name of authorized credit
institution) hereby registers the purchase, sale of foreign currencies in cash
with individuals as stipulated in the Circular No. ………./TT-NHNN dated
…../……/2011 (list of places of purchase, sale enclosed)
We hereby undertake to correctly
comply with current regulations on foreign exchange control and other related
provisions of applicable laws.
Drawer
Controller
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APPENDIX 2
NAME
OF AUTHORIZED CREDIT INSTITUTION
…..,
date
To:
LIST OF PLACES OF PURCHASING, SELLING FOREIGN
CURRENCIES IN CASH WITH INDIVIDUALS
1. Province, city A
Ordinal
number
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Address
Content
of operation (purchase, sale)
1
2
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…
2. Province, city B
Ordinal
number
Name
of place
Address
Content
of operation (purchase, sale)
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2
…
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3. Province, city….
……,
date…….
Drawer
Controller
General
Director (Director)
(or authorized person)
(sign and seal)
Note:
(1) Authorized credit
institution shall inform all places of purchase, sale of foreign currencies in cash
belonging to the CI all over the country.
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APPENDIX 3
NAME
OF AUTHORIZED CREDIT INSTITUTION
…..,
date…………
To:
- State Bank of Vietnam (1)
(Foreign Exchange Control Department)
- State Bank branch in province, city…(2)
Month………..
year……….
REPORT ON STATUS OF PURCHASE, SALE OF FOREIGN
CURRENCIES IN CASH WITH INDIVIDUALS
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Type
of foreign currency
Amount
of foreign currencies to be purchased, sold
Purchase
Sale
Original
currency
Converted
into USD (3)
Original
currency
Converted
into USD (3)
USD
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GBP
AUD
JPY
SGD
Other foreign currency
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2. Difficulties, queries,
petitions:
Drawer
Controller
General
Director (Director)
(or authorized person)
(sign and seal)
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Note:
(1) Authorized credit
institution shall make report on data of the entire system
(2) Authorized Credit
Institution shall make report on data of each area of operation
(3) The exchange rate
applied for making report: Exchange rate between USD and other foreign currencies
stipulated by General Director (Director) of CI at the last working day
required to make report.