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THE STATE BANK
OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 06/VBHN-NHNN
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Hanoi, November
25, 2013
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DECISION
ENCOURAGING
VIETNAMESE EXPATRIATES TO TRANSFER THEIR MONEY BACK TO VIETNAM
The Prime Minister’s Decision No. 170/1999/QD-TTg
dated August 19, 1999 on encouraging Vietnamese expatriates to transfer money
back to Vietnam, which took effect from September 03, 1999, shall be amended
and complemented by:
The Prime Minister’s Decision No. 78/2002/QD-TTg
dated June 17, 2002 on amending and complementing the Prime Minister’s Decision
No. 170/1999/QD-TTg dated August 19, 1999 on encouraging Vietnamese expatriates
to transfer money back to Vietnam, which took effect from July 02, 2002.
THE PRIME MINISTER
Pursuant to the Law on Government Organization
dated September 30, 1992;
Pursuant to the Government’s Decree No.
63/1998/ND-CP dated August 17, 1998 on management of foreign exchange;
At the request of the Governor of the State bank
of Vietnam
1,
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Article 1. The Government hereby encourages and provides assistance for
Vietnamese expatriates to transfer their foreign currency back to Vietnam in
accordance with the law of their home country and host country where they are
settling, and from which they wish to transfer their money.
Money transfer carried out by foreigners, who wish
to make remittance to Vietnam for the purpose of giving financial support to
their families, relatives or other charitable purposes, shall be also
facilitated and conform to the regulations so applied to Vietnamese expatriates
as stipulated by this Decision.
Article 2. INTERPRETATION OF
TERMS
In this Decision, terms shall be construed as
follows:
1. Foreign currency, as stipulated by this
Decision, refers to a freely convertible foreign currency.
2. Beneficiary refers to a domestic resident who
receives foreign currency sums remitted by Vietnamese expatriates, or foreigners
from overseas countries to Vietnam.
3. Authorized credit institutions refer to
Vietnam’s credit institutions which the State Bank permits to perform their
foreign currency transactions.
4. International postal remittance service
providers refer to enterprises that have been granted the permit for their
international postal remittance services by the General Post
Department.
5. International postal remittance services refer
to different types of international postal transfer of cash and cheque.
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Where International Agreements of which the
Socialist Republic of Vietnam is a signatory or a participant lay down
provisions pertaining to foreign currency transfer to Vietnam in contrast to
those enshrined in this Decision, such foreign currency transfer shall be
governed by provisions of these International Agreements.
Article 4. Forms of foreign currency transfer to Vietnam
Vietnamese expatriates and foreigners shall be
entitled to transfer foreign currency to Vietnam in the following forms:
1. Foreign currency transfer carried out through
authorized credit institutions;
2. Foreign currency transfer carried out through
international postal remittance service providers;
3. Foreign currency carried along by individuals
into Vietnam.
Overseas individuals who help Vietnamese
expatriates carry foreign currency upon entry into Vietnam shall be required to
make customs declarations of such amounts of foreign currency transferred back
to Vietnam to domestic beneficiaries.
Article 5. Entities who are eligible to receive foreign currency that
Vietnamese expatriates transfer and pay to domestic beneficiaries 2
1. Authorized credit institutions.
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3. Economic organizations that have been granted
the permit for foreign currency remittance service by the State Bank of Vietnam,
or those that act as agents for credit institutions to make domestic foreign
currency payment.
4. Credit institutions (including credit
institutions that are permitted to perform foreign exchange activities and
those that are not permitted to perform foreign exchange activities) that act
as agents for economic organizations licensed to provide domestic foreign
currency remittance and payment services.
5. Credit institutions (including credit
institutions that are permitted to perform foreign exchange activities and
those that are not permitted to perform foreign exchange activities) that act
as agents for authorized credit institutions.
Article 6. Rights of beneficiaries
1. Receive sums in foreign currency or Vietnamese
dong upon request.
2. On receipt of a foreign currency sum,
beneficiaries can sell this sum to authorized credit institutions, make a
deposit into personal foreign currency deposit accounts and can be used in
accordance with applicable laws on foreign currency administration, and open
saving accounts at authorized credit institutions or can be used for other
purposes in accordance with Vietnam’s laws.
3. Exempt the obligations to pay the tax on income
earned from foreign currency amounts transferred from overseas countries.
Article 7. Responsibilities and powers of the State Bank
1. Cooperate with relevant Ministries and
regulatory bodies in profound propagation of incentive policies on foreign
currency transfer back to Vietnam.
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3. Grant permits to economic organizations eligible
to provide foreign currency payment and remittance services, and revoke such
permits or make a decision to temporary suspension to authorized credit
institutions or economic organizations committing violations against provisions
enshrined in this Decision.
Article 8. Responsibilities of relevant Ministries and regulatory
bodies
1. Ministries and affiliates, governmental bodies
and the People’s Committees of centrally-affiliated cities and provinces shall,
within their permitted assumption of duties and exercise of powers, take
responsibility for cooperating with the State Bank in state management of
foreign currency remittance and payment.
2. The General Department of Taxation and Vietnam
Post Incorporation shall be responsible for preparing the report on foreign
currency transfer to Vietnam for submission to the State Bank which shall be
then compiled into the general report to the Prime Minister. Data
analysis on foreign currency transfer to Vietnam shall be made on the quarterly
basis and conform to regulations laid down by the State Bank.
Article 9. Violation settlement
Organizations or individuals in violation of
regulations on foreign currency payment and remittance shall be subject to administrative
penalties or criminal prosecutions, depending on the severity of such
violations. Where these violations cause any loss or damage, legal regulations
shall be applied.
Article 10. Implementary provisions 3
1. This Decision shall come into force after 15
days from the signing date. Any previous regulations in contrast to this
Decision shall be annulled.
2. The Governor of the State Bank shall assume
responsibility for enforcing this Decision.
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VERIFIED BY
PP. THE
GOVERNOR
THE DEPUTY GOVERNOR
Dang Thanh Binh
1 The introduction of the Prime Minister’s
Decision No. 78/2002/QD-TTg dated June 17, 2002 on amending and complementing the
Prime Minister’s Decision No. 170/1999/QD-TTg dated August 19, 1999 on
encouraging Vietnamese expatriates to transfer money back to Vietnam, which
took effect from July 02, 2002 is based on:
“The Law on Government Organization dated
September 30, 1992;
The Government’s Decree No. 63/1998/ND-CP dated
August 17, 1998 on management of foreign exchange;
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2 This Article is amended in accordance
with Article 1 of the Prime Minister’s Decision No. 78/2002/QD-TTg dated June
17, 2002 on amending and complementing the Prime Minister’s Decision No.
170/1999/QD-TTg dated August 19, 1999 on encouraging Vietnamese expatriates to
transfer money back to Vietnam, which took effect from July 02, 2002.
3 Article 2 of the Prime Minister’s
Decision No. 78/2002/QD-TTg dated June 17, 2002 on amending and complementing
the Prime Minister’s Decision No. 170/1999/QD-TTg dated August 19, 1999 on
encouraging Vietnamese expatriates to transfer money back to Vietnam, which
took effect from July 02, 2002, provides the following regulations:
“Article 2. Implementary
provisions
1. This Decision shall come into force after 15
days from the signing date. Any previous regulations in contrast to this
Decision shall be annulled.
2. The Governor of the State Bank shall assume
responsibility for enforcing this Decision.
Ministries, Heads of ministerial-level agencies,
Heads of Governmental agencies, the President of the People’s Committees of
centrally-affiliated cities and provinces shall be responsibility for
implementing this Decision.”