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THE STATE BANK
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SOCIALIST REPUBLIC
OF VIET NAM
Independence - Freedom - Happiness
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No:
1437/2001/QD-NHNN
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Hanoi, November 19,
2001
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DECISION
ISSUING
THE REGULATION ON THE PURCHASE, TRANSFER AND BRINGING OF FOREIGN CURRENCIES
OVERSEAS BY RESIDENTS BEING VIETNAMESE CITIZENS
THE STATE BANK GOVERNOR
Pursuant to Vietnam State Bank Law
No.01/1997/QH10 of December 12, 1997;
Pursuant to the Government’s Decree No.15/1993/ND-CP of March 2, 1993 on the
tasks, powers and State management responsibility of the ministries and
ministerial-level agencies;
Pursuant to the Government’s Decree No.63/1998/ND-CP of August 17, 1998 on
foreign exchange management;
At the proposal of the director of the Foreign Exchange Management Department,
DECIDES:
Article 1.- To
issue together with this Decision the Regulation on the purchase, transfer and
bringing of foreign currencies overseas by residents being Vietnamese citizens.
Article 2.- This
Decision takes effect as from January 1, 2002. The provisions of Section I, Chapter
IV, Part III and Section I, Chapter V, Part IV, of the State Bank’s Circular
No.01/1999/TT-NHNN7 of April 16, 1999 guiding the implementation of the
Government’s Decree No.63/1998/ND-CP of August 17, 1998 on foreign exchange
management and Clause 1, Article 1 of the State Bank Governor’s Decision
No.19/2001/QD-NHNN of January 12, 2001 authorizing the director of the State
Bank’s Ho Chi Minh City branch to carry out a number of foreign exchange
management tasks in the southern provinces and cities are no longer effective.
Article 3.- The
directors of the Office and the Foreign Exchange Management Department and the
heads of the units under the State Bank, the directors of the State Bank’s
branches in the provinces and centrally-run cities as well as the general
directors (directors) of the licensed banks shall have to implement this
Decision.
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FOR THE STATE BANK
GOVERNOR
DEPUTY GOVERNOR
Duong Thu Huong
REGULATION
ON
THE PURCHASE, TRANSFER AND BRINGING OF FOREIGN CURRENCIES OVERSEAS BY RESIDENTS
BEING VIETNAMESE CITIZENS
(Issued
together with the State Bank Governor’s Decision No.1437/2001/QD-NHNN of
November 19, 2001)
Chapter I
GENERAL
PROVISIONS
Article 1.- Governing scope
This Regulation governs the purchase,
transfer and bringing of foreign currencies overseas by residents being
Vietnamese citizens (hereafter called Vietnamese citizens) for use for the
following purposes:
1. To cover expenses for the study or medical
treatment of their own or their relatives;
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3. To pay charges of different kinds to
foreign parties;
4. To support their relatives overseas;
5. To transfer money of inheritance to their
heirs overseas;
6. To settle down in foreign countries.
Article 2.- Term interpretation
In this Regulation the following words and
phrases shall be construed as follows:
1. Foreign currencies mean currencies of
foreign countries. In this document, foreign currency amounts to be purchased,
transferred or brought overseas are prescribed in US dollar. Where Vietnamese
citizens wish to transfer or bring overseas other foreign currencies, such
shall be converted into US dollar with equivalent value.
2. Foreign currency purchase means the use
Vietnam dong by Vietnamese citizens to purchase foreign currencies at the
licensed banks for the purposes specified in Article 1 on the basis of
presenting papers prescribed in this Regulation.
3. Foreign currency transfer means the
transfer of foreign currencies overseas by Vietnamese citizens through the
licensed banks.
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5. Customs-declaration level means the amount
of foreign currency in cash set by the State Bank Governor in each period for
citizens to bring along upon their entry or exit. Individuals bringing foreign
currency amounts beyond this prescribed limit shall have to declare with the
border-gate customs offices.
6. Foreign currency-transfer permit means the
permit granted by the State Bank to a Vietnamese citizen who transfers overseas
a foreign currency amount from the customs-declaration level upward. This
permit shall be used for foreign currency purchase at or transfer through the
licensed banks.
7. Foreign currency-bringing permit means the
permit granted by the State Bank to a Vietnamese citizen who brings overseas a
foreign currency amount from the customs-declaration level upward, for the
whole foreign currency amount he/she brings along on exit. This permit shall be
used for foreign currency-cash purchase at the licensed banks and presented to
border-gate customs offices when foreign currencies are brought through border
gates.
8. Relatives include natural parents, foster
parents, wife or husband, natural children, adoptive children and siblings of a
Vietnamese citizen who applies for foreign currency transfer or bringing.
9. Papers proving the family relationship
mean one of the following papers: copy of the birth certificate, copy of the
household registration book, copy of the marriage registration certificate,
written certification of the managing agency or local administration proving
the family relationship. For adoptive parents and children, they must obtain
certifications of competent State management bodies as prescribed by law.
10. Expense notice means one of the following
papers: document, voucher or invoice issued by the foreign party, notifying
expenses related to study, medical examination and/or treatment and other
expenses in form of original, copy or facsimile. A written notice must be
translated into Vietnamese. When necessary, the banks may request Vietnamese
citizens to present original notices.
11. Periodic money order means the written
request made by a Vietnamese citizen to a licensed bank for the transfer of a
certain foreign currency amount from his/her own account to another account
overseas at a given time point in the year. Upon transferring foreign
currencies to their heirs or for the purpose of settling down overseas,
Vietnamese citizens shall have to submit dossiers of application for foreign
currency transfer only once for the whole foreign currency amount to be
transferred. The subsequent transfers shall be effected according to the
periodic money orders already agreed upon between Vietnamese citizens and the
licensed banks without having to apply for permission of the State Bank.
Article 3.- Sources of foreign currencies to be transferred or brought
overseas
Vietnamese citizens who are permitted by the
banks with competence prescribed in Article 12 of this Regulation to transfer
or bring overseas foreign currencies for the purposes mentioned in Article 1 of
this Regulation may use foreign currencies available on their deposit or
savings accounts or foreign currencies stored by themselves or purchased from
the licensed banks for transfer or bringing overseas.
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1. For amounts below the customs-declaration
level: Vietnamese citizens wishing to use foreign currencies for the purposes
mentioned in Article 1 of this Regulation may contact licensed banks and
present relevant papers in order to:
a/ Transfer foreign currencies from their
deposit or savings accounts or foreign currencies stored by themselves;
b/ Purchase foreign currencies from licensed
banks and transfer them overseas;
c/ Purchase foreign currencies in cash to
bring overseas.
2. From the customs-declaration level upward:
Vietnamese citizens wishing to use foreign currencies for the purposes
mentioned in Article 1 of this Regulation shall have to contact the State Bank
with competence prescribed in Article 12 of this Regulation so as to apply for
foreign currency transfer or bringing. On the basis of foreign
currency-transfer or -bringing permits granted by the State Bank, Vietnamese
citizens may:
a/ In cases where they are granted foreign
currency-transfer permits, Vietnamese citizens may contact the licensed banks
to:
- Transfer foreign currencies from foreign
currency sources available on their deposit or savings accounts or stored by
themselves;
- Purchase and transfer foreign currencies.
b/ In cases where they are granted foreign
currency-bringing permits, Vietnamese citizens may:
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- Contact the licensed banks for purchase of
foreign currencies in cash to bring overseas.
3. Based on their available foreign currency
sources, the licensed banks shall consider and have the right to decide on
foreign currency amounts to be sold to Vietnamese citizens for transfer or
bringing overseas for the purposes prescribed in Article 1 of this Regulation.
Chapter II
SPECIFIC
PROVISIONS
Article 5.- Transfer,
bringing of foreign currencies for study overseas
1. Vietnamese citizens who wish to transfer
or bring foreign currencies overseas for the payment of tuition fees,
accommodation and meal as well as other expenses arising in the course of their
own study overseas may contact the banks with competence prescribed in Article
12 of this Regulation so as to fill in the foreign currency-transfer
or-bringing procedures on the basis of submitting the following papers:
a/ The application for foreign currency
transfer or bringing;
b/ The written expense notice of the overseas
school or training establishment (hereafter called training establishment) to
the trainee. In cases where the notice is not sent directly to the trainee, such
trainee-Vietnamese citizen shall have to submit a letter of study acceptance of
the overseas training establishment or paper(s) proving that he/she is studying
overseas.
c/ The copy of the applicant’s passport.
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In cases where the training establishment
does not issue any notice on meal, accommodation, subsistence and relevant
expenses, each Vietnamese citizen-trainee shall, in addition to the already
notified tuition fee amount, be allowed to transfer or bring overseas no more
than USD 5,000 for each school year.
2. Vietnamese citizens who wish to transfer
or bring foreign currencies to their relatives studying overseas shall, in
addition to the papers prescribed at Points a and b, Clause 1 of this Article,
have to submit the following papers:
a/ The papers proving their family
relationship;
b/ The copies of their identity cards (for
cases of applying for foreign currency transfer) or passports (for cases of
applying for foreign currency bringing).
3. Persons who are authorized by Vietnamese
citizens to bring foreign currencies to their relatives studying overseas
shall, in addition to the papers prescribed at Points a and b, Clause 1 of this
Article, have to submit the following papers:
a/ The papers proving their family
relationship with the authorizers;
b/ The written authorizations;
c/ The copies of the authorized persons
passports.
4. Vietnamese citizens may authorize
enterprises with function of providing overseas study consultancy and services
to contact the banks with competence prescribed in Article 12 of this
Regulation in order to apply for foreign currency transfer. A dossier of
application for foreign currency transfer includes:
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- The list of the overseas trainees;
- The foreign currency amount requested to be
transferred to each of the overseas trainees;
- Each trainee’s address for foreign currency
transfer.
b/ The overseas training establishment’s
written notice on expenses of each trainee. In cases where such a notice fails
to specify such trainee’s expenses, the enterprise shall have to attach the
letter of study acceptance of the overseas training establishment or paper(s)
proving that the trainee is studying overseas;
c/ The copies of the trainees’ passports (for
those who have not yet left for study);
d/ The authorization contracts made between
Vietnamese citizens and the enterprise whereby Vietnamese citizens authorize
the enterprise to fill in the foreign currency- transfer procedures;
e/ The notarized copy of the business
registration certificate (for case of the first-time application for permits).
Article 6.- Transfer,
bringing of foreign currencies overseas for medical treatment purpose
1. Vietnamese citizens who wish to transfer
or bring foreign currencies overseas for the payment of hospital fees,
accommodation, meal and subsistence as well as relevant expenses arising in the
course of their medical treatment overseas may contact the banks with
competence prescribed in Article 12 of this Regulation in order to fill in the
foreign currency-transfer or -bringing procedures, on the basis of submitting
the following papers:
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b/ The paper of acceptance for medical
examination and/or treatment, issued by the overseas medical treatment
establishment or the written recommendation to overseas medical treatment
issued by a domestic medical treatment establishment;
c/ The written notice on the expenses or
expense estimates made by the overseas medical treatment establishment;
d/ The copy of the patient’s passport.
The foreign currency amount to be transferred
or brought overseas shall be based on the expense amount notified by the
overseas medical treatment establishment.
In cases where the overseas medical treatment
establishment does not issue any notice on the meal, accommodation, subsistence
as well as relevant expenses, a Vietnamese citizen-patient shall, in addition
to the already notified hospital fee amount, be allowed to transfer or bring
overseas no more than USD 10,000 each time he/she goes abroad for medical
treatment.
In cases where the expense notice of the
overseas medical treatment establishment is not yet available, the Vietnamese
citizen may bring overseas an amount of USD 10,000 as mentioned above in order
to cover the initial expenses, then have to work with the overseas medical
treatment establishment to acquire a written expense notice, which shall serve
as a basis for foreign currency transfer or bringing as prescribed in Clause 2
or 3 of this Article.
2. In cases where Vietnamese citizens
transfer or bring foreign currencies to their relatives who are undergoing
medical treatment overseas, they shall, in addition to the papers prescribed at
Points a and b, Clause 1 of this Article, have to submit the following papers:
a/ The papers proving their family
relationship;
b/ The copies of their identity cards (for
cases of applying for foreign currency transfer) or passports (for cases of
applying for foreign currency bringing).
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a/ The papers proving their family
relationship with the authorizers;
b/ The written authorizations;
c/ The copies of the authorized persons
passports.
Article 7.- Transfer,
bringing of foreign currencies overseas for payment of charges and fees to
foreign parties
Vietnamese citizens who wish to transfer or
bring foreign currencies overseas for the payment of charges and fees
(membership fees, dossier-consideration charges, visa fee as well as other
charges and fees) to foreign parties may contact the banks with competence
prescribed in Article 12 of this Regulation in order to fill in the foreign
currency-transfer or-bringing procedures, on the basis of submitting the
following papers:
1. The application for foreign currency
transfer or bringing;
2. The foreign party’s written notice on
expenses;
3. The copy of the applicant’s identity card
(for cases of applying for foreign currency transfer) or passport (for cases of
applying for foreign currency bringing).
The foreign currency amount to be transferred
or brought overseas shall be based on the expense amount notified by the
foreign party.
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1. Vietnamese citizens who make working trips
overseas and wish to transfer overseas or bring along foreign currencies may
contact the banks with competence prescribed in Article 12 of this Regulation
for filling in the foreign currency-transfer or -bringing procedures, on the
basis of presenting the following papers:
a/ The application for foreign currency
transfer or bringing;
b/ The foreign party’s written notice on
expenses;
c/ The copy of the applicant’s identity card.
The foreign currency amount to be transferred
or brought overseas shall be based on the expense amount notified by the
foreign party.
2. Vietnamese citizens who go on overseas
tours or visits and wish to bring along foreign currencies, may each bring
along an amount not exceeding the customs-declaration level upon each exit
without having to ask for permission of the State Bank.
Article 9.- Transfer
or bringing of foreign currencies to support relatives overseas
1. Vietnamese citizens who wish to bring a
foreign currency amount of the customs-declaration level upward or transfer
foreign currencies to support their relatives overseas may contact the State
Bank’s provincial/municipal branches in the relevant localities for filling in
the foreign currency -transfer or -bringing procedures, on the basis of
submitting the following papers:
a/ The application for foreign currency
transfer or bringing permit;
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c/ The paper(s) proving that the support
beneficiary is residing overseas;
d/ The copy of the applicant’s identity card
(for cases of applying for foreign currency transfer) or passport (for cases of
applying for foreign currency bringing).
2. The State Bank’s provincial/municipal
branches shall grant foreign currency-transfer or -bringing permits once a year
to Vietnamese citizens who want to support their relatives but the foreign
currency amount to be transferred or brought to a support beneficiary must not
exceed USD 5,000.
Article 10.- Transfer or bringing of foreign currencies to heirs
overseas
1. Vietnamese citizens who represent heirs
overseas may contact the banks with competence prescribed in Article 12 of this
Regulation for filling in the foreign currency-transfer or -bringing procedures
on the basis of submitting the following papers:
a/ The application for foreign currency
transfer or bringing;
b/ The original or notarized copies of the
competent agency’s document on the inheritance division or testament and the
written agreement between the lawful heirs;
c/ The written authorization of the heir
(notarized or authenticated) or document proving the representative-at-law
capacity of the applicant for foreign currency transfer or bringing;
d/ The copy of the applicant’s identity card
(for cases of applying for foreign currency transfer) or passport (for cases of
applying for foreign currency bringing).
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The remaining sum (in Vietnam dong or a
foreign currency) may be deposited by the Vietnamese citizen at a licensed bank
for gradual transfers (both principal and arising interests) in the subsequent
years by the mode of periodic money order as already agreed upon between the
licensed bank and the applicant for foreign currency transfer, but the money
amount to be transferred each year must not exceed the above-prescribed level.
In cases where the money is deposited in Vietnam dong at the licensed bank, the
Vietnamese citizen can buy foreign currency at the selling rate announced by
that bank at the time of transferring foreign currency as already agreed upon
between the licensed bank and the foreign currency-transfer applicant in the
periodic money order.
Article 11.- Transfer or bringing of foreign currencies overseas for
permanent residence purposes
1. Vietnamese citizens who are allowed to
settle down overseas and wish to transfer overseas or bring along foreign
currencies may contact the banks with competence prescribed in Article 12 of
this Regulation for filling in the foreign currency-transfer or -bringing
procedures on the basis of presenting the following papers:
a/ The application for foreign currency
transfer or bringing;
b/ The copy of the overseas competent
agency’s document, allowing the permanent residence, attached with the
translation thereof certified by the translating body or paper(s) proving that
the Vietnam citizen is allowed to settle down overseas;
c/ The copy of passport of the person on exit
for permanent settlement overseas.
2. Vietnamese citizens on exit for permanent
residence overseas may each transfer or bring along each year no more than USD
10,000 or 20% of the total money amount to be transferred or brought overseas
if this amount is larger than USD 50,000. In case of applying for the transfer
or bringing of more than USD 50,000 overseas, the concerned Vietnamese citizen
shall have to present paper(s) proving that he/she actually holds the money
amount to be transferred or brought overseas for permanent residence purpose.
The remaining sum (in Vietnam dong or a
foreign currency) may be deposited by the Vietnamese citizen at a licensed bank
for gradual transfer (of both principal and arising interests) in the
subsequent years by the mode of periodic money order as already agreed upon
between the licensed bank and the foreign currency-transfer applicant, but the
money amount transferred each year must not exceed the above-prescribed level.
In cases where this sum is deposited in Vietnam dong at a licensed bank, the
Vietnamese citizen can buy foreign currency at the selling rate announced by
that bank at the time of transferring foreign currency as agreed upon between
the licensed bank and the foreign currency-transfer applicant in the periodic
money order.
Chapter III
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Article 12.- Competence to permit Vietnamese citizens to purchase,
transfer or bring foreign currencies overseas
Vietnamese citizens who wish to transfer or
bring foreign currencies overseas for the purposes prescribed in Article 1 of
this Regulation, which are available on their deposit accounts, savings
accounts or stored by themselves or purchased from licensed banks, may contact
banks with competence prescribed below in order to fill in the foreign
currency-transfer or -bringing procedures:
1. Licensed banks: The general directors
(directors) of the licensed banks or the persons authorized by the general
directors (directors) shall consider and permit Vietnamese citizens to purchase
and transfer overseas foreign currency amounts below the customs-declaration
level (except for cases of transferring support money to relatives overseas).
2. The State Bank’s branches in the provinces
and centrally-run cities: The directors of the State Bank’s branches in the
provinces and centrally-run cities shall issue permits to Vietnamese citizens
residing in their respective localities to transfer or bring overseas foreign
currency amounts from the customs-declaration level upward and for case of
applying for foreign currency transfer to support relatives overseas with
amounts below the customs-declaration level.
3. For cases of applying for foreign currency
transfer or bringing for purposes other than those stipulated in Article 1 of
this Regulation, the State Bank’s branches in the provinces and centrally-run
cities shall receive dossiers, examine them and send their proposals (together
with the dossiers) to the Foreign Exchange Management Department under the
State Bank so that the latter submit them to the Governor for settlement.
Article 13.- Dossier examination
1. For the sale and transfer of foreign
currencies:
a/ When selling or transferring foreign
currencies to Vietnamese citizens with amounts below the customs-declaration
level, the licensed banks shall have to examine dossiers for each of the
purposes mentioned in Chapter II of this Regulation.
b/ When selling or transferring foreign
currencies to Vietnamese citizens with amounts from the customs-declaration
level upward, the licensed banks shall have to base themselves on the foreign
currency-transfer permits issued by the State Bank’s provincial/municipal
branches.
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2. For the sale of foreign currencies in
cash:
a/ When selling foreign currencies in cash to
Vietnamese citizens with amounts below the customs-declaration level, the
licensed banks shall have to examine the latter’s passports and
passenger-transportation coupons then inscribe the already sold foreign
currency amounts and affix stamp on the counterfoils of the
passenger-transportation coupons.
b/ When selling foreign currencies in cash to
Vietnamese citizens with amounts from the customs-declaration level upwards,
the licensed banks shall have to base themselves on the foreign
currency-bringing permits issued by the State Bank’s provincial/municipal
branches.
In cases where Vietnamese citizens have to
use permits issued by State Bank’s provincial/municipal branches to purchase
foreign currencies for many times, at many licensed banks, such licensed banks
shall, when selling foreign currencies to Vietnamese citizens, have to inscribe
the already sold foreign currency amounts and affix stamp on the permits issued
by the State Bank’s provincial/municipal branches. The total foreign currency
amount purchased at the licensed banks must not exceed the amount already
approved by State Bank’s provincial/municipal branches.
Article 14.- Permit-issuing time limit
Within 10 (ten) working days after receiving
valid dossier sets, the licensed banks or State Bank’s provincial/municipal
branches (according to their competence provided for in Article 12 of this
Regulation) shall approve or issue permits to Vietnamese citizens to transfer
or bring foreign currencies overseas. In case of refusal, they must notify the
applicants of the reasons therefor.
Article 15.- Registration of sample stamps and signatures
The State Bank’s branches in the provinces
and centrally-run cities shall have to register sample stamps and signatures of
the persons competent to issue permits to Vietnamese citizens to bring foreign
currencies overseas, with the General Department of Customs for monitoring and
supervision.
Article 16.- Reporting regime
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2. Quarterly, by the 30th of the last month
of the quarter at the latest, the State Bank’s branches in the provinces and
centrally-run cities shall sum up the situation on the granting of foreign
currency-transfer and -bringing permits as well as the sale and transfer of
foreign currencies to Vietnamese citizens in their respective localities and
send reports thereon to the State Bank (the Foreign Exchange Management
Department).
Article 17.- Handling of violations
Organizations and individuals violating this
Regulation shall, depending on the nature and seriousness of their violations,
be disciplined or examined for penal liabilities as prescribed by law.
Article 18.- Amendment, supplementation of Regulation
The amendment and supplementation of this
Regulation shall be decided by the State Bank Governor.
FOR THE STATE BANK
GOVERNOR
DEPUTY GOVERNOR
Duong Thu Huong
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