On December 26th 2013, the State Bank of Vietnam issued Circular No. 32/2013/TT-NHNN on guiding the implementation of regulations on restricting the use of foreign exchange within the territory of Vietnam and residents are allowed to contribute capital in foreign currency by transfer in order to perform foreign investment projects in Vietnam.
Besides, the Circular also details cases allowed to use foreign exchange within Vietnam’s territory. Concretely, 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; 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; 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…
Residents being exporting and processing enterprises shall be allowed to state prices in contracts in foreign currency and payment in foreign currency by wire 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; they are also allowed for quotations, pricing and prices in contracts in foreign currency and payment, receipt of payments in foreign currency by transfer with other exporting and processing enterprises.
This Circular takes effect on February, 10, 2014.
Download here: 54928_32-2013-TT-NHNN
Get in touch with us