In accordance with the Circular No. 16/2014/TT-NHNN dated August 01, 2014 of the State Bank of Vietnam guiding the use of accounts of foreign currency and Vietnamese dong at authorized banks for residents and non-residents.
The residents as individuals are entitled to use foreign currency account at the authorized banks to transact their receipts of foreign currency receipts remitted from abroad; foreign currency receipts transferred to pay for exported goods and services from the accounts of non-residents as organizations opened at authorized banks in the country; receipts of foreign currency cash carried from abroad. receipts of foreign currency from legal sources in the country as residents as foreign individuals are entitled to earn wage, bonus, allowance and purchase foreign currency from the legal sources in Vietnamese dong.
Besides, the Circular also allows the residents as organizations to use foreign currency accounts at the authorized banks for transactions of receipts of foreign currency receipts remitted from abroad; foreign currency receipts transferred for payment for exported goods and services from the accounts of non-residents as organizations opened at authorized banks in the country or legal foreign currency revenues earned in the country such as receipts from the purchase of transferred foreign currency at the authorized credit institutions or receipts of transferred foreign currency or remittance of foreign currency cash deposited into the account.
Besides, for foreign currency and VND flow in the holder’s accounts, the Circular prescribes that the residents and non-residents as organizations and individuals are entitled to transfer foreign currency between the foreign currency accounts of such organizations and individuals opened at different authorized banks or in the same system of one authorized bank, except that the residents as organizations must not transfer foreign currency as regulated by the State Bank of Vietnam on sale and purchase of foreign currency of economic Group or state-owned Corporation.
Besides, the non-residents as organizations or individuals and the residents as foreign individuals are entitled to transfer Vietnamese dong between Vietnamese dong accounts of such organizations or individuals opened at different authorized banks or in the same system of one authorized bank.
This Circular takes effect on September 15, 2014.
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