Online Support
My status
Tin tức
UPDATES ON FOREIGN EXCHANGE CONTROL REGULATIONS
On 26 December 2013, the State Bank of Vietnam issued the Circular No.32/2013/TT- NHNN (“Circular 32”) guiding the implementation of regulations restricting the use of foreign currency in the territory of Vietnam. Accordingly, within Vietnam’s territory, except for the cases allowed to use foreign currency, all transactions of offerings, payments, advertisements, quotations, pricing, prices in contracts, agreements and other similar forms (including conversion or adjustment of the prices of goods and services, the value of contracts and agreements) of residents and non-residents are not allowed to be conducted in foreign currency.
 Some typical cases allowed to use foreign currency within Vietnam’s territory are summarized as follows:
 
- Banks and non-bank credit institutions, branches of  foreign banks and other organizations which are allowed to conduct business, to provide foreign exchange services permitted by the State Bank of Vietnam.      
 
- Residents being domestic and foreign contractors:              
 
 + For oversea expenses in relation to implementation of bidding package through international bid under the Law on Bidding: contractors are allowed to bid in foreign currency and to receive payment in foreign currency from investors or main contractors for purpose of payment and remittance to overseas.             
 
 + For implementation of bidding package under the Law on Oil and Gas, foreign contractors and domestic contractors are allowed to bid in foreign currency and to receive payments in foreign currency from investors or main contractors for purpose of payment and remittance to oversea.     
 
- For transactions between an export-processing enterprise (EPE) and another EPE or for EPE purchasing domestic goods for export manufacturing, it is allowed to quote, fix prices, list prices in contracts, make and receive payment in foreign currency.     
 
- Businesses in air transportation, hospitality, tourism; resident organizations are allowed to list, advertise prices of goods and services in Vietnam Dong and equivalent  foreign currency on websites, specialized publications which are written only in foreign languages.
 
- For resident or non-resident organizations, it is allowed to make agreement, to pay salary, bonus, allowance in foreign currency as agreed in labour contract with foreign employees who work for the organization regardless of residency status of these employees.
 
There are more cases permitted to use foreign currencies in business transactions as specified in this Circular.
 
Please note that incompliance to the rules set forth in this Circular will be subject to serious penalties up to VND500 million, in accordance with regulations in Decree 95/2011/ND-CP dated 20 October 2011. 
 
The Circular come into forces on 10 February 2014.