Thông tư 16/2014/TT-NHNN hướng dẫn sử dụng tài khoản ngoại tệ, tài khoản đồng Việt Nam của người cư trú, người không cư trú tại ngân hàng được phép do Thống đốc Ngân hàng Nhà nước Việt Nam ban hành

CIRCULAR

INSTRUCTIONS ON THE USE OF FOREIGN CURRENCY AND VIETNAMESE DONG ACCOUNTS FOR RESIDENTS AND NON-RESIDENTS AT AUTHORIZED BANKS

Pursuant to the Law on the State Bank of Vietnam No. 46/2010 / QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010 / QH12 dated June 16, 2010;

Pursuant to the Ordinance on Foreign Exchange No. 28/2005 / PL-UBTVQHH dated December 13, 2005 and Ordinance No. 06/2013 / UBTVQH13 dated March 18, 2013, amending and supplementing a number of articles of the Ordinance on Foreign Exchange;

Pursuant to Decree No. 156/2013 / ND-CP dated November 11, 2013 of the Government defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the request of the Director of Department of Foreign Exchange Management;

The Governor of State Bank of Vietnam hereby enforces the Circular on guiding the use of foreign currency and Vietnamese dong accounts for residents and non-residents at authorized banks

Article 1. Governing scope

1. This Circular provides guidance on the use of foreign currency demand account (hereafter referred to as foreign currency account) and Vietnamese dong current account (hereafter referred to as Vietnam dong account) at authorized banks, including:

a) Foreign currency accounts of residents and non-residents as organizations or individuals:

b) Vietnamese dong accounts of non-residents as organizations or individuals and of residents as foreign individuals.

2. The use of demand account in the following cases complies with other relevant regulations of the State Bank of Vietnam:

a) Foreign currency account and Vietnamese dong account for capital transactions;

b) Special foreign currency account;

c) Account of currency of Vietnam’s bordering countries.

3. Other contents related to the foreign currency and Vietnamese dong accounts comply with relevant legal regulations.

Article 2. Applicable entities

1. Commercial banks and foreign bank’s branches are entitled to business and provision of foreign exchange services (hereafter referred to as authorized banks).

2. Authorized banks and non-banking credit institutions are entitled to business and provision of foreign exchange services (hereafter referred to as authorized credit institutions).

3. Residents and non-residents as organizations or individuals using foreign currency account at authorized banks.

4. Non-residents as organizations or individuals using Vietnamese dong accounts at authorized banks.

Article 3. Using foreign currency account of residents as organizations

The residents as organizations are entitled to use foreign currency accounts at the authorized banks for transactions of receipts and expenditures as follows:

1. Receipts:

a) Foreign currency receipts remitted from abroad;

b) 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.

c) An organization’s amount of foreign currency cash that has been reimbursed for the account withdrawal to pay for their employee’s business trip but not used up at the authorized bank where this amount has been withdrawn. Whenever an amount of foreign currency cash is redepositted into the account, the organization must send authorized banks relevant records regarding this withdrawal and the Declaration of Immigration Status certified by border checkpoints for the amount of foreign currency cash that they are carrying.. This Declaration is only valid for the depository organization depositing foreign currency cash into the foreign currency account within 60 (sixty) days from the entry date specified in the Declaration.

d) Legal foreign currency revenues earned in the country, including:

- Receipts from the purchase of transferred foreign currency at the authorized credit institutions;

- Receipts of transferred foreign currency or remittance of foreign currency cash deposited into the account for cases entitled to receive foreign currency regulated by the State Bank of Vietnam on the use of foreign exchange in the territory of Vietnam.

2. Expenditures:

a) Sale of foreign currency to authorized credit institutions;

b) Remittance or payment for current account or capital transactions under regulations of law on the foreign exchange management;

c) Conversion to other foreign currencies under regulations of State Bank of Vietnam;

d) Conversion to other payment instruments in foreign currency;

dd) Withdrawal of foreign currency to individuals working for organizations when being sent abroad for business trips;

e) Wire transfer or withdrawal of foreign currency cash for payment, bonus or allowance to the residents or non-residents as foreign individuals;

g) Payment for items allowed to be paid in foreign currencies under regulations of the State Bank of Vietnam on the use of foreign exchange in the territory of Vietnam;

h) Wire transfer of other legal transactions under regulations of law on foreign exchange management.

Article 4. Using foreign currency account of residents as individuals

The residents as individuals are entitled to use foreign currency account at the authorized banks to transact their receipts and expenditures as follows:

1. Receipts:

a) Foreign currency receipts remitted from abroad;

b) 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.

c) Receipts of foreign currency cash carried from abroad. The foreign currency cash remitted to the account must be certified by the border checkpoint under regulations of law on foreign exchange management.

d) Receipts of foreign currency from legal sources in the country, including:

- Residents as foreign individuals are entitled to earn wage, bonus, allowance and purchase foreign currency from the legal sources in Vietnamese dong;

- Other legal receipts under regulations of law on foreign exchange management.

2. Expenditures:

a) Sale of foreign currency to authorized credit institutions;

b) Remittance or payment for current account or capital transactions under regulations of law on foreign exchange management;

c) Conversion to other foreign currencies under regulations of State Bank of Vietnam;

d) Conversion to other payment instruments in foreign currency;

dd) Donation or offer as stipulated by laws;

e) Withdrawal of foreign currency cash;

g) Transfer to overseas residents being foreign individuals;

h) Transfer to foreign currency saving accounts opened at the authorized bank for residents as Vietnamese citizens;

i) Payment for the items that may be paid in foreign currencies under regulations of the State Bank of Vietnam on the use of foreign currencies in the territory of Vietnam;

3. The use of foreign currency account for division of inheritance complies with regulations of relevant law;

Article 5. Using foreign currency account of non-residents as organizations

The non-residents as organizations are entitled to use foreign currency accounts at the authorized banks to transact receipts and expenditures as follows:

 1. Receipts:

a) Foreign currency receipts remitted from abroad;

b) Foreign currency receipts from foreign currency accounts of other non-residents in the country;

c) An organization’s amount of foreign currency cash that has been reimbursed for account withdrawal to pay for employee’s business trips but not used up at the authorized bank where money has been withdrawn. Whenever an amount of foreign currency cash is redepositted into the account, the organization must send authorized banks relevant records regarding this withdrawal and the Declaration of Immigration Status certified by border checkpoints for the amount of foreign currency cash that they are carrying.. This Declaration is only valid for the depository organization depositing foreign currency cash into the foreign currency account within 60 (sixty) days from the entry date specified in the Declaration.

d) Receipts of foreign currency from legal sources in the country, including:

- Receipts from the purchase of wired foreign currency at the authorized credit institutions;

- Receipts of wired foreign currency or remittance of foreign currency cash to the account for cases entitled to earn foreign currency regulated by the State Bank of Vietnam on the use of foreign exchange in the territory of Vietnam.

2. Expenditures:

a) Sale of foreign currency to authorized credit institutions;

b) Remittance or payment for current transactions or capital transactions under regulations of law on foreign exchange management;

c) Conversion to other foreign currencies under regulations of State Bank of Vietnam;

d) Conversion to other payment instruments in foreign currency;

dd) Withdrawal of foreign currency to individuals working for organizations when being sent abroad for their business trips;

e) Wire transfer or withdrawal of foreign currency cash for payment, bonus or allowance to the residents or non-residents or residents as foreign individuals;

g) Wire transfer overseas or wire transfer to the foreign currency account of other non-residents;

h) Payment for exported goods and services to residents.

i) Payment for items that may be paid in foreign currencies under regulations of the State Bank of Vietnam on the use of foreign exchange in the territory of Vietnam;

Article 6. Using foreign currency account of non-residents as individuals

The non-residents as individuals are entitled to use foreign currency accounts at the authorized banks to carry out the transaction of receipts and expenditures as follows:

1. Receipts:

a) Foreign currency receipts remitted from abroad;

b) Receipts of foreign currency cash carried from abroad. The foreign currency cash remitted to the account must be certified by the border checkpoints under regulations of law on foreign exchange management;

c) Receipts of foreign currency from foreign currency accounts of other non-residents in the country;

d) Receipts of foreign currency from the legal sources in the country, including:

- Salary, bonus, allowance and purchase of foreign currency from the legal source of Vietnamese dong;

- Other legal earnings under regulations of law on foreign exchange management.

2. Expenditures:

a) Sale of foreign currency to authorized credit institutions;

b) Remittance or payment for current transactions or capital transactions under regulations of law on foreign exchange management;

c) Conversion to other foreign currencies under regulations of State Bank of Vietnam;

d) Conversion to other payment instruments in foreign currency;

dd) Donation or offer as stipulated by law;

e) Withdrawal of foreign currency cash;

g) Wire transfer to abroad or to the foreign currency account of other non-residents;

h) Payment for items that may be paid in foreign currencies under regulations of the State Bank of Vietnam on ……………….

3. The use of foreign currency on the account for division of inheritance complies with regulations of relevant law;

Article 7. Using Vietnam dong account of non-residents as organizations, individuals and residents as foreign individuals

The non-residents as organizations, individuals and residents as foreign individuals are entitled to use their Vietnam dong accounts at the authorized banks to perform the transactions of receipts and expenditures as follows:

1. Receipts:

a) Receipts from sale of foreign currency to the authorized credit institutions;

b) Receipts from legal sources in Vietnam, including:

- Wired receipts earned from goods and services provision;

- Receipts earned from salary, bonus, allowance and fees;

- Receipts earned from other legal sources in Vietnam dong.

2. Expenditures:

a) Payment or withdrawal of foreign currency cash in Vietnam;

b) Remittance or payment for current account or capital transactions under regulations of law on foreign exchange management;

c) Donation or offer as stipulated by law (for non-residents as individuals and residents as foreign individuals);

d) Purchase of foreign currency at authorized credit institutions for wire transfer abroad

dd) Other expenditures that are allowed by Vietnam laws.

3. The use of Vietnamese dong on the account of non-residents as individuals, residents as foreign individuals for division of inheritance complies with regulations of relevant laws.

Article 8. The flow of foreign currency and Vietnamese dong between a holder’s accounts

1. 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.

2. 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.

Article 9. Responsibility of authorized credit institutions and the residents as well as non-residents as organizations or individuals

1. The authorized credit institutions are responsible for:

a) Implementing and providing guidance for customers on the implementation of provisions of this Circular;

b) Regulating, verifying and keeping relevant documents to ensure that the actual transactions are implemented properly and in accordance with the provisions of this Circular and relevant regulations of law.

2. Other relevant organizations and individuals are responsible for:

a) Seriously implementing the provisions of this Circular;

b) Producing the prescribed documents of authorized credit institutions when carrying out foreign exchange transactions and taking responsibility before law for the authentication of papers and documents produced to the authorized credit institutions.

Article 10. Handling of violation

Organizations and individuals violating the provisions of this Circular, depending on the nature and seriousness of the violation, will be dealt with according to law.

Article 11. Effect

1. This Circular takes effect on September 15, 2014.

2. Chief of Office, Director of Department of Foreign Exchange Management, Heads of organizations concerned of the State Bank of Vietnam, Director of branches of State Bank in provinces and centrally-affiliated cities, Chairman of Board of Directors, Chairman of Board of members, General Director (Director) of authorized credit institutions are liable to execute this Circular.

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