Thông tư 20/2022/TT-NHNN của Ngân hàng Nhà nước Việt Nam về việc hướng dẫn hoạt động chuyển tiền một chiều từ Việt Nam ra nước ngoài và thanh toán, chuyển tiền cho các giao dịch vãng lai khác của người cư trú là tổ chức, cá nhân

CIRCULAR

ON GUIDELINES FOR ONE-WAY MONEY TRANSFER FROM VIETNAM TO ABROAD AND PAYMENT, MONEY TRANSFER FOR OTHER CURRENT TRANSACTIONS OF RESIDENTS BEING ORGANIZATIONS AND INDIVIDUALS

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010; Law on amendments to the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005 and the Ordinance on amendments to the Ordinance on Foreign Exchange dated March 18, 2013;

Pursuant to the Government's Decree No. 70/2014/ND-CP dated July 17, 2014 on elaboration of certain articles of the Ordinance on Foreign Exchange and the Ordinance on amendments to the Ordinance on Foreign Exchange;

Pursuant to the Government's Decree No. 16/2017/ND-CP dated November 17, 2017 on defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the request of the Director of the Foreign Exchange Administration;

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Chapter I

GENERAL PROVISIONS

Article 1. Scope of application

1. This Circular guides the following activities:

a) Purchase, transfer and carrying of foreign currency abroad by residents being organizations for the purpose of one-way money transfer specified in Clause 1, Article 7 of Decree No. 70/2014/ND-CP dated July 17, 2014. 2014 of the Government on elaboration of certain articles of the Ordinance on Foreign Exchange and the Ordinance on amendments to the Ordinance on Foreign Exchange (hereinafter referred to as Decree No. 70/2014/ND-CP);

b) Purchase, transfer and carrying of foreign currency abroad by residents being Vietnamese citizens for the purposes of one-way money transfer specified in Clause 2, Article 7 of Decree No. 70/2014/ND-CP;

c) Payment and money transfer for other current transactions specified at Point g, Clause 6, Article 4 of the Ordinance on Foreign Exchange (amended and supplemented) (hereinafter referred to as payment and money transfer for other current transactions).

2. Transactions of remittance of investment money abroad by residents being Vietnamese citizens in order to obtain citizenship or settle in abroad are not regulated by this Circular.

Article 2. Regulated entities

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2. Organizations and individuals being residents that have one-way money transfer from Vietnam to abroad and payment and money transfer for other current transactions.

3. Other organizations and individuals that have one-way money transfer from Vietnam to abroad and payment and money transfer for other current transactions.

Article 3. Definition

1. “relative” means either: natural father, natural mother, father-in-law, mother-in-law, adoptive father, adoptive mother, spouse, biological child, adopted child, daughter-in-law, son-in-law, or a biological sibling of the resident being Vietnamese citizen who wishes to buy, transfer or carry foreign currency abroad.

2. “proof of kinship” means documents showing the kinship specified in Clause 1 of this Article in accordance with the provisions of law.

3. “purchase of foreign currency” means that a resident being organization or individual uses Vietnamese dong to buy a foreign currency at an authorized bank to transfer or carry abroad for the purposes specified in this Circular.

4. “transfer of foreign currency” means that a resident being organization or individual transfers a foreign currency abroad through authorized banks.

5. “carrying of foreign currency” means that a resident being a Vietnamese citizen or an individual representing the resident being an organization carries cash in foreign currency abroad upon exit.

Chapter II

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Article 4. Cases of purchase, transfer and carrying of foreign currency abroad for one-way money transfer purposes of organizations

1. Cases of purchase, transfer and carrying of foreign currency abroad to serve the organization's sponsorship and aid purposes:

a) Purchase, transfer, carrying of foreign currency abroad for sponsorship and aid according to commitments and agreements between the State, Government, local authorities and foreign countries. Sponsorship and aid sources are funds from the budget or the money source of the funding body itself;

b) Purchase and transfer of foreign currency abroad to provide finance and aids in mitigating the impacts of natural disasters, epidemics and wars. Sources of sponsorship and aids are voluntary contributions from domestic organizations and individuals and/or funds from the funding body itself;

c) Purchase and transfer of foreign currency abroad to finance programs, funds and projects established by domestic and/or overseas organizations for the purpose of supporting and encouraging development in the fields of: culture, education (scholarship funding), health. Sources of sponsorship is the funding source of the funding body itself.

2. Cases of purchase and transfer of money abroad by an organization to serve other purposes:

a) Award prize money to non-residents being overseas organizations and individuals participating in programs and contests held in Vietnam in accordance with relevant laws. The source of prize money is from non-residents being overseas organizations or individuals or residents being organizations;

b) One-way money transfer abroad for the following purposes from sponsorship sources received by non-residents being overseas organizations and individuals:

(i) Allocate funding to overseas members to participate in scientific research projects in Vietnam and abroad;

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Article 5. Sources of foreign currency to transfer or carry it abroad

Sources of foreign currency to transfer or carry abroad for the purposes specified in Article 4 of this Circular include:

1. Foreign currency on the current account.

2. Term deposits in foreign currencies.

3. Foreign currency purchased from authorized banks.

Article 6. Purchase of foreign currency to transfer or carry it abroad

1. An organization that wishes to buy a foreign currency to transfer or carry it abroad for any of the purposes specified in Article 4 of this Circular shall comply with the instructions of the authorized bank.

2. In case a resident being organization wishes to buy a foreign currency from an authorized bank to carry it abroad for any of the purposes specified at Point a, Clause 1, Article 4 of this Circular with a given amount subject to customs declaration, the authorized bank shall issue a certificate of carrying cash in foreign currency abroad according to regulations on carrying cash in foreign currency upon entry and exit.

3. Within the available foreign currency capacity, the authorized bank shall sell the foreign currency to such resident to transfer or carry it abroad for the given purpose specified in Article 4 of this Circular.

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1. An organization that wishes to use a foreign currency on a current account or foreign currency term deposit in order to transfer or carry it abroad for any of the purposes specified in Article 4 of this Circular shall comply with the instructions of the authorized bank.

2. In case a resident being organization withdraws a given amount of foreign currency cash from a current account or a foreign currency term deposit to carry it abroad for any of the purposes specified at Point a, Clause 1, Article 4 of this Circular that is subject to customs declaration, it must comply with Clause 2, Article 6 of this Circular.

Article 8. Amount of foreign currency to buy, transfer or carry it abroad

1. The amounts of foreign currency to buy, transfer or carry them abroad in the cases specified at Points a and b, Clause 1, Clause 2, Article 4 of this Circular are based on the amounts stated in relevant documentation.

2. The amounts of foreign currency to buy or transfer them abroad in the cases specified at Point c, Clause 1, Article 4 of this Circular are based on the amounts stated in relevant documentation but must not exceed USD 50,000 (Fifty thousand US dollars) or other foreign currencies with a value equivalent to one transfer.

Chapter III

PURCHASE, TRANSFER AND CARRYING OF FOREIGN CURRENCY ABROAD FOR ONE-WAY MONEY TRANSFER PURPOSES OF RESIDENTS BEING VIETNAMESE CITIZENS

Article 9. Cases of purchase, transfer and carrying of foreign currency abroad for one-way money transfer purposes of residents being Vietnamese citizens

1. Residents being Vietnamese citizens may buy, transfer, and carry foreign currency abroad by for the purposes of one-way money transfer specified in Clause 2, Article 7 of Decree No. 70/2014/ND-CP.

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Article 10. Sources of foreign currency to transfer or carry it abroad

Sources of foreign currency to transfer or carry abroad for the purposes specified in Article 9 of this Circular include:

1. Personal foreign currency (foreign currency on current account, term deposit in foreign currency, savings deposit in foreign currency, self-retained foreign currency).

2. Foreign currency purchased from authorized banks.

Article 11. Purchase of foreign currency to transfer or carry it abroad

1. Residents being Vietnamese citizens who wish to buy foreign currency to transfer or carry it abroad by for the purposes of one-way money transfer specified in Clause 2, Article 7 of Decree No. 70/2014/ND-CP shall comply with the instructions of the authorized banks.

2. In case a resident being Vietnamese citizen wishes to buy a foreign currency from an authorized bank to carry it abroad for any of the purposes with a given amount subject to customs declaration, the authorized bank shall issue a certificate of carrying cash in foreign currency abroad according to regulations on carrying cash in foreign currency upon entry and exit.

3. Within the available foreign currency capacity, the authorized bank shall sell the foreign currency to such Vietnamese citizen to transfer or carry it abroad for the given purpose specified in this Circular.

4. A resident being Vietnamese citizen who wishes to buy a cash in foreign currency to carry it abroad for the purpose of study, medical treatment, business, travel or visitation may buy the foreign currency of the country where he/she visits at an authorized bank. In case there is no currency of the country where the Vietnamese citizen visits, the bank is allowed to sell another freely convertible foreign currency.

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1. Residents being Vietnamese citizens who wish to use their personal foreign currency to transfer or carry it abroad by for the purposes of one-way money transfer specified in Clause 2, Article 7 of Decree No. 70/2014/ND-CP shall comply with the instructions of the authorized banks, unless they carry an amount of self-retained foreign currency below the amount subject to customs declaration as prescribed.

2. Residents being Vietnamese citizens who carry personal foreign currency abroad with a given amount subject to customs declaration shall comply with the provisions of Clause 2, Article 11 of this Circular.

Article 13. Amount of foreign currency to buy, transfer or carry it abroad

1. The amount of foreign currency to buy, transfer or carry it abroad for the purposes of study and medical treatment specified at Point a, Clause 2, Article 7 of Decree No. 70/2014/ND-CP is based on the expenses notified by the foreign party.

In the absence of a notice of the foreign party on living expenses and other related expenses for study and medical treatment purposes, in addition to tuition fees, hospital fees and other expenses already approved by the foreign party, the authorized banks shall decide the extra amount of foreign currency to buy, transfer, or carry abroad for the above purposes as prescribed at Points a and b, Clause 4 of this Article.

2. The amount of foreign currency to buy, to transfer or carry it abroad for the purposes of business trips, travel, and visits abroad specified at Point b, Clause 2, Article 7 of Decree No. 70/2014/ND-CP shall be decided by the authorized bank on the basis of reasonable needs of the individual and as prescribed at Point b, Clause 4 of this Article.

3. The amount of foreign currency to buy, transfer abroad for the purposes of paying fees and charges to the foreign party specified at Point a, Clause 2, Article 7 of Decree No. 70/2014/ND-CP is based on the fees and charged notified by the foreign party.

4. The amount of foreign currency to buy or transfer it abroad for the purpose of providing support to relatives living abroad specified at Point d, Clause 2, Article 7 of Decree No. 70/2014/ND-CP shall comply with the following provisions:

a) The authorized banks shall decide the amount of foreign currency to buy and transfer on the basis of appropriate needs of the individual and suitable for the purpose of supporting living expenses and stabilizing the life of the beneficiary abroad;

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c) The purchase and transfer of foreign currency abroad for the purpose of providing relatives allowance does not apply to the case where the relatives are studying, receiving medical treatment, working, traveling or visiting abroad.

5. The amount of foreign currency to buy or transfer abroad for the purpose of transferring inheritance money to an overseas heir specified at Point dd, Clause 2, Article 7 of Decree No. 70/2014/ND-CP is based on the value of property that the heir is entitled to in accordance with the law on inheritance.

6. The amount of foreign currency to buy or transfer abroad for the purpose of remittance in case of settlement abroad specified at Point e, Clause 2, Article 7 of Decree No. 70/2014/ND-CP is based on the value of assets of the emigrant formed in Vietnam before naturalization or before being allowed to reside abroad for settlement purposes according to the regulations of the host country.

In case of money transfer to pay expenses related to procedures for applying for a settlement abroad (excluding investment value to be allowed to obtain citizenship or to be settled abroad), the amount of foreign currency to buy or transfer abroad is based on the expenses in the notice of the foreign party.

Chapter IV

PAYMENT, MONEY TRANSFER FOR OTHER CURRENT TRANSACTIONS OF RESIDENTS BEING ORGANIZATIONS OR INDIVIDUALS

Article 14. Payment, money transfer for other current transactions

1. Payment and money transfer for other current transactions of residents being organizations and individuals include:

a) Payments and money transfers related to the following activities: temporary import, re-export, temporary export, re-import, transit, goods purchase and sale for foreign traders as agencies and hiring foreign traders acting as sales agents in foreign countries, processing goods for foreign traders and ordering goods to be processed overseas, buying and selling goods through the Commodity Exchange in foreign countries through the Commodity Exchanges in Vietnam that have links with the Commodity Exchange in foreign countries, other activities related to international goods purchase and sale in accordance with the law on commerce;

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c) Payment and transfer of money related to premiums of insurance, reinsurance, insurance cession, insurance brokerage, ancillary insurance according to international treaties to which the Socialist Republic of Vietnam is a member or pay compensation, insurance benefits;

d) Payment or transfer of money according to a legally effective decision or judgment of a court or arbitration; or a decision of a competent Vietnamese authority;

dd) Payment and transfer of money related to fines and compensation for property damage or injury that have not been paid by insurance.

2. Payment and money transfer for current transactions specified in Clause 1 of this Article must be made through authorized banks.

Chapter V

IMPLEMENTATION

Article 15. Reporting

1. On a monthly basis, no later than the 20th of the reporting month, the authorized bank shall report on the purchase, transfer and carrying of foreign currency abroad of residents being organizations for the purpose of transferring money for sponsorship, aids as prescribed in Article 4 of this Circular (using the form in the Appendix issued with this Circular). The closing time for reporting data is calculated from the 15th of the previous month to the 14th of the reporting month. The report is sent by email to the email address baocaongoaite@sbv.gov.vn of the State Bank of Vietnam.

2. On a monthly basis, the authorized bank shall report on the purchase, transfer and carrying of foreign currencies of residents being Vietnamese citizens, the purchase and sale of foreign currencies in cash with individuals in accordance with regulations on statistical reports of the State Bank of Vietnam.

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1. Strictly implement and guide customers to implement the provisions of this Circular.

2. Develop and take responsibility for the content of internal regulations on business processes related to one-way money transfer abroad, and payment and money transfer for other current transactions, in which include at least the following:

a) Regulations on documentation related to money transfer transactions to ensure that the provision of foreign exchange services is carried out for the right purposes and in accordance with the provisions of this Circular and the provisions of relevant laws;

b) Principles for setting amounts of purchase, transfer, and carrying of foreign currencies for the purposes of one-way money transfer;

c) Inspection and supervision of data on purchase, transfer and carrying of foreign currency of organizations and individuals for the purposes of one-way money transfer and other current transactions in the same banking system to ensure the amounts of purchase, transfer, and carrying not exceeding the amount stated in relevant documentation, the amounts of foreign currencies to buy, transfer, or carry abroad specified in this Circular;

d) Requesting organizations and individuals to make a written commitment to buy, transfer and carry foreign currency in accordance with the amounts of purchase, transfer and carrying of foreign currency abroad specified in this Circular.

3. Check and keep documentation consistent with actual transactions as prescribed in this Circular and relevant laws.

4. Request organizations and individuals wishing to buy, transfer or carry foreign currencies for the purposes of one-way money transfer, and payment and money transfer for other current transactions to provide necessary information of their own and the related beneficiaries, including at least the following information:

a) Information identifying customers as organizations or individuals buying, transferring or carrying foreign currency in accordance with the provisions of the law on prevention of money laundering;

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5. The authorized bank has the right to refuse or not to sell, transfer or issue a Certificate of carrying foreign currency abroad if the organization or individual fails to provide complete and/or accurate information according to the regulations specified in Clause 4 of this Article.

6. Fully comply with the provisions of the law on prevention of money laundering, terrorism financing, and financing for the proliferation of weapons of mass destruction.

Article 17. Responsibilities of relevant organizations and individuals

1. Provide sufficient information to the authorized bank as prescribed in Clause 4, Article 16 of this Circular and take legal responsibility for the authenticity of the information provided to the authorized bank.

2. Present documentation when buying, transferring or carrying foreign currency abroad for the purposes of one-way money transfer of individuals and payment and transfer of money for other current transactions according to regulations of the authorized banks.

3. Present documentation justifying the sponsorship purpose, source of funding, decision approving the amount of sponsorship of the legal representative of the organization, written commitment on the legitimacy of the funding source and other documentation as prescribed by the authorized bank when buying, transferring or carrying foreign currency for the purpose of one-way money transfer of the organization (except for the case specified in Clause 4 of this Article).

4. The resident being organization that transfers money abroad for the purpose of sponsorship or aids from voluntary contributions specified at Point b, Clause 1, Article 4 of this Circular is responsible for presenting:

a) A document on the mobilization and receipt of voluntary contributions for sponsorship and aid, which includes the following main contents: Aid and sponsorship purposes; beneficiaries of funding and aid; starting and ending time of receiving voluntary contributions; contribution method being either by bank transfer and/or cash, the contribution currency being Vietnam Dong; account for voluntary contributions;

b) The list including the names, addresses (if any) and amounts of voluntary contribution of organizations or individuals;

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d) The organization's written commitment that the organization opens only one account at an authorized bank to receive voluntary contributions;

dd) Other documentation as prescribed by the authorized bank.

5. Take legal responsibility for the authenticity of documentation presented to the authorized bank.

6. Do not use a set of documents to buy, transfer or carry foreign currency in excess of the amount stated in relevant documentation, and the amounts of foreign currency to buy, transfer or carry abroad specified in Circular at single or multiple authorized bank(s).

7. Use the foreign currency cash purchased at the authorized bank for the proper purposes and in accordance with the provisions of law.

8. Not to buy, transfer or carry foreign currency abroad for the purposes of money laundering, terrorism financing, financing of the proliferation of weapons of mass destruction, fraud and other violations of the law.

9. A resident being organization that transfers money abroad for the purpose of sponsorship specified at Point c, Clause 1, Article 4 of this Circular may only purchase and transfer the foreign currency at an authorized bank during the entire sponsorship length of the program, fund or project.

10. When a resident being organization or individual makes payments or transfers money abroad for purchase and sale of goods through an overseas Commodity Exchange, he/she/it shall comply with the provisions of this Circular and regulations on the purchase and sale of goods through the Commodity Exchange in foreign countries through the Commodity Exchange in Vietnam connected with the Commodity Exchange in foreign countries and relevant regulations.

11. Strictly comply with the provisions of this Circular and relevant laws.

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1. This Circular comes into force as of February 15, 2023.

2. Annul the Circular No. 20/2011/TT-NHNN dated August 29, 2011 of the Governor of the State Bank of Vietnam on purchase and sale of foreign currencies in cash of individuals with authorized credit institutions.

3. Annul Clause 3, Article 1 of Circular No. 24/2018/TT-NHNN dated September 28, 2018 of the Governor of the State Bank of Vietnam on amendments to the Circulars and documents stipulating periodical reporting regime.

4. This Circular amends and supplements a number of articles of the following legal documents:

a) Amends and supplements point b, clause 1, Article 17 of Circular No. 02/2021/TT-NHNN dated March 31, 2021 of the Governor of the State Bank of Vietnam on guidelines for foreign currency transactions on the foreign currency market of credit institutions permitted to conduct foreign exchange activities as follows:

“b) Individuals being Vietnamese citizens who buy foreign currencies in cash for the purposes of studying, medical treatment, business trips, tourism and visits abroad.”.

b) Amends and supplements Point a, Clause 1, Article 5 of Circular No. 15/2011/TT-NHNN dated August 12, 2011 of the Governor of the State Bank of Vietnam, stipulating the carrying of foreign currencies in cash, personal cash in Vietnam dong on exit or entry as follows:

“a) The authorized credit institution is responsible for issuing the Certificate to individuals (including individuals representing residents being organizations) who carry foreign currencies in cash, Vietnam dong in cash for the given purposes specified in Clauses 1, 2 and 3, Article 7 of the Government's Decree No. 70/2014/ND-CP dated July 17, 2014 on elaboration of certain articles of the Ordinance on Foreign Exchange and the Ordinance on Foreign Exchange on amendments to the Ordinance on Foreign Exchange (using the form in the Appendix attached to this Circular);”.

c) Supplement Point i, Clause 2, Article 3 of Circular No. 16/2014/TT-NHNN dated August 1, 2014 of the Governor of the State Bank of Vietnam on guidelines the use of foreign currency accounts and Vietnamese dong accounts of the State Bank of Vietnam of residents, non-residents at authorized banks as follows:

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Article 19. Implementation

Chief of Office, Director of Foreign Exchange Management Department, Heads of units under the State Bank of Vietnam, authorized banks, and relevant organizations and individuals shall implement this Circular.

PP. THE GOVERNOR
THE DEPUTY GOVERNOR




Pham Thanh Ha