Công văn số 497/NHNN-QLNH3 của Ngân hàng Nhà nước về việc hướng dẫn thực hiện Nghị định 131/2005/NĐ-CP của Chính phủ

On 18 October 2005, the Government issued the Decree No. 131/2005/ND-CP on the amendment, supplement of several articles of the Decree No. 63/1998/ND-CP dated 17 August 1998 of the Government on foreign exchange control (which took effect from 8 November 2005). With a view to seriously and unanimously complying with the principle of liberalizing current transactions as provided for in the Decree No. 131/2005/ND-CP of the Government, the Governor of the State Bank would like to require Managers of the State Bank branches in provinces, cities; General Managers, Managers of the banks authorized to engage in foreign exchange activity (authorized banks) to carry out several following contents:

1. Upon performing the sale, remittance or confirmation of the carrying of foreign currency abroad to Non-residents, Residents for performing payment requirements of current transactions, authorized banks need not require them to present the documents on the completion of their tax obligations to the State of Vietnam.

2. Residents being Vietnamese citizen shall be entitled to contact authorized banks to buy, remit and carry foreign currency abroad for the following purposes without asking for the permit of the State Bank:

a. Payment for study, medical treatment cost of themselves or of their relatives;

b. Going abroad for business, travelling and visit;

c. Payment of fees and charges to foreign parties;

d. Providing subsidies to oversea relative;

e. Remitting bequeathed money to oversea inheritor;

f. Going abroad for permanent residence;

g. Other purposes of unilateral current money transfer.

3. The authorized banks shall base on the foreign currency requirements as stated in point 2 mentioned above, except for paragraph d, to provide in details for required papers to prove using purpose of the person who requests for purchase, remittance, carrying of foreign currency, provide for the consideration, inspection, procedures on foreign currency sale, remittance or confirmation so as individuals who carry foreign currency overseas are entitled to perform in accordance with simple, convenient principle. Persons who request for purchase, remittance, carrying of foreign currency overseas shall take self responsibility to the law for the accuracy of related papers used for proving their using purpose of foreign currency.

The authorized banks shall be responsible for the archive of full documents in accordance with provisions of applicable laws on the regime on the archive of documents and take self responsibility to the laws for their decision in respect of already performed transactions.

Level of foreign currency to be approved for the requirements of the purchase, remittance, carrying of foreign currency overseas shall be based on actual and reasonable demands of each transaction.

4. Except for the purpose of providing subsidies to oversea relatives as mentioned in point 2(d), the authorized banks shall consider to permit the purchase, remittance, carrying of foreign currency at an average level of USD 7,000/person/annum. In special case, the authorized banks may consider to permit a higher level if requesting person can fully present documents to prove that his exceeding demand is necessary and appropriate.

5. In respect of the case of Vietnamese citizen who has a demand for carrying foreign currency for the purposes as mentioned in point 2 at a volume exceeding the level which needs to inform to border checkpoint customs, the authorized banks shall confirm the carrying of foreign currency abroad on the basis of a written request of the person having the demand which clearly states the amount of money, use purpose to make foundation for presenting to border checkpoint customs upon exit from the country (according to the attached form).

Vietnamese citizen with foreign currencies shall be entitled to contact the authorized banks to ask for the oversea remittance of foreign currency or to be confirmed for carrying foreign currency overseas for the purposes mentioned in point 2 of this official dispatch on the basis of presenting the documents under applicable provisions of the authorized banks. The authorized banks shall be responsible for confirming the carrying of foreign currency abroad upon the request of the person who has demand and may charge fee for this service.

6. Pursuant to the provisions of the Law on the issuance of legal documents, previous provisions that are contrary to the Decree No. 13/2005/ND-CP shall cease their effectiveness.

Managers of the State Bank branches in provinces, cities, General Managers, Managers of the authorized banks shall be responsible for organizing the implementation of the contents stated in this official dispatch. Any difficulty, query that may arise during the implementation process should be reported to the central State Bank for timely settlement.

CONFIRMATION OF THE CARRYING OF FOREIGN CURRENCY ABROAD

(Applicable to cases where Resident being a Vietnamese citizen who carries foreign currency overseas via border checkpoint for the purposes of study, medical treatment, subsidy, etc..)

Mr. (Ms.):..............................................................................................................................

Date of birth:............................................. Place of birth:........................................................

Permanent address:...............................................................................................................

Passport No.:................... Date of issue:.......................... Place of issue:................................

Would like to confirm the following amount of cash in foreign currency:

- In number............................................................................................................................

- In words..............................................................................................................................

- Of which foreign currency source is originated from:

+ The purchase from the bank

+ Withdrawal from individual account

+ Own foreign currency

To be carried via the border checkpoint:...................................................................................

Purpose of the request for carrying foreign currency overseas:....................................................

This confirmation shall take effect till the end of the date:...........................................................

You must seriously comply with applicable provisions of the State on foreign exchange control for the carrying of cash in foreign currency abroad.

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