All transactions and cash payments for exports and imports of goods andservices must be conducted by bank transfers through authorised creditinstitutions.
This regulation was approved in the decree70/2014/ND-CP, issued last week to replace decree 160/2006/ND-CP,detailing the Ordinance on Foreign Exchange.
The new decree will come into effect on September 5.
Accordingly,income in foreign currencies from exports must be transferred toforeign currency accounts opened in authorised banks. Exceptions mustget approvals from the State Bank of Vietnam.
The decree was alsoaimed at ensuring the liberalisation of current account transactionswhich said that both residents and non-residents are allowed to buy,transfer and take foreign currencies abroad for payment demands andcurrent transactions.
They must present documents required bycredit institutions when buying, transferring or bringing foreigncurrencies abroad, but are not required to show documents provingcompletion of their tax obligations.
Regarding the transfer ofincome in dong from foreign direct investments to other countries,foreign investors are allowed to buy foreign currency at permittedcredit institutions and transferred abroad within 30 working days.
Authorised credit institutions must meet foreign currency demands of both residents and non-residents, according to the decree.
Thedecree said the exchange rate regime of the Vietnam dong is managed byfloating the exchange rate regime by the State Bank of Vietnam,determined on the basket of currencies of countries which have traderelations, loans, debt payments or investments with Vietnam inaccordance with the macro-economic goals in each period.-VNA
This regulation was approved in the decree70/2014/ND-CP, issued last week to replace decree 160/2006/ND-CP,detailing the Ordinance on Foreign Exchange.
The new decree will come into effect on September 5.
Accordingly,income in foreign currencies from exports must be transferred toforeign currency accounts opened in authorised banks. Exceptions mustget approvals from the State Bank of Vietnam.
The decree was alsoaimed at ensuring the liberalisation of current account transactionswhich said that both residents and non-residents are allowed to buy,transfer and take foreign currencies abroad for payment demands andcurrent transactions.
They must present documents required bycredit institutions when buying, transferring or bringing foreigncurrencies abroad, but are not required to show documents provingcompletion of their tax obligations.
Regarding the transfer ofincome in dong from foreign direct investments to other countries,foreign investors are allowed to buy foreign currency at permittedcredit institutions and transferred abroad within 30 working days.
Authorised credit institutions must meet foreign currency demands of both residents and non-residents, according to the decree.
Thedecree said the exchange rate regime of the Vietnam dong is managed byfloating the exchange rate regime by the State Bank of Vietnam,determined on the basket of currencies of countries which have traderelations, loans, debt payments or investments with Vietnam inaccordance with the macro-economic goals in each period.-VNA
