Vietnamese citizens will be allowed to buy foreign currency worth up to1,000 USD to travel abroad for 10 days, or 100 USD per day, under adraft circular of the State Bank of Vietnam regulating treasuriestrading.
The regulation is planned to be effective from July 1.
"I think it is a good move of the central bank after they shut down FXtrading on the black market," Tran Du Lich, a member of the NationalMonetary Policy Advisory Council, said.
"That means people's foreign currency demands will be met while the State will hold strict control over the market."
Individuals have the right to sell foreign currencies at credit institutions or authorised dealers of credit institutions.
Vietnamese citizens have the right to buy foreign currencies forhospital treatment, study, business, spending or visiting relativesabroad.
Individuals will be able to buy domesticcurrencies of their destination. Where the currencies are not available,they will be allowed to buy a currency that can be freely converted.
Truong Thu Hien, a Hanoi-based senior company officialwho frequently travels for business, said the amount of cash wasreasonable for personal purposes abroad.
"People can still use credit cards if they want to spend more than that."
Also, a foreigner who has an income in Vietnamese dong will be allowed to buy foreign currency cash.
In April, the SBV was instructed to reduce the maximum amount of USdollars that an individual could take out of the country without acustoms declaration from 7,000 to 5,000 USD. /.
The regulation is planned to be effective from July 1.
"I think it is a good move of the central bank after they shut down FXtrading on the black market," Tran Du Lich, a member of the NationalMonetary Policy Advisory Council, said.
"That means people's foreign currency demands will be met while the State will hold strict control over the market."
Individuals have the right to sell foreign currencies at credit institutions or authorised dealers of credit institutions.
Vietnamese citizens have the right to buy foreign currencies forhospital treatment, study, business, spending or visiting relativesabroad.
Individuals will be able to buy domesticcurrencies of their destination. Where the currencies are not available,they will be allowed to buy a currency that can be freely converted.
Truong Thu Hien, a Hanoi-based senior company officialwho frequently travels for business, said the amount of cash wasreasonable for personal purposes abroad.
"People can still use credit cards if they want to spend more than that."
Also, a foreigner who has an income in Vietnamese dong will be allowed to buy foreign currency cash.
In April, the SBV was instructed to reduce the maximum amount of USdollars that an individual could take out of the country without acustoms declaration from 7,000 to 5,000 USD. /.
