Scope of Foreign Currency Collection, Expenditure, and Other Foreign Exchange Activities of Enterprises

Circular 10 stipulates that except for the case of collection, expenditure, and other foreign exchange activities related to the currency of a neighboring country, the State Bank of Vietnam (hereinafter referred to as the State Bank) grants licenses for the collection and expenditure of foreign currency and other foreign exchange activities for enterprises within the scope below:

- Collection of foreign cash from currency exchange activities;- Collection of foreign cash from electronic gaming machines with rewards that directly accept foreign cash from foreign players;- Collection of foreign currency by wire transfer;- Expenditure of foreign cash to pay rewards to foreign players who win or return in case foreign players do not use up the exchanged currency;- Expenditure of foreign currency by wire transfer;- Other foreign exchange activities include: opening and using a specialized foreign currency account; holding foreign cash in stock; confirming the winnings, paying rewards, and exchanging the currency back for the player.

At the same time, Circular 10 also stipulates the collection, expenditure, and other foreign exchange activities related to the currency of a neighboring country implemented according to the regulations in the Bilateral Payment Agreement between the State Bank and the central banks of neighboring countries. For enterprises that have been permitted by the State Bank to collect and expend the currency of a neighboring country before the effective date of Circular 10, they shall comply according to the approved documents that were issued.

See details Circular 10/2017/TT-NHNN effective from October 15, 2017.

-Thao Uyen-

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