Vietnam: Sample letter of confirmation of bringing foreign currency as cash abroad for the business of award-winning video games for foreigners?
- Responsibilities of the State Bank of Vietnam, branches of provinces, and cities in the business of prize-winning electronic games for foreigners?
- Enterprises must carry out inspection and control of papers and documents presented by players and perform transactions of a cash deposit in foreign currency in Vietnam?
- Sample letter of confirmation of bringing foreign currency and cash abroad for the business of award-winning video games for foreigners in Vietnam?
Responsibilities of the State Bank of Vietnam, branches of provinces, and cities in the business of prize-winning electronic games for foreigners?
Pursuant to Article 11 of Circular 09/2022/TT-NHNN stipulating the responsibilities of State Bank branches in provinces and cities in the business of prize-winning electronic games for foreigners:
“Article 10. Responsibilities of State Bank of Vietnam branches in provinces and cities
1. Instruct licensed banks and local businesses to fully comply with the provisions of this Circular and relevant laws.
2. To inspect, examine and supervise foreign currency receipts and expenditures and other foreign exchange activities of enterprises in their localities that have been licensed by the State Bank of Vietnam. In case of detecting violations specified in the License and this Circular, the State Bank branch of Vietnam in the province or city in the area shall handle or submit to the competent authority for handling according to the provisions of law.
3. Coordinating with relevant agencies, organizations, and individuals in taking measures to prevent and combat money laundering in the business of prize-winning video games in accordance with the law.”
Accordingly, the State Bank's branches in provinces and cities must be responsible for inspecting, examining, and supervising foreign currency receipts and expenditures and other foreign exchange activities of enterprises in the areas approved by the State Bank of Vietnam. In case of detecting violations specified in the License and this Circular, the State Bank branch of Vietnam in the province or city in the area shall handle or submit to the competent authority for handling according to the provisions of law.
Enterprises must carry out inspection and control of papers and documents presented by players and perform transactions of a cash deposit in foreign currency in Vietnam?
Pursuant to Article 12 of Circular 09/2022/TT-NHNN stipulating the responsibilities of licensed banks in the business of prize-winning electronic games for foreigners:
“Article 11. Liability of authorized banks
1. Check and control the papers and documents presented by players and businesses to perform domestic and foreign currency transactions, cash into accounts, transfer foreign currencies, and confirm the amount of foreign currency brought out of Vietnam according to the form in Appendix 01 issued with this Circular.
The certificate of bringing foreign currency cash abroad is only valid for use within 30 (thirty) days from the date of issue.
2. To keep papers and documents related to foreign exchange transactions as prescribed in this Circular and in accordance with relevant laws.
3. Detect violations of the provisions of this Circular by enterprises or players, and promptly report them to the State Bank of Vietnam only in provinces and cities in the area where the enterprise has located its game business. e-rewards for foreigners for handling measures.
4. To strictly abide by the provisions of this Circular, the provisions of the law on prevention and combat of money laundering, and the provisions of relevant laws.
5. Foreign currency copies for enterprises as prescribed in Clause 1, Article 12 of this Circular.”
Accordingly, the licensed bank in the business of prize-winning electronic games for foreigners must be responsible for inspecting and controlling the papers and documents presented by players and businesses to execute the game. perform domestic and foreign currency transactions in cash into the account, transfer foreign currencies, and confirm the amount of foreign currency brought abroad by players using the form in Appendix 01 issued with this Circular.
Vietnam: Sample letter of confirmation of bringing foreign currency as cash abroad for the business of award-winning video games for foreigners?
Sample letter of confirmation of bringing foreign currency and cash abroad for the business of award-winning video games for foreigners in Vietnam?
Pursuant to the provisions in Appendix 01 issued together with Circular 09/2022/TT-NHNN stipulating the form of confirmation of bringing foreign currency and cash abroad for the business of prize-winning video games for foreigners are:
Download the form of confirmation of bringing foreign currency and cash abroad: Here.
Circular 09/2022/TT-NHNN of Vietnam comes into force from September 1, 2022.
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