What is the maximum amount of cash that an individual can carry upon exit from Vietnam? What must be presented in case of having to declare at the border Customs?
- What is the maximum amount of cash that an individual can carry upon exit from Vietnam?
- What are the documents being presented in case they are required to declare at the border Customs upon exit from Vietnam?
- Who has the authority to issue a Confirmation and written approval to the carrying abroad of foreign currency, Vietnamese dong in cash by individuals?
What is the maximum amount of cash that an individual can carry upon exit from Vietnam?
Pursuant to Article 2 of Circular 15/2011/TT-NHNN of Vietnam as follows:
“Article 2. Amount of cash in foreign currency, Vietnamese dong to be declared to the border Customs upon entry into, exit from the country
1. Individuals carry foreign currency, Vietnamese dong in cash, upon entry into or exit from the country with passport through international border gates of Vietnam, in excess of the following amount shall be required to declare to the border Customs:
a. USD 5,000 (Five thousand United States dollars) or other foreign currencies of the same value;
b. VND 15,000,000 (Fifteen million Vietnamese Dong).
2. In the event where a person, upon entry into the country, carries an amount of cash in foreign currency in excess of USD 5,000 or other foreign currencies of the same value and has a demand for depositing such amount of foreign currency to his foreign currency payment account at a credit institution, foreign bank’s branch authorized to engage in foreign exchange (hereinafter collectively referred to as authorized credit institutions), he shall be required to declare to the border Customs. Entry-exit declaration statement with confirmation of the border Customs about the carried amount of foreign currency in cash as a basis for the authorized credit institution to cause the foreign currency in cash deposited to the payment account.
3. Amount of foreign currency and Vietnamese dong in cash required to be declared at the border gate Customs as stipulated in Paragraph 1 of this Article shall not be applied to the individuals who carry means of payment, valuable papers in foreign currency or in Vietnamese dong such as traveler’s cheques, bank card, savings book, securities and other valuable papers.”
As can be seen, the current law does not limit the amount of cash allowed to bring abroad but limits the amount of cash that must be declared to Customs when brought abroad. Specifically, over USD 5,000 or over VND 15 million.
Besides, even if carrying less than USD 5,000 or other foreign currencies of equivalent value and wishing to deposit this amount of foreign currency into an individual's foreign currency payment account opened at a licensed bank, Foreign exchange transactions must also be declared to customs.
Note, the above limit applies not only to individuals exiting from but also to individuals entering into Vietnam.
Exit from Vietnam (Image from the Internet)
What are the documents being presented in case they are required to declare at the border Customs upon exit from Vietnam?
Pursuant to Article 3 of Circular 15/2011/TT-NHNN of Vietnam stipulating as follows:
“Article 3. Documents being presented to the border Customs by individuals upon exit from the country by the amount of foreign currency, Vietnamese dong in cash to be declared
1. Upon exit from the country, if an individual carries an amount of foreign currency, Vietnamese dong in cash in excess of the amount as provided for in Paragraph 1 Article 2 of this Circular or in excess of the carried amount that was declared to the border Customs upon the latest entry, he shall be required to present the Customs with following documents:
a. Confirmation of carrying foreign currency, Vietnamese dong in cash abroad (hereinafter shortly referred to as Confirmation) issued by an authorized credit institution in accordance with current provisions of laws on foreign exchange control; or
b. A written approval to the carrying of foreign currency, Vietnamese dong in cash abroad by individuals issued by the State Bank of Vietnam.
2. Upon exit from the country, if an individual carries foreign currency, Vietnamese dong in cash in excess of the amount provided for in Paragraph 1 Article 2 of this Circular, but not excess of the amount previously carried in, he shall be required to present the border Customs with an entry and exit Declaration with confirmation of the border Customs about the amount of foreign currency, Vietnamese dong in cash that was carried in the latest entry to the country. A Confirmation of an authorized credit institution shall not be required.
The entry and exit Declaration with confirmation of the border Customs about the amount of foreign currency, Vietnamese dong in cash that was carried in the latest entry to the country shall only be valid to the individual bringing foreign currency, Vietnamese dong in cash abroad upon the next exit within 12 months since the date stated on the Declaration.”
Thus, an individual who is a foreigner or a Vietnamese person upon exiting from Vietnam carrying cash in excess of Vietnam dong must declare to the border customs office and must present a written certification of bringing Vietnamese dong in cash abroad licensed by credit institutions in accordance with the provisions of the law on foreign exchange management; or written approval for individuals to bring cash in Vietnam Dong abroad, issued by the State Bank of Vietnam.
Who has the authority to issue a Confirmation and written approval to the carrying abroad of foreign currency, Vietnamese dong in cash by individuals?
According to Clause 1, Article 5 of Circular 15/2011/TT-NHNN of Vietnam, stipulating the issuance of Confirmation and written approval to the carrying abroad of foreign currency, Vietnamese dong in cash by individuals as follows:
“1. Authority to issue Confirmation and written approval to individuals carrying abroad foreign currency, Vietnamese dong in cash:
a. General Director (Director) or an authorized representative in conformity with provisions of laws of the authorized credit institution shall be responsible for issuing the Confirmation to the individual carrying foreign currency, Vietnamese dong in cash for purposes as stipulated in Paragraph 2 and Paragraph 3 Article 8 of the Decree No. 160/2006/ND-CP dated 28/12/2006 of the Government providing in details for the implementation of the Ordinance on foreign exchanges (in line with the Form attached to this Circular).
b. In any case other than as stated in item 1 of this Paragraph, the State Bank of Vietnam shall consider and approve in writing to the individual who has a demand for carrying abroad foreign currency, Vietnamese dong in cash based on the actual situation and necessity of specific cases.”
Thus, the General Director (Director) or an authorized representative in conformity with provisions of laws of the authorized credit institution shall be responsible for issuing the Confirmation to the individual carrying foreign currency, Vietnamese dong in cash for specific purposes as above.
The State Bank of Vietnam shall consider and approve in writing to the individual who has a demand for carrying abroad foreign currency, Vietnamese dong in cash based on the actual situation and necessity of specific cases.
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