What are regulations on opening and use of specialized foreign currency accounts in the business of prize-winning electronic games in Vietnam?

What are regulations on opening and use of specialized foreign currency accounts in the business of prize-winning electronic games in Vietnam?

Pursuant to Article 6 of the Circular 09/2022/TT-NHNN stipulating opening and use of specialized foreign currency accounts in the business of prize-winning electronic games in Vietnam as follows:

An enterprise obtaining the License issued by SBV must open one specialized account for each type of foreign currency at a permitted bank to serve a venue of prize-winning electronic games, and:

1. In case of collecting foreign currency:

a) Deposit cash into their accounts in case cash revenues in foreign currency generated from the sale of tokens and prize-winning electronic game machines exceed the cash reserves in accordance with Article 8 hereof;

b) Collect transactions made from players’ accounts opened in foreign countries or players' foreign currency checking accounts opened at permitted banks in Vietnam;

c) Collect transactions made from foreign currency checking accounts of enterprises in accordance with Clause 2 Article 7 hereof in order to pay winnings and/or pay the unused foreign currency in accordance with Point a and Point b Clause 2 of this Article or serve cash withdrawal in foreign currency in accordance with Point c Clause 2 of this Article.

2. In case of making payments in foreign currency:

a) Deposit payments in players’ foreign currency checking accounts opened at permitted banks in Vietnam or players’ accounts in foreign countries if the players win or do not use all of their tokens;

b) Deposit remaining unused foreign currency which was previously transferred to specialized foreign currency accounts of the enterprise to players' foreign accounts;

c) Make cash withdrawal in foreign currency in order to maintain cash reserves in foreign currency in accordance with Clause 1 Article 8 hereof.

d) Sell foreign currency to permitted banks;

dd) Transfer to foreign currency checking accounts of enterprises in accordance with Clause 1 Article 7 hereof.

What are regulations on internal transfer of foreign currency between foreign currency checking accounts and specialized foreign currency accounts of enterprises in the business of prize-winning electronic games in Vietnam?

Pursuant to Article 7 of the Circular 09/2022/TT-NHNN stipulating internal transfer of foreign currency between foreign currency checking accounts and specialized foreign currency accounts of enterprises in the business of prize-winning electronic games in Vietnam as follows:

1. Enterprises are allowed to transfer foreign currency from specialized foreign currency accounts to foreign currency checking accounts opened at permitted banks.

2. In case foreign currency cash reserves and foreign currency balance in specialized foreign currency accounts are insufficient to make payments or enable cash withdrawal of foreign currency in accordance Points a, b, and c Clause 2 Article 6 hereof, enterprises are allowed to transfer foreign currency from foreign currency checking accounts to specialized foreign currency accounts.

What are regulations on foreign currency cash reserves of enterprises in the business of prize-winning electronic games in Vietnam?

Pursuant to Article 8 of the Circular 09/2022/TT-NHNN stipulating foreign currency cash reserves of enterprises in the business of prize-winning electronic games in Vietnam as follows:

1. Enterprises must reserve a definite amount of foreign currency in cash for business use at any venue of prize-winning electronic games (which is stated on the License) on the basis of calculated cash in foreign currency required to make payout and pay foreign currency in cash to players for unused tokens.

2. On the working day following a day on which cash revenues in foreign currency generated from the business of prize-winning electronic games exceed the cash reserves, enterprises must submit the excess to their specialized foreign currency accounts opened at permitted banks in accordance with Article 6 hereof.

Best regards!