If I bring 20 million VND abroad, do I have to declare it to customs in Vietnam?

If I bring 20 million VND abroad, do I have to declare it to customs in Vietnam?

Article 2 of Circular 15/2011/TT-NHNN stipulates amount of cash in foreign currency, Vietnamese dong to be declared to the border Customs upon entry into, exit from the country as follows:

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.

Thus, according to the above regulations in Vietnam, when you bring 20 million VND out of the country, you must declare it at border customs.

What documents do I need to present to the customs in Vietnam when I bring 20 million VND abroad?

In Article 3 of Circular 15/2011/TT-NHNN stipulating 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 as follows:

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 individual 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.

According to this Article, if you bring an amount of 20 million VND abroad, you must declare to customs and present documents such as a Certificate of carrying Vietnamese Dong in cash abroad issued by an authorized credit institution. License issued in accordance with the provisions of law or written approval for individuals to bring Vietnamese Dong in cash abroad issued by the State Bank of Vietnam.

Who has authority to accept individuals in Vietnam carrying 20 million VND to go abroad?

In Clause 1, Article 5 of Circular 15/2011/TT-NHNN stipulating 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.

The above is the authority to accept individuals carrying 20 million VND to go abroad in accordance with the law in Vietnam.

Best regards!