Principles of Payment and Money Transfer Related to the Business of Transshipment of Goods

At Article 3 of Circular 02/2020/TT-NHNN, there are regulations regarding the principles of payment and fund transfer related to the business of transshipment of goods, as follows:

- Payment and fund transfer related to the business of transshipment of goods are carried out based on two separate payment and fund transfer transactions: the fund transfer transaction for the goods purchase contract and the money receipt transaction from the goods sale contract. The fund transfer transaction can be carried out either before or after the money receipt transaction.

- All payment and fund transfer activities related to the business of transshipment of goods must be performed through an authorized bank.

- Traders are only allowed to make payments and transfers within the same transshipment business transaction according to both the goods purchase contract and the corresponding goods sale contract at the same authorized bank.

- Traders are permitted to use foreign currency in their foreign currency payment account, foreign currency purchased from authorized banks to transfer abroad as payment for the goods purchase contracts.

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