What is the USD exchange rate in March 2024 in Vietnam?

What is the USD exchange rate in March 2024 in Vietnam?

On February 29, 2024, the State Treasury issued Notice 1086/TB-KBNN 2024 regarding the accounting exchange rate of foreign currencies in March 2024.

According to this regulation, the exchange rate of USD in March 2024 is as follows:

- The accounting exchange rate between VND and US dollar (USD) in March 2024 is:

1 USD = 23,978 VND

- The above exchange rate of USD is applied in the following transactions:

+ Conversion and accounting of revenues and expenditures of the state budget in foreign currencies.

+ Conversion and accounting of the State Treasury's accounting.

What is the USD exchange rate in March 2024 in Vietnam? (Image from the Internet)

What is calculation of accounting exchange rates between VND and foreign currencies?

At point d, clause 1, Article 8 of Circular 328/2016/TT-BTC as amended by point b, clause 8, Article 1 of Circular 72/2021/TT-BTC, the accounting exchange rates between VND and foreign currencies are calculated as follows:

- The accounting exchange rate between VND and US dollar is calculated as the average exchange rate announced by the State Bank of Vietnam in the 30 days prior to the announcement.

- The accounting exchange rates between VND and other foreign currencies are calculated as the average cross exchange rates between VND and other foreign currencies announced by the State Bank of Vietnam in the 30 days prior to the announcement. For foreign currencies that have not been announced by the State Bank of Vietnam, the exchange rates are calculated through US dollars based on the statistical conversion rates between US dollars and other foreign currencies provided by the Joint Stock Commercial Bank for Foreign Trade of Vietnam on the last working day of the month.

How many ways are there currently to collect the state budget in Vietnam in foreign currency?

According to clause 2, Article 8 of Circular 328/2016/TT-BTC as amended by clause c, clause 8, Article 1 of Circular 72/2021/TT-BTC, the collection of the state budget in foreign currencies is regulated as follows:

Collection of the state budget in foreign currencies

...

2. Procedures for collecting the state budget in foreign currencies:

a) Collection of foreign currencies by transfer: It is carried out in the same way as the procedures for collecting the state budget by transfer in VND. Based on the documents of the state budget collection sent by the bank, the State Treasury at all levels shall process as follows:

- The provincial State Treasury shall record an increase in the payment account in foreign currencies at the bank, record the collection of the state budget in foreign currencies; at the same time, convert it into VND according to the accounting exchange rate of foreign currencies for the accounting of the state budget collection in VND.

- The State Treasury shall carry out the accounting of the foreign currency fund of the state budget (including the state budget collection at the State Treasury and the foreign currency amount transferred by the provincial State Treasury); at the same time, convert it into VND according to the accounting exchange rate of foreign currencies (only including the foreign currency amount collected at the State Treasury) for the accounting of the state budget collection.

b) Collection of foreign currencies in cash through banks: It is carried out in the same way as the procedures for collecting the state budget in cash in VND at the commercial bank where the State Treasury opens an account. Based on the documents of the state budget collection sent by the bank, the State Treasury at all levels shall process according to the procedures mentioned in point a of this Clause 2.

c) Collection of foreign currencies in cash through collection agencies or directly into the State Treasury:

...

Therefore, there are currently 03 ways to collect the state budget in Vietnam in foreign currencies:

(1) Collection of foreign currencies by transfer;

(2) Collection of foreign currencies in cash through banks;

(3) Collection of foreign currencies in cash through collection agencies or directly into the State Treasury.

Best Regards!