When can Vietnamese people buy, transfer, and bring foreign currency out of the country? How much cash can foreigners bring into Vietnam?

When can Vietnamese people buy, transfer, and bring foreign currency out of the country?

Pursuant to Clause 2 Article 7 of the Decree 70/2014/NĐ-CP stipulating money transfer from Vietnam to foreign countries as follows:

Money transfer from Vietnam to foreign countries

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2. Residents as Vietnamese citizens are entitled to purchase, transfer and carry foreign currency overseas according to regulations specified by the State Bank of Vietnam to serve the following purposes:

a) Overseas study and medical healthcare;

b) Overseas business trips, tourism and travels to visit friends or families;

c) Payment of fees and charges abroad;

d) Grants provided for relatives living overseas;

d) Money transfer of an inheritance to heirs living abroad;

e) Money transfer in case of people who settle overseas;

g) One-way money transfer in case of other legal demands.

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As regulations above, Vietnamese citizens are entitled to purchase, transfer and carry foreign currency overseas in following cases:

- Overseas study and medical healthcare;

- Overseas business trips, tourism and travels to visit friends or families;

- Payment of fees and charges abroad;

- Grants provided for relatives living overseas;

- Money transfer of an inheritance to heirs living abroad;

- Money transfer in case of people who settle overseas;

- One-way money transfer in case of other legal demands.

When can Vietnamese people buy, transfer, and bring foreign currency out of the country? How much cash can foreigners bring into Vietnam? - Source: Internet

How much cash can foreigners bring into Vietnam?

Pursuant to Clause 1 Article 2 of the Circular 15/2011/TT-NHNN stipulating mount of cash in foreign currency, Vietnamese dong to be declared to the border Customs upon entry into, exit from the country as follows:

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.

Therefore, the current law does not specifically regulate the limit on the amount of money that foreigners can bring into Vietnam.

However, foreigners entering Vietnam who bring cash of 5,000 USD (or equivalent) or more or 15,000,000 VND (or equivalent) or more must declare to customs officials at the border.

What documents are required for foreigners bringing foreign currency in cash or Vietnamese dong in cash in excess of the prescribed limit into Vietnam?

Pursuant to Article 3 of the 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:

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 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.

Therefore, when carrying foreign currency in cash or Vietnamese dong in cash in excess of the prescribed limit, foreigners must present the following documents:

- Confirmation of carrying foreign currency in cash, Vietnamese dong in cash out of the country (hereinafter referred to as the Confirmation) issued by a licensed financial institution in accordance with the regulations of the law on foreign exchange management; or

- Document approving an individual to carry foreign currency in cash, Vietnamese dong in cash out of the country issued by the State Bank of Vietnam.

Note: In case an individual exits the country carrying foreign currency in cash, Vietnamese dong in cash in excess of the prescribed limit but not exceeding the quantity that has been brought in, must present to the customs officials at the border the Entry-Exit Declaration form with confirmation of the customs officials about the amount of foreign currency in cash, Vietnamese dong in cash that has been brought in when entering the country the most recent time, without the need for a Confirmation from a licensed financial institution.

Best regards!