02 Authorities with the power to Issue Confirmation and written approval to the carrying abroad of foreign currency in cash by individuals in Vietnam

02 Authorities with the power to Issue Confirmation and written approval to the carrying abroad of foreign currency in cash by individuals in Vietnam (Illustrative image)

To be specific, in Article 5 Circular 15/2011/TT-NHNN, guiding the issuance of Confirmation Letters and approval documents for individuals bringing foreign currency in cash, Vietnamese Dong in cash abroad is as follows:

1. Authority to issue Confirmation Letters and approval documents for individuals bringing foreign currency in cash, Vietnamese Dong in cash abroad:

- General Director (Director) or an authorized person in compliance with the law of the permitted credit institution is responsible for issuing a Confirmation Letter for individuals bringing foreign currency in cash, Vietnamese Dong in cash for the purposes stated in Clause 2 and Clause 3, Article 8 of Decree 160/2006/ND-CP (according to the form in the Appendix attached to this Circular).

- Other than the aforementioned cases, The State Bank of Vietnam will review and approve in writing for individuals in need of bringing foreign currency in cash, Vietnamese Dong in cash abroad based on actual situations and the necessity of each case.

2. Responsibility of the permitted credit institution:

- Specify the necessary documents required to prove the purpose, amount of foreign currency in cash, Vietnamese Dong in cash being brought abroad; the process of reviewing, checking documents, and issuing Confirmation Letters for individuals.

- Based on legal regulations and practical, reasonable needs of each purpose to issue Confirmation Letters for the amount of foreign currency in cash, Vietnamese Dong in cash brought abroad by individuals or provide a written response in case of not issuing a Confirmation Letter within 03 working days from the date of receiving a proposal along with legitimate documents.

- Fully retain documents as prescribed by law, guide customers on procedures related to the documents, and request customers to take full responsibility before the law for the transactions carried out.

More details can be found in Circular 15/2011/TT-NHNN, which comes into effect in Vietnam from September 1, 2011.

Thuy Tram

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE