Amendments to regulations on subjects of application in foreign exchange management for border trade activities between Vietnam - China

Amendments to regulations on subjects of application in foreign exchange management for border trade activities between Vietnam - China

The entities subject to foreign exchange management for Vietnam-China border trade activities have been amended by the State Bank of Vietnam as follows in Circular 55/2024/TT-NHNN:

- Vietnamese traders and Chinese traders involved in Vietnam-China border trade activities.

- Vietnamese border residents and Chinese border residents involved in Vietnam-China border trade activities.

- Commercial banks and branches of foreign banks licensed to conduct foreign exchange operations in Vietnam (hereinafter referred to as licensed banks).

- Branches of licensed banks located in the Vietnam-China border provinces (hereinafter referred to as border bank branches).

(Existing: Branches of licensed banks located in border areas or international border gate economic zones of Vietnam-China (hereinafter referred to as border bank branches))

- Duty-free business organizations, service providers in isolation areas at international border gates, bonded warehouse businesses in border areas, international border gate economic zones of Vietnam-China.

- Other organizations and individuals related to payment activities in Vietnam-China border trade.

Note:

- Payment currencies in the purchase, exchange of goods, and services across the Vietnam-China border by traders are freely convertible foreign currencies, VND, or CNY. (According to Article 3 of Circular 19/2018/TT-NHNN)

- Payment currencies in the purchase, exchange of goods, and services by border residents and at border markets are VND or CNY. (According to Article 8 of Circular 19/2018/TT-NHNN)

More details can be found in Circular 55/2024/TT-NHNN, effective from February 1, 2025.

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