Cases allowed to use foreign currencies in the territory of Vietnam

According to Circular No. 32/2013/TT-NHNN of the State Bank of Vietnam (SBV), currently, in Vietnam’s territory, all transactions, payments, listing, advertisements, quotations, pricing, prices in contracts, agreements other similar forms (including conversion or adjustment of prices of goods and services, the value of contracts and agreements) of residents and non-residents are not allowed to be conducted in foreign exchange. Cases allowed to use foreign currencies in the territory of Vietnam include:

- Customs agencies, police, border guard and other state agencies at border gates of Vietnam and bonded warehouses are allowed to list in foreign currency and collect in foreign currency by transfer or cash from non-residents for various taxes, charges for exit and entry visa, charges for provision of services and other charges and fees as prescribed by law.

- Banks and non-bank credit institutions and branches of foreign banks licensed to do business and provide foreign exchange services (hereinafter abbreviated to the authorized credit institutions) are allowed for transactions, payments, listing, advertisements, quotations, pricing, prices in contracts, agreements in foreign exchange within the scope of business and foreign exchange services permitted by the SBV in accordance with laws.

- Other organizations licensed to provide foreign exchange services are allowed for transactions and listing in foreign currency within the scope of foreign exchange service provision permitted by the SBV in accordance with laws.

- Residents being entities with legal person status are allowed to transfer internal capital in foreign currency between their accounts with accounts of their dependent units that have no legal person status and vice versa.

- Residents are allowed to contribute capital in foreign currency by transfer in order to perform foreign investment projects in Vietnam.

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View more details at Circular No. 32/2013/TT-NHNN of the State Bank of Vietnam, effective from February 10, 2014.

Thu Ba

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