On July 31, 2018, the State Bank of Vietnam issued Circular No. 16/2018/TT-NHNN, which specifies exchange rate between a foreign currency and VND.
According to Circular No. 16/2018/TT-NHNN of the State Bank of Vietnam, exchange rate between a foreign currency and VND is prescribed as follows:
- On working days other than the last working day of a month/ quarter/ year, the exchange rate shall be the one regulated by the State Bank for use in the chart of accounts of credit institutions;
- On the last working day of a month/ quarter/ year, the exchange rate shall be the one regulated by the State Bank for converting the monthly/ quarterly/ annual balance sheet prepared in a foreign currency into the one in VND if a credit institution/ foreign bank branch uses VND as its accounting currency, or the one for converting financial statements prepared in a foreign currency into VND if a credit institution/ foreign bank branch uses a foreign currency as its accounting currency in the chart of accounts of credit institutions and financial reporting policies applicable to credit institutions;
Concurrently, the exchange rate between a foreign currency and USD shall be decided by credit institutions/ foreign bank branches.
View details at Circular No. 16/2018/TT-NHNN of the State Bank of Vietnam, effective from July 31, 2018.
-Thao Uyen-
Address: | 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City |
Phone: | (028) 7302 2286 |
E-mail: | info@lawnet.vn |