Legal Counselling

Exchange rate between a foreign currency and Vietnam dong

11:50, 11/08/2018

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-

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