How to deposit foreign currencies into the account of a permitted credit institution upon entry in Vietnam?

How to deposit foreign currencies into the account of a permitted credit institution upon entry in Vietnam?(Illustrative image)

According to Article 4 Circular 15/2011/TT-NHNN stipulating the deposit of foreign currency cash into a payment account in foreign currency of an individual, individuals entering Vietnam carrying foreign currency cash who wish to deposit this foreign currency into a payment account in foreign currency of an individual opened at a licensed credit institution must follow the regulations below:

- Individuals must present to the licensed credit institution the Entry-Exit Declaration Form with the customs officer's confirmation at the border gate regarding the amount of foreign currency cash carried. When transacting with the customer, the licensed credit institution shall stamp the main copy of the Entry-Exit Declaration Form to confirm the amount of foreign currency deposited into the payment account in foreign currency, and shall also retain a photocopy of the Declaration Form.

- The Entry-Exit Declaration Form with the customs officer's confirmation at the border gate is only valid for individuals to deposit foreign currency cash into a payment account in foreign currency within 60 days from the date stated on the Entry-Exit Declaration Form.

Note: Violations will be handled as follows:

Individuals carrying foreign currency cash, Vietnamese Dong cash when exiting or entering the country in violation of the regulations stated in Circular 15/2011/TT-NHNN, depending on the nature and level of the violation, will be subject to administrative penalties or criminal prosecution as provided by law.

More details can be found in Circular 15/2011/TT-NHNN, effective from September 1, 2011.

Thuy Tram

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