Principles for depositing cash to the account from export through Vietnam - China border

According to Circular No. 19/2018/TT-NHNN of the State Bank of Vietnam, Vietnamese traders may collect VND and CNY in cash from export through auxiliary border checkpoints and border crossings as per provisions of the law on border trade and deposit such money into a payment account opened at bordering branches.

Principles for depositing cash to the account:

- Revenues in cash from each contract of export through auxiliary border checkpoint and border crossing shall be credited to a single payment account (VND or CNY account) opened at a bordering branch.

- Vietnamese traders are required to present the following documents to the bordering branch and take legal responsibility for their authenticity:

+ The original export contract or sales statement;

+ Customs declaration of goods exported through auxiliary border checkpoint or bordering crossing which is verified on the system that the goods have undergone inspection at the customs controlled area and printed out from the automated clearance system. In case the goods of Vietnamese traders are exported by the border residents, the declaration of export by borderers verified by the checkpoint Customs Sub-department is required;

+ Entrance and exit declaration citified by the checkpoint Customs Sub-department regarding the amount of cash in CNY carried into Vietnam within 7 days from the entrance date specified in such declaration (in case of payment in CNY).

Circular No. 19/2018/TT-NHNN of the State Bank of Vietnam takes effect from October 12, 2018.

- Thanh Lam -

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