Procedures for issuance of License for foreign currency receipt and expenditure and other foreign exchange transactions in Vietnam

According to Article 32 of the Decree No. 03/2017/NĐ-CP of Vietnam’s Government, after receiving the Certificate of eligibility for casino business issued by the competent authority, any enterprise wishing to receive and spend foreign currencies and participate in a foreign exchange transaction specified in this Decree shall submit directly or send by post 02 applications to provincial branches of the State Bank of the place where the casino is located. The application shall contain:

- An application form for the License for foreign currency receipt or expenditure and other foreign exchange transactions (hereinafter referred to as the License);

- A certified true copy or a copy enclosed with the original of the Certificate of investment registration or the decision on investment policy;

- A certified true copy or a copy enclosed with the original of the Certificate of eligibility for casino business;

- A set of regulations on internal management and controlling of foreign currency receipt and expenditure signed by the representative at law of the enterprise.

* Within 15 days from the day on which the applications are received, the provincial branch of the State Bank shall check the adequacy and validity of the applications and send 01 of them to the State bank of Vietnam in association with a document containing its opinion of the application.

* Within 30 days from the day on which the application is received, the State bank of Vietnam shall consider issuing the License. If the application is rejected, the State bank of Vietnam shall send the applicant a document containing the explanation.

* The effective period of the License shall be in accordance with the effective period of the Certificate of eligibility for casino business and not exceed 20 years from the day on which such Certificate takes effect.

View more details at the Decree No. 03/2017/NĐ-CP of Vietnam’s Government, effective from March 15, 2017.

Ty Na

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