Resident Organizations Permitted to Receive Foreign Currency Transfers from Abroad

19:44, 10/07/2024

In 2014, the State Bank issued Circular 16/2014/TT-NHNN providing guidelines for the use of foreign currency accounts and VND (Vietnamese Dong) accounts of residents and non-residents at authorized banks.

Circular 16/2014/TT-NHNN stipulates that starting mid-September 2014, residents who are organizations are allowed to use foreign currency accounts at authorized banks to perform the following incoming transactions:

- Incoming foreign currency via wire transfer from abroad;- Incoming foreign currency via wire transfer as payment for exported goods and services from the accounts of non-resident organizations opened at authorized banks in the country;- Re-depositing unspent foreign currency cash withdrawn by the organization for employees on overseas business trips at the authorized bank from which the cash was withdrawn. When depositing foreign currency cash into the account, the organization must present to the authorized bank the documents related to the cash withdrawal from the account and the entry-exit declaration form with customs confirmation of the amount of foreign currency cash brought in.- …

For details, see Circular 16/2014/TT-NHNN, effective from September 15, 2015.

- Thu Ba -

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