Types of Dedicated Foreign Currency Accounts

Circular 10 stipulates that, except for cases of collection and expenditure of money in a common border currency, enterprises are permitted to collect, spend foreign currency, and engage in other foreign exchange activities only if they open a specialized foreign currency account to serve casino business activities. Enterprises are only allowed to open one (01) specialized account corresponding to each type of foreign currency at one (01) authorized bank and use the specialized foreign currency account according to the following regulations:

- For the revenue account:

- Deposit foreign currency cash into the account in case the foreign currency cash balance of the enterprise exceeds the cash retention limit;- Collect by transfer from the foreign player's overseas account to convert into convertible currency;- Collect by transfer from the foreign player's foreign currency payment account opened at an authorized bank in Vietnam to convert into convertible currency;- Collect by transfer from the enterprise's foreign currency payment account as stipulated in Clause 3 of this Article;

- For the expense account:

- Transfer to the foreign player's foreign currency payment account opened at an authorized bank in Vietnam to pay rewards to foreign players who win, return in case the foreign player does not use all the convertible currency or does not use all the amount when the player uses a bank card to buy convertible currency. The amount of foreign currency returned shall not exceed the amount of foreign currency the foreign player used to exchange for convertible currency and the amount of foreign currency won;- Transfer to the foreign player's overseas account to pay rewards or return in case the foreign player does not use all the convertible currency or does not use all the foreign currency transferred from abroad into the enterprise's specialized foreign currency account. The amount of foreign currency returned shall not exceed the amount of foreign currency the foreign player used to exchange for convertible currency and the amount of foreign currency won;- Withdraw cash to maintain the foreign currency cash retention limit;- Sell foreign currency to an authorized bank;- Transfer to the enterprise's foreign currency payment account as stipulated.

Simultaneously, Circular 10 also stipulates that enterprises permitted by the State Bank of Vietnam to collect and spend the currency of a bordering country, apart from the foreign currency specialized account, may open one (01) specialized account in the currency of the bordering country to serve casino business activities within the stipulated collection and expenditure range.

Enterprises are allowed to transfer foreign currency from the specialized foreign currency account to the foreign currency payment account opened at an authorized bank and vice versa to serve casino business activities.

In addition, in the case of changing authorized banks for conducting business and providing foreign exchange services where the enterprise opens a specialized foreign currency account according to casino business regulations, within 05 working days from the date of license adjustment, the enterprise must report the status of account closure and opening.

View details Circular 10/2017/TT-NHNN, effective from October 15, 2017.

- Thao Uyen -

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