Vietnam: 03 principles of payment and money transfer of current transactions

09:34, 21/07/2014

Decree No. 70/2014/NĐ-CP was issued by Vietnam’s Government on detailing the implementation of several provisions of the Ordinance on the foreign exchange and the amended Ordinance on the foreign exchange.

Currently, current transaction means a transaction between a resident and a non-resident not for the purpose of transferring capital.

nguyen tac, giao dich van lai, nghi dinh 70/2014/NĐ-CP

In the territory of Vietnam, all of non-current payment and money transfer transactions of residents and non-residents are freely performed in accordance with regulations of Decree No. 70/2014/NĐ-CP of Vietnam’s Government and other relevant laws to follow the principles below:

- Residents, non-residents are entitled to purchase, remit and carry foreign currency overseas to serve the demands for payment and money transfer of current transactions.

- Residents, non-residents are responsible to submit required records as regulated by credit institutions upon purchase, transfer and carry of foreign currency overseas to perform current transactions as well as take legal responsibility for the authentication of these records provided for authorized credit institutions.

- Upon purchase, transfer and carry of foreign currency overseas to perform current transactions, residents and non-residents do not need to present any record regarding the confirmation of fulfillment of their tax obligations in Vietnam.

View relevant provisions at Decree No. 70/2014/NĐ-CP of Vietnam’s Government, effective from September 05, 2014.

Thu Ba

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