Vietnam: Current transfers include transactions conducted in cash or in other assets

15:55, 07/03/2014

This is a notable content mentioned in Decree No. 16/2014/ND-CP of Vietnam’s Government on management of the balance of international payments of Vietnam.

According to Vietnam’s current regulations, current transfers include transactions conducted in cash or in other assets between residents and non-residents without giving rise to liabilities.

Residents and non-residents in Vietnam are those defined by the Ordinance No. 28/2005/PL-UBTV on Foreign Exchange and the Ordinance No. 06/2013/UBTVQH13 Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange.

chuyen giao van lai, can can thanh toan, nghi dinh 16/2014/NĐ-CP

Specifically, Decree No. 16/2014/ND-CP of Vietnam’s Government stipulates that current transfers are classified as follows:

- Current transfers of the governmental sector, including transactions in cash or other assets between the Vietnamese Government and foreign governments and international organizations in the form of assistance and non-refundable aid for consumption purposes;

- Current transfers of the private sector, including transactions in cash or other assets between residents and non-residents, regardless of income sources of originators and relationship between originators and recipients.

View relevant provisions at Decree No. 16/2014/ND-CP of Vietnam’s Government, effective from April 21, 2014.

Thu Ba

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