Vietnam: Value of foreign currency and precious gems required customs declaration

09:23, 03/01/2014

This is an important content of Circular No. 35/2013/TT-NHNN, issued by the Governor of the State Bank of Vietnam, guiding implementation of a number of provisions on prevention of money laundering.

According to Article 24 of the Law on Prevention of money laundering 2012 of Vietnam, individuals upon entry or exit carrying foreign currencies in cash, Vietnam dong in cash, precious metals, gems and negotiable instruments over the level prescribed by the State Bank of Vietnam must make customs declaration.

muc gia tri ngoai te, da quy can khai bao hai quan, Thong tu 35/2013/TT-NHNN

Specifically, the value of foreign currency in cash, Vietnam currency in cash, precious metals, gems and negotiable instruments required customs declaration is specified in Circular No. 35/2013/TT-NHNN of the State Bank of Vietnam as follows:

- The value of precious metals, gems (other than gold): 300,000,000 (three hundred million) dong, in which:

+ Precious metals (other than gold) include: Silver, platinum, crafts and jewelry made of silver, platinum; kinds of alloy containing silver, platinum.

+ Gems include: diamond, ruby, sapphire and emerald.

- Value of negotiable instruments: 300,000,000 (three hundred million) dong.

- The value of foreign currency in cash, Vietnam currency in cash, gold required customs declaration shall comply with regulations of the State bank of Vietnam.

Moreover, according to Decree No. 116/2013/ND-CP of Vietnam’s Government, the General Department of Customs shall promulgate the set form and guide individuals to perform declaration and provide for the State bank of Vietnam according to the criteria: Full name of individuals enter and exit country; passport number or valid papers for entering and exiting country; nationality, time of entering and exiting; name of border gate for entering and exiting; destination (for the exit persons) or departure place (for the entry persons); address in Vietnam; value of foreign currencies in cash, Vietnam dong in cash, precious metals, gems or negotiable instruments which have been declared.

View other provisions at Circular No. 35/2013/TT-NHNN of the State Bank of Vietnam, effective from February 14, 2014.

Thu Ba

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