Vietnam: Incorrect declaration and underdeclaration of cash brought when exiting will be severely fined from December 10

According to Clause 1 Article 2 of the Circular No. 15/2011/TT-NHNN of the State Bank of Vietnam, individuals carry foreign currency, Vietnamese dong in cash, upon entry into or exit from the country with passport through international border gates of Vietnam, in excess of the following amount shall be required to declare to the border Customs:

- USD 5,000 (Five thousand United States dollars) or other foreign currencies of the same value;

- VND 15,000,000 (Fifteen million Vietnamese Dong).

Thus, according to Article 10 of the Decree No. 128/2020/NĐ-CP of Vietnam’s Government, penalties for failure to declare or to correctly declare the amount of cash in foreign currencies allowed to be carried along or gold carried in excess of the legal limit by a person when leaving Vietnam using a passport or passport alternative granted by a Vietnamese competent authority, laissez-passer or bordering resident’s ID card are as follows:

a) A fine ranging from VND 1,000,000 to VND 3,000,000 shall be imposed if the exhibit is worth from VND 5,000,000 to less than VND 30,000,000;

b) A fine ranging from VND 5,000,000 to VND 15,000,000 shall be imposed if the exhibit is worth from VND 30.000.000 to less than VND 70,000,000;

c) A fine ranging from VND 15,000,000 to VND 25,000,000 shall be imposed if the exhibit is worth from VND 70,000,000 to less than VND 100,000,000;

d) A fine ranging from VND 30,000,000 to VND 50,000,000 shall be imposed if the exhibit is worth VND 100,000,000 or more but below the value that is liable to criminal prosecution.

Thus, according to the above provisions, individuals carrying foreign currency, Vietnamese dong in cash more than USD 5,000 or VND 15,000,000, upon exit from the country with passport through international border gates of Vietnam, shall be required to declare to the border Customs. If he/she fails to declare or to correctly declare the amount of cash or gold allowed to be carried, a fine up to VND 50 million shall be imposed. To be specific:

- A fine of VND 1 - 3 million shall be imposed if the exhibit is worth VND 5 - 30 million;

- A fine of VND 5 - 15 million shall be imposed if the exhibit is worth VND 30 - 70 million;

- A fine of VND 15 - 25 million shall be imposed if the exhibit is worth VND 70 - 100 million;

- A fine  of VND 30 - 50 million shall be imposed if the exhibit is worth VND 100 million or more but below the value that is liable to criminal prosecution.

It can be seen that, upon exit from the country with a passport through international border gates of Vietnam, many people often make the mistake of carrying more money than prescribed and falsely declaring or declaring less than the amount of cash and gold brought. However, if people carry more than the amount specified above, depending on the excess, there will be corresponding administrative penalties. Therefore, people should declare customs according to regulations if they bring excess money when exiting to avoid being fined.

Moreover, the Decree No. 128/2020/NĐ-CP of Vietnam’s Government also penalties for failure to declare or to correctly declare the amount of other precious metals, gemstones or negotiable instruments carried by a person which, by law, must be declared when entering or leaving Vietnam, specifically are as follows:

- A fine ranging from VND 1,000,000 to VND 3,000,000 shall be imposed if the exhibit is worth from VND 5,000,000 to less than VND 30,000,000;

- A fine ranging from VND 5,000,000 to VND 15,000,000 shall be imposed if the exhibit is worth from VND 30.000.000 to less than VND 50,000,000;

- A fine ranging from VND 15,000,000 to VND 30,000,000 shall be imposed if the exhibit is worth from VND 50,000,000 to less than VND 100,000,000;

- A fine ranging from VND 30,000,000 to VND 50,000,000 shall be imposed if the exhibit is worth VND 100,000,000 or more but below the value that is liable to criminal prosecution.

Ty Na

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