Application for approval of exportation and importation of foreign currency cash in Vietnam

Application for approval of exportation and importation of foreign currency cash in Vietnam
Lê Hải

Recently, the State Bank of Vietnam has issued the Circular No. 17/2020/TT-NHNN amending the Circular No. 33/2013/TT-NHNN providing guidance on procedures for grant of permission for exportation and importation of foreign currency cash by authorized banks.

According to Circular No. 17/2020/TT-NHNN of the State Bank of Vietnam, application for approval of exportation and importation of foreign currency cash by authorized banks include:

- Written request for permission for exportation and importation of foreign currency cash, using the sample given in the Appendix 01 hereto;

- Foreign currency cash export or import contract signed between an authorized bank and another foreign bank or financial institutes, enclosing the Vietnamese translation endorsed by the authorized bank’s legal representative (required in the first submission only and in case of any change);

- Internal rules and regulations of the authorized bank on the exportation and importation of foreign currency cash, including clauses of the decentralization of authority or the authorization to carry out foreign currency cash importation and exportation activities within the system and clauses under which the management, supervision, and safety assurance for the delivery, reception, storage and transportation of foreign currency cash must conform to the State Bank of Vietnam’s regulations (only required for the first submission and in case of any change);

- Authorization letter required in case where the signatory to the written application for permission is the authorized bank’s attorney in fact (required for the first submission and in case of any change).

Moreover, Circular No. 17/2020/TT-NHNN of the State Bank of Vietnam also replaces Appendix 01, 02, 03 issued together with the Circular No. 33/2013/TT-NHNN with Appendix 01, 02, 03 issued together.

View more details at the Circular No. 17/2020/TT-NHNN of the State Bank of Vietnam, effective from February 01, 2021.

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