Determination of Fee and Charge Rates in Freely Convertible Foreign Currencies

12:38, 11/07/2024

On August 23, 2016, the Government of Vietnam issued Decree 120/2016/ND-CP guiding the implementation of certain provisions of the 2015 Law on Fees and Charges.

In cases of fees and charges collection in freely convertible foreign currencies, the fees and charges shall be collected in foreign currencies or in Vietnamese dong on the basis of converting from foreign currencies to Vietnamese dong according to the following exchange rates:

- When paying fees and charges directly at the State Treasury, the foreign currency accounting exchange rate at the time of fee and charge payment as announced by the Ministry of Finance shall be applied;- When paying fees and charges at Commercial Banks or other credit institutions, the buying rate of the Bank or credit institution where the payer opens the account at the time of payment shall be applied;- When paying fees and charges directly in cash or in other forms to the fee and charge collecting organization, the foreign currency buying rate by wire transfer of the Southern Branch of the Joint Stock Commercial Bank for Foreign Trade at the time of payment or the end of the working day immediately before the holiday or day off shall be applied.

Decree 120/2016/ND-CP is effective from January 01, 2017, replacing Decree 57/2002/ND-CP, Decree 24/2006/ND-CP, and Decree 115/2011/ND-CP.

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