Principles of Payment and Transfer of Funds Related to the Business of Transshipment of Goods

16:07, 10/07/2024

Recently, the Governor of the State Bank of Vietnam signed and promulgated Circular 02/2020/TT-NHNN providing guidance on payment and money transfer activities related to re-export trading of goods.

Payment and fund transfer related to transshipment of goods must adhere to the following principles:

- Payment and fund transfer related to transshipment of goods are conducted based on two separate payment and fund transfer transactions: the fund transfer transaction for purchasing goods contract and the fund reception transaction from the goods selling contract. The fund transfer transaction can be conducted either before or after the fund reception transaction;- All payment and fund transfer activities related to transshipment of goods must be carried out through authorized banks;- Traders are only allowed to make payments and fund transfers in the same transshipment transaction according to the purchasing goods contract and the selling goods contract at the same authorized bank;- ...

See the full principles at: Circular 02/2020/TT-NHNN, effective from May 15, 2020.

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