Receipt of Foreign Currency Donations from Non-Resident Organizations and Individuals

16:23, 10/07/2024

On December 31, 2019, the State Bank of Vietnam issued Circular 34/2019/TT-NHNN providing guidance on foreign exchange management for foreign currency source of funding for the microfinance programs and projects of political organizations, socio-political organizations, and non-governmental organizations.

According to Circular 34, political organizations, socio-political organizations, and non-governmental organizations (NGOs) use payment accounts in foreign currency or Vietnamese dong opened at authorized banks to receive foreign currency transfers of non-refundable aid and grants from non-resident individuals and organizations to carry out microfinance programs and projects as follows:

- In case of receiving aid and grants in foreign currency through a payment account in foreign currency, it shall comply with regulations on opening and using foreign currency accounts of resident organizations.- In case of receiving aid and grants in foreign currency from non-resident individuals and organizations through a payment account in Vietnamese dong, it shall sell the foreign currency to an authorized bank.

Details can be found in Circular 34/2019/TT-NHNN, which takes effect from February 14, 2020.

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