Regulations on payment of other current transactions of residents being individuals in Vietnam

Tran Thanh Rin

13:55, 07/01/2023

This is the content mentioned in Circular 20/2022/TT-NHNN dated December 30, 2022 guiding the one-way money transfer from Vietnam to abroad and payment and money transfer for other current transactions of residents being organizations and individuals.

In which, payment activities for other current transactions of residents being individuals in Vietnam include:

- Payments related to activities: temporary import, re-export, temporary export, re-import, transit,...

- Payments related to social insurance contributions and social insurance payments;

- Payments related to premiums, reinsurance, reinsurance transfer, insurance brokerage, and insurance auxiliaries under international treaties to which Vietnam is a contracting party, or payments regarding compensation and insurance benefits;

- Payment according to a legally enforceable decision or judgment of a court or arbitration; or a decision of a competent Vietnamese authority;

- Payment related to fines, compensation due to property damage, injury that are not covered by insurance.

Note: Payment for the above current transactions must be made through authorized banks in Vietnam.

More details can be found in Vietnam's Circular 20/2022/TT-NHNN effective from February 15, 2023.

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