Vietnam: Banks shall take responsibility to face risks related to CNY cash import and export on its own

Le Hai

09:55, 30/08/2018

The State Bank of Vietnam issued Circular No. 19/2018/TT-NHNN guiding foreign exchange management for border trade between Vietnam and China.

According to Circular No. 19/2018/TT-NHNN of the State Bank of Vietnam, when importing or exporting CNY cash and VND cash, the licensed bank having bordering branches shall take responsibility to face risks related to cash import and export on its own. Before that, banks had to make customs declarations about import and export according to regulations.

Concurrently, banks shall work out methods for management, supervision and assurance of safety for delivery, receiving, maintenance and transport of CNY cash and VND cash.

Moreover, banks importing and exporting CNY shall comply with the following regulations:

- The licensed bank having bordering branches may import and export CNY cash and VND cash in order to regulate the cash amount for business operation of its bordering branches.

- CNY cash and VND cash shall be imported or exported through the international border checkpoint and main border checkpoint and the economic zone between Vietnam and China.

Circular No. 19/2018/TT-NHNN of the State Bank of Vietnam takes effect from October 12, 2018.

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