Vietnam: Changes to the application for license to collect foreign currency cash from export activities to Cambodia

The Governor of the State Bank of Vietnam issued Circular 23/2022/TT-NHNN dated December 30, 2022 amending legal documents to decentralize the settlement of administrative procedures in the field of foreign exchange management.

According Vietnam's Circular 23/2022/TT-NHNN, the composition of the application file for permission to collect foreign currency cash from exports to Cambodia is changed in Decision 17/2004/QD-TTg as follows:

- An application for permission to collect foreign currency in cash from exports to Cambodia, made according to the form in Appendix 01 of Circular 23/2022/TT-NHNN;

- A copy of the written acceptance of the competent authority in the case of temporarily suspended exports and conditional exports;

- A copy of the commercial contract signed with the Cambodian trader with an agreement on the method of payment in foreign currency, free of cash conversion (certified by the legal representative of the enterprise).

(In comparison to Circular 25/2011/TT-NHNN amending Decision 17/2004/QD-TTg, there is no longer a requirement for a certified copy of an import-export enterprise's business registration certificate with the registration number (for enterprises applying for a license for the first time)). 

In addition, according to the order of collecting foreign currency from Vietnamese people when depositing foreign currency in cash, in addition to the License for collecting foreign currency in cash, Vietnamese traders must submit to the commercial bank the following papers:

- The original customs declaration (certified by the border gate Customs on the amount of foreign currency brought in from abroad);

- A copy of the export declaration (submitted after exporting).

Vietnam's Circular 23/2022/TT-NHNN takes effect from February 15, 2023.

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