What are the circumstances that require the declaration of information about cross-border transportation of cash in Vietnam?

What are the circumstances that require the declaration of information about cross-border transportation of cash in Vietnam? (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What are the circumstances that require declaration of information about cross-border transportation of cash in Vietnam?

According to Clause 1, Article 35 of the Anti-Money Laundering Law 2022, upon entry or exit, if a natural person carries foreign-currency or Vietnamese-dong cash, precious metals, jewels and negotiable instruments in excess of the quotas or allowances imposed by competent state authorities, he/she must declare these items to customs authorities, or to border guards on duty at the places where no customs authority is on assignment.

2. What is the amount of cash to be declared to the border Customs upon entry into, exit from the country?

(i) Individuals carry foreign currency, Vietnamese dong in cash, upon entry into or exit from the country with passport through international border gates of Vietnam, in excess of the following amount shall be required to declare to the border Customs:

- USD 5,000 (Five thousand United States dollars) or other foreign currencies of the same value;

- VND 15,000,000 (Fifteen million Vietnamese Dong).

(ii) In the event where a person, upon entry into the country, carries an amount of cash in foreign currency in excess of USD 5,000 or other foreign currencies of the same value and has a demand for depositing such amount of foreign currency to his foreign currency payment account at a credit institution, foreign bank’s branch authorized to engage in foreign exchange (hereinafter collectively referred to as authorized credit institutions), he shall be required to declare to the border Customs.

Entry-exit declaration statement with confirmation of the border Customs about the carried amount of foreign currency in cash as a basis for the authorized credit institution to cause the foreign currency in cash deposited to the payment account.

(iii) Amount of foreign currency and Vietnamese dong in cash required to be declared at the border gate Customs as stipulated in Paragraph 1 of Article 2 of Circular 15/2011/TT-NHNN shall not be applied to the individuals who carry means of payment, valuable papers in foreign currency or in Vietnamese dong such as traveler’s cheques, bank card, savings book, securities and other valuable papers.

(Article 2 of Circular 15/2011/TT-NHNN)

3. What are the documents being presented to the border Customs by individuals upon exit from the country by the amount of cash to be declared in Vietnam?

- Upon exit from the country, if an individual carries an amount of foreign currency, Vietnamese dong in cash in excess of the amount as provided for in (i) of Section 2 or in excess of the carried amount that was declared to the border Customs upon the latest entry, he shall be required to present the Customs with following documents:

+ Confirmation of carrying foreign currency, Vietnamese dong in cash abroad (hereinafter shortly referred to as Confirmation) issued by an authorized credit institution in accordance with current provisions of laws on foreign exchange control; or

+ A written approval to the carrying of foreign currency, Vietnamese dong in cash abroad by individual issued by the State Bank of Vietnam.

- Upon exit from the country, if an individual carries foreign currency, Vietnamese dong in cash in excess of the amount provided for in  (i) of Section 2, but not excess of the amount previously carried in, he shall be required to present the border Customs with an entry and exit Declaration with confirmation of the border Customs about the amount of foreign currency, Vietnamese dong in cash that was carried in the latest entry to the country.

A Confirmation of an authorized credit institution shall not be required.

The entry and exit Declaration with confirmation of the border Customs about the amount of foreign currency, Vietnamese dong in cash that was carried in the latest entry to the country shall only be valid to the individual bringing foreign currency, Vietnamese dong in cash abroad upon the next exit within 12 months since the date stated on the Declaration.

(Article 3 of Circular 15/2011/TT-NHNN)

Nguyen Ngoc Que Anh

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE