State Bank issues currency regulations

By Dam Tuan   March 15, 2016 | 09:00 pm GMT+7

Citizens of countries bordering Vietnam will have to submit notarized copies of business registration licenses in border-gate economic zones if they wish to bring foreign currency into Vietnam, pursuant to Circular No. 29/2015/TT-NHNN.

For more effective foreign currency management, the State Bank of Vietnam has amended and supplemented regulations on the documentation needed to bring in foreign currency. The decision took effect on Feb. 8 and applies to border citizens from China, Laos and Cambodia.

According to Circular No. 29/2015/TT-NHNN, Article 1, clause 1 stipulates that “for citizens of countries bordering Vietnam, who have registered their business in border regions and border-gate economic zones, if permitted by Vietnamese agencies to go to inland provinces and bring currency from bordering countries for sale to licensed banks, they will have to send a dossier via post or submit it directly to the State Bank branches in the respective border provinces."

citizens-of-the-bordering-regions-to-need-more-dossier-when-bringing-their-currencies-to-vietnam

A border gate between Vietnam and Laos. Photo: vnexpress

The dossier should include a written request and permit for going into inland provinces granted by Vietnamese agencies along with a business registration license certificate.

Within five working days, State Bank branches in the respective border provinces will issue a decision on whether the party is allowed to bring in foreign currency.

In case of refusal, these State Bank branches shall have to issue written replies, clearly stating the reasons for the refusal.

This SBV regulation aims to manage foreign currencies more effectively as inland economic cooperation develops.

According to the Department of Boundary and Mountainous Trade under the Ministry of Industry and Trade, commercial exchange between Vietnam and its bordering nations was approximately $27.56 billion in 2015, an increase of 27 percent from 2014.

Vietnam has a 4,639 km land border with China in the north, Lao and Cambodia in the west in which commercial exchange with China occupies 85% with four large border gates along the shared economic zones.