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Official Gazette

Tuesday, August 22, 2017

New regulation on foreign exchange transactions

Updated: 10:06’ - 22/08/2014

All payments and money transfers for current transactions between residents and non-residents in the territory of Vietnam are free to be conducted in accordance with law.

This is provided in Government Decree No. 70/2014/ND-CP of July 17, detailing a number of articles of the Ordinance on Foreign Exchange and the Ordinance Amending a Number of Articles of the Ordinance on Foreign Exchange.

Residents and non-residents are allowed to purchase, transfer and carry abroad foreign currencies for payment for current transactions, and responsible for producing documents at the request of credit institutions when purchasing, transferring and carrying abroad such foreign currencies.

However, they are not required to produce documents proving the fulfillment of their tax obligations.

Under the Decree, Vietnamese citizens are permitted to purchase, transfer or carry abroad foreign currencies for the purposes of learning and medical treatment, business or tourism, payment of fees and charges, provision of alimonies to their overseas relatives, transfer of inheritance money to their heirs residing in foreign countries, transfer of money in case of settling overseas, and other lawful needs.

The Decree also allows foreign investors to convert their lawful incomes in Vietnam dong into foreign currencies and transfer such foreign-currency amounts abroad within 30 days after the date of conversion.-


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