Chapter V
IMPLEMENTATION
Article 15. Reporting
1. On a monthly basis, no later than the 20th of the reporting month, the authorized bank shall report on the purchase, transfer and carrying of foreign currency abroad of residents being organizations for the purpose of transferring money for sponsorship, aids as prescribed in Article 4 of this Circular (using the form in the Appendix issued with this Circular). The closing time for reporting data is calculated from the 15th of the previous month to the 14th of the reporting month. The report is sent by email to the email address baocaongoaite@sbv.gov.vn of the State Bank of Vietnam.
2. On a monthly basis, the authorized bank shall report on the purchase, transfer and carrying of foreign currencies of residents being Vietnamese citizens, the purchase and sale of foreign currencies in cash with individuals in accordance with regulations on statistical reports of the State Bank of Vietnam.
Article 16. Responsibilities of authorized banks
1. Strictly implement and guide customers to implement the provisions of this Circular.
2. Develop and take responsibility for the content of internal regulations on business processes related to one-way money transfer abroad, and payment and money transfer for other current transactions, in which include at least the following:
a) Regulations on documentation related to money transfer transactions to ensure that the provision of foreign exchange services is carried out for the right purposes and in accordance with the provisions of this Circular and the provisions of relevant laws;
b) Principles for setting amounts of purchase, transfer, and carrying of foreign currencies for the purposes of one-way money transfer;
c) Inspection and supervision of data on purchase, transfer and carrying of foreign currency of organizations and individuals for the purposes of one-way money transfer and other current transactions in the same banking system to ensure the amounts of purchase, transfer, and carrying not exceeding the amount stated in relevant documentation, the amounts of foreign currencies to buy, transfer, or carry abroad specified in this Circular;
d) Requesting organizations and individuals to make a written commitment to buy, transfer and carry foreign currency in accordance with the amounts of purchase, transfer and carrying of foreign currency abroad specified in this Circular.
3. Check and keep documentation consistent with actual transactions as prescribed in this Circular and relevant laws.
4. Request organizations and individuals wishing to buy, transfer or carry foreign currencies for the purposes of one-way money transfer, and payment and money transfer for other current transactions to provide necessary information of their own and the related beneficiaries, including at least the following information:
a) Information identifying customers as organizations or individuals buying, transferring or carrying foreign currency in accordance with the provisions of the law on prevention of money laundering;
b) Necessary information about the beneficiary organization or individual for payment, money transfer for the purpose of one-way money transfer and other current transactions: Name of the beneficiary organization or individual, account number of the beneficiary organization, individual, beneficiary bank (address, country). If the beneficiary individual's account number is not available, his/her identity valid card number or citizen identity number or passport number or an equivalent legal document is required.
5. The authorized bank has the right to refuse or not to sell, transfer or issue a Certificate of carrying foreign currency abroad if the organization or individual fails to provide complete and/or accurate information according to the regulations specified in Clause 4 of this Article.
6. Fully comply with the provisions of the law on prevention of money laundering, terrorism financing, and financing for the proliferation of weapons of mass destruction.
Article 17. Responsibilities of relevant organizations and individuals
1. Provide sufficient information to the authorized bank as prescribed in Clause 4, Article 16 of this Circular and take legal responsibility for the authenticity of the information provided to the authorized bank.
2. Present documentation when buying, transferring or carrying foreign currency abroad for the purposes of one-way money transfer of individuals and payment and transfer of money for other current transactions according to regulations of the authorized banks.
3. Present documentation justifying the sponsorship purpose, source of funding, decision approving the amount of sponsorship of the legal representative of the organization, written commitment on the legitimacy of the funding source and other documentation as prescribed by the authorized bank when buying, transferring or carrying foreign currency for the purpose of one-way money transfer of the organization (except for the case specified in Clause 4 of this Article).
4. The resident being organization that transfers money abroad for the purpose of sponsorship or aids from voluntary contributions specified at Point b, Clause 1, Article 4 of this Circular is responsible for presenting:
a) A document on the mobilization and receipt of voluntary contributions for sponsorship and aid, which includes the following main contents: Aid and sponsorship purposes; beneficiaries of funding and aid; starting and ending time of receiving voluntary contributions; contribution method being either by bank transfer and/or cash, the contribution currency being Vietnam Dong; account for voluntary contributions;
b) The list including the names, addresses (if any) and amounts of voluntary contribution of organizations or individuals;
c) Documents justifying the amounts received from voluntary contributions;
d) The organization's written commitment that the organization opens only one account at an authorized bank to receive voluntary contributions;
dd) Other documentation as prescribed by the authorized bank.
5. Take legal responsibility for the authenticity of documentation presented to the authorized bank.
6. Do not use a set of documents to buy, transfer or carry foreign currency in excess of the amount stated in relevant documentation, and the amounts of foreign currency to buy, transfer or carry abroad specified in Circular at single or multiple authorized bank(s).
7. Use the foreign currency cash purchased at the authorized bank for the proper purposes and in accordance with the provisions of law.
8. Not to buy, transfer or carry foreign currency abroad for the purposes of money laundering, terrorism financing, financing of the proliferation of weapons of mass destruction, fraud and other violations of the law.
9. A resident being organization that transfers money abroad for the purpose of sponsorship specified at Point c, Clause 1, Article 4 of this Circular may only purchase and transfer the foreign currency at an authorized bank during the entire sponsorship length of the program, fund or project.
10. When a resident being organization or individual makes payments or transfers money abroad for purchase and sale of goods through an overseas Commodity Exchange, he/she/it shall comply with the provisions of this Circular and regulations on the purchase and sale of goods through the Commodity Exchange in foreign countries through the Commodity Exchange in Vietnam connected with the Commodity Exchange in foreign countries and relevant regulations.
11. Strictly comply with the provisions of this Circular and relevant laws.
Article 18. Provision of implementation
1. This Circular comes into force as of February 15, 2023.
2. Annul the Circular No. 20/2011/TT-NHNN dated August 29, 2011 of the Governor of the State Bank of Vietnam on purchase and sale of foreign currencies in cash of individuals with authorized credit institutions.
3. Annul Clause 3, Article 1 of Circular No. 24/2018/TT-NHNN dated September 28, 2018 of the Governor of the State Bank of Vietnam on amendments to the Circulars and documents stipulating periodical reporting regime.
4. This Circular amends and supplements a number of articles of the following legal documents:
a) Amends and supplements point b, clause 1, Article 17 of Circular No. 02/2021/TT-NHNN dated March 31, 2021 of the Governor of the State Bank of Vietnam on guidelines for foreign currency transactions on the foreign currency market of credit institutions permitted to conduct foreign exchange activities as follows:
“b) Individuals being Vietnamese citizens who buy foreign currencies in cash for the purposes of studying, medical treatment, business trips, tourism and visits abroad.”.
b) Amends and supplements Point a, Clause 1, Article 5 of Circular No. 15/2011/TT-NHNN dated August 12, 2011 of the Governor of the State Bank of Vietnam, stipulating the carrying of foreign currencies in cash, personal cash in Vietnam dong on exit or entry as follows:
“a) The authorized credit institution is responsible for issuing the Certificate to individuals (including individuals representing residents being organizations) who carry foreign currencies in cash, Vietnam dong in cash for the given purposes specified in Clauses 1, 2 and 3, Article 7 of the Government's Decree No. 70/2014/ND-CP dated July 17, 2014 on elaboration of certain articles of the Ordinance on Foreign Exchange and the Ordinance on Foreign Exchange on amendments to the Ordinance on Foreign Exchange (using the form in the Appendix attached to this Circular);”.
c) Supplement Point i, Clause 2, Article 3 of Circular No. 16/2014/TT-NHNN dated August 1, 2014 of the Governor of the State Bank of Vietnam on guidelines the use of foreign currency accounts and Vietnamese dong accounts of the State Bank of Vietnam of residents, non-residents at authorized banks as follows:
“i) Withdraw cash in foreign currency to bring abroad for the purpose of sponsorship and aid in accordance with the law on foreign exchange management.”.
Article 19. Implementation
Chief of Office, Director of Foreign Exchange Management Department, Heads of units under the State Bank of Vietnam, authorized banks, and relevant organizations and individuals shall implement this Circular.
Tìm kiếm
Thông tư 20/2022/TT-NHNN (Bản Word)
Thông tư 20/2022/TT-NHNN (Bản Pdf)
