Phụ lục: Thông tư 23/2022/TT-NHNN

CIRCULAR

AMENDMENTS TO LEGISLATIVE DOCUMENTS FOR DIVISION OF AUTHORITY TO HANDLE ADMINISTRATIVE PROCEDURES RELATED TO FOREIGN EXCHANGE MANAGEMENT

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law providing amendments to the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005 and the Ordinance on amendments to the Ordinance on Foreign Exchange dated March 18, 2013;

Pursuant to the Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State bank of Vietnam;

At the request of the Director of the Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam promulgates a Circular providing amendments to legislative documents for division of authority to handle administrative procedures related to foreign exchange management.

Article 1. Amendments to Circular No. 21/2014/TT-NHNN dated August 14, 2014 of Governor of State Bank of Vietnam providing guidance on scope of foreign exchange operations, eligibility requirements and procedures for granting approval of foreign exchange operations of credit institutions and foreign bank branches (hereinafter referred to as “Circular No. 21/2014/TT-NHNN”)

1. Article 4a is added as follows:

“Article 4a. Authority to grant approval of foreign exchange operations

1. The Governor of the State Bank of Vietnam (SBV) shall have the authority to grant or extend approval of foreign exchange operations to the following entities:

a) Commercial banks, cooperative banks, banks for social policies, general finance companies, factoring finance companies, consumer credit finance companies, and finance lease companies;

b) Foreign bank branches that are subject to the microprudential supervision by the SBV Banking Supervision Agency.

2. Directors of SBV’s provincial branches shall have the authority to grant or extend approval of foreign exchange operations to foreign bank branches that are located in their managing provinces or cities, except those specified in Point b Clause 1 of this Article.”

2. Clause 1 Article 12 (as amended in Clause 12 Article 1 of the Circular No. 28/2016/TT-NHNN dated October 05, 2016 of the Governor of the State bank of Vietnam providing amendments to the Circular No. 21/2014/TT-NHNN (hereinafter referred to as “Circular No. 28/2016/TT-NHNN”)) is amended as follows:

“1. The commercial bank that wishes to carry out foreign exchange operations on the domestic market and/or international market shall prepare an application as prescribed in Article 11 of this Circular and send it, either by post or directly, to the SBV’s single-window section. If an application is inadequate, the SBV shall request the applicant in writing to complete its application within 10 working days from the receipt of the application.”

3. Article 19 (as amended in Clause 18 Article 1 of the Circular No. 28/2016/TT-NHNN) is amended as follows:

“Article 19. Application and procedures for approval of primary foreign exchange operations on domestic market and international market

The foreign bank branch that wishes to carry out primary foreign exchange operations on the domestic market or international market shall prepare and send an application, either by post or directly, to the SBV’s single-window section or the SBV's provincial branch as prescribed in Article 4a of this Circular. Foreign bank branches shall follow the same regulations on application and procedures for approval of primary foreign exchange operations on the domestic market and international market as commercial banks as prescribed in Clauses 1, 2, 3 Article 11 and Article 12 of this Circular.”

4. Article 20 (as amended in Clause 19 Article 1 of the Circular No. 28/2016/TT-NHNN) is amended as follows:

“Article 20. Application and procedures for approval of other foreign exchange operations on domestic market and international market

The foreign bank branch that wishes to carry out other foreign exchange operations on the domestic market or international market shall prepare and send an application, either by post or directly, to the SBV’s single-window section or the SBV's provincial branch as prescribed in Article 4a of this Circular. Foreign bank branches shall follow the same regulations on application and procedures for approval or extension of approval of other foreign exchange operations on the domestic market and international market as commercial banks as prescribed in Clauses 1, 4, 5 Article 11 and Article 12 of this Circular.”

5. Article 36 (as amended in Clause 35 Article 1 of the Circular No. 28/2016/TT-NHNN) is amended as follows:

a) Clause 1 is amended as follows:

“1. The SBV Banking Supervision Agency shall:

a) act as a contact point in charge of receiving and sending written requests for opinions of relevant SBV’s units, appraising and submitting to the SBV’s Governor applications for approval or extension of approval of foreign exchange operations of credit institutions and foreign bank branches as prescribed in Clause 1 Article 4a of this Circular;

b) act as a contact point in charge of dealing with issues concerning approval or extension of approval of foreign exchange operations of credit institutions and foreign bank branches as prescribed in Clause 1 Article 4a of this Circular.”

b) Clause 6 is added as follows:

“6. Each SBV’s provincial branch shall:

a) receive and send written requests for opinions of relevant agencies, if needed, and appraising applications for approval or extension of approval of foreign exchange operations of credit institutions and foreign bank branches as prescribed in Clause 2 Article 4a of this Circular;

b) act as a contact point in charge of dealing with issues concerning approval or extension of approval of foreign exchange operations of foreign bank branches as prescribed in Clause 2 Article 4a of this Circular.”

6. The Appendix No. 01 and the Appendix No. 04 enclosed with the Circular No. 21/2014/TT-NHNN are replaced by the Appendix No. 01 and the Appendix No. 02 enclosed herewith.

Article 2. Amendments to payment regulations for trading and exchange of goods and commercial services in Cambodia-Vietnam border areas enclosed with the Decision No. 17/2004/QD-NHNN dated January 05, 2004 of Governor of the State Bank of Vietnam

1. Clause 1 Article 8 (as amended in Article 3 of the Circular No. 29/2015/TT-NHNN dated December 22, 2015 of the Governor of the State Bank of Vietnam providing amendments to the State Bank of Vietnam’s legislative documents prescribing certified copies of required documents) is amended as follows:

“1. Convertible currencies in cash may be used for making payment for goods or commercial services sold or supplied in border areas by Vietnamese traders to Cambodian traders in case the bank transfer service is not available. Vietnamese traders are not allowed to use foreign currencies in cash for making payment for their goods or serviced imported from or supplied by Cambodian traders.

A Vietnamese trader (hereinafter also referred to as “applicant”) that wishes to receive foreign currencies in cash shall prepare and send an application for receipt of foreign currencies in cash from goods exported to Cambodia, either by post or directly, to the single-window section of the SBV’s branch in the province or city where it is headquartered. Such an application includes:

- The application form made according to the form in Appendix 01 enclosed herewith;

- The copy of the written approval given by a competent authority in case the good is subject to suspended export or conditional export;

- The copy of the commercial contract which has been signed with the Cambodian trader and includes an agreement on use of convertible currencies in cash for payment (with certification of lawful representatives of two parties).

Within 07 working days from the receipt of valid application, the relevant SBV’s provincial branch shall issue the license for receipt of foreign currencies in cash from goods exported to Cambodia, which is made using the form in Appendix 02 enclosed herewith, to the qualified applicant. If an application is refused, the relevant SBV’s provincial branch shall give a written notification indicating reasons for refusal to the applicant.

The Vietnamese trader shall deposit total amount of foreign currencies received in cash to its foreign-currency deposit account opened at a licensed bank within 03 working days from the receipt of such amount as certified by the customs authority in charge of the relevant border checkpoint. The Vietnamese trader is also required to provide the SBV’s provincial branch that grants the license for receipt of foreign currencies in cash with the copy of the deposit receipt.

When depositing foreign currencies in cash to its account, in addition to the license for receipt of foreign currencies in cash, the trader must also present the following documents to the commercial bank, including:

- The original copy of the customs declaration form (bearing certification, given by the customs authority in charge of the relevant border checkpoint, of the amount of foreign currencies received in cash);

- The copy of the declaration of exported goods (submitted after export).”

2. Appendix 01 enclosed with the Decision No. 17/2004/QD-NHNN dated January 05, 2004 of Governor of the State Bank of Vietnam is replaced with the Appendix 03 enclosed herewith.

Article 3. Responsibility for implementation

The Chief of Office, the Director of the Foreign Exchange Management Department, heads of the SBV’s affiliated units, credit institutions, foreign bank branches and Vietnamese traders shall organize the implementation of this Circular.

Article 4. Implementation

1. This Circular comes into force from February 15, 2023.

2. The following regulations shall cease to have effect from the effective date of this Circular:

a) Article 3 of the Circular No. 29/2015/TT-NHNN dated December 22, 2015 of the Governor of the State Bank of Vietnam;

b) Clauses 18, 19 Article 1, Clause 1 Article 2 of the Circular No. 28/2016/TT-NHNN dated October 05, 2016 of the Governor of the State Bank of Vietnam./.