Circular guiding bank account usage

20:48 | 05/08/2014

VGP – The State Bank of Viet Nam (SBV) has issued Circular 16/2014/TT-NHNN on guidance of using foreign currency accounts and Viet Nam Dong accounts for residents and non-residents at eligible banks.

The circular regulates that residents and non-residents who are organizations and individuals and are allowed to use foreign currency accounts at eligible banks collect foreign currency sent from abroad; spend to sell foreign currency for authorized credit organizations; spend to transfer money and pay for current transactions and capital transactions following the law on foreign exchanges management; spend to convert to other foreign currencies following the SBV’s regulations; and spend to convert to other transactional tools in foreign currency.

 

Besides, non-residents who are organizations and individuals and residents who are foreign individuals are allowed to use Vet Nam Dong accounts at eligible banks for transactions such as collecting from the selling of foreign currencies to eligible credit organizations; collecting from legal sources in Viet Nam; spending on payment or withdrawal for spending in Viet Nam; spending on money transfer and payment for current transactions and capital transactions following the law in foreign exchange management; spending on buying foreign currencies at eligible credit organizations to transfer  abroad; and spending for other purposes allowed by Vietnamese law.

The use of Viet Nam Dong on accounts of non-residents who are individuals and residents who are foreign individuals for intestate succession follow relevant law.

 

The circular will take effect from September 15, 2014./.

By Ngoc Van