On December 30, 2022, the State Bank of Vietnam issues the Circular No. 20/2022/TT-NHNN guiding activities of money transfer abroad from Vietnam and payment and money transfer for other current transactions of institutional residents or individual residents.
Accordingly, the purchase, transfer, and carrying of foreign currencies shall be conducted by residents being Vietnamese citizens or legal representatives of Vietnamese citizens or relatives of Vietnamese citizens who are studying or receiving medical treatment abroad under the guidance of licensed banks in accordance with the law provisions.
Sources of foreign currencies transferred or carried abroad, including:
– Foreign currencies owned by individuals (foreign currencies on their payment accounts, term deposits in foreign currencies, savings deposits in foreign currencies, foreign currencies stored by themselves).
– Foreign currencies of licensed banks.
Residents being Vietnamese citizens who wish to buy foreign currencies to transfer or carry abroad for the purposes of one-way money transfer shall comply with the guidance of licensed banks.
In cases buy foreign currencies to carry abroad for the purposes of one-way money transfer at the levels required to make customs declarations, the licensed banks shall issue a written certification for carrying abroad foreign currencies in cash in accordance with the regulations on carrying foreign currencies in cash upon entry and exit.
Residents being Vietnamese citizens who demand foreign currencies in cash to carry abroad for the purposes of study, medical treatment, work, tourism or visit may buy foreign currency being the currency of the country where Vietnamese citizens visit at licensed banks.
In cases where such a country has no currency, the licensed banks may sell other freely convertible foreign currencies.
The Circular 20/2022/TT-NHNN takes effect on February 15, 2023.
