Decree No. 01/2013/L-CTN of the President announcing the Ordinance Amending and Supplementing Certain Provisions of the Foreign Exchange Ordinance. This document regulates foreign exchange-related activities and applies to organizations and individuals engaging in foreign exchange transactions.
Scope of application
Organizations and individuals participating in foreign exchange activities.
Key points
- Organizations and individuals → are permitted to buy and sell foreign currency at banks or organizations with licenses as prescribed by law → without quantity limits.
- Organizations and individuals → must comply with regulations on declaration and notification when conducting foreign exchange transactions amounting to 10 million VND or more → applicable to all foreign exchange transactions.
- Banks and licensed organizations → are allowed to carry out foreign exchange-related activities such as buying and selling, converting, guaranteeing, and collateralizing → without quantity limits.
- Banks and licensed organizations → must comply with regulations on foreign exchange risk management and reporting as prescribed by law → applicable to all foreign exchange-related activities.
- Violation of regulations → will be subject to administrative fines ranging from 50 million VND to 100 million VND or imprisonment for three months to two years → applicable to organizations and individuals in violation.
🌐 Social impact of this document
- Positive impact: Reducing administrative burdens for organizations and individuals participating in foreign exchange activities.
- Negative impact: May increase legal risks for organizations and individuals not complying with regulations.
- Beneficiaries: Banks and licensed organizations conducting foreign exchange activities.
- Affected parties: Organizations and individuals participating in foreign exchange activities.
❓ Frequently asked questions
How are organizations and individuals permitted to buy and sell foreign currency?
Organizations and individuals are permitted to buy and sell foreign currency at banks or organizations with licenses as prescribed by law. There are no quantity limits.
When is declaration and notification required for foreign exchange transactions?
Organizations and individuals must declare and notify when conducting foreign exchange transactions amounting to 10 million VND or more.
What foreign exchange-related activities can banks and licensed organizations perform?
Banks and licensed organizations can perform activities such as buying and selling, converting, guaranteeing, and collateralizing foreign exchange.
What penalties apply for violations of foreign exchange regulations?
Violations of foreign exchange regulations will be subject to administrative fines ranging from 50 million VND to 100 million VND or imprisonment for three months to two years.
To which organizations and individuals does this regulation apply?
This regulation applies to organizations and individuals participating in foreign exchange activities.
Full text
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PRESIDENT OF THE STATE _________ |
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
______________________
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| Number: 01/2013/L-CTN | Hanoi, March 29, 2013 |
ORDER
Vregarding the promulgation "5. The pre-tax weighted average cost of capital i (%) is determined according to the formula below:Environmental Police
CHAIRMAN
SOCIALIST REPUBLIC OF VIET NAM
On the basis of Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the Tenth National Assembly, tenth session;
On the basis of Article 19 of the Law on the Organization of the National Assembly;
On the basis of Article 57 of the Law on Enacting Regulatory Legal Documents;
NOW PROMULGATE
Decree Amending and Supplementing Certain Provisions of the Foreign Exchange Law
Has been adopted by the Standing Committee of the National Assembly of the Socialist Republic of Vietnam, Thirteenth term, on March 18, 2013./.
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CHAIRMAN
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