Consolidated Document number 02/VBHN-NHNN guiding foreign exchange management for cross-border trade activities between Vietnam and China

CIRCULAR

Guidelines on foreign exchange management for cross-border trade activities between Vietnam and China

Circular No. 19/2018/TT-NHNN dated August 28, 2018, issued by the Governor of the State Bank of Vietnam guiding foreign exchange management for cross-border trade activities between Vietnam and China, effective from October 12, 2018, amended and supplemented by:

Circular No. 55/2024/TT-NHNN dated December 18, 2024, issued by the Governor of the State Bank of Vietnam amending Clause 4 of Article 2 of Circular No. 19/2018/TT-NHNN dated August 28, 2018, issued by the Governor of the State Bank of Vietnam guiding foreign exchange management for cross-border trade activities between Vietnam and China, effective from February 1, 2025.

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;

Pursuant to the Law Amending and Supplementing Certain Provisions of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Foreign Exchange Decree dated December 13, 2005 and the Decree Amending and Supplementing Certain Articles of the Foreign Exchange Decree dated March 18, 2013;

Pursuant to Decree No. 14/2018/NĐ-CP dated January 23, 2018, of the Government detailing cross-border trade activities;

Pursuant to Government Decree No. 16/2017/NĐ-CP dated February 17, 2017 on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Implementing the Border Trade Agreement signed on September 12, 2016, between the Government of the Socialist Republic of Vietnam and the Government of the People's Republic of China and the Settlement and Cooperation Agreement signed on May 26, 1993, amended on October 16, 2003, between the State Bank of Vietnam and the People's Bank of China;

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

The Governor of the State Bank of Vietnam issues this Circular guiding foreign exchange management for cross-border trade activities between Vietnam - China[1].

Chapter I. GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Circular stipulates contents related to foreign exchange management for cross-border trade activities between Vietnam and China, including:

a) Payment in cross-border goods and service transactions of traders;

b) Payment in goods and service transactions of border residents;

c) Payment at border markets;

d) Other foreign exchange activities prescribed in Chapter IV of this Circular.

2. The carrying of foreign currency cash, Vietnamese Dong (VND) cash, and Chinese Yuan (CNY) cash by individuals when exiting or entering through border gates between Vietnam and China shall be carried out in accordance with Vietnamese laws on carrying foreign currency cash, VND cash when exiting or entering.

Article 2. Applicability

1. Vietnamese traders and Chinese traders engaged in cross-border trade activities between Vietnam and China.

2. Vietnamese border residents and Chinese border residents engaged in cross-border trade activities between Vietnam and China.

3. Commercial banks and branches of foreign banks permitted to operate foreign exchange in Vietnam (hereinafter referred to as permitted banks).

4.[2] Branches of permitted banks located in border provinces between Vietnam and China (hereinafter referred to as border bank branches).

5. Duty-free business organizations, service providers in quarantine areas at international border gates, businesses operating bonded warehouses in border regions, and economic zones at border gates between Vietnam and China.

6. Other organizations and individuals related to payment activities in cross-border trade between Vietnam and China.

Chapter II. PAYMENTS IN CROSS-BORDER GOODS AND SERVICE TRANSACTIONS OF TRADERS BETWEEN VIETNAM AND CHINA

Article 3. Payment Currency

The payment currency for cross-border trade activities between Vietnam and China shall be convertible foreign currencies, VND, or CNY.

Article 4. Payment Methods

1. Bank payment, including:

a) Payment in freely convertible foreign currency through authorized banks according to current foreign exchange management regulations;

b) Payment in CNY through border branch banks;

c) Payment in VND through border branch banks.

2. Payment in cash VND or CNY.

3. Settlement of the difference in transactions offsetting export goods and services with imported goods and services (the difference to be settled through banks as stipulated in Clause 1 of this Article).

Article 5. Payment in Cash VND or CNY

1. Vietnamese traders may collect cash VND or CNY from export activities through secondary border gates or open border crossings in accordance with laws on border trade and deposit it into a bank account opened at a border branch.

2. Principles for depositing cash:

a) Revenue from each export contract through secondary border gates or open border crossings must be deposited into only one bank account (in VND or CNY) opened at a border branch;

b) When depositing cash into the account, Vietnamese traders have the responsibility to present relevant documents and bear legal responsibility for the authenticity of the documents presented to the border branch, including:

(i) Original export contract or sales invoice;

(ii) Export declaration form for goods through secondary border gates or open border crossings confirmed on the system indicating that the goods have passed customs supervision, printed from the automatic clearance system. In cases where Vietnamese traders export goods through border residents, the export declaration form for border residents confirmed by the customs office at the border gate must be submitted;

(iii) Entry-exit declaration form with confirmation from the customs office regarding the amount of CNY cash brought into Vietnam within seven days from the date of entry recorded on the entry-exit declaration form (for cases involving CNY cash deposits).

3. Based on the verification of the documents specified in point b, Clause 2 of this Article, the border branch will stamp the original export contract or sales invoice to confirm the amount of cash deposited by Vietnamese traders into their accounts.

Article 6. Use of CNY Bank Account at Border Branches by Vietnamese Traders

Vietnamese traders engaged in cross-border trade and exchange of goods and services between Vietnam and China may use a CNY bank account at a border branch to conduct the following transactions:

1. Receipts:

a) Receipt of CNY transfer from selling goods and services across the Vietnam-China border;

b) Collection of CNY cash from export activities through secondary border gates or open border crossings in Vietnam-China according to the provisions of Article 5 of this Circular;

c) Receipt of CNY transfer from the difference in transactions offsetting export goods and services with imported goods and services;

d) Receipt of CNY transfer from another CNY bank account of the trader opened at a different border branch;

đ) Deposit back the CNY cash withdrawn by employees sent to work in China but not fully spent at the border branch where the withdrawal was made. When depositing CNY cash into the account, the trader must present to the border branch the relevant documents related to the withdrawal from the account and the Entry-Exit Declaration Form with confirmation from the customs office regarding the amount of CNY cash brought in. The Entry-Exit Declaration Form with confirmation from the customs office is valid for the trader to deposit CNY cash into the account within sixty days from the date of entry recorded on the Entry-Exit Declaration Form;

e) Receipt from purchasing CNY transfers at the border branch.

2. Payments:

a) Disbursement of CNY transfer to pay for goods and services purchased across the Vietnam-China border;

b) Disbursement of CNY transfer to settle the difference in transactions offsetting export goods and services with imported goods and services;

c) Transfer of CNY transfer to another CNY bank account of the trader opened at a different border branch;

d) Withdrawal of CNY cash for individuals working for Vietnamese traders when dispatched to work in China;

đ) Sale of CNY to the border branch.

Article 7. Use of VND Settlement Accounts at Border Branches of Chinese Merchants

Chinese merchants engaged in trade and exchange of goods and services across the Vietnam-China border may use VND settlement accounts at border branches to conduct the following transactions:

1. Receipts:

a) Receiving VND transfers from sales of goods and services across the Vietnam-China border;

b) Receiving VND transfers from the difference in offset transactions of exported goods and services against imported goods and services;

c) Receiving VND transfers from purchasing VND at border branches;

d) Receiving VND transfers from VND settlement accounts opened by that merchant at other permitted banks.

2. Payments:

a) Paying VND transfers for purchases of goods and services across the Vietnam-China border;

b) Paying VND transfers for the difference in offset transactions of exported goods and services against imported goods and services;

c) Paying VND transfers for other lawful purposes as prescribed by Vietnamese law;

d) Withdrawing VND cash for spending in Vietnam;

đ) Transferring VND to VND settlement accounts opened by that merchant at other border branches;

e) Purchasing CNY or other foreign currencies with VND transfers at border branches for transfer back home.

Chapter III. PAYMENTS IN BORDER TRADE AND EXCHANGE ACTIVITIES OF BORDER RESIDENTS AT BORDER MARKETS

Article 8. Payment Currency

The payment currency in border trade and exchange activities of border residents and at border markets is VND or CNY.

Article 9. Payment Methods

1. Bank payment, including:

a) Payment in CNY through border branches;

b) Payment in VND through border branches.

2. Payment in VND cash.

3. Payment of the difference in offset transactions of exported goods and services against imported goods and services in border trade and exchange activities of border residents (the difference to be settled through banks as stipulated in Clause 1 of this Article).

Article 10. Use of CNY Settlement Accounts at Border Branches of Vietnamese Merchants Operating at Border Markets and Vietnamese Border Residents

1. Vietnamese merchants operating at border markets may use CNY settlement accounts at border branches to conduct the following transactions:

a) Receipts:

(i) Receiving CNY transfers from sales of goods and services at border markets;

(ii) Receiving CNY transfers from CNY settlement accounts opened by that merchant at other border branches;

(iii) Returning CNY cash withdrawn by employees sent on business trips to China but not fully spent, to the branch where the money was withdrawn. When depositing CNY cash into the account, the merchant must present to the border branch relevant documents related to the withdrawal from the account and Entry-Exit Declaration Form confirmed by Customs regarding the amount of CNY cash brought in. The Entry-Exit Declaration Form confirmed by Customs is only valid for the merchant to deposit CNY cash into the account within sixty days from the date of entry recorded on the Entry-Exit Declaration Form;

(iv) Receiving CNY transfers from purchasing CNY at border branches.

b) Payments:

(i) Paying CNY transfers for purchases of goods and services at border markets;

(ii) Transferring CNY to CNY settlement accounts opened by that merchant at other border branches;

(iii) Withdrawing CNY cash for individuals working for Vietnamese merchants when sent on business trips to China;

(iv) Selling CNY to border branches.

2. Vietnamese merchants operating at border markets who engage in cross-border trade and exchange of goods and services between Vietnam and China may use CNY settlement accounts as specified in Article 6 of this Circular to conduct the transactions as stipulated in Clause 1 of this Article.

3. Vietnamese border residents engaged in trade and exchange of goods and services with Chinese border residents and operating at border markets may use CNY settlement accounts at border branches to conduct the following transactions:

a) Receipts:

(i) Receiving CNY transfers from sales and exchanges of goods and services with Chinese border residents and from sales and exchanges of goods and services with Chinese merchants at border markets;

(ii) Receiving CNY transfers from the difference in offset transactions of exported goods and services against imported goods and services from sales and exchanges of goods and services by border residents;

(iii) Receiving CNY transfers from CNY settlement accounts opened by that border resident at other border branches;

(iv) Receiving CNY transfers from purchasing CNY at border branches.

b) Payments:

(i) Paying CNY transfers for purchases and exchanges of goods and services with Chinese border residents and purchases and exchanges of goods and services with Chinese merchants at border markets;

(ii) Paying CNY transfers from the difference in offset transactions of exported goods and services against imported goods and services from purchases and exchanges of goods and services by border residents;

(iii) Transferring CNY to CNY settlement accounts opened by that border resident at other border branches;

(iv) Selling CNY to border branches.

Article 11. Use of VND Payment Accounts at Border Branches of Chinese Banks for Chinese Merchants Operating at Border Markets and Chinese Border Residents

1. Chinese merchants engaged in business activities at border markets may use VND payment accounts at border bank branches to conduct the following transactions: (i) Receiving VND transfers from sales of goods and services at border markets;

a) Receipts:

(ii) Collecting VND cash from sales of goods and services at border markets;

(iii) Receiving VND transfers from purchasing VND at border bank branches;

(iv) Receiving VND transfers from VND payment accounts opened by that merchant at other authorized banks.

(i) Making VND transfers to pay for purchases of goods and services at border markets;

b) Payments:

(ii) Making VND transfers for other lawful purposes as prescribed by Vietnamese law;

(iii) Withdrawing VND cash for spending in Vietnam;

(iv) Transferring VND to VND payment accounts opened by that merchant at other border bank branches;

(v) Making VND transfers to purchase CNY or other foreign currencies at border bank branches to remit back home.

2. Chinese merchants engaged in cross-border trade and exchange of goods and services between Vietnam and China at border markets may use VND payment accounts as specified in this Article.

3. Chinese border residents engaged in cross-border trade and exchange of goods and services with Vietnamese border residents and operating at border markets may use VND payment accounts at border bank branches to conduct the following transactions: Article 7 of this Circular to conduct the transactions as stipulated in Clause 1 of this Article.

(i) Receiving VND transfers from selling and exchanging goods and services with Vietnamese border residents and from selling and exchanging goods and services at border markets;

a) Receipts:

(ii) Receiving VND transfers from the difference in offsetting transactions of exported goods and services against imported goods and services from selling and exchanging goods and services with border residents;

(iii) Receiving VND transfers from selling CNY or other foreign currencies at border bank branches;

(iv) Collecting VND cash from selling and exchanging goods and services across borders and at border markets;

(v) Receiving VND transfers from VND payment accounts opened by that border resident at other authorized banks.

(i) Making VND transfers to pay for purchases and exchanges of goods and services with Vietnamese border residents and at border markets;

b) Payments:

(ii) Making VND transfers to pay for the difference in offsetting transactions of exported goods and services against imported goods and services from purchases and exchanges of goods and services with border residents;

(iii) Transferring VND to VND payment accounts opened by that border resident at other border bank branches;

(iv) Making VND transfers for other lawful purposes as prescribed by Vietnamese law;

(v) Withdrawing VND cash for spending in Vietnam;

(vi) Purchasing CNY transfers or other foreign currencies at border bank branches to remit back home.

OTHER FOREIGN EXCHANGE ACTIVITIES RELATED TO PAYMENT TRANSACTIONS IN VIETNAM-CHINA BORDER TRADE

Chapter IV. OTHER FOREIGN EXCHANGE ACTIVITIES RELATED TO PAYMENT TRANSACTIONS IN BORDER TRADE BETWEEN VIETNAM AND CHINA

Article 12. Activities of Entrusted Settlement in CNY

1. Activities of entrusted settlement in CNY refer to the act where a permitted bank (the Entrusting Party) entrusts another permitted bank with a border branch (the Entrusted Party) to carry out CNY settlement through the border branch in the activities of buying and selling goods and services across the border for traders as stipulated in this Circular.

2. Principles of entrusted settlement in CNY:

a) In the case of entrusted import settlement in CNY, the Entrusting Party settles in VND for the Entrusted Party. In the case of entrusted export settlement in CNY, the Entrusting Party receives settlement in VND from the Entrusted Party;

b) The activity of entrusted settlement in CNY shall be established in a written contract between the Entrusting Party and the Entrusted Party, which must include at least the following contents: name and address of the Entrusting Party and the Entrusted Party; scope and content of the entrustment; purpose of the entrustment; beneficiary of the entrustment; term of the entrustment; rights and obligations of the Entrusting Party and the Entrusted Party; other contents agreed upon by the parties in accordance with the provisions of the law;

c) The Entrusted Party shall not re-entrust to a third party.

Article 13. Activities of CNY Settlement within the System of Permitted Banks with Border Branches

Activities of CNY settlement within the system of permitted banks for the activities of buying and selling goods and services across the border for traders shall be carried out through the border branch according to the internal regulations of the permitted bank.

Article 14. Cooperation Agreement on Settlement between Permitted Banks with Border Branches and Chinese Banks

Permitted banks with border branches may enter into a written agreement with commercial banks in the border region of China regarding the opening of CNY accounts or VND accounts, payment methods, account management methods, and other contents in compliance with the laws of each country.

Article 15. Exporting and Importing CNY Cash and VND Cash

1. Permitted banks with border branches may carry out exporting and importing of CNY cash and VND cash to regulate the amount of cash for the operation of the border branch.

2. Activities of exporting and importing CNY cash and VND cash shall be conducted through international border gates and main border gates in the border area, and the border economic zone of Vietnam-China.

3. When exporting and importing CNY cash and VND cash, permitted banks with border branches shall have the responsibility to:

a) Declare to the Customs Gate in accordance with the law;

b) Take measures to manage, supervise, and ensure safety in the handover, storage, and transportation of CNY cash and VND cash;

c) Bear risks related to the activities of exporting and importing cash themselves.

Article 16. Using CNY Settlement Accounts at Border Branches of Other Organizations organization Specified in

Clause 5, Article 2 of this Circular may use CNY settlement accounts at border branches to conduct the following transactions: a) Receiving CNY transfers from the supply of goods and services in compliance with relevant legal provisions;

1. Receipts:

b) Depositing CNY cash received from the supply of goods and services in compliance with relevant legal provisions;

c) Returning the amount of CNY cash withdrawn by the organization for employees traveling to China but not fully spent at the border branch where the money was withdrawn. When depositing CNY cash into the account, the organization presents to the border branch the relevant documents related to withdrawing money from the account and the Entry-Exit Declaration Form confirmed by the Customs Gate regarding the amount of CNY cash brought in. The Entry-Exit Declaration Form confirmed by the Customs Gate is only valid for the organization depositing CNY cash into the account within sixty days from the date of entry recorded on the Entry-Exit Declaration Form.

a) Paying CNY transfers to settle import payments for goods from China;

2. Payments:

b) Withdrawing CNY cash for individuals working for the organization when dispatched to work in China;

c) Selling CNY transfers to the border branch.

c) Payment for CNY transfer to the border branch of the bank.

Article 17. Purchase of CNY cash to be taken back to China by Chinese traders and border residents

1. Chinese traders with VND cash income from trading and exchanging goods at border markets may purchase CNY cash at border branch banks to take back to their home country.

2. Chinese border residents with VND cash income in Vietnam from trading and exchanging goods and services in Vietnam, wages, bonuses, and allowances may purchase CNY cash at border branch banks to take back to their home country.

3. When purchasing CNY cash to take back to their home country, Chinese traders and border residents must present the required documents and certificates as stipulated by authorized banks and bear legal responsibility for the authenticity of these documents and certificates.

Chapter V. RESPONSIBILITIES OF ORGANIZATIONS AND INDIVIDUALS

Article 18. Responsibilities of the State Bank of Vietnam Branches in Border Provinces

1. Guide relevant organizations and individuals to fully comply with the provisions of this Circular.

2. Inspect, check, and supervise cross-border trade payment activities between Vietnam and China according to the provisions of this Circular. In case of discovering violations of the provisions of this Circular, the State Bank of Vietnam Branches in the respective areas shall handle them within their authority in accordance with the law.

3. Coordinate with related agencies and organizations to manage cross-border trade payment activities between Vietnam and China in their respective areas in accordance with the law.

Article 19. Responsibilities of Authorized Banks

1. Authorized banks have the responsibility:

a) To fully comply with and guide customers to strictly follow the provisions of this Circular;

b) To examine, check, and retain documents and certificates consistent with actual transactions to ensure that foreign exchange services are provided for the intended purpose and in compliance with the law.

2. In addition to the responsibilities stipulated in Clause 1 of this Article, authorized banks with border branches also have the responsibility:

a) To publicly display and announce the buying and selling rates of CNY/VND at border branches in accordance with the regulations of the State Bank of Vietnam;

b) To issue internal documents on agency payment activities in CNY and CNY payment activities within the banking system in accordance with the provisions of this Circular and related laws;

c) To comply with Vietnamese laws and international treaties to which Vietnam is a party when negotiating cooperation agreements on payments with Chinese banks.

Article 20. Responsibilities of Individuals, Traders, and Other Organizations

1. Present the required documents and certificates as stipulated by authorized banks when conducting foreign exchange transactions and bear legal responsibility for the authenticity of the presented documents and certificates at authorized banks.

2. Strictly comply with the provisions of this Circular and related laws.

Chapter VI. IMPLEMENTATION[3]

Article 21. Reporting System

1. Authorized banks engaged in cross-border trade payment activities between Vietnam and China shall implement the reporting system in accordance with the regulations of the State Bank of Vietnam on the statistical reporting system applicable to credit institutions and foreign bank branches (excluding CNY agency payment data).

2. Quarterly, before the twentieth day of the first month of each quarter, authorized banks with border branches shall submit reports according to the attached form in this Circular to the State Bank of Vietnam (Department of Foreign Exchange Management) and the State Bank of Vietnam Branches in border provinces where the border branches are located. Annex No. 01, Annex No. 02, Annex No. 03 and Annex No. 04 attached to this Circular to the State Bank of Vietnam (Department of Foreign Exchange Management) and the State Bank of Vietnam Branches in border provinces where the border branches are located.

Article 22. Implementation Provisions

1. Circular^- this shall take effect from October 12, 2018.

2. From the date this Circular takes effect, Decision No. 689/2004/QĐ-NHNN dated June 7, 2004 of the Governor of the State Bank of Vietnam on the issuance of the Payment Regulations for goods trading and service exchanges in border areas and economic zones between Vietnam and China shall cease to be effective.

3. This Circular amends and supplements Article 1 of Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the State Bank of Vietnam guiding procedures for approving foreign currency cash export and import activities of authorized banks as follows:

"Article 1. Scope of Regulation and Applicability

1. This Circular stipulates the procedures for approving foreign currency cash export and import activities (excluding currencies of countries sharing borders with Vietnam) of commercial banks and branches of foreign banks authorized to operate in foreign exchange (hereinafter referred to as authorized banks).

2. Foreign currency cash export and import activities involving currencies of countries sharing borders shall be carried out according to separate regulations of the State Bank of Vietnam.

4. The Director of the Office, Heads of Departments under the State Bank of Vietnam, Heads of relevant units of the State Bank of Vietnam, Governors of provincial branches of the State Bank of Vietnam, Chairmen of Boards of Directors, Chairmen of Management Councils, General Directors (Directors) of credit organizations, branches of foreign banks shall be responsible for implementing this Circular.

Annex No. 01

REPORT ON THE SITUATION OF CASH PAYMENTS IN BORDER TRADE BETWEEN VIETNAM AND CHINA

(Quarter ... Year ...)

Authorized bank hereby reports the situation of cash payments in border trade between Vietnam and China in Quarter ... Year ... as follows:

Note: (*) is the cash income from export activities through border gates and informal border crossings submitted by Vietnamese traders into their accounts.

Annex No. 02

REPORT ON THE SITUATION OF RECEIVED AGENT PAYMENTS IN BORDER TRADE BETWEEN VIETNAM AND CHINA

(Quarter ... Year ...)

Authorized bank hereby reports the figures of received agent payments in Quarter ... Year ... as follows:

Unit: thousand CNY

Annex No. 03

REPORT ON THE SITUATION OF CNY PAYMENTS IN THE SYSTEM OF AUTHORIZED BANKS WITH BORDER BRANCHES FOR BORDER TRADE BETWEEN VIETNAM AND CHINA

(Quarter ... Year ...)

Authorized bank hereby reports the figures of CNY payments in the system in Quarter ... Year ... as follows:

Unit: thousand CNY

Annex No. 04

REPORT ON THE SITUATION OF VND AND CNY CASH EXPORTS AND IMPORTS

(Quarter ... Year ...)

Authorized bank hereby reports the figures of VND and CNY cash exports and imports in Quarter ... Year ... as follows:

Unit: million VND, thousand CNY

[1] Circular No. 55/2024/TT-NHNN amending Clause 4 of Article 2 of Circular No. 19/2018/TT-NHNN dated August 28, 2018 of the Governor of the State Bank of Vietnam guiding foreign exchange management for border trade between Vietnam and China is based on the following grounds:

"On the basis pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

On the basis of the Foreign Exchange Law dated December 13, 2005; the Ordinance Amending and Supplementing Certain Articles of the Foreign Exchange Law dated March 18, 2013;

On the basis of Decree No. 14/2018/NĐ-CP dated January 23, 2018 of the Government detailing the implementation of border trade activities; Decree No. 122/2024/NĐ-CP dated October 4, 2024 of the Government amending and supplementing certain articles of Decree No. 14/2018/NĐ-CP dated January 23, 2018 of the Government detailing the implementation of border trade activities;

On the basis of Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam; Decree No. 146/2024/NĐ-CP dated November 6, 2024 of the Government amending and supplementing, abolishing certain articles of Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam and Decree No. 26/2014/NĐ-CP dated April 7, 2014 of the Government on the organization and operation of the Banking Inspection and Supervision Agency amended and supplemented at Decree No. 43/2019/NĐ-CP dated May 17, 2019 of the Government;

Implementing the Border Trade Agreement signed on September 12, 2016 between the Government of the Socialist Republic of Vietnam and the Government of the People's Republic of China and the Settlement and Cooperation Agreement signed on May 26, 1993, amended on October 16, 2003 between the State Bank of Vietnam and the People's Bank of China;

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

The Governor of the State Bank of Vietnam promulgates this Circular amending Clause 4 of Article 2 of Circular No. 19/2018/TT-NHNN dated August 28, 2018 of the Governor of the State Bank of Vietnam guiding foreign exchange management for border trade between Vietnam and China."

[2] This clause has been amended in accordance with Article 1 of Circular No. 55/2024/TT-NHNN dated December 18, 2024 of the Governor of the State Bank of Vietnam amending Clause 4 of Article 2 of Circular No. 19/2018/TT-NHNN dated August 28, 2018 of the Governor of the State Bank of Vietnam guiding foreign exchange management for border trade between Vietnam and China, which shall take effect from February 1, 2025.

[3] Article 2 and Article 3 of Circular No. 55/2024/TT-NHNN dated December 18, 2024, issued by the Governor of the State Bank of Vietnam, amending Clause 4 of Article 2 of Circular No. 19/2018/TT-NHNN dated August 28, 2018, issued by the Governor of the State Bank of Vietnam, guiding foreign exchange management for cross-border trade activities between Vietnam and China, shall take effect from February 1, 2025, and are stipulated as follows:

"Article 2. Responsibility for organizing implementation

Heads of relevant units under the State Bank of Vietnam, commercial banks, and foreign bank branches permitted to operate foreign exchange business in Vietnam are responsible for implementing this Circular.

Article 3. Implementation Provisions

This Circular takes effect from February 1, 2025./.