Decree No. 05/2001/ND-CP Amending and Supplementing Certain Provisions of Decree No. 63/1998/NĐ-CP dated August 17, 1998 of the Government on Foreign Exchange Management

DECREE

Amending and supplementing certain articles of Government Decree No. 63/1998/NĐ-CP

dated August 17, 1998 on foreign exchange management

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 THE GOVERNMENT

Pursuant to the Government Organization Law dated September 30, 1992;

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated December 12, 1997;

Pursuant to the Law on Credit Organizations No. 02/1997/QH10 dated December 12, 1997;

At the proposal of the Governor of the State Bank of Vietnam,

DECREE:

Article 1Amend and supplement certain articles of Government Decree No. 63/1998/NĐ-CP dated August 17, 1998 as follows:

Article 12 is amended as follows:

"Article 12. Obligation to sell foreign currency of resident organizations

Resident organizations include Vietnamese economic organizations, foreign-invested enterprises, foreign parties participating in joint venture contracts, branches of foreign companies, foreign contractors, joint venture contractors with foreign parties, state agencies, armed forces units, political organizations, socio-political organizations, social organizations, occupational social organizations, social funds, charitable funds of Vietnam must sell the foreign currency they earn from current account transactions to permitted banks as prescribed by the Prime Minister."

2. Article 13 is amended and supplemented as follows:

"Article 13. Right to purchase foreign currency of organizations

1. Resident organizations include Vietnamese economic organizations, foreign-invested enterprises, foreign parties participating in joint venture contracts, branches of foreign companies, foreign contractors, joint venture contractors with foreign parties, credit institutions in Vietnam, state agencies, armed forces units, political organizations, socio-political organizations, social organizations, occupational social organizations, social funds, charitable funds of Vietnam may purchase foreign currency from permitted banks to meet current account transactions or other permitted transactions based on presenting valid documents and certificates.

2. Resident organizations include foreign-invested enterprises and foreign parties participating in joint venture contracts with special importance projects invested according to the government's program for each period, or construction projects of important infrastructure or other projects guaranteed by the Vietnamese government for foreign exchange balance or supported for foreign exchange balance shall implement the purchase of foreign currency according to regulations on foreign exchange management in the field of direct foreign investment in Vietnam."

3. Non-resident organizations include diplomatic missions, consular offices, representative offices of international organizations, representative offices of intergovernmental organizations, representative offices of non-governmental organizations, foreign armed forces and political organizations, socio-political organizations, social organizations, occupational social organizations, representative offices of foreign economic organizations, and foreign credit institutions operating in Vietnam with sources of income in Vietnamese dong from visa issuance, various consular fees, and other lawful transactions may purchase foreign currency and transfer it abroad through permitted banks based on presenting relevant documents.

Article 24 is amended as follows:

"Article 24. Domestic lending in foreign currency

Credit institutions engaged in foreign exchange operations shall provide foreign currency loans to residents in accordance with the provisions of the Governor of the State Bank of Vietnam."

Article 2This Decree takes effect fifteen days from the date of signature and replaces Article 12, Article 13, and Article 24 of Government Decree No. 63/1998/NĐ-CP dated August 17, 1998.

The Governor of the State Bank of Vietnam is responsible for guiding the implementation of the amended and supplemented contents in this Decree.

Article 3Ministers, heads of ministerial-level agencies, heads of government agencies, Chairmen Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).Provincial People's Committees under the Central Government are responsible for implementing this Decree./.