Decision No. 140/2000/QĐ-TTg On the issuance of the Regulation on managing foreign currency of neighboring countries in border areas and economic zones at border gates in Vietnam

Pursuant to …;

Regarding the issuance of the Regulation on managing the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates

biên giới trong Khu vực biên giới và Khu vực kinh tế cửa khẩu

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PRIME MINISTER

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 Decree No. 63/1998/NĐ-CP dated August 17, 1998 of the Government on foreign exchange management;

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

DECISION:

Article 1. The attached Decision promulgates the Regulation on managing the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates in Vietnam.

Article 2. This Decision shall take effect fifteen days from the date of signature. All previous regulations on managing the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates in Vietnam that are contrary to the attached Regulation are hereby abolished.

THE GOVERNOR OF THE STATE BANK OF VIETNAM SHALL BE RESPONSIBLE FOR GUIDING THE IMPLEMENTATION OF THIS DECREE.

Article 3. Ministers, heads of ministerial-level agencies, heads of government agencies, and Chairpersons of Provincial People's Committees and Municipal People's Committees directly under the Central Government shall be responsible for enforcing this Decision.

REGULATION ON MANAGING THE CURRENCY OF COUNTRIES SHARING BORDERS IN BORDER AREAS AND ECONOMIC ZONES AT BORDER GATES IN VIETNAM

(Attached to Decision No.: 140/2000/QĐ-TTg dated December 8, 2000 of the Prime Minister)

Article 1. This Regulation applies only to individuals using the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates in Vietnam.

The use of the currency of countries sharing borders by organizations and the use of other foreign currencies that are not the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates shall be carried out in accordance with the provisions of Decree No. 63/1998/NĐ-CP dated August 17, 1998 of the Government on foreign exchange management.

In cases where there are Agreements or International Conventions signed between Vietnam and countries sharing borders relating to the use of the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates, they shall be implemented according to the Agreements or International Conventions already signed.

Article 2. In this Regulation, the following terms shall be understood as follows:

1. Currency of countries sharing borders includes Chinese Yuan, Laotian Kip, Cambodian Riel.

2. Border Areas is determined within the scope of communes, wards, towns having administrative boundaries adjacent to the national border on land.

3. Economic Zone at Border Gate is an economic zone defined by the decision of the Prime Minister.

4. Border residents include the following subjects:

a) Vietnamese citizens residing permanently in Border Areas;

b) Other citizens (including Vietnamese citizens outside Border Areas and citizens of countries sharing borders with Vietnam) who have registered for business and trade in Border Areas and Economic Zones at Border Gates.

5. Using the currency of countries sharing borders means using the currencies of countries sharing borders in the areas below for the purposes specified in Article 3 of this Regulation:

a) Chinese Yuan in Border Areas and Economic Zones at Border Gates adjacent to China;

b) Laotian Kip in Border Areas and Economic Zones at Border Gates adjacent to Laos;

c) Cambodian Riel in Border Areas and Economic Zones at Border Gates adjacent to Cambodia.

Article 3. The currency of countries sharing borders may be used for the following purposes::

1. Payment for goods and service charges in Border Areas and Economic Zones at Border Gates.

2. Selling to authorized foreign exchange banks or foreign currency exchange counters located in Border Areas and Economic Zones at Border Gates.

3. Storing and carrying on person within the border province. When carrying out of the border province into other provinces within the country must be approved in writing by the State Bank of Vietnam.

4. Carrying on person when entering and exiting through border gates according to the regulations of the State Bank of Vietnam.

5. Investment in border areas and economic zones at ports of entry for foreign citizens. Such investments shall be conducted in accordance with the Law on Foreign Investment in Vietnam and related implementing regulations.

Article 4. Individuals (including individuals who are foreigners) entering and exiting through border gates with passports, travel permits, or border identity cards issued by competent authorities of Vietnam or of countries sharing borders must declare to customs if they carry Vietnamese Dong, the currency of countries sharing borders, and other foreign currencies exceeding the limit prescribed by the Governor of the State Bank of Vietnam. In case of exiting from Vietnam to another country with amounts exceeding the limit, a permit from the State Bank of Vietnam is required.

The Governor of the State Bank of Vietnam specifies the limits of Vietnamese Dong, the currency of countries sharing borders, and other foreign currencies that can be brought in and out during entry and exit periods, and the procedures and authority for issuing permits for cases of exiting with amounts exceeding the limit.

Article 5. Foreign individuals who are citizens of countries sharing borders and are permitted to engage in business in Border Areas and Economic Zones at Border Gates in Vietnam, with Vietnamese Dong obtained from selling goods, providing services, and other lawful sources of Vietnamese Dong income, are allowed to:

1. Open and maintain Vietnamese Dong accounts at banks operating in border provinces.

2. Use Vietnamese Dong in their accounts to pay for buying and selling goods, service charges in Vietnam, or contact foreign exchange banks or counters in Border Areas and Economic Zones at Border Gates to convert into the currency of countries sharing borders to transfer back to their home country.

Procedures for opening and closing Vietnamese Dong accounts are stipulated by the banks where the accounts are opened..

Article 6. Foreign exchange counters established in Border Areas and Economic Zones at Border Gates are permitted to conduct transactions in buying and selling the currency of countries sharing borders. The State Bank of Vietnam guides the implementation of transactions in buying and selling the currency of countries sharing borders in accordance with current foreign exchange management regulations.

Article 7. The State Bank of Vietnam considers and issues licenses to Vietnamese citizens who are border residents and meet the conditions set by the State Bank of Vietnam to establish foreign exchange counters to conduct transactions in buying and selling the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates.

Individuals licensed by the State Bank of Vietnam to establish foreign exchange counters must register their business operations in accordance with current regulations.

The Governor of the State Bank of Vietnam specifies in detail the conditions, procedures for issuing and revoking Licenses for individuals establishing foreign exchange counters in Border Areas and Economic Zones at Border Gates.

 Article 8. Organizations and individuals using the currency of countries sharing borders in Border Areas and Economic Zones at Border Gates are responsible for providing information and data to the State Bank of Vietnam and other competent agencies authorized by law upon request.

Article 9. Organizations and individuals violating the provisions of this Regulation shall be subject to administrative sanctions or criminal responsibility pursued according to the provisions of law depending on the extent of the violation./.