Circular No. 15/2011/TT-NHNN stipulates the carrying of foreign currency cash and Vietnamese dong cash by individuals when exiting and entering the country.

 CIRCULAR

Regulations on carrying foreign currency cash and Vietnamese dong cash by individuals when exiting and entering the country

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;

Pursuant to Decree No. 28/2005/PL-UBTVQH dated December 13, 2005 on foreign exchange;

Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 160/2006/NĐ-CP dated December 28, 2006 of the Government detailing the implementation of the Foreign Exchange Law;

To implement Resolution No. 11/NQ-CP dated February 24, 2011 of the Government on key measures to focus on curbing inflation, stabilizing macroeconomic conditions, and ensuring social welfare;

The State Bank of Vietnam guides certain contents related to carrying foreign currency cash and Vietnamese dong cash by individuals when exiting and entering the country as follows:

Article 1. Scope of Regulation and Applicability

Article 1. This Circular stipulates the carrying of foreign currency cash and Vietnamese dong cash (including banknotes and coins) by individuals when exiting and entering international border gates of Vietnam using passports or other documents with equivalent value to passports issued by competent authorities of Vietnam or foreign countries (hereinafter referred to collectively as passports).

Article 2. The carrying of foreign currency cash and Vietnamese dong cash by individuals when exiting and entering border gates using border identification cards or border entry-exit permits issued by competent authorities of Vietnam or neighboring countries shall be carried out according to separate regulations.

Article 2. Amount of foreign currency cash and Vietnamese dong cash that must be declared to Customs at border gates when exiting and entering

Clause 1. Individuals carrying foreign currency cash and Vietnamese dong cash exceeding the levels specified below when exiting and entering international border gates of Vietnam using passports must declare to Customs at border gates:

Point a) 5,000 USD (Five thousand US Dollars) or other foreign currencies of equivalent value;

Point b) 15,000,000 VND (Fifteen million Vietnamese dong).

Clause 2. In cases where individuals enter the country carrying foreign currency cash equal to or less than 5,000 USD or other foreign currencies of equivalent value and have the need to deposit such foreign currency cash into a personal foreign currency transaction account opened at a permitted credit institution or foreign bank branch operating in Vietnam (hereinafter referred to collectively as permitted credit institutions), they must also declare to Customs at border gates. The entry-exit declaration form confirmed by Customs at border gates regarding the amount of foreign currency cash brought in will serve as the basis for permitted credit institutions to deposit foreign currency cash into the transaction account.

Clause 3. The amounts of foreign currency cash and Vietnamese dong cash that must be declared to Customs at border gates as stipulated in Clause 1 of this Article do not apply to individuals carrying payment instruments or securities denominated in foreign currency or Vietnamese dong such as travel checks, bank cards, savings books, various types of securities, and other securities.

Article 3. Documents to be presented to Customs at border gates when individuals exit the country with foreign currency cash and Vietnamese dong cash that must be declared

Clause 1. Individuals exiting the country carrying foreign currency cash and Vietnamese dong cash exceeding the levels specified in Clause 1 of Article 2 of this Circular or exceeding the amount declared to Customs at border gates upon their most recent entry must present to Customs at border gates:

Point a) A confirmation letter for carrying foreign currency cash and Vietnamese dong cash abroad (hereinafter referred to as Confirmation Letter) issued by a permitted credit institution in accordance with the provisions of the law on foreign exchange management; or

Point b) An approval document for individuals to carry foreign currency cash and Vietnamese dong cash abroad issued by the State Bank of Vietnam.

Clause 2. Individuals exiting the country carrying foreign currency cash and Vietnamese dong cash exceeding the levels specified in Clause 1 of Article 2 of this Circular but not exceeding the amount they brought in must present to Customs at border gates the entry-exit declaration form confirmed by Customs at border gates regarding the amount of foreign currency cash and Vietnamese dong cash brought in during their most recent entry, without needing to have a Confirmation Letter from a permitted credit institution.

The entry-exit declaration form confirmed by Customs at border gates regarding the amount of foreign currency cash and Vietnamese dong cash brought in during the most recent entry is only valid for individuals carrying foreign currency cash and Vietnamese dong cash abroad when exiting again within twelve months from the date recorded on the entry-exit declaration form.

Article 4. Depositing foreign currency cash into a personal foreign currency settlement account

Individuals entering the country with foreign currency cash who wish to deposit this amount into their personal foreign currency settlement account at a permitted credit institution shall comply with the following regulations:

1. The individual must present to the permitted credit institution the Entry-Exit Declaration Form confirmed by the Customs Office regarding the amount of foreign currency cash brought in. When conducting transactions for customers, the permitted credit institution will stamp the Entry-Exit Declaration Form confirming the amount of foreign currency deposited into the foreign currency settlement account, while retaining one copy of the Declaration Form.

2. The Entry-Exit Declaration Form confirmed by the Customs Office is only valid for individuals depositing foreign currency cash into a personal foreign currency settlement account within sixty days from the date indicated on the Entry-Exit Declaration Form.

Article 5. Issuing Certificates and Approvals for Individuals Carrying Foreign Currency Cash and Vietnamese Dong Cash Out of the Country

1. Authority to issue Certificates and Approvals for Individuals Carrying Foreign Currency Cash and Vietnamese Dong Cash Out of the Country:

b) In addition to the cases mentioned in point a of this Clause, the State Bank of Vietnam will consider and approve in writing for individuals wishing to carry foreign currency cash and Vietnamese dong cash out of the country based on actual circumstances and the necessity of each case.

2. Responsibilities of Permitted Credit Institutions:

a) To specify in detail the necessary documents required to prove the purpose, quantity of foreign currency cash and Vietnamese dong cash carried out of the country; procedures for reviewing, checking documents, and issuing Certificates to individuals;

b) Based on the provisions of the law and the reasonable needs of each purpose, to issue Certificates for the amount of foreign currency cash and Vietnamese dong cash carried out of the country by individuals or provide a written response within three working days from the date of receiving a valid application;

c) To retain all documents in accordance with the law, guide customers through related document procedures, and require customers to bear responsibility under the law for transactions already conducted.

Article 6. Handling of violations

Individuals carrying foreign currency cash and Vietnamese dong cash when exiting or entering the country in violation of the provisions of this Circular will be subject to administrative penalties or criminal liability according to the law depending on the nature and severity of the violation.

Article 7. Implementation Provisions

1. This Circular takes effect from September 1, 2011.

2. Decision No. 337/1998/QĐ-NHNN7 dated October 10, 1998 of the Governor of the State Bank of Vietnam on carrying foreign currency cash and Vietnamese dong in cash when entering and exiting the country; Decision No. 921/2005/QĐ-NHNN dated June 27, 2005 of the Governor of the State Bank of Vietnam on amending Clause a and b of Article 1 of Decision No. 337/1998/QĐ-NHNN7 cease to be effective from the date this Circular takes effect.

3. The Head of the Office, Heads of the Department of Foreign Exchange Management, Heads of relevant units of the State Bank of Vietnam, Governors of the State Bank of Vietnam Branches in provinces and centrally-administered cities, Chairmen of the Board of Directors, Chairmen of the Board of Members, General Directors (Directors) of permitted credit institutions, branches of foreign banks, organizations and individuals related to this Circular are responsible for its implementation./.

ANNEX

CERTIFICATE OF CARRYING FOREIGN CURRENCY CASH,
VIETNAMESE DONG CASH OUT OF THE COUNTRY

On the basis of the request dated ... month ... year ...

Mr./Ms.: …

Permanent Residence: ...

Passport number: ... issued on ... at ...

Our bank confirms the following amounts of foreign currency cash and Vietnamese dong:

1. Foreign currency:

- Amount in figures: …

- Amount in words: …

- Source of foreign currency:

• Purchased from the bank: ...

• Withdrawn from foreign currency account: ...

• From other sources: ...

2. Vietnamese dong:

- Amount in figures: …

- Amount in words: …

Carried through the border gate: ...

Purpose for taking out of the country: …

This confirmation certificate is valid until: …

Mr./Ms. … must strictly comply with the State's regulations on foreign exchange management when carrying foreign currency cash and Vietnamese dong cash out of the country.