Decision No. 180/1999/QĐ-TTg Amending Clause 1 of Article 1 of Decision No. 173/1998/QĐ-TTg dated September 12, 1998 of the Government on the obligation to sell and right to buy foreign currency for resident organizations.

This decision amends Clause 1 of Article 1 of Decision No. 173/1998/QĐ-TTg regarding the obligation to sell and right to buy foreign currency for resident organizations, stipulating that Vietnamese economic organizations, enterprises with foreign investment capital, and foreign parties participating in joint venture contracts must immediately sell at least 50% of the foreign currency received from current account receipts to authorized banks.

Đối tượng áp dụng

Resident organizations include Vietnamese economic organizations, enterprises with foreign investment capital, and foreign parties participating in joint venture contracts; branches of foreign companies, foreign contractors, and foreign contractor consortia.

Các điểm cốt lõi

• Vietnamese economic organizations, enterprises with foreign investment capital, and foreign parties participating in joint venture contracts must immediately sell at least 50% of the foreign currency received from current account receipts to authorized banks (Article 1).
• Branches of foreign companies, foreign contractors, and foreign contractor consortia also must fulfill a similar obligation to sell foreign currency.
• The Governor of the State Bank of Vietnam is responsible for guiding the implementation of this Decision (Article 2).
• This Decision takes effect from the date of issuance (Article 2).
• Ministers, heads of ministerial-level agencies, heads of agencies under the Government, Chairpersons of provincial and municipal People's Committees must implement this Decision (Article 3).