Circular No. 24/2022/TT-NHNN amends and supplements certain provisions of circulars governing administrative procedures in the foreign exchange management sector.

CIRCULAR

Amending and supplementing certain articles of circulars issued within the authority of the Minister of National Defense

stipulates administrative procedures in the foreign exchange management sector.

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

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;

Pursuant to 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;

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

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circulars stipulating administrative procedures in the foreign exchange management sector.

1. Amend and supplement Article 16 (already amended and supplemented by Clause 15 of Article 1 of Circular No. 38/2015/TT-NHNN dated December 31, 2015, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 16/2012/TT-NHNN (referred to as Circular No. 38/2015/TT-NHNN); Clause 3 of Article 1 and Clause 2 of Article 2 of Circular No. 15/2021/TT-NHNN dated September 30, 2021, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 16/2012/TT-NHNN (referred to as Circular No. 15/2021/TT-NHNN)) as follows:

“Article 16. Procedures for issuing and adjusting Certificates of Eligibility for Gold Jewelry and Artisanal Gold Product Production; Temporary Import Permits for Gold Raw Materials for Re-exported Products

1. Enterprises that wish to produce gold jewelry and artisanal gold products or enterprises that have changes related to the content of the Certificate of Eligibility for Gold Jewelry and Artisanal Gold Product Production shall submit directly at the One-Stop Service Unit of the State Bank Branch in the province or city where the enterprise's headquarters is located or through postal service one set of documents as prescribed in Articles 8 and 8a of this Circular.

2. For the procedure of issuing the Certificate of Eligibility for Gold Jewelry and Artisanal Gold Product Production, based on the regulations on conditions, documents, and procedures stipulated in Government Decree No. 24/2012/NĐ-CP, in this Circular, and the results of actual inspections of the facilities and equipment serving the production of gold jewelry and artisanal gold products of the enterprise, within 30 working days from the date of receiving complete valid documents, the Director of the State Bank Branch in the province or city shall issue or refuse to issue (specifying the reasons) the Certificate of Eligibility for Gold Jewelry and Artisanal Gold Product Production (in accordance with Form 16 of this Circular).

3. For the procedure of adjusting the Certificate of Eligibility for Gold Jewelry and Artisanal Gold Product Production, based on the regulations on conditions for producing gold jewelry and artisanal gold products stipulated in Government Decree No. 24/2012/NĐ-CP, in this Circular, and the results of actual inspections of the facilities and equipment serving the production of gold jewelry and artisanal gold products of the enterprise (in cases of changes in production locations), within 15 working days from the date of receiving complete valid documents, the State Bank Branch in the province or city shall examine and issue the Decision to Adjust the Certificate of Eligibility for Gold Jewelry and Artisanal Gold Product Production (in accordance with Form 21 of this Circular). This adjustment decision is an inseparable part of the Certificate of Eligibility for Gold Jewelry and Artisanal Gold Product Production.

4. The procedures for issuing Temporary Import Permits for Gold Raw Materials for Re-exported Products and for adjusting Temporary Import Permits for Gold Raw Materials for Re-exported Products are carried out as follows:

a) Enterprises that wish to temporarily import gold raw materials for re-exported products or adjust Temporary Import Permits for Gold Raw Materials for Re-exported Products shall submit one set of documents as prescribed in Articles 11 and 11a of this Circular via one of the following three methods:

(i) Submitting online through the National Public Service Portal or the State Bank of Vietnam Public Service Portal;

(ii) Submitting directly at the One-Stop Service Unit of the State Bank Branch in the province or city where the enterprise's headquarters is located;

(iii) Sending through postal service.

b) In cases where documents are submitted online through the National Public Service Portal or the State Bank of Vietnam Public Service Portal, electronic documents must be signed electronically in accordance with the laws on administrative procedures in the electronic environment. In cases where the National Public Service Portal or the State Bank of Vietnam Public Service Portal encounters technical issues or errors preventing the acceptance and exchange of electronic information, the submission, receipt, issuance of results, exchange, and feedback of information shall be conducted through postal service or directly at the One-Stop Service Unit of the State Bank Branch in the province or city where the enterprise's headquarters is located;

c) Documents in the electronic dossier are scanned copies of original documents, original documents (PDF format files) or filled out on the State Bank of Vietnam Public Service Portal;

d) Documents in the paper dossier are original documents, original copies, or certified true copies made by the enterprise from the original.

5. For the procedure of issuing Temporary Import Permits for Gold Raw Materials for Re-exported Products, within 15 working days from the date of receiving complete valid documents, the Director of the State Bank Branch in the province or city shall issue or refuse to issue (specifying the reasons) the Temporary Import Permit for Gold Raw Materials for Re-exported Products in the form of a paper document or an electronic document (in accordance with Form 17 of this Circular). The validity period of the Temporary Import Permit for Gold Raw Materials for Re-exported Products is determined based on the gold jewelry and artisanal gold product processing contract and is a maximum of 12 months from the date of issuance. The re-export of products must be completed within the validity period of the permit. The quantity of imported gold raw materials is determined based on the processing contract and the production plan for gold jewelry and artisanal gold products of the enterprise.

6. Regarding the procedure for adjusting the Temporary Import Permit for gold raw materials for re-exporting products, based on the adjusted contract and the provisions of this Circular, within fifteen working days from the date of receiving complete valid documents, the Governor of the State Bank branch in the province or city shall issue or refuse to issue (with clear reasons) the Decision to adjust the Temporary Import Permit for gold raw materials for re-exporting products in the form of paper documents or electronic documents (according to the model at Appendix 21 of this Circular). In cases where the permit period is adjusted, the adjustment period will be determined based on the adjusted processing contract and shall not exceed twelve months from the date of issuance of the first permit. In cases where the quantity of imported gold raw materials is adjusted, the adjusted quantity will be determined based on the processing contract, the contract annex, and the enterprise's production plan for jewelry and decorative gold.

2. Amend and supplement Article 17 as follows:

a) Amend and supplement Clause 1 (which has been amended and supplemented by Clause 16 of Article 1 of Circular 38/2015/TT-NHNN and Clause 2 of Article 2 of Circular 15/2021/TT-NHNN) as follows:

“1. Enterprises that need to import gold raw materials for producing jewelry and decorative gold shall submit directly to the One-Stop Service Unit of the State Bank branch in the province or city where the enterprise’s headquarters is located or through postal services one set of documents specified in Article 10 of this Circular to obtain the Gold Raw Material Import Permit.”

b) Amend and supplement Point b of Clause 2 (which has been amended and supplemented by Clause 16 of Article 1 of Circular 38/2015/TT-NHNN) as follows:

“b. A copy of the enterprise’s application for permission.”

3. Amend and supplement Clause 1 of Article 18 (which has been amended and supplemented by Clause 4 of Article 1 of Circular 15/2021/TT-NHNN) as follows:

“1. Documents in the dossier specified in Section 3 of this Circular, except in cases of permit issuance under the national single window mechanism and cases stipulated in Clause 4 of Article 16 of this Circular, must be original documents or certified copies issued from the original book or copies with notarization according to the law or copies presented with the original for comparison. In cases where the applicant submits copies with the original for comparison, the person responsible for verification shall confirm the accuracy of the copies compared to the originals.”

4. Delete the phrase "Business Registration Certificate" in Point c of Clause 1 and Point c of Clause 2 of Article 9 (which has been amended and supplemented by Clause 2 of Article 1 of Circular No. 03/2017/TT-NHNN dated June 6, 2017 of the Governor of the State Bank of Vietnam amending and supplementing some articles of Circular No. 16/2012/TT-NHNN (referred to as Circular No. 03/2017/TT-NHNN)).

5. Repeal Clause 2 of Article 8 (which has been amended and supplemented by Clause 1 of Article 1 of Circular No. 03/2017/TT-NHNN), Clause 2 of Article 8a (which has been amended and supplemented by Clause 4 of Article 1 of Circular No. 38/2015/TT-NHNN), Clause 2 of Article 10 and Clause 2 of Article 11 (which have been amended and supplemented by Clause 9 of Article 1 of Circular No. 38/2015/TT-NHNN).

Article 2. Amend, supplement, and repeal certain points, clauses, and articles of Circular No. 34/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam guiding foreign currency supply and payment services (referred to as Circular No. 34/2015/TT-NHNN).

1. Amending and supplementing Article 9 as follows:

"Article 9. Principles for Establishing and Submitting Applications for Approval to Provide Services of Receiving and Paying Foreign Currency

1. An organization shall submit one set of administrative procedure dossier in accordance with this Circular and receive the results of the administrative procedure through one of the following three methods:

a) Online via the National Public Service Portal or on the State Bank of Vietnam Public Service Portal (except for Vietnam Post Corporation);

b) In person at the One-Stop Shop of the State Bank of Vietnam or at the One-Stop Shop of the State Bank of Vietnam branch in the province or city where the organization's headquarters is located;

c) Sending through postal services.

2. In cases where the application is submitted online via the National Public Service Portal or on the State Bank of Vietnam Public Service Portal, the electronic dossier must be signed with a digital signature in accordance with the laws on administrative procedures conducted in an electronic environment. In case the National Public Service Portal or the State Bank of Vietnam Public Service Portal encounters technical issues or errors that prevent the reception and exchange of electronic information, the declaration, submission, receipt of results, exchange, and feedback of information shall be carried out through postal services or in person at the One-Stop Shop of the State Bank of Vietnam branch in the province or city where the organization's headquarters is located.

3. Documents in the electronic dossier are scanned copies of original documents, original documents (in PDF format), or filled out on the State Bank of Vietnam Public Service Portal.

4. Documents in the paper dossier are original documents, original copies, or certified true copies.

5. The Vietnamese translation of foreign language documents is a translation made by the organization itself or through a translation service provider. The organization confirms the accuracy of the Vietnamese translation and the content in the foreign language.

6. The organization is responsible for the accuracy and truthfulness of the information stated in the application dossier.

2. Amend and supplement Clause 1 of Article 12 as follows:

"1. Economic organizations wishing to directly engage in activities of receiving and paying foreign currency (or changing, supplementing, or extending such activities) shall submit one set of dossier to the State Bank of Vietnam branch in the province or city where the economic organization's headquarters is located."

3. Amend and supplement Clause 1 of Article 15 as follows:

"1. Credit institutions and economic organizations wishing to engage in agency activities of paying foreign currency (or changing, supplementing, or extending registration for agency activities) shall submit one set of dossier to the State Bank of Vietnam branch in the province or city where the credit institution or economic organization's headquarters is located."

4. Repeal Point b of Clause 2, Point b of Clause 3 of Article 11 and Point b of Clause 2, Point b of Clause 3 of Article 14.

1. Amend and supplement Article 10 as follows:

a) Amend and supplement Clause 2 as follows:

“2. Investors shall submit one set of foreign exchange transaction registration dossier related to outbound investment activities to the competent authority as prescribed in Articles 8 and 9 of this Circular through one of the following three methods:

a) Submit online via the National Public Service Portal or on the State Bank of Vietnam Public Service Portal (except for investors who are credit institutions);

b) Submit in person at the One-Stop Shop of the State Bank of Vietnam (for investors who are credit institutions) or at the One-Stop Shop of the State Bank of Vietnam branch in the province or city (for investors who are not credit institutions);

c) Sending via postal service.”

b) Supplement Clauses 2a, 2b, 2c as follows:

“2a. In cases where the dossier is submitted online via the National Public Service Portal or on the State Bank of Vietnam Public Service Portal, the electronic dossier must be signed with a digital signature in accordance with the laws on administrative procedures conducted in an electronic environment. In case the National Public Service Portal or the State Bank of Vietnam Public Service Portal encounters technical issues or errors that prevent the reception and exchange of electronic information, the declaration, submission, receipt of results, exchange, and feedback of information shall be carried out through postal services or in person at the One-Stop Shop of the State Bank of Vietnam branch in the province or city according to the authority prescribed in Article 8 of this Circular.

2b. Documents in the electronic dossier are scanned copies of original documents, original documents (in PDF format) or filled out on the State Bank of Vietnam Public Service Portal.

2c. Investors are responsible for the accuracy and truthfulness of the information stated in the foreign exchange transaction registration dossier related to outbound investment activities.”

c) Amend and supplement Clause 4 as follows:

“4. The State Bank shall be responsible for confirming or rejecting the confirmation of foreign exchange transaction registration related to outbound investment activities in the form of a paper document or an electronic document within ten working days from the date of receipt of a complete and valid dossier from the investor.”

2. Amend and supplement Article 13 as follows:

a) Amend and supplement Clause 2 as follows:

“2. Investors shall submit one set of foreign exchange transaction registration dossier related to changes in outbound investment activities as prescribed in Article 12 of this Circular to the competent authority that confirmed the foreign exchange transaction registration or the last change registration confirmation for cases that have already been changed through one of the following three methods:

a) Submit online via the National Public Service Portal or on the State Bank of Vietnam Public Service Portal (except for investors who are credit institutions);

b) Submit in person at the One-Stop Shop of the State Bank of Vietnam (for investors who are credit institutions) or at the One-Stop Shop of the State Bank of Vietnam branch in the province or city (for investors who are not credit institutions);

c) Sending via postal service.”

b) Supplement Clauses 2a, 2b, 2c as follows:

“2a. In cases where the dossier is submitted online via the National Public Service Portal or on the State Bank of Vietnam Public Service Portal, the electronic dossier must be signed with a digital signature in accordance with the laws on administrative procedures conducted in an electronic environment. In case the National Public Service Portal or the State Bank of Vietnam Public Service Portal encounters technical issues or errors that prevent the reception and exchange of electronic information, the declaration, submission, receipt of results, exchange, and feedback of information shall be carried out through postal services or in person at the One-Stop Shop of the State Bank of Vietnam branch in the province or city where the foreign exchange transaction registration was confirmed or the last change registration confirmation was made for cases that have already been changed.

2b. Documents in the electronic dossier are scanned copies of original documents, original documents (in PDF format) or filled out on the State Bank of Vietnam Public Service Portal.

2c. Investors are responsible for the accuracy and truthfulness of the information stated in the foreign exchange transaction registration dossier related to changes in outbound investment activities.”

c) Amend and supplement Clause 4 as follows:

"4. Within ten working days from the date of receipt of a complete and valid application for change registration, the State Bank shall be responsible for confirming or refusing to confirm the change registration for investors in the form of paper or electronic documents."

The Head of the Ministry’s Office, Heads of Departments, Director of the Vietnam Registration Agency, Heads of agencies, units, and individuals related to this Circular shall be responsible for its enforcement.

The Director of the Office, the Head of the Department of Foreign Exchange Management, the Heads of units under the State Bank of Vietnam, credit institutions, foreign bank branches, and related organizations and individuals are responsible for implementing this Circular.

Article 5. Implementation Provisions

1. This Circular takes effect from February 15, 2023.

2. For applications received by the State Bank of Vietnam before the effective date of this Circular that have not been reviewed or processed, they shall continue to be processed according to the methods prescribed in Circulars 16/2012/TT-NHNN, 34/2015/TT-NHNN, and 12/2016/TT-NHNN.

3. Article 1, Clause 15 of Circular 38/2015/TT-NHNN and Article 1, Clauses 3 and 4 of Circular 15/2021/TT-NHNN are hereby repealed.