Circular No. 25/2011/TT-NHNN on the implementation of plans to simplify administrative procedures in the foreign exchange sector according to Government Resolutions on simplifying administrative procedures within the scope of management functions of the State Bank of Vietnam.

CIRCULAR

Regarding the implementation of the plan to simplify administrative procedures in the foreign exchange sector according to the Resolutions of

the Government on simplifying administrative procedures within the scope of management functions of the State Bank of Vietnam

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

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

Pursuant to the Foreign Exchange Ordinance No. 28/2005/PL-UBTVQH11 dated December 13, 2005;

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 Resolution No. 60/NQ-CP dated December 17, 2010 of the Government on simplifying administrative procedures within the scope of management functions of the State Bank of Vietnam;

Pursuant to Resolution No. 25/NQ-CP dated June 2, 2010 of the Government on simplifying 258 administrative procedures within the scope of management functions of Ministries and sectors,

The State Bank of Vietnam (hereinafter referred to as the State Bank) amends, supplements, replaces, or abolishes provisions in documents issued by the State Bank to implement the plan to simplify administrative procedures in the foreign exchange sector as follows:

Article 1. Supplementing regulations for procedures related to the management of foreign borrowing and repayment to implement the simplification plan set forth in Clause 7 Section II Part A of Resolution60/NQ-CP as follows:

1. Procedure for confirming registration of medium- and long-term foreign loans under the self-borrowing, self-repayment method:

a) Within 30 working days from the date:

- Signing a foreign loan contract for medium- and long-term loans (excluding foreign loans in the form of international bond issuance) or from the date of signing the guarantee document (in case the loan has a guarantee);

- Signing a contract to extend short-term loans where the total extension period and the already borrowed short-term period exceed one year.

The borrower, which is a business enterprise, credit institution (excluding state-owned commercial banks), or a foreign bank branch (hereinafter collectively referred to as "business enterprise"), shall prepare one set of loan registration documents and send it via postal service or submit directly to:

- The State Bank (Department of Foreign Exchange Management) for loans with a loan amount exceeding US$10 million (or equivalent in other foreign currencies);

- The State Bank branch in the province or city where the business enterprise's headquarters is located for loans with a loan amount up to US$10 million (or equivalent in other foreign currencies).

b) Within 15 working days from the date of receiving complete and valid documents:

- The State Bank confirms the registration for medium- and long-term loans of enterprises with a loan amount exceeding US$10 million (or equivalent in other foreign currencies at the time of signing the loan contract). In case of refusal to confirm, the State Bank will issue a written response stating the reasons.

- The State Bank branch in the province or city where the enterprise's headquarters is located confirms the registration for medium- and long-term loans of enterprises with a loan amount up to US$10 million (or equivalent in other foreign currencies at the time of signing the loan contract). In case of refusal to confirm, the State Bank branch will issue a written response stating the reasons.

c) Documents required:

- Application for registration of medium- and long-term foreign loans (according to Appendix No. 01.ĐGH attached to this Circular);

- Certified copies of the legal documents of the enterprise (except credit institutions and foreign bank branches) such as the Decision on Establishment, Business Registration Certificate, Investment Certificate, Operating License, or other relevant documents issued by the competent authority;

- Certified copies of the approval document of the project investment or production and business plan (except credit institutions, foreign bank branches, and enterprises with foreign investment that have investment certificates or licenses for specific projects);

- Certified copies and Vietnamese translations of the foreign loan contract signed (with confirmation by an authorized representative of the enterprise regarding the accuracy of the translation);

- Certified copies and Vietnamese translations (if the original is in a foreign language) of the guarantee document for the foreign loan (with confirmation by an authorized representative of the enterprise regarding the accuracy of the translation);

In addition to the above documents:

+ State-owned corporations and holding companies must have a written agreement from the Ministry of Finance and the relevant industry ministry regarding the execution of the foreign loan;

+ Enterprises registering for medium- and long-term loans extended from short-term loans must provide: Certified copies and Vietnamese translations of the contract extending short-term foreign loans to medium- and long-term foreign loans (with confirmation by an authorized representative of the enterprise regarding the accuracy of the translation) and a document from the commercial bank (where the enterprise opens an account to execute the loan) confirming the implementation status of the loan (withdrawal of funds, repayment) up to the date when the short-term foreign loan is extended to medium- and long-term.

2. Procedure for confirming registration of changes to medium- and long-term foreign loans under the self-borrowing, self-repayment method:

a) If there is any change to the content related to the loan of the enterprise as stated in the confirmation document issued by the State Bank for foreign borrowing and repayment, within 30 working days from the date of signing the change agreement and before the change takes effect, the enterprise must prepare one set of documents for changing the foreign loan registration and send it via postal service or submit directly to:

- The State Bank of Vietnam (Department of Foreign Exchange Management) for loans with a loan amount exceeding US$10 million (or equivalent in other foreign currencies).

- The State Bank branch in the province or city where the enterprise's headquarters is located for loans with a loan amount up to US$10 million (or equivalent in other foreign currencies).

b) Within 15 working days from the date of receiving complete and valid documents:

- The State Bank of Vietnam shall confirm the registration of changes for medium and long-term loans of enterprises with loan amounts exceeding 10 million USD (or other foreign currencies equivalent in value at the time of signing the loan agreement). In case of refusal to confirm, the State Bank shall issue a written response stating the reasons.

- The State Bank branch in the province or city where the enterprise's headquarters is located shall confirm the registration of changes for medium and long-term loans of enterprises with loan amounts up to 10 million USD (or other foreign currencies equivalent in value at the time of signing the loan agreement). In case of refusal to confirm, the State Bank branch shall issue a written response stating the reasons.

c) Documents required:

- Application for change in foreign loan (according to Appendix No. 02.DGH attached to this Circular); - Certified copies and Vietnamese translations (with confirmation from the authorized representative of the enterprise) of the signed agreements on changes;

- Written approval of the Guarantor for the enterprise's foreign loan regarding the changes (in cases where the enterprise is guaranteed).

Article 2. Supplement provisions for the procedure for Issuing permission to open and use foreign currency accounts abroad for economic organizations and foreign-invested enterprises (B-NHA-001783-TT) to implement the simplification measures set forth in Clause 8 Section II Part A of Resolution

- Rename the administrative procedure to: "Issuance of permission to open and use foreign currency accounts abroad for resident economic organizations having branches or representative offices abroad or having the need to open foreign currency accounts abroad to receive foreign loans, to fulfill commitments and contracts with foreign parties."- Regulations on the implementation procedures:60/NQ-CP as follows:

a) Economic organizations having branches or representative offices abroad or having the need to open foreign currency accounts abroad to receive foreign loans, to fulfill commitments and contracts with foreign parties shall prepare one set of documents and submit them via postal service or directly to the State Bank (Department of Foreign Exchange Management);

b) Within fifteen working days from the date of receipt of complete and valid documents, the State Bank shall issue a permit or refuse to issue a permit to open and use foreign currency accounts abroad. In case of refusal to issue a permit, the State Bank shall provide a written response stating the reasons.

- For economic organizations opening branches or representative offices abroad, the documents shall include:

+ Application for permission to open and use foreign currency accounts abroad (according to the form in Appendix No. 03.DGH attached to this Circular);

c) Documents required:

+ Certified copies of Business Registration Certificate or Investment License;

+ Document from the competent authority in Vietnam approving or confirming the registration of establishment of representative office or branch abroad (accompanied by certified Vietnamese translation); + Annual budget for expenses of the branch or representative office abroad and the approval document from the General Director (Director) or authorized person for the operating budget of the branch or representative office;

+ Organizational regulations for the operation of the representative office or branch abroad (if any);

+ Other related documents.

- For Vietnamese economic organizations and foreign-invested enterprises requiring to open foreign currency accounts abroad to implement medium and long-term loans and the lender requires the opening of foreign currency accounts abroad to manage the loan funds and monitor repayment, the documents shall include:

+ Application for permission to open and use foreign currency accounts abroad (according to the form in

+ Certified copies of the Decision on Establishment of Enterprise, Business Registration Certificate, Investment Permit;

+ Vietnamese translation with confirmation from the authorized representative of the enterprise of the signed loan agreement with the foreign party;

+ Document proving that the foreign lender requires the opening of a foreign currency account abroad, explaining the purpose of income and expenditure on the account, and the duration of maintaining the account. + Annual budget for expenses of the branch or representative office abroad and the approval document from the General Director (Director) or authorized person for the operating budget of the branch or representative office;

- For economic organizations opening accounts to fulfill commitments and agreements with foreign parties, the documents shall include:

+ Application for permission to open and use foreign currency accounts abroad (form in

+ Certified copies of Business Registration Certificate or Investment License;

+ Certified copies accompanied by certified Vietnamese translation of the document signed with the foreign party regarding the fulfillment of commitments and agreements with the foreign party;

+ Document from the foreign party requiring the opening of a foreign currency account abroad (accompanied by certified Vietnamese translation) if such requirement is not included in the commitments and agreements; + Annual budget for expenses of the branch or representative office abroad and the approval document from the General Director (Director) or authorized person for the operating budget of the branch or representative office;

+ Other related documents.

- For the opening of foreign currency accounts abroad by enterprises under the special important investment program of the Government; enterprises investing under the BOT, BTO, BT model needing to open accounts abroad to fulfill commitments, the documents shall include:

+ Explanation of the necessity to open an account abroad and supporting documents (original in the foreign language and certified Vietnamese translation with confirmation from the authorized representative of the enterprise in case the documents are in a foreign language);

+ Certified copies of Investment License;

+ Estimated monthly foreign currency receipts and payments on the account opened abroad.

+ Document from the foreign party requiring the opening of a foreign currency account abroad (accompanied by certified Vietnamese translation) if such requirement is not included in the commitments and agreements; Appendix No. 04.ATT accompanying this Circular);

+ Documents explaining the necessity to open an account abroad and supporting documents (originals in foreign language and certified translations into Vietnamese by authorized representatives of the enterprise if these documents are in a foreign language);

+ Certified copy of the Investment Certificate;

+ Estimated monthly foreign currency receipts and payments on the account opened abroad.

1. Amend and supplementPoint b, c Clause 6:

“b) Having equipment and material conditions that meet the requirements for providing domestic foreign exchange services such as: machinery and equipment serving foreign exchange activities, information and data storage devices, software supporting related foreign exchange transactions such as payment and risk management; having offices equipped with all necessary working tools such as computers, desks, telephones, fax machines, recording systems for all foreign exchange transactions.

c) Management staff and business staff must have a minimum qualification of a bachelor's degree in economics, banking, finance; or a bachelor's degree in other fields but must have at least three years of direct work experience in the financial and banking sector; must have an English proficiency level of B or higher to be able to communicate, read, and research information related to foreign exchange transactions; must be trained for at least three months by the credit institution or other organizations on knowledge of business operations and risk management in foreign exchange service provision.”

2. Amend and supplementPoint b, c Clause 7:

“b) Having equipment and material conditions that meet the requirements for providing foreign exchange services on the international market such as: machinery and equipment serving foreign exchange activities on the international market, information and data storage devices, software supporting related foreign exchange transactions such as payment and risk management; having offices equipped with all necessary working tools such as computers, desks, telephones, fax machines, recording systems for all foreign exchange transactions.

c) Having sufficient staff with the ability and understanding of foreign exchange service provision on the international market. Specifically:

- For transactions: Providing international payment services; conducting foreign exchange buying and selling transactions on the international market, implementing gold import and export activities according to the regulations of the State Bank of Vietnam: Management staff and business staff must have a minimum qualification of a bachelor's degree in economics, banking, finance; or a bachelor's degree in other fields but must have at least three years of direct work experience in the financial and banking sector; must have an English proficiency level of B or higher to be able to communicate, read, and research information related to foreign exchange transactions; must be trained for at least three months by the credit institution or other organizations on knowledge of business operations and risk management in foreign exchange service provision.

- For transactions: Conducting foreign borrowing, lending, indirect investment abroad; performing money market transactions abroad (under one-year term deposits...); conducting transactions arising abroad: Management staff and business staff must have a minimum qualification of a bachelor's degree in economics, banking, finance with at least three years of experience in foreign exchange business and service provision; or a bachelor's degree in other fields but must have at least five years of experience in foreign exchange business and service provision; must have an English proficiency level of C or higher; must be trained for at least six months on knowledge of business operations and risk management in foreign exchange service provision.”

3. AmendClause 14: “14. Credit institutions wishing to provide foreign exchange services on the domestic market and the international market shall prepare one set of documents to be sent by post or submitted directly to the State Bank of Vietnam (Supervisory Authority) to obtain a Certificate of Eligibility and Registration for Foreign Exchange Service Provision. All documents in the set must be original or certified true copies from the original or certified true copies confirmed and committed to responsibility by authorized persons of the credit institution. In case of documents in a foreign language, they must be accompanied by a certified Vietnamese translation of the foreign language document according to the provisions of the law.”

1. Amend the name of the administrative procedure to: "Confirmation for economic organizations to act as agents for foreign currency payments for authorized credit institutions".

b) Within fifteen working days from the date of receipt of complete and valid documents, the State Bank shall issue a permit or refuse to issue a permit to open and use foreign currency accounts abroad. In case of refusal to issue a permit, the State Bank shall provide a written response stating the reasons.

a) An economic organization that wishes to act as an agent for foreign currency payments and has been authorized by a credit institution to act as such shall prepare 01 set of documents and submit them via postal service or directly to the State Bank branch in the province or city where it operates.

b) Within 15 working days from the date of receipt of complete and valid documents, the State Bank branch in the province or city where it operates shall examine and confirm the registration. In case of refusal to confirm, a written explanation of the reasons must be provided.

c) The contents of the documents include:

- Application form for registration as an agent for foreign currency payments (according to Form No. 05.ĐGH attached to this Circular); - Basic agreement to act as an agent with an authorized credit institution;

- Certified copy of the decision on establishment of the economic organization, Business Registration Certificate, Investment License, Operating Permit.

d) To be confirmed as an agent for foreign currency payments for authorized credit institutions, the economic organization must meet the following conditions:

- Legally established and operating under Vietnamese law;

- Possessing adequate facilities to meet the requirements for providing foreign currency payment services;

- Authorized by an authorized credit institution to act as an agent for foreign currency payments.

Article 5. Supplement provisions for the procedure for Issuing a permit to carry foreign currencies of countries sharing borders and Vietnamese Dong in cash out of the country (B-NHA-001849-TT) to implement the simplification measures set forth at

Clause 14 Section II Part A Resolution1. Individuals who wish to carry foreign currencies of countries sharing borders and Vietnamese Dong in excess of the specified limit must declare customs at border gates or exceed the amount declared upon entry when crossing the border, and prepare 01 set of documents and submit them via postal service or directly to the State Bank branch in the province or city or commercial bank branch authorized by the State Bank branch in the province or city to obtain a permit to carry foreign currencies of countries sharing borders and Vietnamese Dong in cash out of the country.60/NQ-CP as follows:

2. Within 05 working days from the date of receipt of complete and valid documents, the State Bank branch in the province or city or commercial bank branch authorized by the State Bank branch in the province or city shall issue the permit or refuse to issue the permit. In case of refusal to issue the permit, the State Bank branch in the province or city or commercial bank branch authorized by the State Bank branch in the province or city shall provide a written explanation of the reasons.

a) Application for issuance of a permit to carry foreign currencies of countries sharing borders and Vietnamese Dong out of the country (according to Form No. 06.ĐGH attached to this Circular);

3. The dossier shall include the following components:

b) Certified copy of travel pass for entry and exit or border pass; c) Documents related to overseas spending needs (for Vietnamese citizens) or proof of lawful income in Vietnam (for citizens of countries sharing borders).

4. Conditions for issuance of the permit:

a) The individual must be permitted to exit the country by travel pass for entry and exit or border pass by the competent authority;

b) Having overseas spending needs (for Vietnamese citizens) or having lawful income in Vietnam (for citizens of countries sharing borders).

a) Individuals permitted by competent authorities to exit the country with a passport or border crossing permit;

b) Having the need to spend money abroad (for Vietnamese citizens) or having legitimate income in Vietnam (for citizens of neighboring countries).

Article 6. Amend and supplement some provisions of the Payment Rules for the purchase and sale, exchange of goods and services in border areas and economic zones at border gates between Vietnam and China issued together with Decision No. 689/2004/QĐ-NHNN dated June 7, 2004 of the Governor of the State Bank of Vietnam to implement the simplified scheme set forth in Clause 15 Section II Part A of Resolution No. 60/NQ-CP, Article 10, Paragraph 2: "2. Documents and procedures for issuing permits to collect CNY cash:a) Enterprises mentioned in Clause 1 of this Article that have the need to collect Renminbi cash shall prepare one set of documents and send it via postal service or submit directly to the State Bank branch in the province or city where the enterprise is headquartered to obtain a permit to collect Renminbi cash. The documents include:60/NQ-CP as follows:

1. Amending and supplementing - Application form for a permit to collect Renminbi cash (according to the model in Appendix 01 of this document);

- Written approval from the competent authority allowing the enterprise to sell tax-free goods or provide services to foreigners.

b) Within ten working days from the date of receiving a complete and valid set of documents, the State Bank branch in the province or city will examine and issue a permit to collect Renminbi cash for the enterprise according to the model in Appendix 2. In case of refusal to issue the permit, the State Bank branch in the province or city must provide a written explanation of the reasons."

Appendix No. 07.DGH, 08.DGH attached to this Circular replaces Appendix 01 attached to the Payment Rules for the purchase and sale, exchange of goods and services in border areas and economic zones at border gates between Vietnam and China issued together with Decision No. 689/2004/QĐ-NHNN dated June 7, 2004 of the Governor of the State Bank of Vietnam.

Clause 1, Article 7, Chapter II of the Agency Foreign Exchange Conversion Rules issued together with Decision No. 21/2008/QĐ-NHNN dated July 11, 2008 of the Governor of the State Bank of Vietnam to implement the simplified scheme set forth in Clause 18 Section II Part A of Resolution No. 60/NQ-CP as follows:

"1. After signing a contract to act as an agency for foreign currency conversion with a permitted credit institution, organizations shall prepare one set of documents and send it via postal service or submit directly to the State Bank branch in the province or city where they intend to establish the agency for foreign currency conversion to obtain a Certificate of Registration for the agency for foreign currency conversion." Point a, b, Clause 3, Article 3 of the Payment Rules for the purchase and sale, exchange of goods and services, investment and aid between Vietnam and Laos issued together with Decision No. 845/2004/QĐ-NHNN dated July 8, 2004 of the Governor of the State Bank of Vietnam to implement the simplified scheme set forth in Clause 19 Section II Part A of Resolution No. 60/NQ-CP as follows:

2. "a) The issuance of permits to open and use accounts at banks in Laos shall only apply to Vietnamese organizations and enterprises opening accounts in Laos to fulfill commitments and agreements with Laos when opening accounts domestically cannot ensure the full fulfillment of the obligations under the signed commitments and agreements. Vietnamese organizations and enterprises that need to open VND accounts and LAK accounts in Laos to implement projects or serve business activities shall prepare one set of documents and send it via postal service or submit directly to the State Bank branch in the province or city where the organization or enterprise is headquartered to be considered and issued a Permit to Open VND Account and Permit to Open LAK Account at banks in Laos. The documents include: - Application form for a permit to open and use accounts at banks in Laos (Appendix 1). - Certified copy of the decision on establishment of the organization or enterprise or Business Registration Certificate with registered import-export business code or Investment License or written authorization from a competent Vietnamese authority to implement aid projects or other projects. 02 - Commitment or agreement signed with the Lao side, clearly stating the necessity to open and use accounts at banks in Laos to fulfill the commitments and agreements already signed. Within seven working days from the date of receiving a complete and valid set of documents, the State Bank branch in the province or city will consider and issue a permit for the organizations and enterprises (Appendix 2). In case of refusal to issue the permit, the State Bank branch in the province or city must provide a written explanation of the reasons.

Article 7. Amending and supplementingb) Vietnamese organizations and enterprises may only use VND accounts and LAK accounts opened at banks in Laos for purposes related to export activities with Laos, implementing transactions related to aid, investment, or other permitted activities in Laos." Clause 1, Article 8 of the Payment Rules for the purchase and sale, exchange of goods and services in trade in border areas between Vietnam and Cambodia issued together with Decision No. 17/2004/QĐ-NHNN dated January 5, 2004 of the Governor of the State Bank of Vietnam to implement the simplified scheme set forth in Clause 20 Section II Part A of Resolution No. 60/NQ-CP as follows:

"1. The use of freely convertible foreign currency cash for payment in transactions involving the purchase and sale, exchange of goods and services in border areas between Vietnamese traders and Cambodian traders shall only be applied in cases where the traders from both sides cannot settle payments through banks and shall only be applicable to Vietnamese traders who can receive payment in foreign currency cash through selling goods and providing services to Cambodian traders, not applicable to Vietnamese traders using foreign currency cash to pay for imported goods and services from Cambodia.

Article 8. Amending and supplementingWhen there is a need to collect foreign currency cash, Vietnamese traders shall prepare one set of documents and send it via postal service or submit directly to the State Bank branch in the province or city where the trader is headquartered to obtain a Permit to Collect Foreign Currency Cash from Export to Cambodia. The application for a permit includes: - Application form for permission to collect foreign currency cash from export to Cambodia (according to the model in Appendix 1);

- Certified copy of the business registration certificate with registered enterprise import-export code (for enterprises applying for a permit for the first time);

- Certified copy of the commercial contract signed with Cambodian traders agreeing to payment in freely convertible foreign currency cash (with confirmation by the head of the enterprise)."

- Application for issuance of a permit to open and use an account at a bank in Laos (Appendix 1).

- Certified copy of the Decision establishing the organization or enterprise or Business Registration Certificate with registered import-export business code or Investment License or document from a competent Vietnamese authority assigning the task of implementing aid projects or other projects.

- Commitment or agreement signed with the Lao side, clearly stating the necessity to open and use an account at a bank in Laos to implement the signed commitment or agreement.

Within seven working days from the date of receiving complete and valid application files, the State Bank branch in provinces and cities shall examine and issue permits to organizations and enterprises (Appendix 2). In case of refusal to issue a permit, the State Bank branch in provinces and cities must provide a written explanation of the reasons.

b) Vietnamese organizations and enterprises shall only use VND accounts and LAK accounts opened at banks in Laos for purposes related to export activities with Laos, implementing receipts and payments related to aid, investment, or other permitted activities in Laos.”

Article 9. Amending and supplementingClause 1 Article 8 of the Payment Regulations for Trade and Commercial Services in the Vietnam-Cambodia Border Area issued together with Decision No. 17/2004/QĐ-NHNN dated January 5, 2004 of the Governor of the State Bank of Vietnam to implement the simplified scheme set out in Point 20 Section II Part A Resolution No. 60/NQ-CP as follows: Clause 1 Article 8 of the Payment Regulations for Trade and Commercial Services in the Vietnam-Cambodia Border Area issued together with Decision No. 17/2004/QĐ-NHNN dated January 5, 2004 of the Governor of the State Bank of Vietnam to implement the simplified scheme set out in Point 20 Section II Part A Resolution No. 60/NQ-CP as follows:

“1. The use of freely convertible foreign currency cash for payment in trade and commercial services transactions in the Vietnam-Cambodia border area between Vietnamese and Cambodian traders is only applicable when the traders of both sides cannot settle through banks and is only applicable to Vietnamese traders who receive payment in foreign currency cash through selling goods and providing services to Cambodian traders, not applicable to Vietnamese traders using foreign currency cash to pay for imported goods and services from Cambodia.

When there is a need to collect foreign currency cash, Vietnamese traders prepare one set of documents to send via postal service or submit directly to the State Bank branch in the province or city where the trader's headquarters is located to obtain a Permit to Collect Foreign Currency Cash from Export to Cambodia. The application for the permit includes:

- Application for permission to collect foreign currency cash from export to Cambodia (according to the form at Appendix 1);

- Certified copy of the Business Registration Certificate with registered import-export business code (for enterprises applying for the permit for the first time);

- A copy of the document approved by the competent authority for cases of temporarily suspended export goods and conditionally exported goods;

- Certified copy of the commercial contract signed with Cambodian traders agreeing to payment in freely convertible foreign currency cash (with confirmation by the head of the enterprise).

After receiving complete documentation from Vietnamese traders applying to collect foreign currency cash, the Governor of the State Bank of Vietnam branch in the province/city shall examine and resolve the application. The Governor of the State Bank of Vietnam branch in the province/city has the authority to issue a permit for collecting amounts under US$500,000 (five hundred thousand US dollars) or other foreign currencies with equivalent value for each contract. For contracts valued at US$500,000 or more, the State Bank of Vietnam branch in the province/city shall provide a written opinion and forward the application to the Department of Foreign Exchange Management - State Bank of Vietnam for examination and resolution.

Within seven working days from the date of receipt of complete valid documentation, the Governor of the State Bank of Vietnam branch in the province/city or the Director of the Department of Foreign Exchange Management - State Bank of Vietnam shall issue or not issue a permit for the enterprise to collect foreign currency cash (according to the model of the permit at) Appendix 2). In case of refusal to issue a permit, a written explanation of the reasons must be provided.

Vietnamese traders must deposit the collected foreign currency cash into their foreign currency deposit account at the authorized bank within three working days from the date the foreign currency cash is brought back into the country as confirmed by the customs office at the border gate.

When depositing foreign currency cash into the account, in addition to the issued foreign currency collection permit, Vietnamese traders must submit to the commercial bank the following documents:

- The original customs declaration form (confirmed by the customs office regarding the amount of foreign currency brought from abroad);

- A copy of the export goods declaration form (to be submitted after shipment).”

Article 10. Supplement provisions on procedures for permission to bring money from neighboring countries into inland provinces (B-NHA-042669-TT) to implement the simplified plan set forth inClause 21 Section II Part A of Resolution 60/NQ-CP as follows:

1. Citizens of neighboring countries who have business registration in Border Areas and Economic Zones at Border Gates, if permitted by competent Vietnamese authorities to enter inland provinces, and have the need to bring money from neighboring countries for personal carrying or to sell to authorized banks, shall prepare one set of documents to send via postal service or submit directly to the State Bank of Vietnam branch in the border province.

2. Within five working days from the date of receipt of complete documentation as prescribed, the State Bank of Vietnam branch in the border province shall issue or not issue a Permit to Bring Money from Neighboring Countries into Inland Provinces. In case of non-issuance, the State Bank of Vietnam branch in the border province must provide a written notice clearly stating the reasons.

3. The dossier shall include the following components:

a) Application for Permission to Bring Money from Neighboring Countries into Inland Provinces (according to the model at Appendix 9.DGH attached to this Circular);

c) Certified copy issued from the original register or certified copy or copy accompanied by presentation of the original for verification of the Business Registration Certificate (Enterprise Registration Certificate). In cases where the applicant submits a copy accompanied by presentation of the original for verification, the verifier has the responsibility to confirm the accuracy of the copy compared to the original.

c) Certified copy of Business Registration Certificate.

Article 11. Supplement provisions on procedures for confirmation of registration of foreign currency accounts and progress of capital outflow abroad (B-NHA-001907-TT) to implement the simplified plan set forth inClause 22 Section II Part A of Resolution60/NQ-CP as follows:

1. Credit institutions and enterprises permitted to invest abroad shall prepare one set of documents for registering foreign currency accounts and progress of capital outflow abroad to send via postal service or submit directly to the State Bank of Vietnam.

2. Within five working days from the date of receipt of complete valid documentation, the State Bank of Vietnam shall be responsible for confirming the opening of accounts and registration of progress of capital outflow abroad for Vietnamese investors to serve as the basis for transferring investment funds abroad through the opened accounts at authorized banks.

3. The contents of the application include:

a) Application for Registration of Foreign Currency Account and Progress of Capital Outflow Abroad (according to the model at Appendix 10.DGH attached to this Circular);

b) Business Registration Certificate (Certified copy);

c) Investment Permit abroad issued by the competent Vietnamese authority (Certified copy);

d) Approval document for investment issued by the receiving country (accompanied by a Vietnamese translation with signature confirmation of the General Director or Director);

đ) Document specifying the progress of capital contribution (recorded in the articles of association or joint venture contract, cooperation agreement approved by the competent authority of the receiving country (if any) or the projected progress of capital contribution by the enterprise permitted to invest abroad).

4. Receiving applications and confirming the opening of accounts and registration of progress of capital outflow abroad:

a) The State Bank of Vietnam (Department of Foreign Exchange Management) shall receive applications for registration of foreign currency accounts and progress of capital outflow abroad from credit institutions. The State Bank of Vietnam shall confirm the opening of accounts and registration of progress of capital outflow abroad for credit institutions.

b) The State Bank of Vietnam branch in the province/city where the enterprise's headquarters is located shall receive applications and confirm the opening of accounts and registration of progress of capital outflow abroad for enterprises.

1. Implementation process:

a) An economic organization applying for a license to provide foreign currency receipt and payment services shall prepare one set of application documents and submit them via postal service or directly to the State Bank of Vietnam branch in the province or city where it operates.

b) Within fifteen working days from the date of receiving complete and valid application documents, the State Bank of Vietnam branch in the province or city where it operates shall consider issuing the license or rejecting the application, and in case of rejection, must provide a written explanation of the reasons.

c) The contents of the documents include:

- Application for Foreign Currency Receipt and Payment License (according to the form attached as Appendix 11.ĐGH to this Circular); - Contract for foreign currency receipt and payment signed with foreign counterparties;

- Plan for foreign currency receipt and payment services;

- Certified copy of the Business Registration Certificate, Investment License, or Investment Certificate (if it is a foreign-invested enterprise), or Certificate of Branch Operation (in case the economic organization conducts foreign currency receipt and payment services through its branch);

- Documents confirming the legal status of the foreign counterparties.

2. Requirements and conditions for economic organizations applying for a license to provide foreign currency receipt and payment services:

a) Legally established and operating under Vietnamese laws;

b) Possessing adequate facilities to meet the requirements for providing foreign currency receipt and payment services;

c) Having agreements with foreign counterparties regarding foreign currency receipt and payment services;

d) Having a plan for foreign currency receipt and payment services.

3. The validity period of the License is five years from the date of issuance.

Repeal the administrative procedure for Confirmation of Registration for Opening Accounts for Capital Contribution and Share Purchase in Vietnamese Dong at Commercial Banks of Foreign Investors (B-NHA-001939-TT) to implement the simplification measures set forth at

Article 13. Clause 15, Section A, Part XVI of Resolution 25/NQ-CP. This Circular takes effect from October 14, 2011.

Article 14. Implementation clause

The Director of the Office, Heads of relevant units under the State Bank of Vietnam, Governors of State Bank of Vietnam branches in provinces and centrally-administered cities, and Chairmen of Management Boards (Boards of Members), General Directors (Directors) of credit institutions and other related organizations and individuals are responsible for implementing this Circular./.

Article 15. Implementation Organization

The Director of the Office, Heads of relevant units under the State Bank, Governors of State Bank branches in centrally governed provinces and cities, and Chairmen of Management Boards (Boards of Members), General Directors (Directors) of credit institutions and other related organizations and individuals are responsible for implementing this Circular./.