Consolidated Document number 28/VBHN-NHNN on payment agency activities

CIRCULAR

Guidelines for Implementing Provisions on Limitations on the Use of Foreign Currency within the Territory of Vietnam

Circular No. 32/2013/TT-NHNN dated December 26, 2013, issued by the Governor of the State Bank of Vietnam guiding the implementation of provisions on limitations on the use of foreign currency within the territory of Vietnam, effective from February 10, 2014, has been amended and supplemented by:

1. Circular No. 03/2019/TT-NHNN dated March 29, 2019, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 32/2013/TT-NHNN dated December 26, 2013, issued by the Governor of the State Bank of Vietnam guiding the implementation of provisions on limitations on the use of foreign currency within the territory of Vietnam, effective from May 13, 2019.

2. Circular No. 75/2025/TT-NHNN dated December 31, 2025, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions in legal documents governing the management of activities related to the provision of foreign currency services and the use of foreign currency to implement plans to reduce and simplify administrative procedures, effective from December 31, 2025.

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 on Foreign Exchange and Decree No. 06/2013/PL-UBTVQH13 dated March 18, 2013, amending and supplementing certain articles of the Decree on Foreign Exchange;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, 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 guiding the implementation of provisions on limitations on the use of foreign currency within the territory of Vietnam^[1],[2].

Article 1. Scope of Regulation

This Circular guides the implementation of provisions regarding limitations on the use of foreign currency within the territory of Vietnam.

Article 2. Applicability

1. Organizations and individuals who are residents and non-residents engaged in foreign exchange transactions within the territory of Vietnam.

2. Organizations and individuals who are residents involved in the management, inspection, supervision, and handling of violations in foreign exchange activities.

Article 3. Principles of Limitations on the Use of Foreign Currency within the Territory of Vietnam

Within the territory of Vietnam, except for cases where the use of foreign currency is permitted as provided for in Article 4 of this Circular,all transactions, payments, listings, advertisements, quotations, valuations, pricing in contracts, agreements, and similar forms (including price adjustments or conversions of goods, services, contract values, agreements) by residents and non-residents shall not be conducted in foreign currency.

Article 4. Cases Where the Use of Foreign Currency within the Territory of Vietnam Is Permitted

1. Customs offices, police, border guards, and other state agencies at Vietnam's ports and bonded warehouses may list prices in foreign currencies and collect payments in foreign currency transfers or cash from non-residents for taxes, visa fees, service charges, and other fees and levies as prescribed by law.

2. Banks, non-bank credit institutions, and branches of foreign banks authorized to conduct and provide foreign exchange services (hereinafter referred to as authorized credit institutions) may engage in transactions, payments, listings, advertisements, quotations, valuations, and pricing in contracts and agreements in foreign currency within the scope of their authorized foreign exchange business operations as prescribed by law.

3. Other organizations authorized to provide foreign exchange services may engage in transactions and listings in foreign currencies within the scope of their authorized foreign exchange service operations as prescribed by law.

4. Resident organizations with legal personality may transfer internal capital in foreign currency transfers between their accounts and those of dependent units without legal personality and vice versa.

5. Residents may contribute capital in foreign currency transfers to implement foreign investment projects in Vietnam.

6. Residents implementing entrusted import and export contracts shall comply with the following provisions:

a) A resident accepting an entrusted import contract may list the contract price in foreign currency and receive payment in foreign currency transfers from the entrusting party for the value of the import contract.

b) A resident accepting an entrusted export contract may list the contract price in foreign currency and make payment in foreign currency transfers to the entrusting party for the value of the export contract.

7. Residents who are domestic contractors and foreign contractors shall comply with the following provisions:

a) For costs outside the country related to the implementation of international tender packages as stipulated by the Bidding Law: contractors may bid in foreign currency and receive payment in foreign currency transfers from the project owner or main contractor for payment, expense reimbursement, and transfer abroad.

b) For the implementation of tender packages as stipulated by laws on oil and gas: contractors may bid in foreign currency and receive payment in foreign currency transfers from the project owner or main contractor for payment, expense reimbursement, and transfer abroad.

8. Residents who are insurance companies shall comply with the following provisions:

a) They may quote, value, and list insurance service prices in foreign currency in contracts and receive payment in foreign currency transfers from the insured party for goods and services that must be reinsured abroad.

b) In case of losses arising from reinsurance abroad, resident organizations purchasing insurance may receive compensation in foreign currency transfers from foreign reinsurance companies through the insurance company to pay for expenses to mitigate losses abroad.

9. Residents who are duty-free retail businesses may list prices of goods in foreign currency and receive payment in foreign currency transfers or cash from the provision of goods. Foreign currency used in transactions at duty-free stores shall comply with laws on duty-free retail sales.

10. A resident organization providing services at quarantine zones at international border gates and bonded warehouses that have been registered may quote, list prices, value, and record prices in foreign currency contracts and receive payments in foreign currency transfers or cash from the provision of goods and services.

11. A resident organization acting as an agent for foreign transport companies based on agency contracts signed between both parties shall implement the following provisions:

a) May act on behalf of foreign transport companies to quote, value, and record prices in foreign currency contracts for international freight charges. Payments must be made in Vietnamese Dong;

b) May pay on behalf of others using foreign currency transfers to settle costs for purchasing goods and services at international seaports and quarantine zones at international airports;

c) May pay on behalf of others using foreign currency cash to pay salaries, bonuses, and allowances to non-residents authorized by foreign shipping companies.

12. An export processing enterprise shall comply with the following provisions:

a) May record prices in foreign currency contracts and make payments in foreign currency transfers when purchasing goods from the domestic market for production, processing, recycling, assembly of exported goods, or for direct export, except for goods prohibited from export. Domestic enterprises may quote, value in foreign currency, and receive payments in foreign currency transfers when selling goods to export processing enterprises;

b) May quote, value, and record prices in foreign currency contracts and make payments, receive payments in foreign currency transfers with other export processing enterprises.

13. Resident organizations operating in the air transportation, hotel, and tourism sectors may list and advertise prices of goods and services in Vietnamese Dong and equivalent foreign currencies on their websites and specialized publications (excluding menus and service price lists) exclusively in foreign languages.

14. Residents and non-residents who are organizations may agree and pay salaries, bonuses, and allowances in foreign currency transfers or cash to non-residents and foreign residents working for the same organization in employment contracts.

15. Non-resident diplomatic and consular agencies may list fees in foreign currency and collect visa entry-exit fees and other types of fees and charges in foreign currency transfers or cash.

16. Non-residents shall comply with the following provisions:

a) May transfer funds in foreign currency to other non-residents;

b) May record prices in foreign currency contracts and make payments for exporting goods and services in foreign currency transfers to residents. Residents may quote, value in foreign currency, and receive payments in foreign currency transfers when providing goods and services to non-residents.

c)^[3] Foreign investors may deposit or pledge foreign currency transfers when participating in auctions in the following cases:

(i) Purchasing shares in state-owned enterprises undergoing equitization approved by the Prime Minister;

(ii) Purchasing shares or state capital contributions in state-owned enterprises or enterprises with state capital undergoing divestment approved by the Prime Minister;

(iii) Purchasing shares or capital contributions of state-owned enterprises invested in other enterprises undergoing divestment approved by the Prime Minister.

In case of winning the auction, foreign investors shall transfer investment capital according to the laws on foreign exchange management to pay for the value of purchased shares or capital contributions. If the auction is unsuccessful, foreign investors may repatriate the deposited or pledged foreign currency amount after deducting any related incurred expenses (if any).

17.^[4] For cases related to national security, defense, oil and gas, and other necessary cases, organizations are permitted to use foreign currency on Vietnamese territory after being reviewed and approved in writing by the State Bank of Vietnam (hereinafter referred to as the State Bank) based on actual circumstances and the nature of necessity for each case according to the procedures and formalities stipulated in Article 4a of this Circular.

Article 4a. Documents, procedures, and formalities for approving the use of foreign currency within the territory of Vietnam^[5]

1. Principles for preparation, submission, receipt, and issuance of results of the application for approval to use foreign currency within the territory: a) The application for approval to use foreign currency within the territory of Vietnam shall be submitted directly at the One-Stop Service Unit of the State Bank or sent through postal services to the State Bank or submitted online via the National Public Service Portal;

b) The time limit for checking the completeness and accuracy of the application is three working days from the date the Administrative Procedure Information System of the State Bank receives the application in an online manner or from the date the One-Stop Service Unit of the State Bank receives the application in a direct manner or through postal services; c) In cases where the application is submitted online via the National Public Service Portal, the electronic application must use digital signatures in accordance with the provisions of the law on administrative procedures in the electronic environment;

In cases where the administrative procedure has not been provided online on the National Public Service Portal or the National Public Service Portal encounters technical issues preventing it from receiving or exchanging electronic information, the submission of applications, receipt, issuance of results, exchange, and feedback of information shall be carried out through postal services or directly at the One-Stop Service Unit of the State Bank;

d) Documents in the electronic application are electronic texts, scanned copies of original documents, or originals (PDF format files);

đ) Documents in the paper application shall be handled as follows:

- The application for approval to use foreign currency within the territory of Vietnam must be the original or an original copy;

- Contracts, agreements, and documents issued or signed by organizations must be the original, an original copy, a certified copy, or a copy confirmed by the organization as being made from the original;

- Other documents in the application must be the original, an original copy, a copy from the original book, or a certified copy e) The application for the State Bank's approval to use foreign currency within the territory of Vietnam must be prepared in Vietnamese. In cases where the original application is in a foreign language, it must be translated into Vietnamese and the signature of the translator must be certified according to the certification regulations of Vietnamese law, except for contracts, agreements, and documents issued or signed by organizations, which may be self-translated and confirmed by the organization, bearing responsibility for the accuracy of the translation; g) Organizations are responsible for the accuracy and truthfulness of the information stated in the application for approval.

Organizations that need to use foreign currency within the territory of Vietnam shall prepare one set of documents to submit to the State Bank in accordance with the provisions of this Circular.

The documents include:;

a) An application for approval to use foreign currency within the territory of Vietnam in the form attached to this Circular;b) A document explaining the necessity of using foreign currency within the territory of Vietnam accompanied by relevant supporting documents and evidence.;

3. Within thirty-five days from the date of receiving complete and valid documents, the State Bank will consider issuing an approval document for the use of foreign currency within the territory based on the actual situation and the necessity of each case.

2. In cases where the documents do not meet the conditions for processing, within ten working days from the date of receiving the documents, the State Bank will issue a document requesting the organization to supplement the documents in accordance with this Circular. In cases of refusal, the State Bank will issue a document refusing approval to use foreign currency within the territory and clearly state the reasons.

a) An application for approval to use foreign currency within the territory of Vietnam according to the form attached as an annex to this Circular;

b) A document presenting the necessity to use foreign currency within the territory of Vietnam accompanied by relevant files and documents as proof.

3. Within thirty-five days from the date of receiving complete valid documents, the State Bank shall consider issuing an approval document for using foreign currency within the territory of Vietnam based on actual circumstances and the essential nature of each case.

In cases where the submitted documents do not meet the conditions for processing, within ten working days from the date of receipt of the documents, the State Bank shall issue a document requesting the organization to supplement the documents in accordance with this Circular.

In case of refusal, the State Bank shall issue a document refusing approval to use foreign currency within the territory of Vietnam and clearly state the reasons.

Article 5. Responsibilities of organizations and individuals conducting foreign exchange activities within the territory of Vietnam

1. Licensed credit institutions and other licensed organizations providing foreign exchange services shall be responsible for:

a) Strictly implementing and guiding customers to comply with the provisions of this Circular;

b) Checking and retaining documents and vouchers consistent with actual transactions as stipulated in this Circular.

2. Other related organizations and individuals shall be responsible for strictly implementing the provisions of this Circular.

Article 6. Handling of violations

Organizations and individuals violating the provisions of this Circular shall be subject to handling according to the law, depending on the nature and extent of the violation.

Article 7. Implementation Provisions^[6],[7]

1. This Circular takes effect from February 10, 2014.

2.^[8] Heads of relevant units under the State Bank of Vietnam, licensed credit institutions, and related organizations and individuals are responsible for implementing this Circular.

Appendix ^[9]

(Issued together with Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the Governor of the State Bank of Vietnam)

APPLICATION FOR APPROVAL TO USE FOREIGN EXCHANGE

ON VIETNAMESE TERRITORY

Respectfully submitted to: State Bank of Vietnam (Foreign Exchange Management Department)

Name of organization:

Fax:

Telephone number:

Business Registration Number:...

Organization identification code (if applicable):

Investment Registration Certificate number (if applicable):

We request the State Bank of Vietnam to consider and approve the following for ... (Name of organization) to use foreign exchange on Vietnamese territory:

1. Content of application:

2. Purpose of using foreign exchange:

3. Proposals and recommendations:

... (Name of organization) hereby commits to bear legal responsibility for the truthfulness and accuracy of the contents in this application and accompanying documents and materials.

^{___________________________________}

[1] Circular No. 03/2019/TT-NHNN amending and supplementing certain articles of Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the Governor of the State Bank of Vietnam guiding the implementation of regulations restricting the use of foreign exchange on Vietnamese territory, based on the following grounds for issuance:

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

Pursuant to the Foreign Exchange Decree dated December 13, 2005 and the Decree Amending and Supplementing Certain Articles of the Foreign Exchange Decree dated March 18, 2013;

Pursuant to Government Decree No. 16/2017/NĐ-CP dated February 17, 2017 on 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 Circular No. 03/2019/TT-NHNN amending and supplementing certain articles of Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the Governor of the State Bank of Vietnam guiding the implementation of regulations restricting the use of foreign exchange on Vietnamese territory."      

[2] Circular No. 75/2025/TT-NHNN amending and supplementing certain provisions in legal normative documents in the field of managing service provision and foreign exchange usage to implement the plan to reduce and simplify administrative procedures, based on the following grounds for issuance:

"Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12;

Pursuant to the Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Foreign Exchange Ordinance No. 28/2005/PL-UBTVQH11 amended and supplemented by Ordinance No. 06/2013/UBTVQH13;

Pursuant to Decree No. 26/2025/NĐ-CP 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 Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam issues Circular No. 75/2025/TT-NHNN amending and supplementing certain provisions in legal normative documents in the field of managing service provision and foreign exchange usage to implement the plan to reduce and simplify administrative procedures."

[3] This point was added pursuant to Article 1 of Circular No. 03/2019/TT-NHNN amending and supplementing certain articles of Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the Governor of the State Bank of Vietnam guiding the implementation of regulations restricting the use of foreign exchange on Vietnamese territory, effective from May 13, 2019.

[4] This clause was amended pursuant to Article 10 of Circular No. 75/2025/TT-NHNN amending and supplementing certain provisions in legal normative documents in the field of managing service provision and foreign exchange usage to implement the plan to reduce and simplify administrative procedures, effective from December 31, 2025.

[5] This article was amended pursuant to Article 11 of Circular No. 75/2025/TT-NHNN amending and supplementing certain provisions in legal normative documents in the field of managing service provision and foreign exchange usage to implement the plan to reduce and simplify administrative procedures, effective from December 31, 2025.

[6] Article 2 and Article 3 of Circular No. 03/2019/TT-NHNN amending and supplementing certain provisions of Circular No. 32/2013/TT-NHNN dated December 26, 2013, issued by the Governor of the State Bank of Vietnam guiding the implementation of regulations on limiting the use of foreign currency within the territory of Vietnam, shall take effect from May 13, 2019, and are stipulated as follows:

"Article 2. Responsibility for organizing implementation

The Director of the Office, Heads of the Department of Foreign Exchange Management, Heads of units under 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 Managers (Directors) of credit organizations, and foreign bank branches are responsible for organizing the implementation of this Circular.

Article 3. Effectiveness

This Circular takes effect from May 13, 2019."

[7] Article 36 and Article 37 of Circular No. 75/2025/TT-NHNN amending and supplementing certain provisions in legal normative documents in the field of managing service provision and foreign currency usage to implement measures for reducing and simplifying administrative procedures, shall take effect from December 31, 2025, and are stipulated as follows:

“Article 36. Effective Date

1. This Circular takes effect from December 31, 2025.

2. From the date this Circular takes effect, the following documents and regulations cease to be effective:

a) Circular No. 16/2015/TT-NHNN dated October 19, 2015, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 32/2013/TT-NHNN;

b) Circular No. 23/2022/TT-NHNN dated December 30, 2022, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of legal normative documents to decentralize the handling of administrative procedures in the field of foreign exchange management;

c) Clause 3, Clause 4, Clause 7, Clause 8, Clause 9, Clause 10 of Article 1, Clause 4, Clause 6, Clause 7, Clause 9 of Article 2 of Circular No. 11/2016/TT-NHNN issued by the Governor of the State Bank of Vietnam amending and supplementing certain legal normative documents regarding service provision activities involving receipt and payment of foreign currency, foreign currency exchange agency services, and individual foreign currency exchange counter operations;

d) Clause 4, Clause 10, Clause 11, Clause 12, Clause 34, Clause 26, Clause 28, Clause 29, Clause 31, Clause 32, Clause 33, Clause 35 of Article 1, Article 2 of Circular No. 28/2016/TT-NHNN issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 21/2014/TT-NHNN;

đ) Article 3 of Circular No. 17/2018/TT-NHNN issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circulars concerning the issuance of licenses, network operations, and foreign exchange activities of credit organizations and foreign bank branches;

e) Clause 2, Clause 3, Clause 4 of Article 1, Article 3 of Circular No. 15/2019/TT-NHNN issued by the Governor of the State Bank of Vietnam amending and supplementing certain legal normative documents regarding administrative procedure files and procedures in the field of foreign exchange management;

g) Clause 1, Clause 2, Clause 3 of Article 2 of Circular No. 24/2022/TT-NHNN issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circulars concerning administrative procedures in the field of foreign exchange management.

Article 37. Responsibility for organizing implementation

Heads of relevant units under the State Bank of Vietnam, credit organizations, foreign bank branches, and related organizations and individuals are responsible for implementing this Circular./.

[8] This clause has been amended according to the provisions of Article 12 of Circular No. 75/2025/TT-NHNN amending and supplementing certain provisions in legal normative documents in the field of managing service provision and foreign currency usage to implement measures for reducing and simplifying administrative procedures, which shall take effect from December 31, 2025.

[9] This annex has been added according to the provisions of Article 13 of Circular No. 75/2025/TT-NHNN amending and supplementing certain provisions in legal normative documents in the field of managing service provision and foreign currency usage to implement measures for reducing and simplifying administrative procedures, which shall take effect from December 31, 2025.