Decision No. 337/1998/QĐ-NHNN7 on carrying foreign currency in cash and Vietnamese dong in cash when entering and exiting the country

Pursuant to …;

Decision on carrying foreign currency in cash and Vietnamese dong in cash when entering and exiting the country

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of ministries and ministerial-level agencies;

Pursuant to Decree No. 63/1998/NĐ-CP dated August 17, 1998 of the Government on foreign exchange management;

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

DECISION:

Article 1: Residents and non-residents (hereinafter referred to as individuals) when entering and exiting Vietnam through its border gates with foreign currency in cash (including banknotes, coins, and travel checks) and Vietnamese dong in cash exceeding the following specified amounts must declare to the customs at the border gate:

a) 3,000 USD (three thousand US dollars) or equivalent foreign currencies;

b) 5,000,000 VND (five million Vietnamese dong);

c) Individuals carrying foreign currency in cash and Vietnamese dong in cash up to the specified amounts mentioned above do not need to declare to the customs at the border gate.

The amount of foreign currency in cash and Vietnamese dong in cash that must be declared to the customs at the border gate as stipulated above does not apply to individuals carrying payment instruments and other valuable papers in foreign currencies or Vietnamese dong such as credit cards, payment cards, savings books, securities, etc. The amount of foreign currency and Vietnamese dong that can be brought through Vietnam's border gates as payment instruments and other valuable papers that are not foreign currency in cash or Vietnamese dong in cash will be regulated in the Circular guiding Decree No. 63/1998/NĐ-CP dated August 17, 1998 of the Government on foreign exchange management.

When individuals enter Vietnam with foreign currency in cash and wish to deposit this amount into a foreign currency deposit account opened at banks permitted to operate in Vietnam, they must obtain confirmation from the customs at the border gate on their entry declaration form for the foreign currency in cash brought in. The declaration form with confirmation from the customs at the border gate regarding the actual amount of foreign currency in cash brought in serves as the basis for the bank to allow the deposit of foreign currency in cash into the account.

Article 2: When individuals exit Vietnam with foreign currency in cash and Vietnamese dong in cash exceeding the limits specified in Article 1 of this Decision or exceeding the amount declared to customs upon entry, they must have a permit from the State Bank or authorized banks.

In cases where individuals exit Vietnam with foreign currency in cash and Vietnamese dong in cash exceeding the limits specified in Article 1 of this Decision but not exceeding the amount declared upon entry, they must present their entry declaration form without needing to request permission from the bank.

The issuance of permits for individuals to carry foreign currency in cash and Vietnamese dong in cash when exiting the country shall be carried out according to the regulations on the authority to issue permits for carrying foreign currency in cash and Vietnamese dong in cash of the State Bank.

Article 3: This Decision takes effect from the date of signature and replaces Decision No. 382/QĐ-NH7 dated December 28, 1995 of the Governor of the State Bank.

The provisions in this document apply to all individuals entering and exiting Vietnam through its border gates using passports issued by competent authorities in Vietnam or abroad. The carrying of foreign currency in cash and Vietnamese dong in cash by individuals when entering and exiting border gates using border identity cards or border entry-exit passes issued by competent authorities in Vietnam and neighboring countries shall be implemented according to separate regulations.

Article 4: The Heads of the Governor's Office, the Director of the Foreign Exchange Management Department, the Heads of relevant Departments and Bureaus of the State Bank, the Governors of the State Bank Branches in provinces and cities, and the General Directors (Directors) of authorized banks are responsible for implementing this Decision./.