Circular No. 34/NH-TT guiding the implementation of Decision No. 151-HĐBT dated August 31, 1982 of the Council of Ministers on families with relatives settled in countries outside the socialist system receiving money and goods sent by their relatives.

Joint Resolutions, Circulars

DIRECTIVE NUMBER 34/NH-TT
OF FEBRUARY 10, 1983 GUIDING THE IMPLEMENTATION OF DECISION
NUMBER 151/HĐBT OF AUGUST 31, 1982 BY THE STATE COUNCIL ON THE ISSUE
OF FAMILIES WITH RELATIVES SETTLING IN FOREIGN COUNTRIES
IN THE SOCIALIST SYSTEM RECEIVING MONEY AND GOODS SENT BY
THEIR RELATIVES FROM ABROAD

I. THE POLICY OF THE STATE REGARDING THE TRANSFER OF MONEY AND
RECEIPT OF MONEY FROM FOREIGN COUNTRIES

Considering the wishes of Vietnamese citizens residing abroad and their families in Vietnam, our state permits families with relatives settled in foreign countries outside the socialist system (hereinafter referred to as foreign countries) to receive money sent by them.

The purpose of allowing the transfer and receipt of money is to contribute to national construction; to invest capital together with the state or collective production organizations in accordance with the policies and laws of the state, helping the families receiving money to maintain a normal life.

The State Bank creates favorable conditions for Vietnamese citizens residing abroad to send money back without restriction and towards beneficial use for the country, while assisting families receiving money from their relatives to comply with foreign exchange regulations currently in force in the home country as well as in Vietnam, and to suit the level of consumption in daily life, avoiding situations where they take advantage of receiving money as a means of speculation, causing market disruption, and national security disorder.

II. REGULATIONS ENCOURAGING VIETNAMESE CITIZENS RESIDING IN FOREIGN COUNTRIES OUTSIDE THE SOCIALIST SYSTEM TO TRANSFER FOREIGN CURRENCY BACK TO THE COUNTRY

In accordance with Decision No. 151-HĐBT dated August 31, 1982 of the Council of Ministers and Decision No. 32-CP dated January 31, 1980, and Decision No. 291-CP dated July 4, 1981 of the Council of State, the State Bank of Vietnam stipulates:

Vietnamese citizens currently doing business and living abroad who have convertible foreign currencies such as US dollars, British pounds, French francs, Swiss francs, Japanese yen, Hong Kong dollars, Canadian dollars, West German marks can sell these to the Vietnam Foreign Trade Bank at the following preferential rates:

1. If sold for Vietnamese dong for personal expenses or transferred to family members in Vietnam, they will be entitled to the official exchange rate published by the State Bank plus an appropriate bonus rate.

The types of foreign currency and bonus rates are determined by the General Director of the State Bank.

2. If deposited into the socialist savings fund with the Vietnam Foreign Trade Bank at all levels, it will be purchased according to the bonus rate specified in point 1 and will earn the current interest rate. (The additional incentive of fifty percent (50%) on the savings interest rate as stipulated in Circular No. 114-NH/TT dated December 1, 1981 only applies until September 30, 1982).

Savings depositors may withdraw principal and interest gradually for personal use or transfer to beneficiaries in Vietnam, but not transfer out of the country.

3. If deposited in banks at all levels in foreign currency, a foreign currency deposit account can be opened under the non-resident account opening regime. Depositors are exempt from account opening fees, earn interest in foreign currency as announced by the bank, and are permitted to transfer both principal and interest out of the country or convert both principal and interest into Vietnamese dong according to the bonus rate specified in point 1, Section II, to transfer to beneficiaries in Vietnam.

4. The State Bank of Vietnam coordinates with relevant ministries, provincial people's committees, and special zone administrations to create every possible condition for Vietnamese citizens doing business and living abroad to purchase or rent apartments paid for in foreign currency for themselves or relatives in Vietnam; to invest together with domestic organizations in production and business activities (separate guidance documents apply).

III. REGULATIONS ON RECEIVING AND TRANSFERRING MONEY FOR PERSONS
WITHIN THE COUNTRY

1. In accordance with Circular No. 370-CT dated December 31, 1982 of the Chairman of the Council of Ministers, starting from March 15, 1983, banks will pay money to Vietnamese residents in Vietnam who present a MONEY RECEIPT BOOK (transferred from abroad) or a money receipt application form issued by the People's Committee of the province (hereinafter referred to as the People's Committee of the province).

Based on the number of household members recorded in the MONEY RECEIPT BOOK or the money receipt application form and the actual amount of remittance received from abroad, the bank branch authorized to pay will distribute an average of no more than 6,000 dong per person per quarter (according to the schedule) in Hanoi and Ho Chi Minh City, and no more than 4,500 dong in other provinces and cities for household living expenses.

For the month of March 1983, the payment limit will be calculated based on the entire quarter.

In cases where multiple individuals named in the same MONEY RECEIPT BOOK or money receipt application form have money transferred from abroad, the bank branch will only pay according to the individual limits mentioned above.

If the amount of money received by an individual in one transaction does not reach the quarterly limit, they are allowed to continue receiving until the total amount of multiple transactions in the quarter equals the prescribed limit.

If the total amount of money recorded on the transfer documents exceeds the payment limit by less than 1,000 Vietnamese dong for the entire household in a quarter, the bank is permitted to pay immediately; if the excess amount exceeds 1,000 Vietnamese dong, the bank branch must transfer it to a savings account.

When the recipient household already has a bank account (with remaining balance), the bank will base payments on the quarterly limit and the amount of money transferred, transferring any excess to a savings account.

This account is called the FOREIGN REMITTANCE SAVINGS ACCOUNT, numbered 656, opened at the paying bank. The balance earns an annual interest rate of six percent (6%). Interest can be withdrawn without restriction.

2. For amounts exceeding the quarterly payment limit by 50,000 Vietnamese dong or more, if the recipient does not wish to transfer it to a Vietnamese dong savings account, they may open a foreign currency account at a district-level bank or city-level bank, in areas without a Vietnam Foreign Trade Bank, earning interest in foreign currency, withdrawing principal and interest in Vietnamese dong according to the prescribed limit, but not transferring out of the country.

3. In case the sender has urgent needs to withdraw money for medical expenses, funeral, wedding, house repair, or purchase... they must present to the bank a certificate from their workplace or local authority (ward, commune). The paying bank will base on the actual balance in Vietnamese dong in the foreign remittance account to process the withdrawal for the sender's urgent needs. The head of the district or county bank may allow withdrawals up to 10,000 dong per time and not more than twice a year. Exceeding these limits requires approval from the provincial State Bank director.

4. If the sender wishes to withdraw money for national construction, joint investment with the state in production and business, or to form a cooperative for small-scale industry with others, there is no limit. The sender must provide the bank with necessary documents (decisions from ward or commune authorities, business registration certificates, account numbers of organizations receiving capital) proving their participation in such organizations. The bank holding the account will transfer the funds to the receiving organization and inform the local authorities.

5. Each time money is paid out to the holder of a book or to someone requesting money, the basic bank must record in the receipt book according to the contents prescribed in the receipt book. In the explanation section, each transaction, the amount withdrawn for living expenses, urgent needs, or production, and the remaining amount deposited in the bank must be clearly recorded. The chief accountant of the basic bank must supervise and sign in the designated column of the receipt book or tracking book.

6. For intellectuals and public figures who are overseas Vietnamese listed by the provincial People's Committee Chairman, there is no limit on receiving money.

IV. PROCEDURES FOR ESTABLISHING AND ISSUING RECEIPT BOOKS

Pursuant to Circular No. 370-CT dated December 31, 1982, issued by the Chairman of the Council of Ministers, and Joint Circular No. 9-TTLB/NgT/NH dated January 31, 1983, issued by the Ministry of Foreign Trade and the State Bank of Vietnam:

1. Starting from March 15, 1983, upon receiving the list and permit issued by the provincial People's Committee for households eligible to regularly receive money transferred from abroad, the provincial State Bank will classify them by district and county, then transfer the entire list and permits along with the receipt books to the district, county, or city banks (referred to as the basic bank) for the establishment and issuance of receipt books to the households. THE RECEIPT BOOK (from abroad) issued by the bank serves as a regular permit to receive money at the bank.

2. When establishing THE RECEIPT BOOK, the basic bank must complete the following procedures:

Record the book number, name, address of the person receiving the book, family members and relatives abroad, permit number and date of issue by the issuing authority, date of issuance, seal, and signature of the bank issuing the book.

The information recorded in THE RECEIPT BOOK must correspond with the provincial People's Committee permit.

Safeguard THE RECEIPT BOOKS, permits, and applications of households in separate files for monitoring and future reference.

3. Issue a notice inviting households (named in the permit) to collect THE RECEIPT BOOK.

When the customer comes to collect THE RECEIPT BOOK, the basic bank must verify and cross-check the name, address, and family member list in the permit with the household registry (if in a city) or the certification from the commune authority (if in rural areas) and the identity card of the person collecting the book.

If the person authorized to receive the permit cannot come to collect THE RECEIPT BOOK and delegates another person to collect it, that person, whether named in THE RECEIPT BOOK or not, must have a power of attorney from the permit holder, confirmed by the ward or commune authority.

When cross-checking the family member list in the permit with the household registry or certification from the ward or commune authority, if there are discrepancies, the bank will not issue THE RECEIPT BOOK and request the customer to obtain confirmation from the issuing authority.

Upon receiving the book, the customer must sign the bank's tracking book and pay a fee of 50 dong.

V. METHODS OF HANDLING FOREIGN CURRENCY TRANSACTIONS FOR PURCHASES AND FOREIGN EXCHANGE CERTIFICATES

1. Increase the bonus rate for foreign currency transfers from overseas Vietnamese to encourage recipients to use Vietnamese dong to purchase goods on the market. The state will no longer organize special stores selling at preferential prices. Therefore, starting from March 1, 1983, the issuance of foreign exchange conversion certificates at foreign trade banks will be discontinued. All foreign currency transfers from overseas Vietnamese to purchase goods for families in the country, the Vietnam Foreign Trade Bank at all levels will only convert to Vietnamese dong based on the bonus exchange rate specified in Point 1, Part II of this circular, and pay to the recipient within the quarterly limit set out in Part III of this circular.

2. For those who were issued foreign exchange conversion certificates by the Vietnam Foreign Trade Bank before March 1, 1983, which are still valid, they can continue to make purchases until March 15, 1983. After March 15, 1983, those with valid foreign exchange conversion certificates should bring them to the previous bank to request the difference between the new and old bonus exchange rates, or go to the bank responsible for confirming the foreign exchange conversion certificate to receive the difference.

VI. IMPLEMENTATION ORGANIZATION

The Director of the Central Vietnam Foreign Trade Bank shall organize the dissemination of the Council of Ministers' decisions and this circular to directors of state banks and foreign trade banks nationwide and regularly inspect implementation at basic banks, promptly reporting any errors or deviations to the Governor of the State Bank.

The Head of the Budget Accounting and Fund Management Department shall be responsible for guiding specific accounting regulations to the Chief Accountants of the entire sector.

The Governor of the State Bank of the Province and the director of the foreign trade bank branch shall take advantage of the leadership of all levels of authority to disseminate and direct the implementation of this Circular. In major cities and key provinces in the South, it is necessary to organize dissemination down to districts, counties, wards, communes, and local people who often receive remittances from overseas.

The head of the bank branch must organize the study of this Circular thoroughly, arrange capable staff to ensure good work on remittances. Payment of remittances must be carried out strictly according to regulations, promptly without causing delays that negatively impact policies. Any cases of irresponsibility, causing inconvenience to the people, or taking advantage by bank employees in payment matters will be dealt with severely.

The difference in amount between the internal settlement exchange rate and the bonus exchange rate arising from March 1, 1983 onwards must be recorded in a separate account for settlement with the state budget.

This Circular takes effect from the date of issuance. All previous provisions contrary to this Circular are abolished.

During the implementation of this Circular, if there are difficulties or obstacles, it is recommended that relevant sectors and units report to the State Bank of Vietnam Head Office for timely resolution.