Decision No. 61/2002/QD-TTg amends the provisions regarding the obligation of resident organizations, including Vietnamese economic organizations, foreign-invested enterprises, and foreign parties participating in joint venture contracts, to immediately sell at least 30% of the foreign currency received from current account transactions to banks authorized by the State Bank of Vietnam to conduct foreign exchange operations.
Đối tượng áp dụng
Resident organizations include Vietnamese economic organizations, foreign-invested enterprises, and foreign parties participating in joint venture contracts, branches of foreign companies, foreign contractors, and contractor consortia with foreign participation.
Các điểm cốt lõi
- Resident organizations, including Vietnamese economic organizations, foreign-invested enterprises, and foreign parties participating in joint venture contracts, must immediately sell at least 30% of the foreign currency received from current account transactions to banks authorized by the State Bank of Vietnam to conduct foreign exchange operations.
- The authorized bank is a bank in Vietnam permitted by the State Bank of Vietnam to conduct foreign exchange operations.
🌐 Tác động xã hội từ văn bản này
- Positive impact: Strengthening foreign currency management, limiting illegal conversion and use of foreign currency.
- Negative impact: It may cause difficulties for enterprises in managing cash flows when they have to sell a portion of the foreign currency received.
❓ Câu hỏi thường gặp
Resident organizations, including Vietnamese economic organizations, foreign-invested enterprises, and foreign parties participating in joint venture contracts, need to sell what percentage of the foreign currency received?
According to the regulations, resident organizations must immediately sell at least 30% of the foreign currency received from current account transactions to banks authorized by the State Bank of Vietnam to conduct foreign exchange operations.
Which banks have the authority to accept foreign currency sold by residents?
Residents can only sell foreign currency to banks authorized by the State Bank of Vietnam to conduct foreign exchange operations.
How long after receiving foreign currency must residents sell it?
According to the regulations, residents must immediately sell at least 30% of the foreign currency received from current account transactions to banks authorized by the State Bank of Vietnam to conduct foreign exchange operations starting from the day the foreign currency is transferred or deposited into the organization's foreign currency account at the authorized bank.
Toàn văn
Pursuant to …;
REGARDING THE AMENDMENT OF CLAUSE 1, ARTICLE 1 OF DECREE NO. 61/2001/QĐ-TTg DATED APRIL 25, 2001 OF THE GOVERNMENT PRIME MINISTER ON THE OBLIGATION TO SELL AND RIGHT TO PURCHASE FOREIGN CURRENCY OF DOMESTIC ORGANIZATIONS
__________________________
PRIME MINISTER
Pursuant to the Law on Organization of the Government dated December 25, 2001;
BASED ON DECREE NO. 05/2001/NĐ-CP DATED JANUARY 17, 2001 OF THE GOVERNMENT AMENDING AND COMPLEMENTING CERTAIN PROVISIONS OF DECREE NO. 63/1998/NĐ-CP DATED AUGUST 17, 1998 OF THE GOVERNMENT ON FOREIGN EXCHANGE MANAGEMENT;
At the proposal of the Governor of the State Bank of Vietnam.
DECISION:
Article 1. CLAUSE 1, ARTICLE 1 OF DECREE NO. 61/2001/QĐ-TTg DATED APRIL 25, 2001 OF THE GOVERNMENT PRIME MINISTER IS AMENDED AS FOLLOWS:
"DOMESTIC ORGANIZATIONS INCLUDING VIETNAMESE ECONOMIC ORGANIZATIONS, ENTERPRISES WITH FOREIGN INVESTMENT, FOREIGN PARTIES PARTICIPATING IN JOINT BUSINESS CONTRACTS, FOREIGN COMPANY BRANCHES, FOREIGN CONTRACTORS, AND FOREIGN CONTRACTOR JOINT VENTURES MUST IMMEDIATELY SELL AT LEAST 30 PERCENT OF THE FOREIGN CURRENCY RECEIVED FROM CURRENT ACCOUNT INCOME SOURCES TO VIETNAMESE BANKS AUTHORIZED BY THE STATE BANK OF VIETNAM TO OPERATE FOREIGN EXCHANGE (HEREINAFTER REFERRED TO AS AUTHORIZED BANKS) FROM THE DATE THE FOREIGN CURRENCY IS TRANSFERRED OR DEPOSITED INTO THE FOREIGN CURRENCY ACCOUNT OF THE ORGANIZATION OPEN AT AN AUTHORIZED BANK."
Article 2. This Decision takes effect from the date of signature.
Article 3. THE GOVERNOR OF THE STATE BANK OF VIETNAM SHALL BE RESPONSIBLE FOR GUIDING THE IMPLEMENTATION OF THIS DECREE.
Ministers, heads of ministerial-level agencies, heads of government-affiliated agencies, Chairpersons of provincial and centrally-administered city People's Committees are responsible for implementing this Decision.
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