Circular No. 77/1998/TT-BTC guides the exchange rate for converting foreign currency to Vietnamese Dong in enterprise accounting, applicable to all enterprises and effective from the date of issuance. The exchange rate used is based on the average actual buying and selling rates or the exchange rate applied for calculating import and export taxes.
적용 범위
Enterprises in all sectors and economic components.
핵심 사항
- Enterprises use the average actual buying and selling rates or the exchange rate applied for calculating import and export taxes to convert foreign currency to Vietnamese Dong in accounting.
- The exchange rate is used for economic transactions denominated in foreign currency such as purchasing materials, goods, financial investments, expenses, revenue, extraordinary income, joint venture capital contributions, aid funds... and receivables and payables.
- In case the foreign exchange market is not operating, the average exchange rate of the previous day is used.
- Transactions of purchasing foreign currency with Vietnamese Dong or selling foreign currency received in Vietnamese Dong are converted according to the actual buying and selling rates.
- Exchange rate differences between the selling rate and the average accounting rate recorded in the books are recorded in Account 711 - Financial Activity Income or Account 811 - Financial Activity Expenses.
🌐 이 문서의 사회적 영향
- Positive impact: Helps enterprises accurately reflect cost of goods sold and business results, ensuring accuracy in financial statements.
- Negative impact: May increase the burden of currency management for enterprises when they have to track daily exchange rates.
❓ 자주 묻는 질문
Which exchange rate do enterprises use to convert foreign currency?
Enterprises use the average actual buying and selling rates on the inter-bank foreign exchange market or the exchange rate applied for calculating import and export taxes.
What exchange rate is used when the foreign exchange market is not operating?
In this case, enterprises use the average exchange rate of the inter-bank foreign exchange market of the previous day.
Which exchange rate is used for buying and selling foreign currency transactions?
Purchasing foreign currency with Vietnamese Dong is converted according to the actual buying rate, while selling foreign currency received in Vietnamese Dong is converted according to the actual selling rate.
Where is the exchange rate difference recorded?
Exchange rate differences between the selling rate and the average accounting rate recorded in the books are recorded in Account 711 - Financial Activity Income or Account 811 - Financial Activity Expenses.
To which enterprises does this circular apply?
This circular applies to all enterprises in all sectors and economic components.
전문
CIRCULAR
Guidelines for exchange rates to convert foreign currencies into Vietnamese Dong
for use in accounting at enterprises
To accurately reflect the cost value of materials, goods, expenses, revenue, income, and business results of enterprises, the Ministry of Finance provides guidelines for exchange rates to convert foreign currencies into "Vietnamese Dong" for use in accounting at enterprises as follows:
Article 1. Exchange rates for converting foreign currencies into "Vietnamese Dong".
Enterprises with economic transactions denominated in foreign currencies shall be converted into "Vietnamese Dong" based on the actual average buying and selling rates in the inter-bank foreign exchange market announced by the State Bank of Vietnam at the time of the transaction, or the actual buying and selling rate of the transaction. In cases where foreign currency transactions occur during periods when the inter-bank foreign exchange market is not operating, enterprises may use the actual average rate from the previous day's inter-bank foreign exchange market.
Clause 1.1. The actual average inter-bank buying and selling rate shall be used to convert all economic transactions denominated in foreign currencies (except those specified in Point 1.2 of this Circular) into "Vietnamese Dong" for recording in accounting books and financial statements, including the following situations:
Purchasing materials, goods, fixed assets using foreign currencies;
Receiving and paying joint venture capital contributions, receiving foreign aid in foreign currencies;
Financial investments in foreign currencies such as joint venture capital contributions, foreign currency securities investments;
Foreign currency expenses, sales revenue, financial activity income, extraordinary income;
Foreign currency receipts and payments;
Foreign currency receivables and payables;
Revaluation of foreign currency balances at the end of the period in accounts for monetary capital, receivables, and payables.
Clause 1.2. Economic transactions denominated in foreign currencies shall be converted into Vietnamese Dong based on the actual buying and selling rates in the following cases:
- Purchasing foreign currency with Vietnamese Dong: Convert foreign currency into "Vietnamese Dong" based on the actual buying rate payable in "Vietnamese Dong".
- Selling foreign currency received in Vietnamese Dong: Convert foreign currency into "Vietnamese Dong" based on the actual selling rate received in "Vietnamese Dong".
Any difference between the selling rate mentioned above and the average foreign exchange rate recorded in the accounting books shall be recorded in Account 711 - Financial Activity Income or Account 811 - Financial Activity Expenses.
2. For foreign currencies for which the State Bank of Vietnam does not announce actual average rates in the inter-bank foreign exchange market, they shall be converted into "Vietnamese Dong" based on the applicable tax export and import rates of "Vietnamese Dong" against certain foreign currencies announced by the State Bank of Vietnam.
3. Economic transactions denominated in foreign currencies shall be reflected in accounting books and financial statements in Vietnamese Dong according to the exchange rates stipulated herein and in accordance with the accounting methods prescribed in the Accounting Regulations for Enterprises (annexed to Decision No. 1141/TC-QĐ-CĐKT dated November 1, 1995 of the Minister of Finance). Handling of exchange rate differences shall be carried out in accordance with the provisions of Circular No. 44/TC-TCDN dated July 8, 1997 of the Ministry of Finance.
4. For enterprises with foreign investment capital, if approved by the Ministry of Finance to use foreign currency units for bookkeeping and preparing financial statements, economic transactions denominated in "Vietnamese Dong" shall be converted into foreign currency units based on the actual average inter-bank buying and selling rates announced by the State Bank of Vietnam. If enterprises use foreign currency units for which the State Bank of Vietnam does not announce actual average inter-bank rates, they shall be converted from "Vietnamese Dong" to foreign currency units based on the applicable tax export and import rates of "Vietnamese Dong" against certain foreign currencies announced by the State Bank of Vietnam.
5. This Circular applies to enterprises in all sectors and economic components.
6. This Circular takes effect fifteen days after its issuance date, and all previous regulations contrary to the guidelines in this Circular are hereby abolished. During implementation, any difficulties should be reported to the Ministry of Finance for study and resolution./.
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