CIRCULAR

ON GUIDANCE ON PROCEDURES FOR APPROVAL FOR EXPORT AND IMPORT OF FOREIGN CURRENCY CASH OF AUTHORIZED BANKS

Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam on guidance on procedures for approval for export and import of foreign currency cash of authorized banks, comes into force as of February 10, 2014, amended by:

1. Circular No. 19/2018/TT-NHNN dated August 28, 2018 of the Governor of the State bank of Vietnam on guidelines for foreign exchange management for border trade between Vietnam and China, comes into force as of October 12, 2018.

2. Circular No. 17/2020/TT-NHNN dated December 14, 2020 of the Governor of the State bank of Vietnam on amendments to Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam on guidance on procedures for approval for export and import of foreign currency cash of authorized banks, comes into force as of February 1, 2021.

Pursuant to the Law on the State bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Ordinance on foreign exchange No. 28/2005/PL-UBTVQH dated December 13, 2005 and Ordinance No. 06/2013/UBTVQH13 dated March 18, 2013, amending and supplementing a number of Articles of Ordinance on foreign exchange;

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

The Governor of the State bank of Vietnam promulgates Circular guiding procedures for the approval for export and import of foreign currency cash of the authorized banks[1]^,[2]

Article 1. Scope and regulated entities[3]

1. This Circular deals with the procedure for approving import and export of foreign currency cash (excluding currency of the country sharing the same border with ours) by commercial banks and branches of foreign banks authorized for foreign exchange trading (hereinafter referred to as “authorized banks”).

2. Foreign currency cash of the country sharing the same border with ours shall be imported and exported in accordance with special regulations issued by the State Bank of Vietnam.

Article 2. Forms and power to approve export and import of foreign currency cash

1. Export and import of foreign currency cash of the authorized banks may be performed through the border checkpoints of Noi Bai and Tan Son Nhat international airports.

2. In seeking export and import of foreign currency cash, the authorized banks must apply for the approval of export and import of foreign currency cash, on ad-hoc basis, with the State bank of Vietnam (SBV) in accordance with provisions in this Circular.

3. SBV branch in Hanoi City shall grant a decision on approval for export and import of foreign currency cash to the authorized banks applying for export and import of foreign currency cash through the border checkpoint of Noi Bai international airport.

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Article 3. Procedures for application for approval for export and import of foreign currency cash by authorized banks[4]

1. Principles of declaration, submission, receipt, return of results, exchange and feedback of an application for approval for export and import of foreign currency cash of an authorized bank:

a) E-application with digital signature shall be submitted on the national single-window system. The declaration, submission, receipt, return of results, exchange and feedback, use of digital signature on national single-window system and specialized system of SBV shall comply with Decree No. 85/2019/ND-CP dated November 14, 2019 of the Government on implementation of administrative procedures under national single window, ASEAN single window and inspection by specialized agencies with respect to exported goods and imported goods and amending and substituting documents (if any);

b) If the national single-window system and specialized system of SBV malfunctions or fails that cannot receive or transmit electronic information, the declaration, submission, receipt, return of results, exchange and feedback shall be done via postal services or in person at the reception and result return division of SBV branch in Hanoi or Ho Chi Minh;

c) Documents in an e-application are e-documents scanned from originals (files in PDF), except the application form for approval for export and import of foreign currency cash declared on the national single-window system. Documents in the physical application are originals or copies with certification of the legal representative of the authorized bank.

2. Required documents in the application:

a) An application form for approval for export and import of foreign currency cash in Appendix 01 Appendix thereto;

b) A contract for export and/or import of foreign currency cash entered into between the authorized bank and a foreign bank or financial institution, enclosed with a Vietnamese translation with certification of the legal representative of the authorized bank (only required in the first submission and upon applications for modification);

c) Internal regulations of the authorized bank on export and import of foreign currency cash, governing delegation to perform export and import of foreign currency cash internally and management, supervision, safety guarantee in delivery, receipt, storage and transport of cash in foreign currencies in accordance with regulations of SBV only required in the first submission and upon applications for modification);

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3. Procedures for approval for export and import of foreign currency cash

a) In seeking export and/or import of foreign currency cash, the authorized bank shall submit an application to SBV branch in Hanoi or Ho Chi Minh as prescribed in clauses 1 and 2 hereof;

b) Within 2 business days after receiving a duly completed application as specified in clause 2, SBV branch in Hanoi or Ho Chi Minh shall consider approving the application, using the form in Appendix 2 thereto and send it to the authorized bank as prescribed in points a, b clause 1 hereof.

If the application is deemed incomplete or invalid, SBV branch in Hanoi or Ho Chi Minh shall give a notice on the national single-window system or to the authorized bank concerned (as prescribed in point b clause 1) and provide explanation.

4. Within 3 business days after receiving adequate documents related to the export and import of foreign currency cash (telegraphic transfer and customs declaration), the authorized bank shall send copies of the telegraphic transfer and customs declaration (with certification of the legal representative of the authorized bank) to SBV branch in Hanoi or Ho Chi Minh.

Article 4. Responsibilities of the authorized bank

The authorized bank shall:

1. Strictly observe provisions in this Circular, current regulations on foreign exchange control, anti-money laundering and other relevant legislations.

2. Manage, supervise and ensure safety in delivery and receipt, preservation and transport of foreign currency cash.  Use the imported foreign currency cash for proper purpose in accordance with current regulations on foreign exchange control.

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Article 5. Responsibilities of SBV in Hanoi and Ho Chi Minh

1. Grant decisions on approval for export and import of foreign currency cash, on ad-hoc basis, to the authorized banks as prescribed in this Circular.

2. Examine, inspect, supervise and take actions against violations in export and import of foreign currency cash of the authorized banks.

3. Report monthly as prescribed at Clause 2 Article 6 of this Circular.

Article 6. Reporting

1. The authorized banks shall send monthly reports on data of export and/or import of foreign currency cash in accordance with regulations of SBV on the regime of reporting and making statistics applicable to units affiliated to SBV and credit institutions, foreign banks’ branches.

2. No later than the 20th day of month proceeding the reporting month, the SBV in Hanoi and Ho Chi Minh shall send a consolidated report on export and import of foreign currency cash of the authorized banks to Department of Foreign Exchange Control of SBV (using the form in Appendix No.03).

Article 7. Implementation [5]^,[6]

1. This Circular comes into force as of February 10, 2014 and supersedes Decision No.19/2001/QD-NHNN dated January 12, 2001, authorizing to Director of the State bank’s branch in Ho Chi Minh City for implementation of certain affairs regarding the control of foreign exchanges in the Southern provinces and cities.

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[1] Circular No. 19/2018/TT-NHNN has the following bases:

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;

Pursuant to the Law on amendments to the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Ordinance on foreign exchange dated December 13, 2005 and Ordinance dated March 18, 2013 on amendments to Ordinance on foreign exchange;

Pursuant to Decree No.14/2018/ND-CP dated January 23, 2018 of the Government stipulating border trade;

Pursuant to Decree No.16/2017/ND-CP dated February 17, 2017 of the Government on functions, duties, rights and organizational structure of the State Bank of Vietnam;

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

The Governor of the State bank of Vietnam promulgates a Circular guiding foreign exchange management for border trade between Vietnam and China.

[2] Circular No. 17/2020/TT-NHNN has the following bases:

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 on amendments to the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Ordinance on foreign exchange dated December 13, 2005 and Ordinance dated March 18, 2013 on amendments to Ordinance on foreign exchange;

Pursuant to the Government’s Decree No. 85/2019/ND-CP dated November 14, 2019 on implementation of administrative procedures under national single window, ASEAN single window and inspection by specialized agencies with respect to exported goods and imported goods;

Pursuant to Decree No.16/2017/ND-CP dated February 17, 2017 of the Government on functions, duties, rights and organizational structure of the State Bank of Vietnam;

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

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[3] This Article is amended by clause 3 Article 22 of Circular No. 19/2018/TT-NHNN.

[4] This Article is amended by Article 1 of Circular No. 17/2020/TT-NHNN.

[5] Article 22 of Circular No. 19/2018/TT-NHNN reads as follows:

“Article 22. Implementation

1. This Circular comes into force from October 12, 2018.

2. Decision No.689/2004/QD-NHNN dated June 07, 2004 of Governor of the State bank of Vietnam which promulgate regulations on payment in trading in bordering areas and checkpoint economic zone between Vietnam and China will expire from the effective date of this Circular.

3. This Circular amends Article 1 of Circular No.33/2013/TT-NHNN dated December 26, 2013 of the State Bank of Vietnam which provide guidelines on procedures for approving import and export of foreign currency in the form of cash by authorized banks. To be specific:

“Article 1. Scope and regulated entities

1. This Circular deals with the procedure for approving import and export of foreign currency cash (excluding currency of the country sharing the same border with ours) by commercial banks and branches of foreign banks authorized for foreign exchange trading (hereinafter referred to as “authorized banks”).

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4. Chief Office, Director General of Foreign Exchange Management Department, Directors of relevant entities affiliated to the State Bank of Vietnam, Directors of the State Bank's branches in provinces and centrally-affiliated cities, Chairman of Board of Directors, Member Councils, Directors General (Director) of credit institutions and branches of foreign banks shall take responsibility to implement this Circular./.”

 [6] Article 3 and Article 4 of Circular No. 17/2020/TT-NHNN read as follows:

“Article 3. Implementation responsibilities

. The Chief of Office, Director of Department of Foreign Exchange Management, the Chief of banking Inspectorate and Supervision, heads of relevant units of SBV, Directors of the State bank’s branches in Hanoi and Ho Chi Minh Cities, commercial banks, and foreign banks’ branches authorized to operate foreign exchange shall implement this Circular.

Article 4. Implementation

This Circular comes into force as of February 1, 2021.”

[7] This Appendix is superseded as prescribed Article 2 of Circular No. 17/2020/TT-NHNN.

[8] This Appendix is superseded as prescribed Article 2 of Circular No. 17/2020/TT-NHNN.

[9] This Appendix is superseded as prescribed Article 2 of Circular No. 17/2020/TT-NHNN.