Permitted banks may export, import cash in foreign currency each time after when it is approved by the State Bank of Vietnam

Permitted banks may export , import cash in foreign currency each time when it is approved by the State Bank

 Permitted banks may export , import cash in foreign currency each time when it is approved by the State Bank as per Circular No.33/2013/TT-NHNN dated 26 Dec 2013 of the State Bank of Vietnam providing guidelines upon approval procedure of export, import of foreign currency cash by permitted banks.

 The key contents of regulations of import, export of foreign currency cash by permitted banks are summarized as follows:

1. Exports and imports of cash in foreign currency of permitted banks shall be carried out through gate of international airport Noi Bai or international airport of Tan Son Nhat.

2. Permitted Banks have demand on export and import of cash in foreign currency must be approved by State Bank of Vietnam Ho Chi Minh Branch or State Bank of Vietnam Ha Noi on each time of exports and imports of cash in foreign currency.

3. Dossier required for approval on  each time the export and import of foreign currency cash, includes:

  a. Application for approval on export and import of foreign currency cash (Standard form)
  b. Contract of import, export of cash in foreign currency with foreign bank or credit institutions.
  c. Internal regulations of permitted bank on foreign currency cash export import activities.
  d. Power attorney (if application signed by person who is not legal representative)

4. Within two (02) working days from receipt of a valid application, State Bank of Vietnam Hanoi branch, State Bank of Vietnam Ho Chi Minh City branch to consider and approve or refuse with written reasons.

5. Within 03 (three) working days from the date of export and import of foreign currency cash, permitted banks shall submit to the State Bank of Vietnam Hanoi branch or State Bank of Vietnam Ho Chi Minh City Branch copies of documents related to the export and import of foreign currency namely electricity payment and customs declaration.

6. This Circular takes effect from the date 10 Feb 2014.

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