ASEMCONNECT VIETNAM

  List of Vietnam Law

Circular No. 16/2015/TT-NHNN dated October 19, 2015 of the State Bank of Vietnam on amendment to some articles of Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the governor of the State Bank of Vietnam on guidelines for restriction on use of foreign currencies in Vietnam

Date: 10/19/2015

 
STATE BANK OF VIETNAM
--------
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
---------------
No. 16/2015/TT-NHNN
Hanoi, October 19, 2015
CIRCULAR
AMENDMENTS TO SOME ARTICLES OF CIRCULAR NO. 32/2013/TT-NHNN DATED DECEMBER 26, 2013 OF THE GOVERNOR OF THE STATE BANK OF VIETNAM ON GUIDELINES FOR RESTRICTION ON USE OF FOREIGN CURRENCIES IN VIETNAM
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 currencies No.28/2005/PL-UBTVQH dated December 13, 2005 and Ordinance No. 06/2013/PLUBTVQH13 dated March 18, 2013 on amendments to the Ordinance on foreign currencies;
Pursuant to the Government's Decree No. 156/2013/ND-CP dated November 11, 2013 defining the functions, tasks, entitlements and organizational structure of the State bank of Vietnam;
At the request of Director of Foreign Exchange Department;
The Governor of the State bank of Vietnam promulgates a Circular on amendments to some Articles of Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam on guidelines for restriction on use of foreign currencies in Vietnam.
Article 1. Amendments to some Article of Circular No. 32/2013/TT-NHNN:
1. Clause 17 Article 4 is amended as follows:
“17. In cases that involve National defense and security, petroleum, and other necessary cases, foreign currencies may be used in Vietnam after the State bank of Vietnam grants a written permission in consideration of the reality and necessity of each case under the documents and procedures prescribed in Article 4a of this Circular.”
2. Article 4a is added as follows:
“Article 4a. Documents and procedures for granting permission to use foreign currencies in Vietnam
1. Rules for making and sending the application for permission to use foreign currencies in Vietnam:
a) The application must be made in Vietnamese language. If some documents of the application is translated from a foreign language, the applying organization may choose between submitting documents bearing the translator’s signatures according to Vietnam’s regulations of law on authentication or submitting documents bearing the certification of the organization’s legal representative;
b) For documents being copies, the applicant may choose between submitting certified true copies, copies from the master register, or copies bearing the organization’s authentication. If the application is submitted directly at the State bank of Vietnam (Foreign Exchange Department) and the copies are not certified true copies, copies from the master register, or copies bearing the organization’s authentication, the originals must be presented for comparison. The person who compares documents must sign the copies and take responsibility for the consistency between the copies and the originals.
2. Every organization that wishes to use foreign currencies in Vietnam as prescribed in Clause 17 Article 4 of this Circular shall compile an application for permission to use foreign currencies in Vietnam, submit it to the State bank of Vietnam (Foreign Exchange Department) whether directly or by post. The application consists of:
a) A written request for permission to use foreign currencies in Vietnam, which specifies the necessity of use of foreign currencies;
b) Copies of documents proving the lawful establishment and operation of the organization: certificate of enterprise registration or investment registration certificate or equivalent documents as prescribed by law;
c) Documents proving the necessity of use of foreign currencies in Vietnam.
3. If the application is not satisfactory, within 10 working days from the day on which it is received, the State bank of Vietnam shall send a request to the applying organization for completion of the application.
Within 45 days from the day on which the satisfactory application is received, in consideration of the reality and necessity of each case, the State bank of Vietnam shall consider granting a permission to use foreign currencies in Vietnam.
If the application is rejected, the State bank of Vietnam shall send a written notification and provide explanation.”
Article 2. Implementation
1. This Circular comes into force from December 03, 2015.
2. Chief of office, Director of Foreign Exchange Department, heads of relevant units affiliated to the State bank of Vietnam, Directors of provincial branches of the State bank of Vietnam, the Chairperson of the Executive Board, the Chairperson of the Board of members, General Director/Director of every permitted credit institution are responsible for the implementation of this Circular.
 
 
PP GOVERNOR
DEPUTY GOVERNOR
(Signed and sealed)




Nguyen Thi Hong
(This translation is for reference only)




 © Vietnam Industry and Trade Information Center ( VITIC)- Ministry of Industry and Trade 
License: No 56/GP-TTDT issued by the Ministry of Information and Communications.
Address: Room 605, 6 th Floor, The Ministry of Industry and Trade's Building, No. 655 Pham Van Dong Street, Bac Tu Liem District - Hanoi.
Tel. : (04)38251312; (04)39341911- Fax: (04)38251312
Websites: http://asemconnectvietnam.gov.vn; http://nhanhieuviet.gov.vn
Email: Asem@vtic.vn; Asemconnectvietnam@gmail.com