Decree 70/2014/nd-Cp: Detailing The Implementation Of A Number Of Articles In Foreign Exchange Ordinance And Ordinance Amending And Supplementing Some Articles Of The Ordinance On Foreign Exchange

Original Language Title: Nghị định 70/2014/NĐ-CP: Quy định chi tiết thi hành một số điều của Pháp lệnh Ngoại hối và Pháp lệnh sửa đổi, bổ sung một số điều của Pháp lệnh Ngoại hối

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THE GOVERNMENT.
Number: 70 /2014/ND-CP
THE SOCIALIST REPUBLIC OF VIETNAM.
Independence-Freedom-Happiness
Hanoi, July 17, 2014

DECREE

Detailed rules enforce certain things of the foreign exchange ordinance and

The ordinance of the amendment, added some of the Foreign Exchange Ordinal

_________________

Government Law Base December 25, 2001;

Vietnam State Bank Law Base June 16, 2010;

The Law School of Credit: June 16, 2010;

The Foreign Office on December 13, 2005, and the Ordination of the Foreign Office, added some of the provisions of the Foreign Office on 18 March 2013.

At the suggestion of Governor of the State Bank of Vietnam,

The government issued a decree regulating the implementation of some of the provisions of the foreign exchange ordinance and the French amendment, adding some of the provisions of the foreign exchange ordinance.

Chapter I

COMMON RULES

What? 1. The adjustment range

1. This decree rules out the implementation of some of the provisions of the French Foreign and Foreign Exchange Ordinal Command, which adds some of the provisions of the Foreign Office to the Foreign Exchange of Foreign Affairs, who do not reside in the Socialist Republic of Vietnam.

2. The contents related to state foreign exchange reserve management, gold business operations management, loan management, foreign debt are not secured by the Government, borrowing, foreign debt payments by the Government, government bail, violation of foreign affairs, and foreign exchange. And the foreign exchange activity is done by the government.

What? 2. Subject applies

1. Organization, the individual is resident, who does not reside with foreign exchange activity in Vietnam.

2. Organization, the individual is the resident who is involved in the management, inspection, inspection, monitoring and disposal of foreign exchange and foreign exchange activities.

What? 3. Apply law on foreign exchange, international treaties, foreign law, international practice, and international law.

1. Foreign exchange activity must be subject to regulation at this decree and other provisions of the relevant law.

2. The case of international treaties in which the Socialist Republic of Vietnam is another regulated member with the provisions of this decree, which applies the regulation of that international treaty.

3. The case of foreign exchange practices that the Vietnamese law has not yet regulated, the parties can deal with the application of foreign law, the international set if the application of foreign law, that international practice is not contrary to the basic principles of the law. Vietnamese law.

Chapter II

SPECIFIC REGULATIONS

What? 4. Liberalization for current transaction

On the territory of Vietnam, all payment transactions and money transfers to the current transaction of the resident and the non-resident are free to perform in accordance with the regulations at this decree and other laws that are related in accordance with the following regulations. the following principle:

1. The resident, non-resident who is bought, moved, bringing foreign currency abroad serves the needs of payment and transfer money towards the current transaction.

2. The resident, who does not reside has a responsibility to show the evidence from the credit organization ' s regulation when purchasing, transferring, bringing foreign currency abroad serving current transactions and is responsible before the law on the authenticity of the various types of transactions. Paperwork, the evidence for the credit organization is allowed.

3. When purchasing, transferring, bringing foreign currency to the service of current transactions, the resident, non-resident non-resident, does not have to publish the testimonies associated with the confirmation of the completion of the tax obligation to the State of Vietnam.

What? 5. Pay and transfer money related to exports, import of goods, services and other current sources of income.

1. The resident has a foreign source of goods from exporting goods, services, or from other current sources abroad that must be transferred into an open foreign account at the credit organization permitted in Vietnam in accordance with the payment deadline of the contract or other sources. evidence from the payment, except for some cases being considered by the State Bank of Vietnam to allow for partial or all foreign currency revenues.

2. Every payment transaction and money transfer associated with export, import of goods, services must be made using the transfer form through the permitted credit organization.

What? 6. Transfer a one-way money from abroad to Vietnam

1. The resident is an organization with a foreign currency obtained from one-way transfers that must be transferred into a foreign currency account at a credit organization that is allowed or sold to the authorized credit organization.

2. The resident is an individual whose foreign currency is obtained from a one-way transfer of money deposited into a foreign currency or cash withdrawal to use for the purposes of regulation at Article 13 of this decree.

What? 7. Transfer of one-way money from Vietnam abroad

1. The resident is the organization that is made to transfer money in a foreign dimension to serve in the purpose of funding, aid, or other purposes under the regulation of the State Bank of Vietnam.

2. The resident is a Vietnamese citizen who is bought, moved, bringing foreign foreign currency under the regulation of the State Bank of Vietnam for the following purposes:

a) Learning, healing abroad;

b) Travel, travel, visit abroad;

c) Pay the fees, the fee for foreign;

d) Assistant to the body is abroad;

Transfer of inheritance to foreign heirs;

e) transferring money in the case of overseas settlement;

g) Transfer a one-way money for other legal needs.

3. The non-resident, who resides as foreigners with foreign currency on the account or the legal foreign sources are transferred, brought abroad; the case with a Vietnamese copper source is purchased in foreign currency to transfer, carrying out water. Out.

4. The credit organization is allowed to take responsibility for reviewing the testimonies, the resident papers, who do not reside in the program to sell, transfer, confirm the source of the natural foreign currency or purchase from the credit organization allowed to bring abroad the base to the actual requirement. Well, the rationing of every transaction transaction.

What? 8. Open and use direct investment capital account

1. The resident is a business with foreign direct investment and foreign investors joining a business cooperation contract that must open a foreign currency direct investment account in 01 (a) credit organization is allowed to carry out the revenue transactions, according to the report. It ' s related to direct investment in Vietnam.

2. The case of performing investment in Vietnamese copper, the resident is a business with foreign direct investment and foreign investors joining the business cooperation contract opened 1 (a) directly invested capital accounts by the Vietnamese copper at the London-based organization. Credit is allowed where the business has foreign direct investment and foreign investors to join the business cooperation contract that has opened the financing of foreign direct investment by regulation at Clause 1 Article to carry out income transactions. The legal genus of Vietnam is related to foreign direct investment in Vietnam.

3. The State Bank of Vietnam rules out the details of the opening and use of direct capital funds specified in Clause 1 and Clause 2 This.

What? 9. Transfer of income from direct investment abroad

The need for the need to transfer legal sources by the Vietnamese from direct investment in Vietnam abroad, foreign investors bought foreign currency at the credit organization allowed and moved abroad in the 30 (thirty) term. the day of work, since the date of the purchase of the foreign currency.

What? 10. The resident is the organization to release securities abroad.

1. When it is allowed to release securities abroad in foreign currency in the form of bond releases, the resident is the organization that must comply with existing regulations on loan management, foreign debt, and relevant law regulations.

2. When it is allowed to release foreign currency securities in foreign countries in the form of stock releases, investment fund certificates and other types of securities, the resident is the organization that must open an account that issued a foreign exchange securities at an organization. Credit, the foreign currency, is related to the release of the securities through the provisions of the Bank of Vietnam.

What? 11. The non-resident is the stock release organization in Vietnam

1. The non-resident is the organization only to release the stock in Vietnam on the territory of Vietnam on the basis of compliance with the laws of securities law and other laws that are relevant.

2. When it is allowed to release the securities in Vietnam, the non-resident is the organization to open 1 (one) the financing of the equity securities issued by Vietnam at 1 (one) the credit organization is allowed to carry out the collection, spend in Vietnam. related to the release of the securities through this account under the regulation of the State Bank of Vietnam.

What? 12. Open and use of the foreign currency account of the resident is the organization.

The State Bank of Vietnam regulates the granting and revoking open permits and the use of foreign currency accounts of the occupiers being held in the following cases:

1. Economic organization with branches, offices representing foreign countries or having the need to open foreign currency accounts in order to receive loans, make commitments, contracts with foreign parties.

2. The state agency, the armed forces unit, political organization, political organization-society, social political organization-profession, social organization, social organization-profession, social fund, Vietnam ' s charitable foundation that operates in Vietnam has a need for more than a year. open foreign currency accounts in order to receive aid, foreign funding or other cases licensed by the authorities of Vietnam.

What? 13. Using the personal currency of the individual

1. The resident, who does not reside is the individual whose cash currency is entitled to the right to take hold, bring in the person, give, give, inheritance, sell to the authorized credit organization, transfer, bring abroad according to the regulations at this decree, payment for the subjects. It's allowed to collect cash.

2. The resident is a Vietnamese citizen who is used in cash currency to send foreign currency savings at the permitted credit organization, which is withdrawn from the original money, interest in the currency sent.

What? 14. Vietnam ' s foreign currency market

1. The foreign currency market is the site of the wholesale activity of foreign currency. The subject of the foreign currency market includes the State Bank of Vietnam, the authorized credit organizations and the resident customer, who did not reside in Vietnam.

The State Bank of Vietnam regulates the conditions, methods, types of foreign currency trading on the foreign currency market.

2. The interbank foreign currency market is the market for transactions between the State Bank of Vietnam with permitted credit organizations and between the credit organizations allowed together. Participants in the interbank foreign currency market make foreign currency purchases in accordance with the methods, the type of transaction of the transaction on the basis of agreements, the commitment between the parties in accordance with international law and in accordance with the State Bank regulation. Vietnam.

What? 15. Vietnam ' s exchange rate regime

1. Vietnam ' s exchange rate is formed on the basis of a foreign currency offering on the market with the regulation of the State. The State Bank of Vietnam imples exchange rates of exchange rates through the use of tools of monetary policy and the implementation of the intervention method on the foreign currency market.

2. Vietnam ' s exchange rate regime is the managed floating rate regime that is managed by the State Bank of Vietnam on the basis of a currency basket of countries with trade relations, borrowing, debt, investment with Vietnam in line with the macroeconomic goal in the country. Every time.

What? 16.

Licensed credit organizations and other organizations are allowed to operate foreign exchange practices when carrying out foreign exchange transactions for customers with a responsibility to consider, test, save documents and certificates in line with practical transactions to ensure the provision of a customer. Foreign exchange services are implemented correctly and in accordance with the rule of law.

What? 17. Responding to foreign currency demand for current payment

In the scope of existing foreign capabilities, the credit organization is allowed to have responsibility to meet the foreign affairs needs of the resident, who do not reside in order to pay for current-based transactions according to the actual and rational needs of each transaction.

What? 18. Inspector, check, monitor and report.

1. The permitted and other organized credit organization is allowed to operate foreign exchange for inspection, inspection, monitoring, and implementation of the report regime under the regulation of the State Bank of Vietnam.

2. Rights and obligations on information, the report of the credit organization is allowed:

a) The report of information, data related to foreign exchange and foreign exchange activity in accordance with the prescribed term in existing law texts relating to foreign exchange activity;

b) Required customers to provide information in order to serve the collection of metrics, information related to foreign exchange and foreign exchange activities;

c) Keep it a secret and be responsible for the information of the bank's secret catalog.

3. Rights and obligations on the information, report of the organization and the individual:

a) Organization, personally participating in foreign exchange activities that are obliged to provide information, figures at the request of the State Bank of Vietnam, the credit organization is allowed in accordance with the statute of limitations in existing law texts relating to the operation. foreign exchange;

b) The organization, personally, has the right to ask for the credit organization to be allowed to provide guidance information to perform the right policies on foreign exchange management.

What? 19. Report Mode

1. The responsibility of the State Bank of Vietnam:

a) The board of information reporting, analysis, forecasting and publication of information on foreign exchange activity;

b) presided over, in coordination with the ministries, the information gathering industry, the figures for the service of the State's foreign exchange management and the international balance of payments.

2. The responsibility of the ministries, the peer agency, the government agency, the Provincial People ' s Committee, the Central City.

Ministry, peer agency, government agency, the Provincial People ' s Committee, the Central Committee of the Central Committee within the scope of the mission, its powers, are responsible for reporting information, the data on foreign exchange activity for the State Bank of Vietnam to serve. State foreign exchange management and international balance of payments.

Chapter III

EXECUTION CLAUSE

What? 20.

1. This decree has been in effect since 5 September 2014.

2. This decree replaces the Digital Protocol 160 /2006/NĐ-CP December 28, 2006, the Government rules out the Foreign Exchange.

What? 21.

The Governor of the State Bank of Vietnam, the Minister, the Prime Minister, the Head of the Government, the Chairman of the Government, Chairman of the People's Committee of the provinces, the Central City of Central and the organization, the relevant individual is responsible for the implementation of the decree. Hey.

TM. THE GOVERNMENT.

Prime Minister

(signed)

Dao Dung