FOREIGN EXCHANGE ORDINANCE pursuant to the Constitution of the Socialist Republic of Vietnam in 1992 was amended and supplemented by resolution No. 51/2001/QH10 on 25 December 2001 of the Xth Congress, session 10;
 
Pursuant to resolution No. 42/2005/QH11 on Jun. 14, 2005 of National Assembly XI, 7 session of adjust programs build laws and ordinances in 2005;
This Ordinance regulates foreign exchange activities.
Chapter I GENERAL PROVISIONS article 1. The scope of this Ordinance adjustment adjust the foreign exchange activities in the Socialist Republic of Vietnam.
Article 2. Application object 1. The Organization, the individual is resident, non-resident foreign exchange activity in Vietnam.
2. Other objects related to the foreign exchange activities.
Article 3. Foreign Exchange management policy of the State of Vietnam Socialist Republic of Vietnam make the foreign exchange management policy aims to create favorable conditions and ensuring the legal benefits for organizations, individuals involved in foreign exchange operations, contributing to economic development; implementing the goal of the national monetary policy, enhance the transformation of Vietnam Dong; make targets on the territory of Vietnam Dong Vietnam use only; implementation of the commitments of the Socialist Republic of Vietnam in the international economic, strengthened the validity of State management on Forex and Forex management system of Vietnam.
Article 4. Explanation of terms In this Ordinance, the terms below are interpreted as follows: 1. Forex includes: a) the coins of other countries or the European common currency and common currency used in international payment and regions (hereinafter referred to as foreign currencies);
b) means of payment in foreign currency, including cheques, payment cards, debt claims, get debt and the means of payment;
c) papers are priced in foreign currencies, including government bonds, corporate bonds, promissory notes, stocks and other papers;
d) foreign exchange reserves in the Golden State, on account of foreign residents; as gold, ingots, granules, pieces in case of carry on and bring out the territory of Vietnam;
DD) coins of the Socialist Republic of Vietnam in the case moved on and moved out of the territory of Vietnam or to be used in international payments.
2. is the resident organizations, individuals in the following objects: a) the credit institution are founded, business activity in Vietnam (hereafter referred to as credit institutions);
b) economic organization was formed, the business activities in Vietnam except for the object specified in point a of this paragraph (here called economic organizations);
c) State agencies, units of the armed forces, political organization, social-political organizations, social-political organizations, social organizations, civil society organizations-career, Social Fund, Vietnam's charity activities in Vietnam;
d) diplomatic missions, Consulate of Vietnam in foreign countries;
DD) representative offices in foreign countries of organizations specified in points a, b and c of this paragraph;
e) Vietnam citizens reside in Vietnam; Vietnam citizens residing abroad have a time limit of under 12 months; Vietnam citizens working in the organizations specified in point d and point to this account and personal DD go by them;
g) Vietnam citizens traveling, learning, healing and visits abroad;
h) foreigners residing in Vietnam have the time limit from 12 months or more, except in the case of foreigners learning, healing, travel or work for diplomatic missions, consulates, representative offices of foreign organizations in Vietnam.
3. Non-residents are not subject to the provisions in paragraph 2 of this Article.
4. Capital transactions are capital transfers between residents with non-residents in the following areas: a) direct investment;
b) invest valuable papers;
c) lenders and pay foreign debt;
d) lending and debt collection;
DD) other investment forms in accordance with the law of Vietnam.
5. current transactions are transactions between residents with non-residents are not, for the purpose of capital transfer.
6. Payments and transfers for current transactions include: a) payments and transfers related to the export and import of goods and services;
b) commercial credit loans and short term bank;
c) earnings from direct and indirect investment;
d) The account to transfer money when allowed to reduce direct capital investment;
DD) and interest payments on the original loan's debt payment;
e one-way transfers) for consumer purposes;
g) other similar transactions.
7. a one-way transfers are transfers of money from overseas into Vietnam or the Vietnam from abroad through the Bank, by post nature of funding, aid or assist family relatives, using personal expenses not related to the payment of export and import of goods and services.
8. foreign exchange activity is the activity of residents, who do not reside in the current transaction, dealing, using Forex capital on the territory of Vietnam, operation services for Forex and other transactions related to foreign exchange.
9. Vietnam Dong's exchange rate is the price of a foreign currency in the currency of Vietnam.
10. Exchange of cash include paper money, coins.
11. Credit institutions are allowed to be the banks and non-bank credit organization be active Forex and Forex services under the provisions of this Ordinance.
12. foreign direct investment in Vietnam is the non moving capital into Vietnam to conduct investment business activities on the basis of the establishment and participation in the management of the business or other form in accordance with the law of Vietnam.
13. indirect foreign investment in Vietnam is the non-resident purchases stock, the papers have different prices and capital contribution, purchase of shares in any form prescribed by the law of Vietnam that is not directly involved in the management.
14. foreign investment is the residents moved abroad to invest capital under the forms prescribed by law.
15. Loans and foreign debt is the resident and repay loans for non-residents under the forms prescribed by law.
16. Loans and foreign debt recovery is the resident lending and debt collection for non-residents under the forms prescribed by law.
17. the international balance of payments is a statistical aggregated balance sheet in a systematic way all the economic transactions between Vietnam and other countries in a certain period.
18. foreign exchange markets was the purchase and sale of foreign currencies. Foreign exchange market of Vietnam including interbank foreign currency market and foreign exchange market between banks with customers.
19. the State Forex reserve assets by the foreign exchange balance sheet currency of the State Bank of Vietnam.
Article 5. Application of the foreign exchange legislation, international treaties, foreign law, international practices 1. Foreign exchange operations must comply with the provisions of this Ordinance and the provisions of relevant laws.
2. where the international treaties to which the Socialist Republic of Vietnam is a member have other regulations with the provisions of this Ordinance shall apply to the provisions of international treaties.

3. in case of foreign exchange operations that Vietnam had not yet law, the parties may agree to apply foreign law, international practices if the application of foreign law, international usages which are not contrary to the basic principles of the law of Vietnam.
Chapter II the CURRENT TRANSACTIONS article 6. Liberalise current transactions for all payment transactions and transfer money for current transactions between residents and non-residents are free to implement.
Article 7. Payments and transfers related to the export and import of goods and services 1. Residents are buying foreign currency at credit institutions are allowed to import goods, payment for the service.
2. Residents must move the entire foreign currency from the export of goods and services in foreign currency account opened at credit institutions are permitted in Vietnam; case needs to retain foreign currencies must be allowed by the State Bank of Vietnam.
3. all payment and money transfer transactions related to the export and import of goods and services are made through credit institutions are permitted.
Article 8. A one-way transfer of funds 1. Exchange of residents was held in Vietnam obtained from the direct money transfer account must be transferred into foreign currency account opened at credit institutions are allowed to sell or for credit institutions.
2. Exchange of the individual is resident in Vietnam obtained from the direct transfer of funds be used for the purpose of storing, carrying people, sent in to open foreign currency accounts in credit institutions are allowed to or sold to credit institutions are permitted; the case is citizens of Vietnam then sent in foreign currency savings in a credit organization.
3. The residence is purchased, transferred, carry foreign currency abroad for legitimate needs.
4. Non-residents, residents are foreigners who have foreign currency on the account is transferred abroad; the case has a legitimate source of revenue in Vietnam are buying foreign currencies to move abroad.
Article 9. Bringing foreign currency in cash, and Vietnam in cash and gold when the exit and entry of people reside, the non-resident when the exit and entry to bring foreign currency in cash, and Vietnam in cash and gold on the level of regulation of the State Bank of Vietnam are as follows: 1. in case of entry carry on specified must declare to customs gate;
2. exit case carried on specified must declare to customs gate and present the papers according to the regulations of the State Bank of Vietnam.
Article 10. The currency used in the transaction of current residents are chosen Council of Vietnam, foreign currencies freely convertible and the other currencies are credit institutions are allowed to accept payment in the currency of the transaction.
Chapter III CAPITAL TRANSACTIONS section 1 FOREIGN INVESTMENT into VIETNAM article 11. Direct investment 1. The transfer of capital in foreign currency into Vietnam, the transfer of capital, profits, pay interest and legitimate revenues abroad must be made through foreign currency account opened in a credit institution is permitted.
2. The legitimate source of revenue in foreign currency are converted into Vietnam to transfer abroad through credit institutions are permitted.
Article 12. Indirect investment 1. Invested in foreign currency must be converted into Vietnam Dong to make investments.
2. Capital, profit and the legitimate source of revenue in foreign currency are converted into Vietnam to transfer abroad through credit institutions are permitted.
Category 2 VIETNAMESE INVESTMENT ABROAD article 13. Investment capital abroad residents allowed to invest abroad are used the following sources of capital for investment: 1. Foreign currency on the foreign currency accounts in credit institutions are permitted;
2. Foreign currency purchase in credit institutions are permitted;
3. Foreign currencies from capital.
Article 14. Transfer of capital abroad 1. Is resident credit institutions are turning to foreign capital investment as stipulated by the State Bank of Vietnam.
2. Resident's economic organizations, individuals and other subjects are allowed to invest abroad to open a foreign currency account in a credit institution is permitted to register with the State Bank of Vietnam. The transfer of foreign currency abroad to invest must be made through this account.
Article 15. Transfer of capital, profits of Vietnam capital, profit and the earnings from the investment in foreign countries have to switch back to Vietnam under the provisions of the investment law and the other provisions of the relevant legislation; capital, profit and the earnings from the investment when moving to Vietnam to make through foreign currency account opened in credit institutions.
Section 3 of the LOAN, the REPAYMENT of a FOREIGN article 16. Loans, repayment of Government foreign Government and State institutions, the Government authorized the loan, repayments made abroad on the basis of the national strategy on foreign debt and the total foreign borrowing limit due to the Prime Minister for approval every year.
Article 17. Loans, repayment of foreign residents is economic organizations, institutions and individuals 1. Residents are economic organizations, institutions and individuals are loans, foreign debt under the principle of self responsibility, loan repayment in accordance with the law.
2. Resident's economic organizations, institutions and individuals must comply with the conditions of the loan, the repayment of foreign loans registration done, open and use your account, funds and transfer the money to pay the debt, reported the implementation of the loan under the provisions of the State Bank of Vietnam. The State Bank of Vietnam to confirm registration of the loan to the extent of foreign borrowing limit due to the Prime Minister for approval every year.
3. Residents are buying foreign currency at credit institutions are permitted on the basis of valid identification to the original debt payment, interest and related costs of foreign loans and use other forms of guarantee, guarantee and other forms of guaranteed other loans.
Section 4 lending, DEBT COLLECTION ABROAD Article 18. Loans, debt recovery abroad of the Government the Government decide whether loans, debt collection of foreign State, the Government and State institutions, Government authorisation.
Article 19. Loans, debt recovery abroad of the average resident credit institutions, economic organizations 1. Credit institutions made loans, debt collection abroad as stipulated by the State Bank of Vietnam.
2. Economic organizations are lending, debt collection abroad if the following conditions are met: a) Are the Government;
b) make open and use your account, transfer of capital and financial situation report, make loans and foreign debt recovery under the provisions of the State Bank of Vietnam;
c) original capital revenue, currency and interest rate related fees must be turned into foreign currency account opened in credit institutions.
Section 5 RELEASED in DOMESTIC and FOREIGN SECURITIES article 20. Residents is the issuer's securities outside Vietnam territory When allowed to release securities outside the territory of Vietnam, is the resident organization must open account in a credit institution is permitted; all transactions related to the securities issuance activities outside Vietnam territory must be made through this account.
Article 21. Non-resident issuers of securities is on the territory of Vietnam

When allowed to release securities on the territory of Vietnam, the non-resident is the Organization must open account in a credit institution is permitted; all transactions related to the securities issuance activity on the territory of Vietnam must be made through this account.
Chapter IV FOREIGN EXCHANGE USE on the TERRITORY of VIETNAM Article 22. The regulations limit the use on the territory of Vietnam, foreign exchange transactions, billing, advertising, listing of residents, non-residents who are not done by Forex, except for transactions with credit institutions, in the case of payment via intermediaries include households, mandated, agents and other necessary instances are prime.
Article 23. Open and use the account 1. Residents, non-residents who are opening foreign currency account in credit institutions. The State Bank of Vietnam, the regulations on foreign currency account of the objects specified in this paragraph.
2. is resident credit institutions are allowed to be open and use foreign currency account abroad to perform foreign exchange operations in foreign countries.
3. Resident is the economic organization has branches and representative offices abroad or wishing to open a foreign currency account abroad to receive the loan, to make commitments, contracts with foreign parties are the State Bank of Vietnam to consider licensing, open foreign currency account abroad.
4. The residence is diplomatic, consular, units of the armed forces, representatives of political organizations, social-political organizations, social-political organizations, social organizations career-career, social funds, charitable foundation of Vietnam abroad are open and use foreign currency account abroad specified by the law.
5. Residents are citizens of Vietnam during the period abroad was open and use foreign currency account abroad specified by the law.
Article 24. The use of foreign currency in cash of the individual 1. Resident, non-resident person is identifiable foreign currency in cash is entitled to store, carry people, selling to credit institutions are permitted and used for other legitimate purposes.
2. Vietnam citizens resident in use of foreign currencies in cash to savings at credit institutions are allowed, be original and receive cash in foreign currency interest cash.
Article 25. Use the same Vietnam of the non-resident person who does not reside as the Organization, individuals have the same Vietnam from the legitimate source of revenue be open accounts in credit institutions permitted to use in Vietnam or buy foreign currencies to move abroad.
Article 26. Use the currency of the country sharing a border with Vietnam is the resident organization, the individual has a legitimate source of revenue in the currency of the country sharing a border with Vietnam from export activities, goods, services and other activities are open account in the currency in which the credit institution is allowed.
Article 27. Release and use of the payment card 1. On the territory of Vietnam, residents, who do not reside there personal international card is used for payment in credit institutions and allowed the unit to accept the card.
2. The unit accepted the card just get paid in Vietnam since the bank payment card.
3. Based on the actual situation, the State Bank of Vietnam stipulates the release, use the appropriate tag to the target managed Forex.
Chapter V EXCHANGE MARKET, MECHANISM of EXCHANGE RATE and EXPORT CONTROLS, import of GOLD Article 28. Foreign exchange market of Vietnam 1. Members participate in Interbank Forex market including the State Bank of Vietnam and the credit institution are allowed.
2. the participants of Forex market between credit institutions are allowed to clients including credit institutions are allowed to, Exchange and the customer is resident, who did not reside in Vietnam.
3. The participants of Forex market of Vietnam made the kind of transactions according to international practices when satisfy the conditions set by the State Bank of Vietnam.
Article 29. The activity of the State Bank of Vietnam on the currency market the State Bank of Vietnam make the purchase, the sale of foreign currency on the foreign exchange market in the country to achieve its goal of national monetary policy.
Article 30. The mechanism of the exchange rate of the Dong Vietnam 1. The exchange rate of Vietnam is formed on the basis of supply and demand of foreign exchange in the market have of the State.
2. State Bank of Vietnam determine the exchange rate mechanism of Vietnam consistent with macro-economic objectives specifically in each period.
Article 31. Active management of export, import of the State Bank of Vietnam's gold operations management, export and import of gold in the form of blocks, ingots, granules, pieces of credit institutions and institutions allowed the gold business.
Chapter VI FOREIGN EXCHANGE RESERVE MANAGEMENT Article 32 STATE. The State foreign exchange reserve part 1. Foreign currency cash deposits in foreign currency abroad.
2. Securities and other valuable papers in foreign currency by the Government, foreign organizations, international organizations and released.
3. special drawing rights, the reserve at the International Monetary Fund.
4. Gold.
5. other currencies.
Article 33. Sources of formation of foreign exchange reserves to the State 1. Forex purchased from the State budget and the foreign exchange market.
2. Forex from bank loans and international financial organizations.
3. Forex from funds of the State Treasury and credit institutions.
4. Foreign Exchange from other sources.
Article 34. Management of foreign exchange reserves to the State 1. The State Bank of Vietnam to manage foreign exchange reserves as prescribed by the State Government to implement national monetary policy, ensuring the possibility of international payments and foreign exchange reserve conservation State.
2. The Ministry of finance to check the management of foreign exchange reserves to the State by the State Bank of Vietnam made pursuant to the Chớnh Government.
3. the report of the Government Committee on the National Assembly about the situation of the foreign exchange reserve volatility State.
Article 35. In Exchange the State budget the Prime currency rate regulation Ministry of finance remained from budget revenues to ensure regular Forex demand of the State budget.
Chapter VII OPERATIONS FOREIGN EXCHANGE SERVICE of CREDIT INSTITUTIONS and OTHER INSTITUTIONS in Article 36. The object and scope of activity Forex services supply 1. The object to be active provision of services including foreign exchange banks, non-bank credit organizations and other organizations allowed to operate foreign exchange services.
2. scope of supply activities include foreign exchange services: a) the Bank conducted the Forex services supply according to regulations of the State Bank of Vietnam;
b) The non-bank credit organization made a supply of Foreign Exchange services on the basis of registration activities under the conditions set by the State Bank of Vietnam regulations;
c) other organizations are active providing some Forex services under licence by the State Bank of Vietnam.
Article 37. Mobilize deposits and loans in foreign currencies in the country the State Bank of Vietnam stipulates the mobilization, lending in foreign currency on the territory of Vietnam's credit institutions.
Article 38. Foreign exchange operations on the international market conditions, government regulations, foreign exchange activity range of each type of credit institutions and other institutions.
Article 39. The responsibility of the credit institutions and other institutions when carrying foreign exchange service

1. Executive customer instructions strictly and seriously implement the regulations on Foreign Exchange Management and the provisions of relevant laws.
2. check the documents from customer-related transactions that fit under the provisions of this Ordinance and the provisions of the law on Foreign Exchange Management.
3. Have a responsibility to meet the demand for foreign currency to make payment of current transactions abroad of residents is the Organization and the individual.
4. Subject to the inspection, test and implement seriously the information mode, the report under the provisions of the law.
Chapter VIII STATE MANAGEMENT of FOREIGN EXCHANGE OPERATIONS Article 40. The State administration of foreign exchange operations 1. The unified Government in State management of foreign exchange operations.
2. State Bank of Vietnam Government responsible to implement state management of foreign exchange activity, the construction and enactment of policies to manage Forex, guide and inspection, check the Executive certificate from the regime and reporting information.
3. Ministries, ministerial-level agencies, provincial people's Committee, central cities are responsible for management of the State on foreign exchange operations in the scope of its powers, duties.
Article 41. Security measures When it deems necessary, in order to ensure financial security, the national currency, the Government is applying the following measures: 1. Restrict the purchase, remittance, payment for the transactions on the current account, the capital account;
2. Application of the provisions on the obligation to sell the exchange of resident's organization;
3. Apply economic measures, financial, currency;
4. Other measures.
Article 42. Report information mode 1. The State Bank of Vietnam is responsible for issuing, Inspector, checking the observance of reporting information mode, analysis, forecasting and publication of information about foreign exchange activities.
2. State Bank of Vietnam hosted in collaboration with the ministries to collect information, data to serve the State's foreign exchange management and balance of international payments.
Credit institutions are allowed to have the responsibility of reporting the information related to foreign exchange operations for the State Bank of Vietnam according to the regulations of the State Bank of Vietnam.
Organization, individual foreign exchange activities made the provision of information, data, at the request of the State Bank of Vietnam, the credit institutions are permitted according to the provisions of the law.
3. Ministries, ministerial-level agencies, provincial people's Committee, the central cities in the scope of the task, their powers are responsible for reporting information, data on foreign exchange operations for the State Bank of Vietnam to serve the State's foreign exchange management and balance of international payments.
Chapter IX COMPLAINTS, accusations, CLAIMS and HANDLE breach of article 43. Handle violation of organizations, individual violations of the provisions of this Ordinance, then, depending on the nature and extent of the violation that was disciplined, the administrative sanction or prejudice criminal liability; If the damage is compensated according to the provisions of the law.
Article 44. The complaint, report 1. The appeal of administrative decisions, administrative acts and denouncing violations of the law on foreign exchange operations are performed according to the provisions of the law on complaints and denunciation.
2. In the time to complain or sue, organizations, individuals sentenced to administrative violations must still enforce sanctions decision; When a decision is made to resolve complaints by the competent State agencies or the verdict, the decision of the Court was in effect, the law enforcement discretion to resolve complaints by the competent State agency or by judgment, the decision of the Court.
Chapter X TERMS Enacted 45. Effective enforcement of this Ordinance has effect from 1 June 2006.
Article 46. Government enforcement guide detailing and guiding the implementation of this Ordinance.