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Circular 07 Tc/tcđn: A Guide To Managing And Operating The Exchange's Fund Of The State

Original Language Title: Thông tư 07 TC/TCĐN: Hướng dẫn việc quản lý và điều hành qũy ngoại tệ tập trung của nhà nước

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CIRCULAR guiding the management and operation of the Exchange Fund to focus the State's _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ To clearly define the functions and tasks of the financial institutions and banks in the qủan operating foreign currency Fund and the focus of the State, after the exchange of consistent with State Bank (the Central Bank) The Ministry of finance temporarily instructions a score as follows: a. GENERAL RULES: the revenues and expenses of foreign currencies foreign currency funds in the State's focus is on accounting 120 accounts "deposits foreign currency Fund State" opening at the Central Bank for foreign trade.
The above accounts are opened and tracked separately for foreign currencies freely convertible and transferable Ruble private.
To the Ministry of finance condition management, analysis of each source of revenue in foreign currency funds, fund foreign currency deposit accounts State is open according to the sub account details: 120-001 currency exchange trade 120-002 income on debt of 120-003 Exchange about aid 120-004 exchange for cooperation workers and experts 120-005 Exchange about Africa 120 trade-006 other revenues in foreign currency.
The source currency is the correct accounting on the primary account has been specified on, also when spending from any source must be the account holder.
Exchange Fund account the State says trêncũng as the primary account this account is the raw accounting, cannot pay the price of change in Vietnam.
Exchange Fund account was opened at the State Bank for foreign trade of Central and in all the branches of the Bank for foreign trade of Vietnam.
Open account funds bad, plus the State is specified as follows:-Load Fund deposit of foreign currency by the Minister of State of finance do account holders in the Bank for foreign trade of Vietnam.
-All the branch bank for foreign trade of Vietnam only transfer accounting currency on the Exchange Fund account are not state spending accounting, all payments are made at the Central Bank for foreign trade.
The daily spend of the Vietnam foreign trade Bank branch to transfer income and power têẹ on the Central Bank to the account "funds Exchange Fund State" and included in the analysis of the U.S. account of the Ministry of finance at the Central Bank for foreign trade and daily send paper reported "Yes" to the Finance Ministry to keep track.
B. FOREIGN CURRENCIES FREELY CONVERTIBLE 1) The income of the State foreign trade bank account to the account "funds of State foreign currency funds" include:-the entire foreign currency revenue by exporting, business Exchange services are State of the material balance of goods.
-Foreign currency due to the IMPORT-EXPORT business organization, business services in ministries, local service to sell foreign currencies for the State.
-Foreign currency for the State loans with money.
-Foreign currency pecuniary aid (including the humanitarian aid of the international organization, etc.)-foreign currency revenues of Africa trade (including the purchase of exchange of representative offices and international organizations and individuals in the international organizations often stay in Vietnam).
-Revenues in foreign currencies for cooperation workers and experts.
-The revenues of foreign currency as forfeit money, money: the offense gets public security, customs confiscated were processed, tax money; filing fees of the enterprises, foreign-invested financial assets; commissions due the economic organizations and foreign companies payment for organizations economic ...
2) management rules on spending from the account "deposit fund foreign currency State" general principles in the management of foreign exchange spending from the account "deposit foreign currency Fund State" is based on a plan by the Council of Ministers. The Ministry of Finance announced spending limit of foreign currency or foreign currency order level once the ministries and localities a) Spending limit: reportedly the Bank of foreign trade based on the quota due to the Finance Ministry announcement, carried the genus within that limit. Each genus Bank send notice paper debt for the Finance Ministry, indicate the number of genus limit by the Ministry of Finance has browser.
b) genus of the Exchange order-ever times: based on Ministry of finance order browse commercial bank made the genus once and send the report to the Ministry of finance Debt paper under each.
Before your eyes, while not yet implemented is management of the Ministry of finance at the local, the entire genus of Exchange as defined in points (a) and (b) above are taken in account "deposit foreign currency Fund State" opening at the Central Bank for foreign trade. However, in order to create favorable conditions for the unit is cable State Exchange, the Central Bank may base on reported foreign currency spending limit or foreign currency order of the Ministry of finance, the transfer of foreign currencies has been the Ministry of finance to browse about cac branch belongs to the genus for đơnvị.
c) for the payment of foreign debt (including principal and interest repayments-including past due interest).
On the basis of foreign debt is state quarterly, the Finance Ministry and the Central Bank agreed repayment plan specific for you, including the repayment of principal and interest on the debt (including overdue interest rate).

+ For the original debt payments for the private or international organizations, the Ministry of finance will order foreign currency from foreign currency Fund deposit account State to the Central Bank for foreign trade of foreign payments.
+ Debt payments for interest (including overdue interest rate): due to the complex nature of interest arise should the Finance Ministry and the Central Bank need to plan quarterly and based on specific plan has been agreed on for the wall should be charged interest during the quarter, the Central Bank allowed to pay interest from the account "deposit foreign currency Fund Home water ", then send the report to the Ministry of finance Debt paper to follow.
3) on sale of foreign currencies and rates.
-In total revenues to the account "funds of State foreign currency funds" as defined in article (2) comes on, foreign currency revenues due to the import-export business organization, business services of the ministries, local sale of the obligation for the State to spend money to Vietnam's Finance Ministry to buy according to the rates published by the Bank. All the rest of revenues (2) bank account directly with currencies into account "deposit foreign currency Fund State".
-The Organization of IMPORT-EXPORT business, business services, ministries, sectors and localities are the Ministry of Finance issued foreign currency to spend on imports of materials, goods, for the operation of the service (if any), for the overseas work out, funding for the Vietnamese representative offices abroad, etc. all have to protect the cash rate by the State Bank announced at the time of the use of foreign currency for the purchase of foreign currencies are the Ministry of finance allocated.
-To facilitate foreign trade banking systems in the Organization of the buying and selling of foreign currency, foreign currency purchases and accounting are specified as follows: + the Ministry of finance to open accounts "deposits denominated in Vietnam" at the Central Bank for foreign trade. This account is as follows:-accounting Parties: record amount Vietnam obtained due to sale of foreign currencies for the ministries, local and the amount transferred from the Ministry of finance budget funds on the account to buy foreign currencies.
To help finance the track are each revenue source by selling foreign currency, foreign trade Bank clearly on the evidence from each specific content such as the sale of foreign currencies for imports, demand of embassies abroad, foreign travel for a group, for the submission of annuity of the Vietnamese economic organization for foreign economic organizations , for billing the service needs etc.
Sidebar: record specific amount Owed to each account must be paid to the ministries, local to buy foreign currency number that the ministries, local sale of the obligation for the State.
To handle the contradictions between the accounts opened in the Central Bank for foreign trade, while it incurred buying the Exchange happen at most Bank branches of foreign trade, Ministry of finance and the Central Bank for foreign trade of reunification as follows: Foreign Trade Bank branch used credit to buy foreign currency capital on the obligation of the Ministry of industry and local, and then move it back to the Bank for foreign trade, the Central Bank for foreign trade of foreign currency notes bought was on account of Foreign Exchange Fund deposits "State", and the debit to the account "funds denominated in Vietnam" Vietnam tiềnV number corresponding to the number of foreign currencies were bought to convert the return for Ngoịa and commercial bank branch facility.
In principle the "deposit account denominated in Vietnam" always "There". Song in case of need this account is permitted to the extent that outstanding 1 billion within a maximum of 7 days, balance or balance of the account shall be entitled or subject to the interest rate under the interest rate of bank regulation.
4) reporting To the Ministry of Finance regularly assumed to be active currency on the accounts of the Exchange Fund deposits "and" Exchange Fund deposits and accounts "deposits denominated in Vietnam". The Ministry of finance directly receive the vouchers say on China commercial bank in need-on trunghàng File and send it to the Finance Ministry a certificate from the Bank's "debt" and "There" of private account "sends the Exchange Fund account State and" deposits denominated in Vietnam ". The Ministry of finance directly receive the certificate from the said at the Central Bank for foreign trade.
-On days 10, 20, 30 of every month submit to the Ministry of finance extra book statement about currency, the Exchange Fund account and the payment by deposit account.
-Send quarterly financial report The situation to pay foreign debt quarterly repayment plan that the two sides had agreed upon.
B. for FOREX RUBLE TRANSFER due to the limited nature of the payment of the RCN, because foreign billing mechanism focus and should plan the entire revenue on accounting QUANTITATIVE REASONING into account "deposit foreign currency funds of State" by the RCN opened at the Central Bank for foreign trade. This account also the raw accounting, not accounting "for the price" in Vietnam.
I.QUY MANAGEMENT account "DEPOSIT FOREIGN CURRENCY FUND State" by RUSSIAN RUBLE TRANSFER 1/The RCN income are accounted into account "deposit fund foreign currency State" by RCN CHANNEL include:

-Foreign currency Account of the IMPORT-EXPORT business and was not service materials balance but the State payment in cash according to the exchange rate announced by the State.
-The whole sales of foreign currency by exporting goods, business services of the ministries, local to the SOCIALIST sector (concentrated payment through the Bank for international economic cooperation (MBES) by the State balance of material.-the whole loan tenor of MBES.-the entire debt loans, aid double hand signed giĩa the two Governments are MBES.-account balance PMD are transferred to your deposit currency Fund State by RCN.
The account currency said on the Bank are the raw shock of bad accounting QUANTITATIVE REASONING into account Exchange Fund deposits State by RCN and sent to Finance Ministry paper "message" specified income by exporting, business services, due to debt relief, etc. to follow. The "private message" on exports, business banking services to send paper copy report that copper for export or service organization to the organizations that keep track of your revenue.
The import-export business organizations and business service are required to open a foreign currency account to track your business results. This account accounting as follows: Parties: on export revenue accounting or business service pursuant to this account as the stars "report" about the foreign country has export deposit payment or service of the foreign trade Bank.
Debit side: value accounting of materials imported by the State pay for the applicable divisions materials balance mechanism of 410 million RCN of 1989.
Based on the record of this account are laying paper ' report "debt in foreign currency of the supplies of goods to which import organizations have delivered (by 410 million balance QUANTITATIVE REASONING mechanism for currency purchase XK of 1989) quarterly asked the export-import business organization and service the account settlement report comes on for the Finance Ministry and the State Planning Commission. Report should clear the following:-the percentage (%) units receive supplies on export earnings due to Ministry regulations to purchase export.-total export earnings (of party there arose accounts).-worth of supplies were received (the party of debt account arise).
For example, the total import and export company of handicrafts (the Ministry of foreign economic relations) were The foreign economical balance 90% of items to purchase for export. Foreign currency account of the Corporation calculated from 1/1/1989 to 31/3/1989 as follows: arises: parties have 10 million RCN.
Incurred debt party: 7 million RCN.
So if the balance limit supplies 90% of the Total import-export company crafts must be getting supplies is 9 million (10 million RCN RCN x 90%). But the reality Of the new company get 7 million RCN CHANNEL, so the State (UBKHNN) owed two million by RCN Corporation supplies.
For the business unit export, importing and exporting services or as a service for SOCIALIST area which are not state material balances (such as export out the Decree, export exceeded the plan, the public money in machining, ...) then the entire foreign currency revenue (expressed in whole dark chocolate arises "parties" of the aforementioned accounts). The number of Exchange will be home nuơúc acquires a part or the whole of Vietnam with money or just buy back part with cash the rest will return to the unit by supplies of goods.
The case of foreign currency is determined by payment of money will follow the rates prescribed by the State.
2/regulation on expenses from the account Exchange Fund deposits State by RCN.
-The content of foreign exchange spending from TK "deposits" the Exchange Fund State by RCN include: + pay import.
+ Compensation for part or all of the money for export due to buyer claims.
+ Pay the loan tenor of MBES Bank.
+ Pay loan interest tièn.
+ Genus switched to non-trade accounts.
-Due to the nature of "automatic" in the MBES, payments based on the Telex of MBES reported shipment that we have to pay the Bank for foreign trade implemented then debited to account foreign currency fund deposits State by RCN and report it to the Ministry of finance said. The paper "Debt report" sent the Finance Ministry should be specified: + pays imported goods for import and export business organization.
+ Genus export compensation for import export business organization.
+ Payment of the debt.
+ Pay interest.
+ Extract transfer from the Exchange Fund account State by RCN to African trade account to spend.
II. RULES OF PAYMENT RUSSIAN RUBLE ACCOUNT MANAGEMENT CLEARING.
1/Russian ruble account Clearing song editor applied in trade payments in the case used the knowledge of payment Clearing, song of exchange arising is recorded "There" and "debt" to the State's Clearing account. Management and payment apply as for Exchange RCN payment has marginal MBES through the Bank.
2/the State's deposit account on the Africa trade a) open account: the Ministry of finance general account at the Central Bank to manage any cost situation Vietnam trade with SOCIALIST countries all according to the agreement on non-current trade payment.
"Foreign currency deposit Africa trade" of the current financial accounting as follows:-Parties: reflections of the entire revenues of Africa's trade, including the source of foreign currency from the Exchange Fund account by the RCN CHANNEL switch.

Party Debt: record the entire foreign currency expenditures Africa trade order-the Finance Ministry (the Ministry of Finance issued foreign currency order Africa trade based on the plans of Exchange Africa annual trade was the Council of Ministers).
b) units in the country are the Ministry of Finance issued foreign currency order Africa trade must transfer the money to buy foreign currency of Vietnam is granted by our trade agreement with a foreign country.
When performing this service, the Bank for foreign trade of the Ministry of finance submitted to a paper "Debt" on the Newspaper withdrew money from foreign currency deposit accounts Africa trade and a paper "report" about the domestic unit paid to buy foreign currencies. The amount Vietnam obtained foreign trade Bank moved filed to the account "funds charged in the Philippines" by the Ministry of finance at the Central Bank for foreign trade.
c) To ensure convenience in payment relations situation with one of the participating countries non payment agreement and trade with the countries of the non-payment of trade parallel to us border, the central commercial bank will open an account non-payment of trade with each country with non-payment of trade relations with Vietnam to monitor activities of this expense. The money was transferred into account Africa's trade of our State in the country to use the foreign trade Bank, will make The financial order.
Last year, when the General account-settlement currency deposits Africa trade, the Finance Ministry will give to the Bank about handling measures in case your account has a number of "outstanding" or "there".
This circular has effect from 01/01/1989 In the implementation process, if stuck, the Bank and the Corporation's import and export business and services will exchange with the Ministry of finance to supplement the timely./.