CIRCULAR of the MINISTRY of FINANCE NO. 54/CT-TCĐN on November 22, 1989 GUIDE SALE MODE of EXCHANGE the OBLIGATION for FOREIGN CURRENCY FUNDS of STATE Ministry of finance guidelines on sale of foreign currency obligations for the import-export business unit, room service currency exchange in ministries , the economic component of the Central and local levels according to the decision No. 218-CT on 18-8-1989 by the President of the Council of Ministers as follows: I-SALE FOREIGN CURRENCY OBLIGATIONS of the UNIT for the STATE are DEFINED AS FOLLOWS 1. For foreign currencies freely convertible: all units have currency exchange are obliged to sell foreign exchange to the State under the specified level for each group for export and service groups as follows: export sale obligations Rate (rate%)-Group minerals and fresh vegetables: 10% on sales by price FOB-food Group (rice corn, tapioca, ...): 20% "-the Group of agricultural resources and forestry products: 40%"-the Group of agricultural products processing: 30% "-light industrial and fisheries Group: 40%"-the Group of dry vegetables: 50% "-the Group of Crafts: 50%"-the bamboo Group: 60% "-Group work: 40% on the money Exchange Services Group-The Group: transport by sea , aviation, ship supply: 20% on revenue-travel: 30% on sales-commercial bank: 5% on sales-post office, insurance: 10% on sales-serving diplomatic and other services of economic relations (such as warehousing, trade, expertise, etc..): 50% on turnover-domestic currency foreign currency sales : 5% on the sales Note: If the unit do pay tax, filing currency lodging profits, etc ... in foreign currency then after deducting the accounts filed in the said in foreign currency, the remaining revenue will be the basis for the calculation of the level of selling obligation to the State.
Rates to buy foreign currencies freely convert say on rates by the Bank of foreign trade regulations.
The case of the export of goods or the provision of services to the foreign social area to repay the Government based on the number of actual foreign currency except government debt, the Finance Ministry will return the unit to directly export the corresponding rate Vietnam money to buy into the Bank for foreign trade. The unit is responsible for paying the entire amount, freight, insurance ... by the amount already paid by the Vietnam Ministry of finance.
If there are cases of large units cost more than the amount the Finance Ministry charged it must cover himself by other sources, the Ministry of finance does not compensate the losses in this case.
2. for foreign currency is Rubles transfer: according to the mode of financial management of import and export under the present Protocol, and due to the nature of restrictions in payment methods through the ruble transfer, the selling of Ruble transfer obligations are specified as follows: a) for revenue transfer Ruble of the unit was assigned export targets under the Protocol has annual registration does not apply the method of selling such obligations with respect to the revenue in foreign currency freely convertible. The whole of Russian ruble currency because exports are the State paid back by money order, group rate Vietnam group of services which the Ministry of foreign economic relations.
b) for Russian ruble transfer of business units, service, export business is not in an economic Ministry bought the entire foreign revenue:-the State encourages foreign business units had revenue of RCN expands direct relations with the party received the goods exported (or service provider) so that they return the payment by goods supplies investment corresponds to the unit's foreign currency revenue.
Case because the receiving party goods exported (or service provider) not paid by the respective goods should the sales of foreign currencies are brought into the payment through the Bank for international economic cooperation (MBES) then the new State purchase of RCN.
The number of Rubles that purchased will do the voluntary units sold in part or in whole after the Ruble by enough except that the unit must keep for incidental with other units such as the costs of transport and insurance, buy imported goods, the cost of compensation for damage caused by shoppers exporter (or the person providing the service) complaints.
As such, the State does not specify mandatory obligations for the sale of foreign currencies RCN. The number of Rubles transfer expected to sell should be put into foreign currency income plan of the Ministry of finance submitted to the Ministry of finance actively deployed on foreign currency plan of the State and the State budget plan.
-The procedure to sell RCN regulations as follows: Unit has generated revenue source RCN was purchased should inform the Ministry of finance said: + the origin of the source currency RCN that the expected unit sales to the Ministry of finance.
+ Certified by the Central Bank for foreign trade of the RCN number that was taken into account at the Bank for international economic cooperation (MBES).
+ Settlement cost or the cost of making the RCN that (a settlement must be certified by the financial bodies at the same level).
After studying the material on. The Ministry of finance would deals with units of varying rates to buy RCN number that projected unit sale. Rate this agreement guarantees the principle compensates the costs of reasonable enough that the unit has dropped out.
3. Organize the purchase and sale of foreign currencies for foreign exchange regulations of the State, the relationship between finance and the Bank in this.
About the Vietnam foreign trade Bank buy exchange of the units sold for foreign currency Fund obligations the State's focus: regulation to make the purchase and sale of foreign currency and foreign currency income management said in paragraph still made according to circular No. 07-TC/TCĐN on 28-3-1989 of the Ministry of finance "Guide to managing and operating the Exchange Fund focus of the State ".
This circular instruction just add some of the following points:-carry businesses buy Exchange foreign currency funds of the State, the Bank for foreign trade of Vietnam are entitled to a fee of 0.1% of the procedure clause of the foreign currency bought are buying into the same rate Vietnam due to bank rules (against foreign currencies freely convertible) and under Exchange rate buy-in by Ministry of finance regulation (for QUANTITATIVE REASONING).
– The Ministry of finance to open the following accounts: 1-720-001: TK Vietnam Dong deposits to buy foreign currencies RCN 02-720-001: TK Vietnam Dong deposits to buy foreign currencies freely convertible.
The above account is opened at the Bank branch where the professional performs the purchase of foreign currency for the State.
Each of the above accounts are allowed to "outstanding" to a billion. So the balance a billion the State Bank of Vietnam suspended foreign currency purchases and waiting for the Finance Ministry to transfer money to the Bank, which continues to make the purchase of foreign currency for the State.
The Bank for foreign trade of Vietnam interest calculation on the number of "outstanding" or "balance" of the account has said the Bank's interest rate regime of State regulation and "debit" or "credit" into that account and notify the Ministry of finance said.
 
II-REGULATIONS REGARDING the REMIT of EXCHANGE STATED in article 2 of DECISION 218-CT on FOREIGN CURRENCY FUNDS of STATE FOCUS
 

-All foreign currency accounts prescribed in article 2 of decision No. 218-CT on 18-8-1989 by the President of the Council of Ministers, although arising in local or territory would also exchange of the State. The Bank of foreign trade where the foreign currency account in the said when the units are currency exchange offering lodging, the timely collection responsibility on account of foreign exchange funds of the State, at the same time send paper "message" for the Ministry of finance and the unit said.
For the exchange of international organizations covered for conferences, workshops, classes and other services provided by host Vietnam, was the Ministry of finance guidelines in circular No. 19-TC/June NTNT-1988 now uniformly implemented are: the number of Exchange to which the units are the international organizations charged to organize the Conference workshops, classes and other services to sell foreign currency to fund the entire focus of the State according to the rates published by the Bank for foreign trade. The unit used by Vietnam to sell foreign currency to spend on conferences, seminars, classes ...-some units have been the President of the Council of Ministers (according to the text issued after 01-01-1989) for use in part (or the whole) source of exchange payable, if there was indeed filed to the State after the date 01-01-1989 it must make clear statements about the implementation source currency and has filed with the Ministry of finance to the Ministry of finance moved to pay back foreign currency of that unit have filed into the Exchange Fund.
Particularly for illegal foreign currency accounts by the police and the Customs seized or captured after processing, the decision was taken from bank accounts 02-720-001 a Vietnam by varying from 5-10% on the value of foreign currencies to fund foreign currency lodging real state bank rate regulation at the time of the submission of exchange for transfer to pay for public safety Customs sources, the bonus (circular No. 33-NH-NT guiding the implementation of the Charter the Foreign Exchange Management). The unit does not receive prize money in foreign currency.
-Some of the sources of Exchange to which the President of the Council of Ministers issued the text before 01-01-1989 which allows the unit to be retained using the present tense under decision 218-CT (article 2) the old text that had been abolished, the number of Exchange this arises from 01-01-1989 onwards are all Exchange of State management by the Ministry of finance and administration.
Ministries, sectors and localities are responsible for the entire Finance Ministry report number plus the currency from 1 January 1989 back here which should separate the foreign currency payable Number: + required arising to date, if left in the account of the unit then the ministries, localities must submit to the Exchange Fund of the State and report it to the Ministry of finance said.
+ Number of Exchange must sell the obligation, the unit has made selling how much obligation, the rest are sold for foreign currency funds to state the procedure for selling the right to Exchange Fund of the State.
The report said on the need to send to the Ministry of finance is the latest 30-11-1989. After collation of figures reported by the Ministry of industry, with the Bank's figures, the Finance Ministry will determine the number of submit enough and have to sell enough Exchange foreign currency funds of State in 1989.
This circular has effect from 01-01-1989.