One of the new points of this Circular is that it regulates in details Vietnamese traders may collect VND and CNY in cash from export through auxiliary border checkpoints and border crossings. However, then they have to deposit such money into a payment account opened at bordering branches.
At Article 5 of this Circular also regulates principles for depositing cash from export through border checkpoints to the account opened at bordering branches. Especially, revenues in cash from each contract of export shall be credited to a single payment account.
This Circular takes effect from October 12th, 2018.
This Circular replaces Decision No. 689/2004/QD-NHNN dated June 7th, 2004 and amends, supplements to Article 1 of Circular No. 33/2013/TT-NHNN dated December 26th, 2013.
Directive No. 02/CT-NHNN - Banks are banned from conducting of cryptocurrency transactions ( 13-Apr-2018) Aiming to prevent risks of money laundering, tax evasion, tax fraud by cryptocurrencies, the State Bank of Vietnam (BSV) bans banks from providing payment services, conducting card - related transactions, providing credit via cards, supporting to handle, making payments, transferring money, carrying out clearing and finalization, exchanging currencies, conducting transactions of payment, money transfer through borders related to transactions of cryptocurrencies for clients. read more
Upon detecting suspected transactions related to cryptocurrencies, banks have to timely report to the SBV and take measures to handle so as to ensure the compliance with the regulations of laws on money laundering prevention and combat and foreign exchange management.
The Banking Supervision Agency of the SBV shall also organize the investigation into risks of cryptocurrencies at banks in case of having hazard of risks or having signs of violation of laws or in necessary cases.
This Directive takes effect from the date of it signing.
When making payment for charges of offshore money transfer collected on behalf of the intermediate organizations outside Vietnam, the banks must withhold and pay withholding tax on behalf of the intermediate organizations, including 5% value added tax and 5% enterprise income tax upon revenue received from the clients.
With regard to incomes Vietnamese banks receive from performance of money transfer transactions under the contracts signed with the aforesaid intermediate organizations outside Vietnam, the banks shall declare and pay tax as prescribed.
In addition, Form No. 02 - Amounts of loans to be repaid and expected to be repaid by clients in 2016 issued together with Circular No. 24/2015/TT-NHNN is also replaced by the new form issued together with this Circular.
This Circular takes effect from January 1st, 2018 and abolishes Circular No. 31/2016/TT-NHNN dated November 15th, 2016.
- It is allowed to receive money via bank transfer from the gambler’s foreign currency checking account opened in Vietnam (Clause 1, Clause 2 Article 1);
- To add rules of preparing application for License to conduct foreign currency collections, payments (Clause 3 Article 1);
- To amend procedures for issuance, re-issuance and modification to License to conduct foreign currency collections, payments (Clause 4, Clause 5 A Article 1);
- It is allowed to buy foreign currency to serve prize-rewarding electronic game business (Clause 7 Article 1);
- Companies that are licensed by the State Bank of Vietnam to conduct collections and payments in foreign currency in connection with their prize-rewarding electronic game business for foreigners before the date of entry into force of this Circular shall continue implementing the written approvals given by the State Bank of Vietnam. In case of need, a gambling company may carry out procedures for conversion of the written approval for prize-rewarding electronic game business into a License (Clause 8 Article ).
This Circular takes effect from October 15th, 2017. To abolish Article 19 of Circular No. 29/2015/TT-NHNN dated December 22nd, 2015.
Accordingly, casino enterprises are only allowed to carry out foreign currency collections and payments within the scope below and they must obtain the license from the State Bank of Vietnam:
a) Collect cash in foreign currencies from the exchange of foreign currencies for tokens;
b) Collect cash in foreign currencies from gaming machines functioned to collect cash in foreign currencies directly from foreign gamblers;
c) Receive money transfers in foreign currencies in accordance with regulations in Point a Clause 1 Article 5 of this Circular;
d) Use cash in foreign currencies to pay out prizes to foreign gamblers who win games or convert unused tokens for foreign gamblers;
dd) Make money transfers in foreign currencies in accordance with regulations in Point b Clause 1 Article 5 of this Circular;
e) Other foreign exchange transactions include: opening and using specialized foreign currency accounts; foreign currency cash on hand; certifying the prize, payout, and exchanging unused tokens for gamblers
The exchange rates for Vietnamese Dong or other currencies to tokens and vice versa shall base on the buying rates announced by the licensed bank where the casino enterprise's specialized foreign currency account is opened on the transaction date.
This Circular takes effect from October 15th, 2017.
According to the State Bank of Vietnam’s explanation, governing scope of Decree No. 24/2012/ND-CP only includes gold jewellery and fine arts; gold bars and gold material.
In which “gold material” means gold bullions, bars grains, pieces and other types (Clause 3 Article 3 of Decree No. 24/2012/ND-CP).
Therefore, when an enterprise exports scrap which is ore slag of which gold content is between 0.01% and 0.1%, it shall not be governed by the aforesaid Decree No. 24/2012/ND-CP. The enterprise shall only perform in line with contract signed with foreign party and related regulations of laws.
Accordingly, with regard to the application for a Certificate of eligibility to manufacture gold jewelry and goldsmiths’ wares, each enterprise must supplement “documents proving that it has registered for manufacture of gold jewelry and goldsmiths’ wares".
In the case of applying for a License to trade gold bullion, the application submitted by an enterprise must be supplemented:
- The list of locations registered as gold bullion trading locations (head office, branches or business locations);
- Documents proving that locations registered as gold bullion trading locations have been registered with or reported to the competent business registration agency.
However, with regard to the application of a License to import gold materials, it is not required the Certificate of eligibility to manufacture gold jewelry and goldsmiths’ wares.
In addition, this Circular also supplements the regulations on the application for modification of License to trade gold bullion (including change in enterprise’s information, change in names, addresses of gold bullion trading locations, addition to names, addresses gold bullion trading locations).
This Circular takes effect from July 22nd, 2017. To abolish Clause 3, Clause 5, Clause 6, Clause 19 Article 1 and Annex 1a issued together with Circular No. 38/2015/TT-NHNN dated December 31st, 2015.