Headlines 30/12/2013 13:25 CH

Use of foreign currencies in Vietnam

Anh Khoa

The State Bank has issued Circular 32/2013/TT-NHNN providing guidance on the cases in which foreign currencies may be used in Vietnam. For instance:
- Residents may make capital contributions in foreign currencies by wire transfer to run foreign investment projects in Vietnam;

- Sellers of duty-free goods may post prices and take payments in foreign currencies;

- Organizations may pay salaries, bonus, and allowances in foreign currencies to their foreign employees under an agreement, either by wire transfer or in cash.

- Residents may quote, set prices in foreign currencies, and take payments in foreign currencies by wire transfer when providing goods and services to non-residents.

Other cases are specified in Article 4 of this Circular.

This Circular takes effect on February 10, 2014.
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