Circular No. 16/2015/TT-NHNN dated October 19, 2015 of the State Bank of Vietnam amending, supplementing a number of articles of the Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the State Bank Governor guiding the implementation of regulations on restricting the use of foreign exchange within the territory of Vietnam

THE STATE BANK OF VIETNAM

Circular No. 16/2015/TT-NHNN dated October 19, 2015 of the State Bank of Vietnam amending, supplementing a number of articles of the Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the State Bank Governor  guiding the implementation of regulations on restricting the use of foreign exchange within the territory of Vietnam

Pursuant to the June 16, 2010 Law on the State bank of Vietnam No. 46/2010/QH12;

Pursuant to the June 16, 2010 Law on Credit Institutions No. 47/2010/QH12;

Pursuant to Ordinance on foreign exchange No. 28/2005/PL-UBTVQH11 dated 13 December 2005 and Ordinance No. 06/2013/PLUBTVQH13 dated March 18, 2013, amending and supplementing several Articles of Ordinance on foreign exchange; 

Pursuant to the Government’s Decree No. 156/2013/ND-CP dated November 11, 2013, defining the functions, tasks, powers and organizational structure of the State bank of Vietnam;

At the proposal of the Director of the Department of Foreign Exchange Management;

The Governor of the State bank of Vietnam issues the Circularamending, supplementing a number of articles of the Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the State Bank Governor  guiding the implementation of regulations on restricting the use of foreign exchange within the territory of Vietnam.

Article 1. To amend, supplement a number of articles of the Circular No. 32/2013/TT-NHNN as follows:

1. To amend, supplement Clause 17 Article 4 as follows:

“17. For cases related to security, national defense, oil and other necessary cases, organizations that areallowed to use foreign exchange in the territory of Vietnam will be considered and approved in writing by the State Bank Governor based on the actual situations and necessities of each case according to documents, orders, procedures as stipulated under Article 4a of this Circular.”

2. To supplement Article 4a as follows:

“Article 4a. Documents, orders, procedures for approval o f using foreign exchange in the territory of Vietnam

1. Principles of setting up and sending the application on approval of using foreign exchange in the territory of Vietnam:

a) The documents must be made in Vietnamese. If a part of the documents is translated from foreign languages, the organization shall select to submit documents that are certified with the signature of the translator according to regulations on certification of the Vietnamese law or documents certified by the legal representatives of the organization;

b) For parts of the documents are copies, the organization shall select to submit the certified copies or copies from the original papers or copies certified on the accuracy of copies compared with the original ones. If the organization submits the documents at the State Bank (Department of Foreign Exchange Management) and copies without certification, copies from the original papers or copies certified by the organization, the organization must present the original papers to contrast. The persons who contrast must sign in the copies and take responsible for the accuracy of the copies compared with the original ones.

2. Organizations that want to use foreign exchange in the territory of Vietnam as stipulated under Clause 17, Article 4 of this Circular shall prepare an application dossier on approval of using foreign exchange in the territory of Vietnam by post or submit directly at the State Bank of Vietnam (Department of Foreign Exchange Management); The dossier includes:

a) Application on approval of using foreign exchange in the territory of Vietnam, of which clearly mentions necessities of using foreign exchange;

b) Copies of papers proving the legal operation of the organization; business registration certificate or investment registration certificate or other equivalent papers as stipulated by the law;

c) Dossiers, documents proving necessities of using foreign exchange in the territory of Vietnam;

3. If the dossier is incomplete and invalid, within 10 working days since the receipt of the dossier, the Vietnam State Bank shall request the organization to amend into the dossier in writing.

Within 45 working days since the full receipt of the valid dossier, the State Bank of Vietnam shall consider and approve on using foreign exchange in the territory of Vietnam based on the actual situations and necessities of each case.

If refusal, the State Bank of Vietnam should clearly mention reasons;

Article 2.Provisions of implementation

1. This Circular takes effect on December 03, 2015.

2. The Chief of office, Director of Department of Foreign Exchange Management, heads of relevant units of the State bank of Vietnam, Directors of the State bank’s branches in provinces and Central-affiliated cities, chairmen of Boards of Directors, chairmen of Members Council, Directors General (Directors) of the authorized credit institutions shall implement this Circular. 

For Governor of the State Bank

Deputy Governor

Nguyen Thi Hong