Circular 24/2022/TT-NHNN amend Circulars stipulating administrative procedures in foreign exchange control

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Circular No. 24/2022/TT-NHNN dated December 30, 2022 of the State Bank of Vietnam amending and supplementing a number of articles of Circulars stipulating administrative procedures in the field of foreign exchange control
Issuing body: State Bank of VietnamEffective date:
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Official number:24/2022/TT-NHNNSigner:Pham Thanh Ha
Type:CircularExpiry date:Updating
Issuing date:30/12/2022Effect status:
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Fields:Administration , Finance - Banking

SUMMARY

Certificates of eligibility for manufacture of gold jewelry shall be granted within 30 working days

Circular No. 24/2022/TT-NHNN amending and supplementing a number of articles of Circulars stipulating administrative procedures in the field of foreign exchange control is issued on December 30, 2022 by the State Bank of Vietnam.

Accordingly, an enterprise wishing to manufacture gold jewelry and art crafts or an enterprise having changes relating to the content of the certificate of eligibility for manufacture of gold jewelry and art crafts shall submit 01 set of dossiers as prescribed by post or directly at the single-window section of the State Bank branch of the province or city where its head office is located.

Regarding the procedures for grant of certificates of eligibility for manufacture of gold jewelry and art crafts, dossiers and procedures, within 30 working days after receiving a complete and valid dossier, the Director of the provincial-level State Bank branch shall grant or refuse to grant (clearly stating the reason) a certificate of eligibility for manufacture of gold jewelry and art crafts.

Regarding the procedures for modification of certificates of eligibility for manufacture of gold jewelry and art crafts, within 15 working days after receiving a complete and valid dossier, the provincial-level State Bank branch shall consider and issue a decision on modification of the certificate of eligibility for manufacture of gold jewelry and art crafts. The modification decision is an integral part of the certificate of eligibility for manufacture of gold jewelry and art crafts.

This Circular takes effect from February 15, 2023.

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THE STATE BANK OF VIETNAM
__________

No. 24/2022/TT-NHNN

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

_______________________

Hanoi, December 30, 2022

CIRCULAR

Amending and supplementing a number of articles of Circulars stipulating administrative procedures in the field of foreign exchange control

______________

 

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010, and the Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005 and the Ordinance Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange dated March 18, 2013;

Pursuant to the Government’s Decree No. 102/2022/ND-CP dated December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

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

The Governor of the State Bank of Vietnam hereby promulgates the Circular amending and supplementing a number of articles of Circulars stipulating administrative procedures in the field of foreign exchange control.

 

Article 1. Amending, supplementing and annulling a number of phrases, clauses and articles of Circular No. 16/2012/TT-NHNN dated May 25, 2012, of the Governor of the State Bank of Vietnam, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold business activities (hereinafter referred to as Circular No. 16/2012/TT-NHNN)

1. To amend and supplement Article 16 (amended and supplemented under Clause 15 Article 1 of Circular No. 38/2015/TT-NHNN dated December 31, 2015 , of the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN (hereinafter referred to as Circular No. 38/2015/TT-NHNN); Clause 3 Article 1 and Clause 2 Article 2 of Circular No. 15/2021/TT-NHNN dated September 30, 2021, of the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN (hereinafter referred to as Circular No. 15/2021/TT-NHNN) as follows:

“Article 16. Procedures for granting certificates of eligibility for manufacture of gold jewelry and art crafts and licenses for temporary import of gold material for re-export of products

1. An enterprise wishing to manufacture gold jewelry and art crafts or an enterprise having changes relating to the content of the certificate of eligibility for manufacture of gold jewelry and art crafts shall submit 01 set of dossiers prescribed in Article 8, Article 8a of this Circular by post or directly at the single-window section of the State Bank branch of the province or city where its head office is located.

2. Regarding the procedures for grant of certificates of eligibility for manufacture of gold jewelry and art crafts, based on the conditions, dossiers and procedures provided in Decree No. 24/2012/ND-CP, this Circular and the physical inspection results of the physical foundations and equipment serving the enterprise’s manufacture of gold jewelry and art crafts, within 30 working days after receiving a complete and valid dossier, the Director of the provincial-level State Bank branch shall grant or refuse to grant (clearly stating the reason) a certificate of eligibility for manufacture of gold jewelry and art crafts (according to the form in Appendix 16 to this Circular).

3. Regarding the procedures for modification of certificates of eligibility for manufacture of gold jewelry and art crafts, based on the conditions for manufacture of gold jewelry and art crafts provided in Decree No. 24/2012/ND-CP, this Circular and the physical inspection results of the physical foundations and equipment serving the enterprise’s manufacture of gold jewelry and art crafts (in case of changing the manufacturing location), within 15 working days after receiving a complete and valid dossier, the provincial-level State Bank branch shall consider and issue a decision on modification of the certificate of eligibility for manufacture of gold jewelry and art crafts (according to the form in Appendix 21 to this Circular). The modification decision is an integral part of the certificate of eligibility for manufacture of gold jewelry and art crafts.

4. Procedures for grant of a license for temporary import of gold material for re-export of products and procedures for modification of a license for temporary import of gold material for re-export of products shall be carried out as follows:

a) An enterprise wishing to temporarily import gold material for re-export of products or to modify the license for temporary import of gold material for re-export of products shall submit 01 set of dossiers specified in Article 11, Article 11a of this Circular by one of the following methods:

(i) Submitting directly via the National Public Service Portal or on the State Bank’s Public Service Portal;

(ii) Submitting directly at the single-window section of the State Bank branch of the province or city where the enterprise is headquartered;

(iii) Sending by post.

b) In case of online submission through the National Public Service Portal or the State Bank’s Pubic Service Portal, e-dossiers shall be digitally signed in accordance with the law on carrying out administrative procedures on electronic environment. In case where the National Public Service Portal or the State Bank’s Pubic Service Portal fails to receive or exchange electronic information due to an incident or error, the declaration, submission, receipt, result return, exchange and feedback of information shall be conducted by postal service or conducted directly at the single-window section of the State Bank branch of the province or city where the enterprise is headquartered;

c) Documents in the e-dossier must be electronic versions scanned from the originals (in PDF format) or declared on the State Bank’s Public Service Portal;

d) Documents in the paper dossier must be the originals or copies from the originals, certified by the enterprise.

5. Regarding the procedures for grant of licenses for temporary import of gold material for re-export of products, within 15 working days after receiving the complete and valid dossier, the Director of the provincial-level State Bank branch shall grant or refuse to grant (clearly stating the reason) the license for temporary import of gold material for re-export of products in the form of paper or electronic document (according to the form in Appendix 17 to this Circular). The validity period of the license for temporary import of gold material for re-export of products shall be determined on the basis of the contract for processing gold jewelry and art crafts, but not more than 12 months from the date of licensing. The re-export of products shall be carried out within the validity period of the license. The volume of imported gold material shall be determined on the basis of the processing contract and the plan for processing gold jewelry and art crafts of the enterprise.

6. Regarding the procedures for modification of licenses for temporary import of gold material for re-manufacture of products, based on the modification contract and provisions of this Circular, within 15 working days after receiving the complete and valid dossier, the Director of the provincial-level State Bank branch shall issue or refuse to issue (clearly stating the reason) a decision on modifying the license for temporary import of gold material for re-export of products in the form of paper or electronic document (according to the form in Appendix 21 to this Circular). In case of modifying the validity period of the license, the modified period shall be determined on the basis of the modified processing contract, but not more than 12 months from the initial licensing date. In case of adjusting the volume of imported gold material, the adjusted volume shall be determined on the basis of the processing contract, its appendices and the plan for processing gold jewelry and art crafts of the enterprise.”

2. To amend and supplement Article 17 as follows:

a) To amend and supplement Clause 1 (amended and supplemented under Clause 16 Article 1 of Circular No. 38/2015/TT-NHNN and Clause 2 Article 2 of Circular No. 15/2021/TT-NHNN) as follows:

“1. An enterprise wishing to import gold material for manufacture of gold jewelry and art crafts shall submit 01 set of dossiers prescribed in Article 10 of this Circular by post or directly at the single-window section of the State Bank branch of the province or city where it is headquartered to obtain a gold material import license.”.

b) To amend and supplement Point b Clause 2 (amended and supplemented under Clause 16 Article 1 of Circular No. 38/2015/TT-NHNN) as follows:

“b. Copies of the enterprise’s license application dossier.”.

3. To amend and supplement Clause 1 Article 18 (amended and supplemented under Clause 4 Article 1 of Circular No. 15/2021/TT-NHNN) as follows:

“1. The documents in the dossier specified in Section 3 of this Circular, except for the application dossiers for licensing under the national single-window mechanism and the cases specified in Clause 4 Article 16 of this Circular, must be the originals or duplicates granted from master books or certified copies as prescribed by law, or the copies with the originals for comparison. In case the applicant submits copies enclosed with the originals for comparison, the comparator shall take responsibility for certification of the accuracy of the copies against the originals.”.

4. To annul the phrase “Enterprise Registration Certificate” at Point c Clause 1 and Point c Clause 2 Article 9 (amended and supplemented under Clause 2 Article 1 of Circular No. 03/2017/TT-NHNN dated June 06, 2017, of the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN (hereinafter referred to as Circular No. 03/2017/TT-NHNN)).

5. To annul Clause 2 Article 8 (amended and supplemented under Clause 1 Article 1 of Circular No. 03/2017/TT-NHNN), Clause 2 Article 8a (amended and supplemented under Clause 4 Article 1 of Circular No. 38/2015/TT-NHNN), Clause 2 Article 10 and Clause 2 Article 11 (amended and supplemented under Clause 9 Article 1 of Circular No. 38/2015/TT-NHNN).

Article 2. Amending, supplementing and annulling a number of articles, clauses and points of Circular No. 34/2015/TT-NHNN dated December 31, 2015, of the Governor of the State Bank of Vietnam, guiding the provision of foreign currency receipt and payment services (hereinafter referred to as Circular No. 34/2015/TT-NHNN)

1. To amend and supplement Article 9 as follows:

“Article 9. Principles of preparing and sending dossiers of application for approval of foreign currency receipt and payment service provision

1. An organization shall submit 01 set of dossiers for carrying out administrative procedures in accordance with this Circular, and receive administrative procedure results by one of the three following methods:

a) Online submission through the National Public Service Portal or the State Bank’s Pubic Service Portal (except Vietnam Post);

b) Direct submission at the State Bank’s single-window section or the single-window section of the State Bank branch of the province or city where the organization is headquartered;

c) Sending by post.

2. In case of online submission through the National Public Service Portal or the State Bank’s Pubic Service Portal, e-dossiers shall be digitally signed in accordance with the law on carrying out administrative procedures on electronic environment. In case where the National Public Service Portal or the State Bank’s Pubic Service Portal fails to receive or exchange electronic information due to an incident or error, the declaration, submission, receipt, result return, exchange and feedback of information shall be conducted by postal service or conducted directly at the single-window section of the State Bank branch of the province or city where the organization is headquartered.

3. Documents in the e-dossier must be electronic versions scanned from the originals (in PDF format) or declared on the State Bank’s Public Service Portal.

4. Documents in a paper dossier must be the originals or copies from the originals, certified by the organization.

5. Vietnamese translations of documents in foreign languages must be those self-translated by the organization or provided by a translation service provider. An organization shall certify the accuracy of the Vietnamese translations and contents in foreign languages.

6. The organization shall take responsibility for the accuracy and truthfulness of information declared in the application dossier.

2. To amend and supplement Clause 1 Article 12 as follows:

“1. An economic organization wishing to carry out direct foreign currency receipt and payment activities (or to change, add or extend duration of direct foreign currency receipt and payment) shall send 01 set of dossiers to the State Bank branch of the province or city where its head office is located.”.

3. To amend and supplement Clause 1 Article 15 as follows:

“1. A credit institution or an economic organization wishing to carry out activities of a foreign currency payment agent (or change, add or extend its existing registration as an agent) shall send 01 set of dossiers to the State Bank branch of the province or city where the head office of the credit institution or economic organization is located.”.

4. To annul Point b Clause 2; Point b Clause 3 Article 11, and Point b Clause 2, Point b Clause 3 Article 14.

Article 3. Amending and supplementing a number of articles of Circular No. 12/2016/TT-NHNN dated June 29, 2016, of the Governor of the State Bank of Vietnam, guiding the foreign exchange management of offshore investment activities (hereinafter referred to as Circular No. 12/2016/TT-NHNN)

1. To amend and supplement Article 10 as follows:

a) To amend and supplement Clause 2 as follow:

“2. An investor shall send 01 set of dossiers for the registration of offshore investment-related foreign exchange transactions to the competent agency under Articles 8 and 9 of this Circular by one of three following methods:

a) Online submission through the National Public Service Portal or the State Bank’s Pubic Service Portal (except for the case where the investor is a credit institution);

b) Direct submission at the State Bank's single-window section (in case the investor is a credit institution), or at the single-window section of a provincial-level State Bank branch (in case the investor is not a credit institution);

c) Sending by post.”.

b) To add Clauses 2a, 2b, 2c as follows:

“2a. In case of online submission through the National Public Service Portal or the State Bank’s Pubic Service Portal, e-dossiers shall be digitally signed in accordance with the law on carrying out administrative procedures on electronic environment. In case where the National Public Service Portal or the State Bank’s Pubic Service Portal fails to receive or exchange electronic information due to an incident or error, the declaration, submission, receipt, result return, exchange and feedback of information shall be conducted by postal service or conducted directly at the single-window section of the provincial-level State Bank branch according to the competence specified in Article 8 of this Circular.

2b. Documents in the e-dossier must be electronic versions scanned from the originals (in PDF format) or declared on the State Bank’s Public Service Portal.

2c. The investor shall take responsibility for the accuracy and truthfulness of the information declared in the dossier for the registration of offshore investment-related foreign exchange transactions.”.

c) To amend and supplement Clause 4 as follows:

“4. Within 10 working days after receiving an investor’s complete and valid dossier, the State Bank shall issue a written or electronic document to certify or refuse to certify the registration of offshore investment-related foreign exchange transactions.”.

2. To amend and supplement Article 13 as follows:

a) To amend and supplement Clause 2 as follow:

“2. An investor shall send 01 set of dossiers for the registration for change of offshore investment-related foreign exchange transactions under Article 12 of this Circular to the competent agency that certifies the registration of foreign exchange transactions or certifies the latest registration for change of foreign exchange transactions in case of registration for such change according to one of three following methods:

a) Online submission through the National Public Service Portal or the State Bank’s Pubic Service Portal (except for the case where the investor is a credit institution);

b) Direct submission at the State Bank's single-window section (in case the investor is a credit institution), or at the single-window section of a provincial-level State Bank branch (in case the investor is not a credit institution);

c) Sending by post.”.

b) To add Clauses 2a, 2b, 2c as follows:

“2a. In case of online submission through the National Public Service Portal or the State Bank’s Pubic Service Portal, e-dossiers shall be digitally signed in accordance with the law on carrying out of administrative procedures on electronic environment. In case where the National Public Service Portal or the State Bank’s Pubic Service Portal fails to receive or exchange electronic information due to an incident or error, the declaration, submission, receipt, result return, exchange and feedback of information shall be conducted by postal service or conducted directly at the single-window section of the provincial-level State Bank branch that certifies the registration of foreign exchange transactions or certifies the latest registration for change of foreign exchange transactions in case of registration for such change.

2b. Documents in the e-dossier must be electronic versions scanned from the originals (in PDF format) or declared on the State Bank’s Public Service Portal.

2c. The investor shall take responsibility for the accuracy and truthfulness of the information declared in the dossier for the registration for change of offshore investment-related foreign exchange transactions.”.

c) To amend and supplement Clause 4 as follows:

“4. Within 10 working days after receiving a complete and valid dossier, the State Bank shall certify or refuse to certify the registration for change of offshore investment-related foreign exchange transactions for the investor in the form of paper or electronic document.”.

Article 4. Responsibility for implementation organization

The Chief of Office, Director of the Foreign Exchange Management Department, Heads of units affiliated to the State Bank of Vietnam, credit institutions, foreign bank branches, and relevant organizations and individuals shall implement this Circular.

Article 5. Effect

1. This Circular takes effect from February 15, 2023.

2. For dossiers that have been received before the effective date of this Circular by the State Bank of Vietnam, but have not yet been considered and processed, they shall continue to be handled according to the methods specified in Circular No. 16/2012/TT-NHNN, Circular No. 34/2015/TT-NHNN and Circular No. 12/2016/TT-NHNN.

3. Clauses 15 Article 1 of Circular No. 38/2015/TT-NHNN; Clauses 3 and 4 Article 1 of Circular No. 15/2021/TT-NHNN are annulled.

 

 

FOR THE GOVERNOR
THE DEPUTY GOVERNOR


Pham Thanh Ha

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