VietnameseDecision No. 140/2000/QD-TTg dated December 08, 2000 of the Prime Minister promulgating the regulation on the management of currencies of bordering countries in border regions and border-gate economic zones of Vietnam
ATTRIBUTE
Decision No. 140/2000/QD-TTg dated December 08, 2000 of the Prime Minister promulgating the regulation on the management of currencies of bordering countries in border regions and border-gate economic zones of Vietnam
| Issuing body: | Prime Minister | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 140/2000/QD-TTg | Signer: | Nguyen Tan Dung |
| Type: | Decision | Expiry date: | Updating |
| Issuing date: | 08/12/2000 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
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THE PRIME MINISTER OF GOVERNMENT ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------- |
No: 140/2000/QD-TTg | Hanoi, December 08, 2000 |
DECISION
PROMULGATING THE REGULATION ON THE MANAGEMENT OF CURRENCIES OF BORDERING COUNTRIES IN BORDER REGIONS AND BORDER-GATE ECONOMIC ZONES OF VIETNAM
THE PRIME MINISTER
Pursuant to the Law on Organization of the Government of September 30, 1992;
Pursuant to the Law No. 01/1997/QH10 on Vietnam State Bank of December 12, 1997;
Pursuant to the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management;
At the proposal of the Governor of Vietnam State Bank,
Pursuant to the Law No. 01/1997/QH10 on Vietnam State Bank of December 12, 1997;
Pursuant to the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management;
At the proposal of the Governor of Vietnam State Bank,
DECIDES:
Article 1.- To promulgate together with this Decision the "Regulation on the management of currencies of bordering countries in the border regions and border-gate economic zones of Vietnam".
Article 2.- This Decision takes effect 15 days after its signing. All previous regulations on the management of currencies of bordering countries in the border regions or border-gate economic zones of Vietnam, which are contrary to the Regulation issued together with this Decision, are hereby annulled.
The Governor of Vietnam State Bank shall have to guide the implementation of this Decision.
Article 3.- The ministers, the heads of the ministerial-level agencies, the heads of agencies attached to the Government and the presidents of the People’s Committees of the provinces and centrally-run cities shall have to implements this Decision.
FOR THE PRIME MINISTER DEPUTY PRIME MINISTER Nguyen Tan Dung |
REGULATION
ON THE MANAGEMENT OF CURRENCIES OF BORDERING COUNTRIES IN THE BORDER REGIONS AND BORDER-GATE ECONOMIC ZONES OF VIETNAM
(Issued together with the Prime Minister’s Decision No. 140/2000/QD-TTg of December 8, 2000)
(Issued together with the Prime Minister’s Decision No. 140/2000/QD-TTg of December 8, 2000)
Article 1.- This Regulation shall apply only to individuals using currencies of bordering countries in the border regions and border-gate economic zones of Vietnam.
The use of currencies of bordering countries by organizations and the use of foreign currencies other than currencies of bordering countries in the border regions and border-gate economic zones shall comply with the provisions of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management.
In cases where exist international agreements and/or treaties signed between Vietnam and countries bordering Vietnam, which relate to the use of currencies of bordering countries in the border regions and border-gate economic zones, such international agreements and/or treaties shall apply.
Article 2.- In this Regulation, the following terms shall be construed as follows:
1. Currencies of bordering countries mean the Chinese yuan, the Lao kip and the Cambodian riel.
2. The border regions is determined according the territories of the communes, wards or district towns with administrative boundaries adjoining to the national land borderlines .
3. The border-gate economic zones mean the economic zones prescribed under the Prime Minister’s decisions.
4. Border residents mean the following subjects:
a/ Vietnamese citizens with permanent residence registration in the border regions;
b/ Other citizens (including Vietnamese citizens living outside the border regions and citizens of countries bordering on Vietnam) with business registration in the border regions and border-gate economic zones.
5. The use of currencies of bordering countries means the use of currencies of bordering countries in the following regions for the purposes prescribed in Article 3 of this Regulation:
a) Use of the Chinese yuan in the border regions and border-gate economic zones which are adjacent to China;
b) Use of the Lao kip in the border regions and border-gate economic zones which are adjacent to Laos;
c) Use of the Cambodian riel in the border regions and border-gate economic zones which are adjacent to Cambodia.
Article 3.- The currencies of bordering countries shall be used for the following purposes:
1. Payment for goods and services in the border regions and border-gate economic zones.
2. Sale to banks licensed to conduct foreign exchange operations or to foreign exchange counters located in the border regions and border-gate economic zones.
3. Storing or bringing along within the territory of the border province. When they are brought out of the border province into other inland provinces, such must be approved in writing by the Vietnam State Bank.
4. Bringing along when on entry or exit via border-gates as prescribed by the Vietnam State Bank.
5. Investment in the border regions and/or border-gate economic zones, for foreign citizens. The investment shall comply with the Law on Foreign Investment in Vietnam and documents guiding the implementation thereof.
Article 4.- Individuals (including foreign individuals), who, when on entry or exit via border-gates by passports, laissez-passers or border identity cards granted by competent agencies of Vietnam or bordering countries, bringing along an amount of Vietnam dong, currencies of bordering countries and/or other foreign currencies exceeding the levels prescribed by the State Bank Governor, shall have to make declarations to the border-gate customs offices. In cases where individuals, when on exit from Vietnam, bringing along an amount exceeding the prescribed level, they shall have to obtain permits from the Vietnam State Bank.
The Governor of the Vietnam State Bank shall stipulate the amounts of Vietnam dong, currencies of bordering countries and other foreign currencies allowed to be brought into or out of the country upon one’s entry or exit for each period, and prescribe the procedures and competence to grant permits for cases of exit with an amount exceeding the prescribed levels.
Article 5.- Foreign individuals being citizens of the bordering countries and licensed to conduct business in the border regions and/or border-gate economic zones of Vietnam, if they have Vietnam dong collected from goods sale and/or service provision, as well as from other lawful sources, they shall be entitled to:
1. Open and maintain the Vietnam dong accounts at banks operating in the border provinces.
2. Use the Vietnam dong on their accounts for purchase and/or sale of goods, payment for services provided in Vietnam, or contact with banks or foreign exchange counters in the border regions or border-gate economic zones to have such amount of Vietnam dong converted into the currencies of the bordering countries for transfer to their home countries.
The procedures for the opening and closing of Vietnam dong accounts shall be prescribed by the banks where such accounts are opened.
Article 6.- Foreign exchange counters set up by banks in the border regions or border-gate economic zones shall be licensed to buy and sell currencies of the bordering countries. The Vietnam State Bank shall provide guidance on the sale and purchase of currencies of the bordering countries in strict compliance with the current regulations on foreign exchange management.
Article 7.- The Vietnam State Bank shall consider and grant licenses to Vietnamese citizens being border residents, who fully meet the conditions prescribed by the Vietnam State Bank to set up foreign exchange counters for the purchase and sale of currencies of bordering countries in the border regions and border-gate economic zones.
Individuals licensed by the Vietnam State Bank to set up foreign exchange counters shall carry out the business registration according to current regulations.
The Governor of the Vietnam State Bank shall specify the conditions as well as procedures for granting and revoking licenses granted to individuals for setting up foreign exchange counters in the border regions and border-gate economic zones.
Article 8.- Organizations and individuals using currencies of bordering countries in the border regions and border-gate economic zones shall have to provide information and data to the Vietnam State Bank and other functional agencies which are permitted by law upon their requests.
Article 9.- Organizations and individuals that breach the provisions in this Regulation shall, depending on the seriousness of their violations, be administratively handled or examined for penal liability according to law provisions.
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