Decision No. 46/2003/QD-TTg dated April 02, 2003 of the Prime Minister on the rate of foreign currencies earned from current revenue sources subject to compulsory sale, applicable to residents being economic organizations and social organizations

DECISION

ON THE RATE OF FOREIGN CURRENCIES EARNED FROM CURRENT REVENUE SOURCES SUBJECT TO COMPULSORY SALE, APPLICABLE TO RESIDENTS BEING ECONOMIC ORGANIZATIONS AND SOCIAL ORGANIZATIONS

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of December 25, 2001;

Pursuant to the Government’s Decree No. 05/2001/ND-CP of January 17, 2001 amending and supplementing a number of articles of the Government’s Decree No. 63/1998/ND-CP of August 17, 1999 on foreign exchange management;

At the proposal of the Governor of Vietnam State Bank,

DECIDES:

Article 1.- The rate of foreign currencies earned from current revenue sources subject to compulsory sale, applicable to residents being Vietnamese economic organizations, foreign-invested enterprises and foreign parties to business cooperation contracts, foreign companies’ branches, foreign contractors, and contractors joining partnership with foreign parties, and residents being State agencies, armed force units, political organizations, socio-political organizations, social organizations, socio-professional organizations, and Vietnamese social funds and charitable funds, shall be 0% as from the date such foreign currency amounts are transferred or remitted into these organizations’ foreign currency accounts opened at licensed banks.

Article 2.-

1. This Decision replaces previous decisions of the Prime Minister on the obligation to sell and the right to buy foreign currencies of residents being organizations, and takes effect 15 days after it is published on the Official Gazette.

2. The Governor of Vietnam State Bank shall have to guide the implementation of this Decision.

The ministers, the heads of the ministerial-level agencies, the heads of the agencies attached to the Government and the presidents of the provincial/municipal People’s Committees shall have to implement this Decision.