VietnameseDecision No.218/2002/QD-NHNN of March 22, 2002 prescribing the process of converting Vietnam Dong into us Dollar and the transfer thereof abroad for projects guaranteed and undertaken by The Government
ATTRIBUTE
Decision No.218/2002/QD-NHNN of March 22, 2002 prescribing the process of converting Vietnam Dong into us Dollar and the transfer thereof abroad for projects guaranteed and undertaken by The Government
| Issuing body: | State Bank | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 218/2002/QD-NHNN | Signer: | Duong Thu Huong |
| Type: | Decision | Expiry date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Issuing date: | 22/03/2002 | 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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Effect status: Known
THE STATE BANK ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ------------ |
No: 218/2002/QD-NHNN | Hanoi, March 22, 2002 |
DECISION
PRESCRIBING THE PROCESS OF CONVERTING VIETNAM DONG INTO US DOLLAR AND THE TRANSFER THEREOF ABROAD FOR PROJECTS GUARANTEED AND UNDERTAKEN BY THE GOVERNMENT
THE STATE BANK GOVERNOR
Pursuant to Vietnam State Bank Law No. 01/1997/QH10 of December 12, 1997;
Pursuant to the Government’s Decree No. 15/CP of March 2, 1993 on the tasks, powers and managerial responsibility of the ministries and ministerial-level agencies;
Pursuant to the Government’s Decree No. 86/1999/ND-CP of August 30, 1999 on the management of the State’s foreign exchange reserves;
Pursuant to the Government’s Decree No. 24/2000/ND-CP of July 31, 2000 detailing the implementation of the Law on Foreign Investment in Vietnam;
At the proposal of the director of the Department for Foreign Exchange Management,
Pursuant to the Government’s Decree No. 15/CP of March 2, 1993 on the tasks, powers and managerial responsibility of the ministries and ministerial-level agencies;
Pursuant to the Government’s Decree No. 86/1999/ND-CP of August 30, 1999 on the management of the State’s foreign exchange reserves;
Pursuant to the Government’s Decree No. 24/2000/ND-CP of July 31, 2000 detailing the implementation of the Law on Foreign Investment in Vietnam;
At the proposal of the director of the Department for Foreign Exchange Management,
DECIDES:
Article 1.- This Decision prescribes the process of converting Vietnam dong into US dollar and the transfer thereof abroad for projects guaranteed and undertaken by the Government.
Article 2.- In this Decision, the following terms shall be construed as follows:
1. GGU means the Government’s Guaranty and Undertaking.
2. Projects means particularly important projects guaranteed and undertaken by the Government.
3. The Vietnamese parties means enterprises set up and operating in Vietnam, which consume products turned out by projects.
4. Investors means foreign investors who make investment in the projects.
5. Converting banks means banks licensed to deal in foreign exchange (licensed banks), which are selected by the investors to effect the conversion of Vietnam dong into US dollar for the projects.
6. Turnovers means the amounts of money collected from the sale of products and/or services turned out by the projects, which are calculated in US dollar and paid in Vietnam dong.
7. Date of announcing exchange rates means the day the converting banks announce the exchange rates between Vietnam dong and US dollar to the investors as prescribed in the GGU of each project.
8. Forward exchange rates means the exchange rates set by the converting banks with the maximum term of 9 working days.
9. Date of payment means the day the Vietnamese parties transfer the Vietnam dong amounts to Account No. 1 of the investors and the converting banks begin effecting transactions for the conversion of Vietnam dong into US dollar. The payment date shall be fixed on a day after the date of announcing the exchange rates, and the duration between these two dates shall be two (02) working days at most.
10. Date of conversion means the day the converting banks effect transactions for the conversion of Vietnam dong into US dollar. The conversion date shall be fixed on a day after the payment date and specified in the GGU of each project.
Article 3.- The investors may carry out transactions with the converting banks to convert their Vietnam dong turnovers into US dollar and transfer them abroad as prescribed in this Decision.
Article 4.- The process of converting Vietnam dong into US dollar is as follows:
1. The first month: The investors provide products;
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