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light-check Regulations on foreign currency transactions on foreign currency market

Circular No. 02/2021/TT-NHNN dated March 31st, 2021 of the State Bank on guidelines for foreign currency transactions on foreign currency market by credit institution authorized to make foreign currency transactions
VietlawOnline

This Circular provides guidelines for foreign currency transactions on domestic foreign currency market among credit institutions authorized to make foreign currency transactions and between authorized credit institutions and their clients. Read more

Articles 16 and 17 of this Circular regulates the use of VND for purchase of foreign currencies before the payment deadline by clients.

This Circular takes effect from May 17th, 2021 and replace Circular No. 15/2015/TT-NHNNstatus1 dated October 2nd, 2015.

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blue-check From January 15th, 2021: FDI enterprises are not required to submit the paper-based licenses for import of gold materials

Official letter No. 161/TCHQ-CNTT dated January 13th, 2021 of the General Department of Vietnam Customs regarding implementation of the National single window system
VietlawOnline

Because from January 15th, 2021 procedures for grant of licenses for import of gold materials for foreign direct investment (FDI) enterprises are carried out through the National Single-window Information Portal nationwide, the enterprises shall be exempt from submission of the paper-based licenses for import of gold materials to customs authorities. Read more

Instead, customs officials shall look up information about the licenses for import of gold materials on the E-Customs system in necessary cases.

In addition, upon performing the deduction in licenses on V5 system, Sub-departments of customs shall issue the deduction monitoring notes and certify thereon to facilitate the enterprises to complete the application for annual quota for import of gold materials.

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blue-check From January 15th, 2021: Licenses for import of gold materials shall be granted through the National single window system

Official letter No. 07/NHNN-QLNH dated January 4th, 2021 of the State Bank of Vietnam regarding official development of the connection between administrative procedures and single-window Customs
VietlawOnline

According to this Official letter, from January 15th, 2021, the State Bank of Vietnam will officially connect to the single-window Customs in order to settle procedures for grant of licenses for import of gold materials with regard to foreign direct investment (FDI) enterprises (for manufacture of gold jewelry and fine art) under the National single window system. Read more

Accordingly, from January 15th, 2021, FDI enterprises may declare procedures for obtaining licenses for import of gold materials on National Single-window Information Portal.

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blue-check [Merged] - Procedures for approval for export and import of foreign currency cash through the border checkpoints of Noi Bai and Tan Son Nhat international airports

Merged Document No. 14/VBHN-NHNN dated December 23rd, 2020 of the State Bank on guidance on procedures for approval for export and import of foreign currency cash of authorized banks

This document is to merge the amendments, supplements of Circular No. 19/2018/TT-NHNN dated August 28th, 2018 and Circular No. 17/2020/TT-NHNN dated December 14th, 2020 into Circular No. 33/2013/TT-NHNNstatus2 dated December 26th, 2013 of the Governor of the State Bank of Vietnam on guidance on procedures for approval for export and import of foreign currency cash of authorized banks.

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blue-check Amendments to forms and procedures for permission for exportation and importation of foreign currency cash of banks

Circular No. 17/2020/TT-NHNN dated December 14th, 2020 of the State Bank on amendments and supplements to several Articles of the Circular No. 33/2013/TT-NHNNstatus2 dated December 26, 2013 of the State Bank’s Governor, providing guidance on procedures for grant of permission for exportation and importation of foreign currency cash by authorized banks
VietlawOnline

This Circular amends application, forms and procedures for permission for exportation and importation of foreign currency cash of banks. Read more

This Circular takes effect from February 1st, 2021.

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blue-check Regarding import of gold material for processing

Official letter No. 3549/HQHCM-GSQL dated December 4th, 2020 of the Customs Department of Ho Chi Minh city regarding procedures for applying for a license and customs procedures for processing gold and jewelry
VietlawOnline

According to Clause 4 Article 14 of Decree No. 24/2012/ND-CP, enterprises doing gold business that have contracted to process gold jewelry and fine arts for foreign partner must apply for the license to temporarily import gold material at the State Bank of Vietnam. Read more

The import of gold material, including semi-finished golden jewellery, for processing shall be carried out in conformity with the Certificate of business registration or the Certificate of enterprise registration (Clause 8 Article 14 of Decree No. 24/2012/ND-CP ).

Customs documentation shall be carried out according to Clause 5 Article 1 of Circular No. 39/2018/TT-BTCstatus2 (amending Article 16 of Circular No. 38/2015/TT-BTCstatus2 ).

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blue-check Regarding import of gold wires for manufacture of electronic components

Official letter No. 8352/NHNN-QLNH dated November 18th, 2020 of the State Bank of Vietnam regarding import of gold wires for manufacture of electronic components
VietlawOnline

This document is to note that when enterprises import gold wires for manufacture of components of mobile phones they have to comply with regulations related to the import of materials for manufacture of electronic components Read more

In addition, every quarter, enterprises have to send the report on their import and use of gold wires enclosed with the customs declarations of the preceding quarter to the State Bank of Vietnam (the Foreign Exchange Control Department). In case the enterprises fail to send the report, the State Bank of Vietnam shall coordinate with customs authorities in handling.

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blue-check Conditions for processing golf jewelry for foreign partners

Official letter No. 3159/HQHCM-GSQL dated October 28th, 2020 of the Customs Department of Ho Chi Minh city regarding procedures for applying for a license and customs procedures for processing gold and jewelry
VietlawOnline

The Customs Department of Ho Chi Minh city requests enterprises to study the following regulations when they perform the processing of gold jewelry for foreign traders: Read more

- Gold material belongs to the List of goods imported/exported under the license granted by the State Bank of Vietnam (Section VIII Annex III of Decree No. 69/2018/ND-CP)

- For gold imported under the license, a trader may only enter into a processing contract with a foreign trader after obtaining the license issued by the Ministry of Industry and Trade (Article 38 of Decree No. 69/2018/ND-CP)

- Enterprises doing gold business that have contracted to process gold jewelry for foreign partners must be issued with the license to temporarily import gold for re-export of products by the State bank (Clause 4 Article 14 of Decree No. 24/2012/ND-CP).

- The license for temporary import of gold material for processing gold jewelry for foreign partners shall be granted only when the enterprises meet the conditions at Article 4 of Circular No. 16/2012/TT-NHNNstatus2 (amended at Circular No. 38/2015/TT-NHNN).

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blue-check It is required to report the import of gold for manufacture of electronic components to the SBV

Official letter No. 7593/NHNN-QLNH dated October 16th, 2020 of the State Bank of Vietnam (SBV) regarding import of gold pellets for manufacture of electronic components
VietlawOnline

In case an export processing enterprise (EPE) imports gold pellets for plating on frames serving the manufacture of electronic chips, the SBV requests the EPE to comply with the regulations of laws pertaining to import of raw materials for manufacture of electronic components. Read more

Concurrently, every quarter (on 10th of the first month of the subsequent quarter), the EPE has to send to the SBV the report enclosed with the quarterly customs declaration on: (i) the situation of import and use of gold pellets serving the manufacture of electronic chips; (ii) the export of the electronic chips.

If the EPE fails to send the report, the SBV shall offer document to coordinate with customs authority to settle the EPE’s import of gold pellets.

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blue-check FX broker does not belong to conditional business lines

Official letter No. 3980/NHNN-QLNH dated June 2nd, 2020 of the State Bank of Vietnam regarding foreign exchange broker activity (FX broker)
VietlawOnline

According to the State Bank of Vietnam’s opinions, the FX broker service does not belong to the List of conditional business lines as regulated at Annex 4 of the Law on Investment No. 67/2014/QH13status1 and Law No. 03/2016/QH14 on amending, supplementing to the Law on Investment No. 67/2014/QH13status1 . Read more

Relating to foreign exchange, “foreign exchange activities by non-credit institutions” belong to conditional business lines (Clause 241 Annex 4 of Law No. 03/2016/QH14).

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