Laws of Vietnam

THE GOVERNMENT

DECREES:

Article 1.- To amend and supplement a number of articles of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 as follows:

"Article 12.- Obligation to sell foreign currencies of residents being organizations

Residents being Vietnamese economic organizations, foreign-invested enterprises and foreign parties to business cooperation contracts, foreign companies’ branches, foreign contractors, contractors in partnership with foreign countries, State agencies, armed force units, political organizations, socio-political organizations, social organizations, socio-professional organizations, social funds and charity funds of Vietnam shall have to sell the amounts of foreign currencies collected from current revenue sources to the licensed banks according to the Prime Minister’s regulations".

"Article 13.- Organizations’ right to purchase foreign currencies

1. Residents being Vietnamese economic organizations, foreign-invested enterprises and foreign parties to business cooperation contracts, foreign companies’ branches, foreign contractors, contractors in partnership with foreign countries, credit institutions in Vietnam, State agencies, armed force units, political organizations, socio-political organizations, social organizations, socio-professional organizations, social funds and charity funds of Vietnam shall be entitled to purchase foreign currencies at the licensed banks to satisfy their current transactions or other permitted transactions on the basis of producing valid papers and vouchers.

2. Residents being foreign-invested enterprises and foreign parties to business cooperation contracts, that have specially important projects of investment under the Government’s programs in each period, or have infrastructure construction projects or other important projects, for which foreign currency balance or foreign currency balance support are secured by the Government, shall purchase foreign currencies according to the provisions on foreign exchange management in the field of foreign direct investment in Vietnam.

3. Residents being diplomatic missions, consular offices, international organizations’ representative offices, inter-governmental organizations’ representative offices, non-governmental organizations’ representative offices, representative offices of the armed forces, political organizations, socio-political organizations, social organizations and socio-professional organizations of foreign countries, representative offices of foreign economic organizations and foreign credit institutions operating in Vietnam, that have sources of revenue in Vietnam dong from the visa granting, consular charges of other kinds and other lawful transactions, may purchase foreign currencies and transfer foreign currencies abroad via the licensed banks on the basis of producing relevant papers".

"Article 24.- Domestic loans in foreign currencies

Credit institutions engaged in foreign exchange activities shall grant foreign currency loans to residents according to the regulations of the Governor of Vietnam State Bank".

Article 2.- This Decree takes effect 15 days after its signing and replaces Articles 12, 13 and 24 of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998.

The Governor of Vietnam State Bank shall have to guide the implementation of the amended and supplemented contents in this Decree.

Article 3.- The ministers, the heads of the ministerial-level agencies, the heads of the agencies attached to the Government and the presidents of the People’s Committees of the provinces and centrally-run cities shall have to implement this Decree.

On behalf of the Government
Prime Minister
PHAN VAN KHAI