Laws of Vietnam

THE STATE BANK GOVERNOR

DECIDES:

Article 1.- This Decision regulates the activities of receiving and paying savings deposits in foreign currencies between the credit institutions licensed to conduct foreign exchange transactions (hereafter referred collectively to as "the licensed credit institutions") and residents being individuals allowed to make savings deposits in foreign currencies.

Article 2.- Savings depositors

Residents being the following individuals shall be entitled to make savings deposits in foreign currencies at the licensed credit institutions:

1. Vietnamese citizens residing in Vietnam;

2. Vietnamese citizens residing abroad for less than 12 months;

3. Foreigners residing in Vietnam for 12 months or more;

4. Vietnamese citizens going abroad for tourism, study, medical treatment or visits (regardless of duration);

5. Vietnamese citizens working in diplomatic missions, consulates, armed forces units and political organizations, socio-political organizations, social organizations, socio-professional organizations, social funds and charity funds of Vietnam, which operate abroad, and their dependents.

Article 3.- Interest rates, terms and kinds of foreign currency for savings deposit

The general directors (directors) of the licensed credit institutions shall be entitled to stipulate the interest rates, terms and kinds of foreign currency for savings deposits, except otherwise provided for by the State Bank.

Article 4.- Rights of savings depositors

1. To make savings deposits in foreign currencies, regardless of their origins, at the licensed credit institutions;

2. To enjoy interest rates in foreign currencies and to withdraw both principal and interest in foreign currencies.

Article 5.- Responsibilities of the licensed credit institutions

1. The licensed credit institutions shall, basing themselves on this decision and relevant legal documents, issue the regulations on savings deposits in foreign currencies;

2. To publicize kinds of foreign currency for saving deposits, the interest rate and term for each kind of foreign currency;

3. To keep secret as prescribed by the provisions of law and ensure the safety of savings deposits for the savings depositors;

4. To report to the State Bank the data related to the activities of mobilization and payment of savings deposits in foreign currencies according to current regulations on reporting and statistics regime.

Article 6.- This Decision takes effect 15 days after its signing.

This Decision replaces the following legal documents of the State Bank Governor: Decision No. 08/NH-QD of January 14, 1991 issuing the regulations on savings deposits in freely convertible foreign currencies; Circular No. 75/NH-TT of March 16, 1991 guiding the implementation of the regulations on savings deposits in freely convertible foreign currencies; and Decision No. 08/QD-NH7 of January 25, 1992 amending a number of contents in the regulations on savings deposits in freely convertible foreign currencies.

Article 7.- The Office Director, the chief inspector, the heads of the units under the State Bank, the managers of the State Bank’s branches in provinces and centrally-run cities and the general directors (directors) of the licensed credit institutions shall have to implement this Decision.

For the State Bank Governor

Deputy Governor