Uni 03-01-2014 - Guidance on regulations of using foreign exchange transactions

According to Circular No. 32/2013/TT-NHNN (effective from 10 February 2014):

• Resident individuals are export processing enterprises to conduct regulations of using foreign exchange transactions in Vietnam as follows:

a) Allowed to write prices in foreign currency contracts and payments by bank transfer in foreign currency when purchasing goods from the domestic market for production, processing, recycling, assembling goods for export or for export, other than goods of banned from export. Domestic enterprises are allowed to quote, valuate in foreign currency and receive payments by bank transfer in foreign currency when selling goods to export processing enterprises;

b) Allowed to quote, price, write prices in foreign currency contracts and pay, receive payments by bank transfer in foreign currency with other export processing enterprises.

• Resident and non-resident individuals are organizers being agreed and paid salaries, bonuses and allowances in labor contracts by bank transfer in foreign currency or cash to non-residents and residents who are foreign individuals working for these organizations.
• Resident individuals are allowed to quote, valuate in foreign currency and receive payments by bank transfer in foreign currency when providing goods and services to non-resident ones.

In addition, other cases relating to foreign exchange usage in the territory of Vietnam are specified in article 4 of this Circular