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Banking & Finance

Foreign currency use expanded

Released at: 17:13, 20/10/2015

Foreign currency use expanded

SBV issues Circular adding certain cases where foreign currencies can be used.

by Hung Nguyen

The State Bank of Vietnam (SBV) has issued Circular No. 16/2016/TT-NHNN, amending and supplementing certain articles in Circular No. 32/2013/TT-NHNN on the right to use foreign currencies in Vietnam.

Circular 16 adds some cases relating to national defense and security and oil and gas where the use of foreign currencies is permitted after approval is sought and gained from the SBV.

The Circular also provides direction on the necessary documentation for such requests, such as licenses and similar organizational paperwork, as well as proof of the need to use foreign currencies.

If the paperwork is found to be lacking the SBV will seek additional document within ten working days. If everything is in order, a decision will be made within 45 days.

The Circular will take effect on December 3.

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