Untitled

Clause 1 Article 13 of Decree No. 70/2014/ND-CP provides for giving foreign currency as follows: Using cash in foreign currency of the individual 1. Residents, nonresidents as individuals who have foreign currency cash may store, carry along, donate, present, inherit, sell to licensed credit institutions, transfer, carry abroad in accordance with provisions of this Decree, make payment to subjects permitted to collect foreign currency in cash. 2. Residents being Vietnamese citizens may use foreign currency cash to make foreign currency savings at licensed credit institutions, and may withdraw principal and interest in the deposited currency. Individuals who have foreign currency they are legally holding may donate their foreign currency to others. Apart from giving foreign currencies, individuals may also inherit or sell them to licensed credit institutions, transfer or bring them abroad, or pay them to entities permitted to collect foreign currencies in cash. Can an individual who has foreign currency in his legal possession donate foreign currency to another person? ( Figure on the Internet) What subjects are eligible to participate in the foreign currency market of Vietnam? 1. In Article 14 of the Decree No. 70/2014/ND-CP, the following entities are eligible to participate in the foreign currency market of Vietnam: Vietnam's foreign currency markets 1. The foreign currency market is the place where foreign exchange transactions take place. Participants in the foreign currency market include the State Bank of Vietnam, licensed credit institutions and customers being residents and non-residents in Vietnam. The State Bank of Vietnam shall provide for conditions, methods and types of foreign currency transaction on the foreign currency market. 2. The foreign currency interbank market is a market for transactions between the State Bank of Vietnam and licensed credit institutions and among licensed credit institution. Members participating in the foreign currency interbank market shall buy and sell foreign currency by various modes and types of transaction on the basis of agreements and commitments between parties in accordance with international practices and regulations of the State Bank of Vietnam. Subjects entitled to participate in the foreign currency market of Vietnam shall include: - State Bank of Vietnam; - Licensed Credit Institutions; - Customers being residents; - customers not residing in Vietnam. In what cases, an organization resident may open and use foreign currency account overseas? Article 12 of the Decree No. 70/2014/ND-CP provides for the opening and use of overseas foreign-currency accounts of institutional residents as follows: The opening and the use of an overseas foreign currency account of an institutional resident, the State Bank of Vietnam prescribes procedures for the grant and revocation of licenses for opening and using overseas foreigncurrency account of institutional resident in the following cases : Economic organizations that have overseas branches or representative offices or wish to open overseas foreign-currency accounts to receive loans and fulfill commitments or contracts with foreign parties may open overseas accounts or open overseas ones. 2. Vietnamese state agencies, armed forces units, political organizations, socio-political organizations, professional-socio-politico-professional organizations, social organizations, and socio-professional institutions, social funds and charity funds operating in Vietnam wish to open overseas foreign-currency accounts to receive foreign aid and donations or in other cases permitted by competent Vietnamese agencies. - For economic organizations which have overseas branches and/or representative offices or wish to open and use overseas foreign currency accounts to receive loans or fulfill commitments and/orbits with foreign parties, the organization-residents may open and/hoặc organizations' overseas foreign-currency accounts in the following cases: - Economic organizations which own overseas branches or representative offices, or wish, to open or use overseas such foreign currency account (s) to receive loan capital and/our commitments and contracts with foreign partners. - For Vietnamese State agencies, armed forces units, political organizations, socio-political organizations, professional-socio-politico-professional organizations, social organizations, and socio-professional organization, social funds and charity funds operating in Vietnam, which wish to open foreign currency accounts overseas for: + receipt of foreign aid and/or financial assistance; + Other cases permitted by competent Vietnamese agencies.