Controlling foreign currencies across borders: Is it difficult for import-export enterprises?

The transfer of money abroad to pay for the purchase contract and the receipt of foreign currency revenue from the sale contract in the same business transaction of goods transfer from a trader must be conducted at the same bank. permission.

This is one of the regulations being issued by the State Bank in the draft circular guiding the payment and money transfer activities related to the goods transfer business.

According to the State Bank, in 2018, the Government issued Decree 69 detailing a number of articles of the Law on Foreign Trade Management and including; “The payment of goods transported from border gate to border gate business must comply with the regulations on foreign exchange management and the guidance of the State Bank.”

Therefore, to control the payment activities, money transfer abroad of traders in goods transfer transactions, ensuring that transactions perform for the right purposes and comply with the provisions of the draft law. The Government has provided regulations on the payment and money transfer related to goods transfer business to be carried out on the basis of two separate payment and money transfer transactions, which are money transfer transactions to pay for purchase contracts. and transactions received from sales contracts.

These two transactions, or in other words, all payment and money transfer activities related to goods transfer business must be conducted via licensed banks in accordance with international payment methods.

The transfer of money abroad to pay for the purchase contract and the receipt of foreign currency revenue from the sale contract in the same business transaction of goods transfer from a trader must be conducted at the same bank. permission.

The draft also stipulates that foreign currency revenue from sales contracts must be transferred to payment accounts in foreign currencies of traders opened at licensed banks in Vietnam in accordance with the payment term of contracts or documents. from payment. Traders may use foreign currencies on payment accounts in such foreign currencies, such as those bought by banks, which are permitted to transfer abroad to pay for purchase contracts.

On the banks’ side, the draft stipulates the responsibility to develop internal regulations and control the flow of foreign currency in and out of Vietnam when conducting payment and money transfer transactions related to operations. business of transferring goods to customers. Accordingly, the bank is allowed to review, inspect and retain appropriate documents and documents to ensure that the provision of foreign exchange services is carried out for the right purposes and in accordance with provisions of applicable laws.

On the other hand, the merchants are responsible for presenting documents in accordance with the regulations of the licensed bank when buying, paying, transferring money for goods transfer business activities and taking responsibility before law for the accuracy. The actual value of the papers and documents presented to the licensed bank.

The draft also stipulates prohibited behaviors such as using the documents of a goods transfer business transaction to pay, transfer money or receive foreign currency revenue at many authorized banks. Committing frauds, forging papers related to activities of trading in border-gate transfer of goods to make payments and transfer money abroad. Taking advantage of goods transfer business to pay, transfer money for money laundering purposes, financing terrorism, fraud, fraud …

Many businesses’ opinions are concerned about the regulation “the transfer of money abroad to pay for goods purchase contracts and the receipt of foreign currency revenue from sale contracts in the same business transaction of goods transfer of Traders must be conducted at the same authorized bank “.

Due to the fact that traders can open payment accounts at many different banks, it is possible that in the same transaction to be conducted at two or more different banks to suit the needs of traders at each time. certain.

Therefore, it should only be stipulated that transactions must be conducted at “banks” authorized in Vietnam and not “the same bank”.

Regarding the provision “the foreign currency revenue from the sale contract must be transferred to the payment account in foreign currency of the traders opened at licensed banks in Vietnam in accordance with the payment term of the contracts or payment documents. Many people think that this is an unreasonable regulation because traders can receive foreign currencies in cash and then sell them to banks for local currency to serve their domestic production and business activities.

In fact, in many transactions, especially traders importing and exporting small quantities of goods, cash transactions still occur regularly.

On the other hand, the law stipulates that the declaration when carrying cash across the border, so should not strictly enforce all transactions of border-gate transfer to pay via bank. Accordingly, the Circular may stipulate the limit on transactions that must be made via banks, if smaller transactions can transfer cash and

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