Vietnam: Chinese trader may use a VND payment account opened at the bordering branch

10:40, 05/10/2018

The State Bank of Vietnam issued Circular No. 19/2018/TT-NHNN providing amendments and supplements to Circular No. 33/2013/TT-NHNN guiding foreign exchange management for border trade between Vietnam and China.

According to Circular No. 19/2018/TT-NHNN of the State Bank of Vietnam, the Chinese trader conducting cross-border trade between Vietnam and China may use a VND payment account opened at the bordering branch to make the following collections and payments:

1. Collections:

- Revenue in VND from cross-border sales through transfer;

- Revenue in VND from payment for the difference in value between exports and imports through transfer;

- Revenue from purchase of VND transferred through a bordering branch;

- Transfer of VND to the payment account of the same trader opened at another licensed bank.

2. Payments:

- Payment in VND by transfer for goods and services purchased across the Vietnam – China border;

- Payment in VND by transfer for the difference in value between exports and imports;

- Payment in VND by transfer for other legal payment purposes as per provisions of the Vietnamese law;

- Withdrawal of VND in cash for spending in Vietnam

- Transfer of VND to a VND payment account opened by the same trader at another bordering branch;

Payment in VND by transfer for CNY or another foreign currency purchased through a bordering branch to carry it back to China.

Circular No. 19/2018/TT-NHNN of the State Bank of Vietnam takes effect from October 12, 2018.

- Thanh Lam -

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