Restrictions on Taking Forex Abroad Abolished
Individuals who want to take foreign currencies abroad equivalent to over US$7,000 for allowed purposes no longer have to apply for license from the central bank, new regulations known as the Official Letter 497 of the State Bank of Vietnam stipulated.
Without a license as was required before, people can now purchase and remit forex at commercial banks by just declaring documents demonstrating their use of forex abroad, said Ho Huu Hanh, Vice Director of the State Bank of Vietnam (SBV) Ho Chi Minh City.
The allowed purposes include study, health care, travel, maintenance, inheritance, habitation and so on.
Accordingly, only the remittance worth above US$7,000 is required for customs declaration. Those who have foreign currency in hand can go to commercial banks to declare the necessary documents and commercial banks will grant them the certificate.
Each person is allowed to take forex abroad for overseas relatives with the amount of US$7,000 per annum, however, if senders have enough documents to declare validity and necessity of a higher amount, remittance of a higher amount is allowed.
Young People, Vietnam Panorama
Vietnamese
