OFFSHORE

Reply:

According to Article 2 of Circular No. 15/2011 / TT-NHNN stipulating the level of foreign currency in cash, Vietnam dong in cash must declare the border gate customs upon exit and entry as follows:

1. Individuals on exit or entry through Vietnam's international border gates with passports carrying foreign currencies in cash, Vietnam dong in cash above the levels prescribed below must declare the border-gate customs:

a) USD 5,000 (Five thousand US dollars) or other foreign currencies of equivalent value.b) VND 15,000,000 (Fifteen million Vietnamese dongs).

2. In case individuals enter the country to bring foreign currency cash equal to or lower than the level of USD 5,000 or other foreign currencies of equivalent value and have the need to deposit this amount of foreign currency into foreign payment account. bad of individuals opened at foreign credit institutions and branches licensed to conduct foreign exchange operations (hereinafter referred to as authorized credit institutions), must also declare border gate customs. The entry-exit declaration with the border-gate customs's certification of the amount of foreign currency in cash brought into is the basis for the credit institution to allow the sending of foreign currency in cash to the payment account.

3. The level of foreign currency in cash and Vietnam dong in cash prescribed for border-gate customs shall not apply to individuals carrying all kinds of payment instruments, valuable papers in foreign currency or in Vietnam dong such as traveler's checks, bank cards, savings books, securities and other valuable papers.

4. The deposit of foreign currency in cash into an individual's foreign currency payment account is specified in Article 4 of Circular No. 15/2011 / TT-NHNN.