Press Release on issuance of Circular No.16/2015/TT – NHNN
The State Bank of Vietnam (SBV) issued Circular No.16/2015/TT – NHNN on October 19, 2015 to revise Circular No.32/2013/TT – NHNN on December 26 to guide the regulations on limiting the utilization of foreign exchange in the territory of Vietnam.
This Circular includes 2 articles that revise the regulation of Item 17 Article 4 of Circular No.32/2013/TT – NHNN and supplements Article 4a to stipulate dossiers and procedures for granting the foreign exchange license in the territory of Vietnam, as follows:
1. Revising and supplementing the item 17 of Article 4 of Circular No.32/2013/TT – NHNN:
In addition to general provisions stipulating other cases which are licensed to use foreign exchange in the territory of Vietnam, Circular No. 16/2015/TT-NHNN supplements several specific cases relating to security, defense and petroleum and gas prescribed in item 17 of Article 4 of Circular No.32/2013/TT – NHNN. Only entities (resident and non – resident) can get approval and permission to utilize foreign exchange in the territory of Vietnam. The SBV does not permit individuals.
2. Supplementing regulations on dossiers and procedures for granting the license of foreign exchange utilization in the territory of Vietnam:
In order to improve transparency of the administrative procedures, the Circular supplements Article 4a to stipulate dossiers and procedures for granting the foreign exchange license in the territory of Vietnam. Accordingly, Article 4a stipulates the rule of formulating and submitting dossier, the dossier substances and time for processing dossier of granting foreign exchange license by the SBV.
The Circular will take effect from December 03, 2015.
The State Bank of Vietnam
Translated by VMH