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Vietnam Foreign Exchange

The State Bank of Vietnam ( SBV) imposes strict controls on foreign exchange transactions.

You must get foreign currency convertibility rights from SBV as early as possible. Convertibility rights are normally part of the investment licence so are given to companies operating in specific import substitute and other ‘important’ industries. Convertibility rights don’t guarantee availability of foreign exchange.

Foreign currency is allowed out of Vietnam only when:

• Needed for payment for goods and services by an importer with an import license and other supporting import documents (ie purchase contract, invoice, customs declaration form etc)
• Remittance of dividends has been cleared by Vietnamese tax authorities
• Repaying foreign loans and interest
• Paying salaries, bonuses and allowances to expatriate employees

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