Vietnam Eases Foreign Currency Controls

Vietnam has decided to loosen restrictions on the use of foreign currencies in the country. ngoaite_199.gif

In a decree issued October 18, the government said Vietnamese and foreigners were now free to pay in foreign currencies and send foreign currencies within the country’s territory without permission.

Vietnamese residents can also buy, send, and carry foreign currencies abroad to pay for medical treatment, or studies without having to get a license from the State Bank of Vietnam (SBV), the country’s central bank.

All they need to do is submit to commercial banks papers from a foreign source asking them to pay the fees.

Vietnamese and foreigners are also allowed to buy, send, and carry foreign currencies abroad for legal payment, without having to provide proof of tax payment in Viet Nam.

Besides, foreigners are allowed to buy foreign currencies at banks to remit abroad, but are required to get the nod from the SBV.

Source: Vietnam News Agency
Story from Thanh Nien News
Published: 20 October, 2005, 20:58:53 (GMT+7)
Copyright Thanh Nien News