On July 17th, 2014 the Government issued Decree No. 70/2014/ND-CP (Decree 70) guiding the implementation of a number of articles of Ordinance No. 28/2005/PL-UBTVQH11 dated December 13th, 2005 on Foreign Exchange Control as amended by Ordinance No. 06/2013/PL-UBTVQH13 dated March 18th, 2013 (Ordinance 28) Decree 70 takes effect from September 5th, 2014 and replaces Decree No. 160/2006/ND-CP dated 28 December 2006 governing the same matter (Decree 160). Below are some of the key differences between Decree 70 and Decree 160.
Payments and remittance of money relating to import and export of goods and services
Opening and use of a direct investment capital account
Further, after having opened a Direct Foreign Currency Account in accordance with Decree 70, the FDI Enterprises and foreign investors participating in business co-operation contracts may open a direct investment capital account in Vietnamese Dong (VND) for the sole purpose of implementing lawful transactions in VND relating to their direct investment activities in Vietnam.
Opening and use of offshore foreign currency accounts
Use of foreign cash currency by Vietnamese citizens
Use of foreign exchange in Vietnam
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