Nghị định 131/2005/NĐ-CP

Article 1.- To amend and supplement a number of articles of the Government's Decree No. 63/1998/ND-CP of August 17, 1998, as follows:

1. Chapter III (current transactions) is added with following Article 11.a:

"Article 11.a.- Principle of liberalization of current transactions

In the Vietnamese territory, payments and remittances for current transactions may be freely made."

2. Clause 11 of Article 4 is amended and supplemented as follows:

"11. Payments and remittances for international current transactions in this Decree include:

a/ Payments related to export or import of goods or services, other current transactions, and short-term credits and bank loans;

b/ Payments for net incomes from direct and indirect investment, direct investment capital depreciation (if applicable);

c/ Payments on interests and gradual payment of debt principals of foreign loans;

d/ One-way remittances for consumption purposes and other similar transactions."

3. Article 14 is amended and supplemented as follows:

"Article 14.- One-way transfer of money from Vietnam to abroad in current transactions

1. Non-residents and residents entitled to purchase, transfer or carry foreign currencies abroad to meet their lawful current payment demands shall not have to produce documents certifying the fulfillment of tax obligations towards the Vietnamese State.

2. Non-residents and residents being foreigners that have foreign currencies may transfer such foreign currencies abroad when they have demands therefor. If they have lawful incomes in Vietnam dong, they may purchase foreign currencies at licensed banks to transfer them abroad.

3. Residents being Vietnamese citizens may purchase, transfer or carry foreign currencies abroad to meet their lawful demands such as travel, study, medical treatment, difficulty allowances, inheritance, or residence under the Vietnam State Bank's regulations.

4. The Governor of the Vietnam State Bank shall consider and settle cases of purchase, transfer or carrying of foreign currencies in excess of set limits (if any) on the basis of considering dossiers and papers proving the necessity of transactions."

Article 2.- Implementation provisions

1. This Decree takes effect 15 days after its publication in "CONG BAO."

2. Ministers, heads of ministerial-level agencies, heads of Government-attached agencies, and presidents of provincial/municipal People's Committees shall have to implement this Decree.