Circular No. 20/2022/TT-NHNN dated December 30th, 2022 of the State Bank on guidelines for one-way money transfer from Vietnam to abroad and payment, money transfer for other current transactions of residents being organizations and individuals

This Circular prescribes in details cases of purchase, transfer and carrying of foreign currency abroad of organizations, individuals being residents in Vietnam and amounts thereof.

Accordingly, with regard to organizations, they are allowed to purchase, transfer, and carry foreign currency abroad for these purposes: sponsorship and aid according to commitments and agreements; to provide finance and aids in mitigating the impacts of natural disasters; to finance for development of culture, education projects; to award prize money; to allocate funding to overseas members to participate in scientific research projects abroad; to refund sponsorships for projects in Vietnam.

The amounts of foreign currency to buy, transfer or carry them abroad of organizations are determined based on the amounts stated in relevant documentation. Especially, the amounts of foreign currency to buy or transfer them abroad to finance programs, funds and projects in the fields of culture, education, must not exceed USD 50,000.

With regard to individuals, they are allowed to buy, transfer, and carry foreign currency abroad for the purposes as specified in Clause 2 Article 7 of Decree No. 70/2014/ND-CP (including overseas study and medical healthcare; overseas business trips, tourism and travels to visit friends or families; payment of fees and charges abroad; grants provided for relatives living overseas; money transfer of an inheritance to heirs living abroad; money transfer in case of people who settle overseas). Amounts of foreign currency to buy or transfer them abroad of individuals in each specific case are regulated at Article 13.

This Circular comes into force as of February 15, 2023.

To annul the Circular No. 20/2011/TT-NHNN dated August 29, 2011; Clause 3 Article 1 of Circular No. 24/2018/TT-NHNN dated September 28, 2018.

To amend and supplement point b clause 1 Article 17 of Circular No. 02/2021/TT-NHNN dated March 31, 2021; To amend and supplement point a Clause 1 Article 5 of Circular No. 15/2011/TT-NHNN dated August 12, 2011; To supplement point i Clause 2 Article 3 of Circular No. 16/2014/TT-NHNN dated August 1, 2014.