Forex controls loosened
Government has issued Decree 131/2005/ND-CP on the management of foreign exchange on October 18 replacing the Decree 63/CP issued in 1999. Accordingly, forex payment and transference in non-resident transactions will be freely carried out. People are allowed to buy or transfer forex to a foreign country provided the forex is legal.
Specifically, people can buy and transfer the forex to a foreign country to pay for hospital treatment services without asking for the state bank’s permission. When buying forex, customer just show proving papers such as tuition fee paper or hospital fee paper to the commercial bank. Foreigners resident or not resident in Vietnam will be allowed to open forex account, freely transferring or investing in Vietnam. In case foreigners owning dong want to buy forex to transfer to foreign country, state bank will consider the origin before transferring to avoid the forex outflow.
