TO GUIDE THE FOREIGN EXCHANGE CONTROL OF MICROFINANCE PROGRAM AND PROJECT
The State Bank of Vietnam issues the Circular No. 34/2019/TT-NHNN providing guidelines on the foreign exchange control with foreign currency capital of microfinance programs and projects of political organizations, socio-political organizations and non-governmental organizations on December 31, 2019.
Accordingly, political organizations, socio-political organizations and non-governmental organizations may only mobilize capital in foreign currencies under the form of receiving non-refundable aid, sponsorship from individuals and organization being non-residents to perform microfinance programs and projects.
Concurrently, political organizations, socio-political organizations and non-governmental organizations shall take responsibility for the implementation of regulations of specific law on receiving and using non-refundable aid, sponsorship from individuals and organization being non-residents and regulations on foreign exchange control with foreign currencies.
Noticeably, when receiving non-refundable aid, sponsorship in foreign currencies from individuals and organizations being non-residents, political organizations, socio-political organizations and non-governmental organizations shall present papers and documents prove that such money is non-refundable aid, sponsorship of individuals and organizations being non-residents according to permitted banks’ regulations and be responsible for the authenticity of such papers and documents.
This Circular takes effect on February 14, 2020.
