TO GUIDE PAYMENT AND MONEY TRANSFER ACTIVITIES RELATED TO THE GOODS TRANSSHIPMENT BUSINESS
On March 30, 2020, the State Bank of Vietnam promulgates the Circular No. 02/2020/TT-NHNN on providing guidance on the payment and money transfer activities related to the goods transshipment business.
Accordingly, a trader is only permitted to pay and transfer money in the same transshipment transaction in accordance with the goods purchase contract and the sale contract of such goods at the same permitted bank.
Concurrently, a trader is prohibited from using vouchers of one goods transshipment transaction to purchase foreign currencies, make a payment and transfer money at many permitted banks.
On the other hand, the State Bank also stipulates the specific responsibility of the permitted banks. To be specific: When conducting transactions of selling foreign currencies, payment and money transfer related to the goods transshipment business for customers, the permitted banks shall be responsible for reviewing, inspecting and storing documents and vouchers in compliance with actual transactions to ensure the supply of foreign exchange services to be performed as prescribed.
This Circular takes effect on May 15, 2020.
