ANNOUNCEMENT 26 Dec 2013In December 2013, the government of Vietnam announced a change in the settlement of trade invoices.
NUMBER OF INTERVENTIONS
On 26 December 2013, the State Bank of Vietnam issued Circular No. 32/2013/TT/NHNN which stated the regulations regarding use of foreign currency in the country. The ciruclar requires residents as well as non-residents of Vietnam to list all prices and make all transactions within Vietnames borders in the local currency, the Dong.
The cases where foreign currency use is allowed in Vietnamese territory are enumerated in the Circular. For instance, companies that pruchase a domestic good for the sole purpose of exportation may pay such items in foreign currency. Furthermore, enterprises of the tourism sector may list foreign currencies only in publications written in a foreign language. The quotation of menue items and room rates in foreign currency is explicitey prohibited.
The Circular is effective from 10 February 2014.