| THE STATE BANK ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ------------ |
| No: 08/2003/TT-NHNN | Hanoi, May 21, 2003 |
CIRCULAR
GUIDING THE ORGANIZATION-RESIDENTS’ OBLIGATION TO SELL AND RIGHT TO PURCHASE FOREIGN CURRENCIES FOR THEIR CURRENT TRANSACTIONS
Pursuant to the Prime Minister’s Decision No. 46/2003/QD-TTg of April 2, 2003 on the compulsory foreign currency selling rates applicable to current revenues of residents being economic organizations or social organizations;
Pursuant to the Government’s Decree No. 05/2001/ND-CP of January 17, 2001 amending and supplementing a number of articles of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management,
The State Bank of Vietnam hereby guides the organization-residents’ obligation to sell and right to purchase foreign currencies, as follows:
1. The obligation to sell foreign currencies to banks
Residents being Vietnamese economic organizations, foreign-invested enterprises and foreign parties to business cooperation contracts, branches of foreign companies, foreign contractors and contractors in partnerships with foreign parties; residents being State agencies, armed force units, political organizations, socio-political organizations, social organizations, socio-professional organizations, social funds and charity funds of Vietnam must sell foreign currency amounts from current revenues sources to licensed banks (hereinafter called banks) at the percentage of 0%.
