SBV guides payment for goods in border-gate transfer

Payment for goods in border-gate transfer must be conducted via authorized banks, the State Bank of Vietnam (SBV) requires in a draft circular guiding payment and money transfer for goods in border-gate transfer.

Additionally, for each goods lot, there must be two separate transactions: transfer of money for payment under the purchase contract and receipt of money under the sale contract. The two transactions must be conducted via a single authorized bank.

Traders may use foreign currencies on their foreign-currency payment accounts or buy foreign currencies from authorized banks and then transfer such foreign-currency amounts abroad for payment under goods purchase contracts. They may also receive foreign currencies for sale of goods but such amounts must be remitted to their foreign-currency payment accounts opened at the same authorized banks.

The SBV requires authorized banks to develop and implement internal rules on control of foreign currency inflow and outflow. They would also have to examine and archive relevant documents. Meanwhile, traders would have to produce documents at the request of authorized banks and take responsibility before law for the authenticity of such documents.