November 20, 2017 00:50

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Unlimit the amount of cash that individuals are allowed to carry upon exit

08:03 | 04/08/2016

VCN- In an interview with Customs Newspaper, Mr.Vu Van Hai, Deputy Director of the Legal Department (the General Department of Customs) said that the law does not limit the amount of cash that individuals are allowed to carry upon exit from Vietnam. If individuals carry cash exceeding the regulations they must declare it with Customs and submit documents as prescribed.

unlimit the amount that individuals are allowed to carry upon exit

Recently, public opinion has said that if an individual carries 5 million VND when exiting Vietnam they will be fined and the cash seized. To clarify this issue, could you tell us about the provision for the carrying of cash in foreign currency and Vietnamese Dong by individuals upon entry into and exit from the country with a valid passport?

Under Article 2 of Circular No.15/2011/TT-NHNN dated 12-8-2011of the State Bank provides for the carrying of foreign currency and Vietnamese dong by inviduals upon entry into and exit from the country through intenational border gates of Vietnam with a valid passport. Individuals who carrycash in foreign currency or Vietnamese dong in excess of $US 5,000 (Five thousand United States dollars) or other foreign currencies of the same value or 15,000,000 VND (Fifteen million Vietnamese Dong) must declare it to border Customs.

Thus, the law does not limit the amount that individuals are allowed to carry upon exit from the country. However, when an invidual exits Vietnam and carries an amount of cash in excess of the amount as prescribed must declare to border Customs and present either of 2 following documents in Article 3 of the Circular No.15: Confirmation of carrying foreign currency or Vietnamese dong in cash abroad issued by an authorized credit institution in accordance with the current provision of the laws on foreign exchange control; or a written approval to carry foreign currency or Vietnamese dong in cash abroad issued by the State Bank of Viet Nam. In addition, the law only provides for the carrying of cash in foreign currency or Vietnamese Dong by individuals “upon entry into and exit from the country with passport”.

How about the Decree No.45/2016/ND-CP on amending and supplementing some articles of the Government’s Decree No.127/2013/ND-CP which comes into force from August 1, 2016, on penalties for administative violations against regulations on customs declaration of cash in foreign currencies and cash in Vietnamese currency of individuals upon exit?

In Article 9 of Decree No.127/2013/ND-CP of the Government on penalties for administrative violations and enforcement of administrative decisions pertaining to customs controls (as amended and supplemented by provisions of Clause 6 Article 1 of Decree No.45/2016/ND-CP of the Government it stipulates): “1. Penalties for failure to declare or to correctly declare the amount of cash in foreign currencies or cash in Vietnamese currency or gold carried by a person in excess of the legal limit when exit from Viet Nam:

a, A fine of from 1,000,000 vnd to 5,000,000 vnd shall be imposed if the value is from 10,000,000 vnd to below 30,000,000 vnd.

b, A fine of from 5,000,000 vnd to 15,000,000 vnd shall be imposed if the value is from 30,000,000 vnd to below 70,000,000 vnd.

c, A fine of from 15,000,000 vnd to 25,000,000 vnd shall be imposed if the value is from 70,000,000 vnd to below 100,000,000 vnd.

d, A fine of from 30,000,000 vnd to 50,000,000 vnd shall be imposed if the value is from 100,000,000 vnd, but are not liable to criminal prosecution”.

Thank you!

By Dao Le /Ngoc Loan