Key Points of Foreign Exchange Management
1. **Foreign Exchange Conversion**: Must be conducted through designated banks; private transactions are prohibited.
2. **Foreign Exchange Accounts**: Legal entities and individuals can open these accounts; all transactions must be conducted through these accounts.
3. **Outbound Foreign Exchange**: Must have a legitimate purpose and be approved by the State Bank of Vietnam.
4. **Export Foreign Exchange**: Enterprises must recover and deposit the foreign exchange into designated accounts in a timely manner.
5. **Supervision and Reporting**: Financial institutions must regularly report foreign exchange transaction activities.
### Regulations on Enterprise Foreign Exchange Recovery
1. **Recovery Deadline**: According to the contract, within 180 days; exceeding this period requires special permission.
2. **Account Requirements**: Foreign exchange income must be deposited into designated accounts.
3. **Delayed Recovery**: Requires written explanation and may face penalties.
4. **Violation Penalties**: Includes economic penalties, license revocation, etc.
### Profit Remittance for Foreign Investors
1. **Completion of Tax Obligations**: Ensure all tax obligations are fulfilled.
2. **Submission of Audit Documents**: Submit financial statements and income tax returns.
3. **Profit Remittance Methods**: Remittance of annual surplus profits or after project completion.
4. **Advance Notice**: Notify the tax authorities 7 working days before the remittance.
5. **Cooperation with Banks**: Ensure smooth foreign exchange conversion and remittance.
Post time: Jul-02-2024