Socialist Republic of Vietnam

STATE BANK OF VIETNAM

No.562-2002-QD-NHNN Hanoi, 3 June 2002


DECISION
ON AMENDMENTS OF A NUMBER OF PROVISIONS OF CIRCULAR 05-2001 TT-NHNN DATED 31 MAY 2001 PROVIDING GUIDELINES FOR IMPLEMENTATION OF DECISION 61-2001-QD-TTG OF THE PRIME MINISTER OF THE GOVERNMENT DATED 25 APRIL 2001


The Governor of the State Bank


Pursuant to Decree 15-CP of the Government dated 2 March 1993 on Duties, Powers and Responsibilities for State Administration of Ministries and Ministerial Equivalent Bodies;

Pursuant to article 3 of Decree 61-2002-QD-TTg of the Prime Minister of the Government dated 15 May 2002 on amendments of clause 1 of article 1 of Decision 61-2001-QD-TTg of the Prime Minister of the Government dated 25 April 2001 on obligations to sell and rights to purchase foreign currency of residents being organizations;

Having considered the proposal of the Director of the Department of Foreign Exchange Control,

Decides:


Article 1

To amend a number of provisions of Circular 05-2001-TT-NHNN dated 31 May 2001 providing guidelines for implementation of Decision 61-2001-QD-TTg of the Prime Minister of the Government dated 25 April 2001 as follows:

1.1 Paragraph 1(a) of Section 1 of Chapter II shall be amended as follows:

"(a) Subjects being economic organizations shall sell immediately to banks no less than thirty (30) per cent of the amount of foreign currency derived from current revenue;".

1.2 Paragraph 2.2(a) of Section 1 of Chapter II shall be amended as follows:

"(a) When foreign currency amounts which are not determined as current revenue to be sold are credited to the account of an organization, then the bank shall conduct the prompt transfer of thirty (30) per cent of the foreign currency amount into a trust account with respect to economic organizations, or one hundred (100) per cent with respect to social organizations; at the same time, shall inform the organization thereof."

Article 2

This Decision shall be of full force and effect as of 15 May 2002.

Article 3

Heads of Departments, Bureaus and Head of the Office, Chief Inspector of the State Bank, directors of State Bank branches in cities and provinces, and general directors (directors) of commercial banks, joint venture banks, joint stock banks and foreign bank branches shall, within the scope of their respective powers and functions, be responsible to organize and to provide guidelines for implementation of this Decision.


For the Governor of the State Bank
Deputy Governor

DUONG THU HUONG