vietnam
vietnam

Permit To Collect Chinene Yuan (Cny) In Cash

  • 01/01/1970

Permit to collect Chinene yuan (CNY) in cash
Purpose To regulate the collection of Chinese yuan in cash
What is it License
Who should apply 00

Enterprises dealing in the sale of duty-free goods or the provision of services exclusively for foreigners in border areas and border gate economic zones
Where to apply
Validity of the License and application fee Unspecified
Application conditions and documents

The dossier shall include:

  1. The application for the permit;
  2. A competent agency’s document permitting the enterprise to sell duty-free goods or provide services for foreigners;
  3. The written opinion of the State Bank’s provincial/municipal branch (in the locality where the enterprise wishes to sell goods or provide services for CNY in cash).
The process
  • Enterprises dealing in the sale of duty-free goods or the provision of services exclusively for foreigners in border areas and border gate economic zones (including enterprises headquartered in other localities but opening duty-free shops or providing services exclusively for foreigners in the above-said areas), if wishing to collect CNY in cash, shall address a set of dossiers to the State Bank (the Foreign Exchange Management Department) for application for the permit;
  • Within 15 working days after fully receiving the valid dossiers, the State Bank shall grant or refuse to grant the license to the organization. In case of refusal to grant the license, a written reply must be given to the organization, clearly stating the reasons thereof.
How long it will take to process the application? 15 working days
Inspecting authorities Inspection Agencies of the State Bank of Vietnam and its branches in provinces.
Non-compliance penalty Penalties range from 5.000.000 VND to 20.000.000 VND. See Article 8 of Government’s Decree No. 202/2004/ND-CP of December 10, 2004 on sanctioning violations in the monetary and banking fields
Legal texts regulating this license
Law on State Bank of Vietnam No.01/1997/QH10 of December 12, 1997
The Law No. 10/2003/QH11 of June 17, 2003 on amending and supplementing a number of articles of the Law on State Bank of Vietnam
Decision No. 689/2004/QD-NHNN of June 7, 2004 of the Governor of the State Bank on promulgating the regulation on payment for goods and service trading and exchange on border areas and border gate economic zones between Vietnam and China
Other useful information The enterprises, which are granted by the State Bank the permits to collect CNY in cash from the sale of goods and/or provision of services, must remit the collected CNY amounts into bank accounts within 7 working days as from the date the collect such CNY amounts in cash (except for the CNY amount permits permitted to be left in their funds).

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