Persons going abroad, foreigners allowed to buy foreign currency

The State Bank of Viet Nam issued Circular No 20/2011/TT-NHNN on August 29, regulating the sale and purchase of foreign currency by individuals travelling abroad.

Under the circular, Vietnamese citizens travelling abroad for purposes of study, medical treatment, tourism or business are entitled to purchase foreign currency at authorized credit agencies for necessary personal expenses while abroad, including expenses for food and transportation.

The quota for buying foreign currency is $100 per person per day or equivalent in other foreign currency within a 10-day stay. The same quota is applied for children who share the passports with their parents.

Foreign citizens with legitimate income in Vietnamese currency are also entitled to buy foreign currency at authorized credit agencies subject to current legislations on foreign currency management.

The circular takes effect on October 15.

Licensing of publishers

The Government issued Decree No 72/2011/ND-CP on August 23, amending Decree No 111/2005/ND-CP of 2005 issued under the Law on Publications, as well as Decree No 105/2007/ND-CP of 2007 regarding the printing of non-publications.

Under Decree No 72, in addition to central social, political or professional organisations directly creating and publishing works as provided for in Decree No 111, central-level entities seeking to establish a publishing house must seek a licence from the Ministry of Information and Communication following receipt of approval from the Prime Minister. The new decree provides in detail what must be included in the application dossier.

The decree also provides that a licence must be obtain prior to printing anti-counterfeit stamps, votive gilt products, newspapers, savings passbooks, passports, identification cards, degrees or certificates. However, the term for issuing licenses has been reduced from seven working days as previously provided in Decree No 105 to five.

The new decree takes effect on October 10.

Securities deposit services

The State Securities Commission issued Decision No 637/QD-UBCK on August 30 to regulate securities depository transactions.

A securities company conducting securities deposit transactions must not have accumulated losses equivalent to over 50 per cent of its charter capital under its latest audited financial statement and comply with specified debt and capital ratios. The company must also have at least two employees who are licensed to conduct securities deposit transactions and meet minimum infrastructure requirements.

Customers seeking to deposit securities must place at least VND10 million (US$500) on deposit.

Securities which may be accepted on deposit include stocks and fund certificates that have been listed for at least six months and which are not subject to warning, controlled or suspension of trading.