When entering and exiting through international border gates in Vietnam, in addition to checking personal papers and passports; in some cases, they also have to declare the amount of cash they bring to the border gate Customs. How much money can foreigners bring into Vietnam? Let’s find out the answer with LSX Lawfirm.
Criminal Law 2015
How much money can I bring when entering Vietnam?
Accordingly Article 2 of Circular 15/2011/TT-NHNN; individuals when exiting and entering through Vietnam’s international border gates with their passports carry foreign currency in cash; or Vietnamese dong in cash above the limit specified below.
– USD 5,000 (Five thousand US dollars) or other foreign currencies of equivalent value;
– 15,000,000 VND (Fifteen million Vietnamese Dong).
In case individuals on entry bring foreign currency cash equal to or lower than USD 5,000 or other foreign currencies of equivalent value and wish to deposit this amount of foreign currency in cash into their foreign currency payment account. Individuals opening at credit institutions; foreign bank branches permitted to conduct foreign exchange activities, must also declare to the border gate Customs.
The entry – exit declaration form certified by the border gate Customs on the amount of foreign currency brought in is the basis for the credit institution to allow cash deposit in the current account.
The level of foreign currency in cash and Vietnamese dong in cash required to declare to the border gate customs as above does not apply to individuals who bring all kinds of means of payment; valuable papers in foreign currencies or in Vietnamese dong. Men such as travelers checks, bank cards, passbooks, securities and other valuable papers.
Penalties for bringing cash in excess of the regulations without declaring
The administrative fine
Article 10 of Decree 128/2020/ND-CP stipulates the fine levels for violations against regulations on customs declaration by people on exit; or entry with respect to foreign currencies in cash; Vietnamese dong in cash as follows:
- Persons leaving the country who fail to declare or declare the wrong number of foreign currencies in cash in the currency they have right to carry, the fine is from 01 – 50 million dong;
- Those entering the country who fail to declare or declare the wrong number of foreign currencies in cash in the type of money allowed to bring them, the fine is from VND 01 – 20 million;
- Those entering the country who declare more than the actual amount they bring, the fine is from VND 2 to 25 million.
Accordingly Article 189 of th Criminal Law 2015 , as amended and supplemented in 2017; anyone who transports across the border or from a non-tariff zone to the inland or vice versa illegally Vietnam currency; foreign currency worth from 100 million VND 100 million or more or less than VND 100 million; but have been administratively sanctioned for this act; or other acts such as smuggling, trading in banned goods, etc.; they may be examined for penal liability; for the crime of illegal transportation good; and currency across borders.
The penalty for this crime is a non-custodial reform for up to two years or a prison term of between three months and two years.
Finally, hope this article How much money can foreigners bring into Vietnam is useful for you, if you have any questions please contact Lawyer X for quick and best legal services: +84846175333 or email: firstname.lastname@example.org.
Foreign exchange is an asset or property right that can be valued and converted into foreign currency accepted by the international community as a means of international payment that a country uses in international transactions, including: foreign currency and foreign currency. non-foreign currency international payment methods in forms such as deposits at foreign banks, credit instruments, bills of exchange, money orders, cheques… bonds, securities denominated in foreign currencies …
Violations against regulations on foreign exchange activities 2. A fine of between VND 10,000,000 and 20,000,000 shall be imposed for one of the following violations: a) Buying and selling foreign currencies between individuals with a value of between US$1,000 and US$10,000 (or other foreign currencies of equivalent value); purchase and sale of foreign currencies between individuals with a value of less than US$1,000 (or other foreign currencies of equivalent value) in case of recidivism or repeated violations.