Central bank sets rules on transfer of money abroad for sponsorship, assistance purposes

Hanoi – The State Bank of Vietnam has issued new regulations on cases of purchasing, sending, and bringing foreign currencies abroad for sponsorship and assistance purposes of organisations.

According to Circular 20/2022/TT-NHNN, those cases include purchasing, sending, and bringing foreign currencies abroad for sponsorship and assistance purposes under commitments and agreements between the State, Government, and local administrations with other countries. The funding comes from the budgets or money sources of sponsoring and assistance providing organisations.

The cases also include purchasing and sending foreign currencies abroad for supporting the settlement of natural disaster, epidemic, and war consequences. The funding is from donations by domestic organisations and individuals, and/or money sources of sponsors and assistance providers.

They also cover purchasing and sending foreign currencies abroad to finance programmes, funds, and projects established by domestic organisations and/or foreign ones with the view of supporting and encouraging the development in the fields of culture, education (scholarship granting), and health care. The funding comes from money sources of sponsoring organisations.

The document also stipulates other cases of transferring money abroad from Vietnam for other purposes. It will take effect on February 15.

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