What is the fine for using a digital account to illegally trade, transact, or exchange foreign currency?
Pursuant to Clause 2, Article 14 of Decree 330/2026/ND-CP, which regulates violations regarding the prevention of the use of cyberspace, information technology, or electronic means to infringe upon the order of economic management—where such violations do not warrant criminal prosecution—the provisions are as follows:
Article 14. Violations regarding the prevention of the use of cyberspace, information technology, or electronic means to infringe upon the order of economic management where such violations do not warrant criminal prosecution
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2. A fine of between VND 10,000,000 and VND 20,000,000 shall be imposed for any of the following violations:
a) Using a false identity, forged documents or records, or the unauthorized use of another person's information to establish an enterprise, or to set up or register a bank account, bank card, e-wallet account, mobile money account, securities account, trading account, insurance account, tax account, or other digital account with financial transaction capabilities, where the violation does not warrant criminal prosecution;
b) Using a digital account with financial transaction capabilities as an intermediary tool to conduct transactions, receive or transfer money, and make payments to other beneficiaries, except where licensed by a competent authority;
c) Renting, leasing, providing, or using services for receiving messages or calls, or other methods, to authenticate information or verify the identity of a digital account with financial transaction capabilities, except where licensed by a competent authority;
d) Using a digital account to illegally trade, transact, or exchange foreign currency. [...]
8. Remedial measures:
a) Compulsory removal or deletion of information regarding violations specified in Points b and d, Clause 3 of this Article;
b) Compulsory surrender of a sum of money equal to the value of material evidence or means used in the administrative violation that have been consumed, disposed of, or destroyed in contravention of the law as referred to in Clauses 1, 2, 3, 4, 5, and 6 of this Article.
Thus, the act of using digital accounts for the illegal trading, transaction, or exchange of foreign currency is subject to a fine ranging from VND 10,000,000 to VND 20,000,000. Additionally, the violator is required to surrender a sum of money equal to the value of the material evidence or means involved in the administrative violation.
Note: The aforementioned fine applies to violations committed by individuals. In cases where an organization commits the same violation, the fine applicable to the organization shall be double the fine applicable to an individual.
Are individuals permitted to bring foreign currency into Vietnam?
Pursuant to Article 9 of the 2005 Ordinance on Foreign Exchange (as amended by Clause 3, Article 1 of the 2013 Ordinance Amending the Ordinance on Foreign Exchange), regulations regarding the carrying of foreign currency, Vietnamese dong, and gold upon entry or exit, as well as the export and import of foreign currency, are as follows:
Article 9. Carrying foreign currency, Vietnamese dong, and gold upon entry or exit; export and import of foreign currency
1. Individuals who are residents or non-residents must declare to border customs authorities when entering the country carrying cash in foreign currency, cash in Vietnamese dong, or gold in amounts exceeding the limits prescribed by the State Bank of Vietnam.
2. Individuals who are residents or non-residents must declare to border customs authorities and present documents as prescribed by the State Bank of Vietnam when exiting the country carrying cash in foreign currency, cash in Vietnamese dong, or gold in amounts exceeding the limits prescribed by the State Bank of Vietnam.
3. Credit institutions that are residents are permitted to export or import cash in foreign currency upon obtaining written approval from the State Bank of Vietnam. The State Bank of Vietnam prescribes the documentation, sequence, and procedures for approving the export and import of cash in foreign currency by permitted credit institutions.
Thus, individuals entering Vietnam are permitted to carry foreign currency, provided it is within the allowed limits; if the amount exceeds the prescribed limit, they must make a declaration to border customs authorities.
Specifically: Individuals who are residents or non-residents must declare to border customs authorities when entering the country carrying cash in foreign currency, cash in Vietnamese dong, or gold in amounts exceeding the limits prescribed by the State Bank of Vietnam.
What regulations govern the use of foreign exchange within the territory of Vietnam by residents that are domestic or foreign contractors? Pursuant to Clause 7, Article 4 of Circular 32/2013/TT-NHNN, which stipulates the cases in which foreign currency may be used within the territory of Vietnam:
Article 4. Cases in which foreign currency may be used within the territory of Vietnam
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7. Residents acting as domestic or foreign contractors shall comply with the following regulations:
a) Regarding offshore expenses related to the execution of a bid package via international bidding in accordance with the Law on Bidding: contractors are permitted to submit bids in foreign currency and receive payment via foreign currency bank transfer from the project owner or main contractor for the purpose of making payments, settling expenses, and transferring funds abroad.
b) Regarding the execution of a bid package in accordance with the law on petroleum: contractors are permitted to submit bids in foreign currency and receive payment via foreign currency bank transfer from the project owner or main contractor for the purpose of making payments, settling expenses, and transferring funds abroad.
Thus, residents acting as domestic or foreign contractors are permitted to use foreign currency within the territory of Vietnam in accordance with the following regulations:
- Regarding offshore expenses related to the execution of a bid package via international bidding in accordance with the Law on Bidding: contractors are permitted to submit bids in foreign currency and receive payment via foreign currency bank transfer from the project owner or main contractor for the purpose of making payments, settling expenses, and transferring funds abroad.
- Regarding the execution of a bid package in accordance with the law on petroleum: contractors are permitted to submit bids in foreign currency and receive payment via foreign currency bank transfer from the project owner or main contractor for the purpose of making payments, settling expenses, and transferring funds abroad.