Foreign exchange issues are often the critical ones in cross-border family and estate law practice in any country that has foreign exchange controls. After all, in many cases, the foreign parties, be it foreign spouses or heirs, need to take their money into or out of Vietnam.
A typical example is the country of the People’s Republic of China that has very strict regulations over foreign exchange money coming into or flowing out of China. Vietnam is very much similar.
The following article is a translation of a Q&A article published in Vietnam website.
Vietnam’s Land Law 2024, Real Estate Business Law 2023, and Housing Law 2023 open doors for overseas Vietnamese (Việt Kiều) to invest and trade real estate in Vietnam. Consequently, Vietnam is expected to attract significant investment capital from overseas Vietnamese.
Question: How much money can overseas Vietnamese bring when returning to Vietnam?
Cash delaration requirement for overseas Vietnamese
According to the relevant laws:
- The term “Việt Kiều” is not a legal term but a colloquial expression referring to Vietnamese citizens or people of Vietnamese origin residing long-term abroad.
- Vietnamese law does not distinguish between individuals (Vietnamese citizens, overseas Vietnamese, or foreigners) regarding regulations on carrying cash, payment instruments, or monetary documents (in foreign currency or Vietnamese đồng) when entering Vietnam.
Key Rules for Cash Carrying:
Per Article 2 of Circular No. 15/2011/TT-NHNN by the State Bank of Vietnam:
1. Foreign Currency:
- Individuals entering Vietnam via international border gates with passports may carry unlimited amounts of cash.
- Declaration to customs is required if:
- Carrying over 5,000 USD (or equivalent in other foreign currencies).
2. Vietnam Dong
- Declaration is required if carrying over 15 million VND.
Summary
- Overseas Vietnamese and other individuals entering Vietnam must declare cash exceeding 5,000 USD (or equivalent in foreign currency) or 15 million VND.
- These rules apply to all legal entrants, regardless of nationality.
However, even if the amount of foreign currency cash carried is equal to or less than 5,000 USD, individuals must still declare it to the border customs authorities if they intend to deposit this foreign currency cash into a foreign currency payment account at an authorized credit institution.
Thus, when entering Vietnam, individuals are only required to declare to customs if the cash they carry exceeds the prescribed limits.
Key Points Clarified:
1. Declaration Requirement Exceptions:
- Even below the 5,000 USD threshold, declaration is mandatory if depositing into a foreign currency account.
2. General Rule:
- Declaration is triggered only when carrying cash exceeding 5,000 USD (or equivalent) or 15 million VND (as stated in the original article).
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