Press release on issuance of Circular No. 04/2024/TT-NHNN
Hanoi, May 31, 2024 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 04/2024/TT-NHNN providing guidance for the cross-border payment and money transfers between Vietnam and Laos.
The new Circular is composed of 11 Articles, specifically as follows:
- Article 1, Article 2 and Article 3 stipulate the scope of regulation, the subjects of application, currencies and the payment methods used for the cross-border payment and money transfers in the transactions of goods and services between Vietnam and Laos.
- Article 4, Article 5 and Article 6 stipulate the opening and use of the Lao Kip (LAK) payment accounts by residents and non-residents at the licensed banks in Vietnam; the opening and use of the Vietnamese Dong (VND) payment accounts by residents and organizations in Laos; and the payment cooperation arrangements between the licensed Vietnamese banks and Lao banks.
- Article 7 stipulates the VND, LAK cash import and export operations between Vietnam and Laos to balance the amounts of cash serving the cross-border payment and money transfers between Vietnam and Laos.
- Article 8, Article 9, Article 10 and Article 11 stipulate the reporting requirements, the responsibilities of the relevant individuals and organizations, the enforcement of the Circular.
The Circular takes effect on July 15, 2024.
Translated by Hai Yen