Press release on issuance of Circular No. 09/2022/TT-NHNN
Hanoi, July 12, 2022 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 09/2022/TT-NHNN providing guidance on the foreign exchange management applicable to the business of prize-winning electronic games for foreigners.
Circular No. 09/2022/TT-NHNN has been issued to provide guidance on the payment and the foreign exchange operations stipulated at Decree No. 121/2021/ND-CP dated December 27, 2021 of the Government on the business of prize-winning electronic games for foreigner.
Circular No. 09/2022/TT-NHNN comprises of 04 Chapters with 15 Articles, specifically as follows:
Chapter I comprises of 02 Articles providing for the Scope of application and the Subjects of application.
Chapter II comprises of 07 Articles providing for the receipt and the payment of prizes in foreign currencies; the standard currency; the scope of collection and payment in foreign currencies and other foreign exchange operations applicable to the businesses; the opening and use of a foreign currency specialized account; the foreign currency transfers between the payment account and the foreign currency specialized account of a business; the cash reserves and the payment by credit cards.
Chapter III comprises of 04 Articles providing for the responsibilities of the SBV provincial and municipal branches; the responsibilities of the licensed banks; the responsibilities of the businesses and the gamers.
Chapter IV comprises of 02 Articles providing for the reporting requirements and the enforcement of the Circular.
The Circular will take effect on September 01, 2022.
Translated by LK.