Central bank sets rules on transfer of money abroad for sponsorship, assistance purposes
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.
Hanoi (VNA) – The StateBank of Vietnam has issued new regulations on cases of purchasing,sending, and bringing foreign currencies abroad for sponsorship and assistancepurposes of organisations.
According to Circular 20/2022/TT-NHNN,those cases include purchasing, sending, and bringing foreign currencies abroadfor sponsorship and assistance purposes under commitments and agreementsbetween the State, Government, and local administrations with other countries. Thefunding comes from the budgets or money sources of sponsoring and assistanceproviding organisations.
The cases also include purchasing andsending foreign currencies abroad for supporting the settlement of naturaldisaster, epidemic, and war consequences. The funding is from donations by domestic organisations and individuals, and/or money sources of sponsorsand assistance providers.
They also cover purchasing andsending foreign currencies abroad to finance programmes, funds, and projects establishedby domestic organisations and/or foreign ones with the view ofsupporting and encouraging the development in the fields of culture, education (scholarshipgranting), and health care. The funding comes from money sources of sponsoringorganisations.
The document also stipulatesother cases of transferring money abroad from Vietnam for other purposes. It will take effect on February 15./.
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Illustrative image (Photo: VNA) 
