II. One-way money transfer from Vietnam to abroad and payment, money transfer for other current transactions of residents being organizations and individuals

The State Bank of Vietnam issued Circular No. 20/2022/TT-NHNN dated 30 December 2022 on guidelines for one-way money transfer from Vietnam to abroad and payment, money transfer for other current transactions of residents being organizations and individuals with the following notable contents:

• Cases of purchase, transfer, and carrying of foreign currency abroad for one-way money transfer purposes of organizations including:

i. Cases of purchase, transfer, and carrying of foreign currency abroad for sponsorship and aid

• Sponsorship and aid according to commitments and agreements between the State, Government, local authorities, and foreign countries. Sponsorship and aid sources are funds from the budget or the money source of the sponsoring or aid organization itself;
• Sponsorship and aid for overcoming consequences of natural disasters, epidemics, and wars. Sources of sponsorship and aid are voluntary contributions from domestic organizations and individuals and/or the money source of the sponsoring or aid organization itself;
• Sponsorship for programs, funds, and projects established by domestic and/or overseas organizations to support and encourage development in the fields of culture, education (scholarship funding), and health. Sources of sponsorship are the source of the sponsoring organization itself.

ii. Cases of purchase, transfer, and carrying of foreign currency abroad for other purposes including:

• Give rewards to non-residents who are overseas organizations and individuals participating in programs and contests held in Vietnam under relevant laws. The source of prize money is from non-residents being overseas organizations or individuals or residents being organizations;
• One-way money transfer abroad for the following purposes from sponsorship sources received by non-residents being overseas organizations and individuals:

• • Allocate funding to overseas members to participate in scientific research projects in Vietnam and abroad;
  • Refund sponsorships for projects in Vietnam according to commitments and agreements with foreign parties.
• Cases of purchase, transfer, and carrying of foreign currency abroad for one-way money transfer purposes of residents being Vietnamese citizens

1. Residents being Vietnamese citizens may purchase, transfer and carry foreign currency abroad for the purposes of one-way money transfer specified in Article 7.2 of Decree No. 70/2014/ND-CP.
2. The purchase, transfer, and carrying of foreign currency that are carried out by residents being Vietnamese citizens or legal representatives of Vietnamese citizens or relatives of Vietnamese citizens studying or receiving medical treatment abroad shall comply with the instructions of the authorized banks.