The Cases of Tranferring Money from Vietnam Abroad

In the context of international economic integration, more and more foreign investors are coming and investing in Vietnam. Besides, many Vietnamese individuals and organizations have also implemented many investment activities, living, traveling… abroad. 

Therefore, there are needs to transfer money from Vietnam abroad. According to the provisions of Vietnamese laws on foreign exchange management, domestic individuals and organizations are allowed to transfer money abroad in the following cases:

For individuals being Vietnamese citizens, they are entitled to buy, transfer or bring foreign currencies overseas according to the State Bank’s regulations for the following purposes: to study and receive medical treatment abroad; traveling; business trip; visiting abroad; to pay charges and fees to foreign countries; allowances for relatives members living abroad; transfer of inheritance money to overseas heirs; transfer money in case of permanent residence abroad; One-way money transfer for other legitimate needs.

For enterprises, they are allowed to transfer money abroad when performing the following cases: Carrying out payment and transferring money related to the import or export of goods and/or services; payment of payments and remittances related to commercial credits and short-term bank loans; make payments and transfers related to direct and indirect investment income; transfer money when being allowed to reduce direct investment capital; payment of debts and interest of foreign loans; make one-way money transfers; payment and other remittance according to regulations of the State Bank of Vietnam.

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What are Rights and Obligations of the Obligee?

The rights and obligations of the obligee are as following:

Rights of the obligee:

a) Request the guarantor, the guarantee-confirmation issuing party to fulfill guarantee obligations;

b) Request the guarantor, the guarantee-confirmation issuing party to fulfill obligations and liabilities agreed upon in the guarantee commitment;

c) File a lawsuit in accordance with laws if the guarantor or the guarantee-confirmation issuing party is in breach of their agreed-upon obligations;

d) Check the authenticity of the guarantee commitment;

dd) Transfer their rights and obligations to other entities under the agreement between involved parties in conformity with legal regulations;

e) Exempt the guarantor, the guarantee-confirmation issuing party from liability to fulfill guarantee obligations;

g) Exercise other rights under the agreement between parties in conformity with legal regulations.

Obligations of the obligee

a) Fulfill agreed-upon guarantee obligations and ensure conformity with terms and conditions set in the guarantee commitment;

b) Notify the guarantor, the guarantee-confirmation issuing party and other related parties of any sign or act of violation committed by the obligor;

c) Fulfill other obligations under the agreement between parties in conformity with legal regulations.

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