Are businesses operating in the hotel and restaurant industry allowed to use foreign currency?

1. Are businesses operating in the hotel and restaurant industry allowed to use foreign currency?

Pursuant to Article 4 of Circular 32/2013/TT-NHNN stipulating cases of using foreign exchange in the territory of Vietnam as follows:

– Customs agencies, police, border guards and other State agencies at Vietnam’s border gates and bonded warehouses are listed in foreign currency and collect in foreign currency transfer or cash from non-residents for taxes, entry and exit visa fees, service provision fees and other fees and charges as prescribed by law.

– Banks, non-bank credit institutions, foreign bank branches licensed to do business and provide foreign exchange services (hereinafter referred to as licensed credit institutions) are allowed to transact, make payments, list, advertise, quote, set prices, write prices in contracts, and negotiate in foreign exchange within the scope of business and provision of foreign exchange services that have been permitted by the State Bank of Vietnam in accordance with the provisions of law.

– Other organizations permitted to provide foreign exchange services are traded and listed in foreign currency within the scope of providing foreign exchange services that have been permitted by the State Bank of Vietnam in accordance with the provisions of law.

– Residents who are organizations with legal status may transfer internal capital in foreign currency between that organization’s account and the account of a dependent unit without legal status and vice versa.

– Residents can contribute capital in foreign currency by transfer to implement foreign investment projects in Vietnam.

– Residents execute import and export entrustment contracts according to the following regulations:

+ Residents receiving import entrustment can record the price in the import entrustment contract in foreign currency and receive payment in foreign currency by transfer for the value of the import contract from the import entrustment party;

+ Residents who receive export entrustment are allowed to record the price in the export entrustment contract in foreign currency and pay in foreign currency by transfer for the value of the export contract to the export entruster.

– Residents who are domestic contractors and foreign contractors shall comply with the following regulations:

+ For foreign expenses related to the implementation of the bidding package Through international bidding according to the provisions of the Bidding Law: contractors are allowed to bid in foreign currency and receive payment in foreign currency by transfer from the investor, main contractor for payment, payment and transfer abroad.

+ For the implementation of bidding packages according to the provisions of law on oil and gas: contractors are allowed to bid in foreign currency and receive payment in foreign currency by transfer from the investor, main contractor for payment, payment and transfer abroad. Foreigners.

– Residents who are insurance enterprises shall comply with the following regulations:

+ To quote, evaluate, record insurance service prices in contracts in foreign currency and receive payment in foreign currency by bank transfer from the insurance buyer for goods and services that must be reinsurance purchased abroad;

+ In case of loss arising from the reinsurance portion out foreign countries, residents who are insurance purchasing organizations are entitled to receive compensation amounts in foreign currency transferred from foreign reinsurance companies through insurance enterprises to pay for the costs of overcoming losses abroad.

– Residents who are tax-free goods business organizations are allowed to list goods prices in foreign currency and receive payment in foreign currency by transfer or cash from the supply of goods. Foreign currency used in transactions at duty-free shops shall comply with the provisions of law on duty-free sales.

– Residents who are organizations providing services in quarantine areas at international border gates, organizations operating bonded warehouses may list, quote, price, record prices in contracts in foreign currency and receive payment in foreign currency by transfer or cash from the supply of goods and services. service.

– Residents are organizations that act as agents for foreign carriers on the basis of agency contracts signed between the two parties and comply with the following regulations:

+ Be able to quote, set prices, and record prices in contracts in foreign currency on behalf of foreign carriers for international freight charges. Payment must be made in Vietnamese Dong;

+ Be able to pay on behalf of foreign currency by bank transfer to pay for goods and services at international seaports and quarantine areas at international airports;

+ Be able to pay foreign currency in cash to pay salaries, bonuses, and allowances to non-residents authorized by foreign shipping lines.

– Residents who are export processing enterprises shall comply with the following regulations:

+ Prices are recorded in contracts in foreign currency and payments are made in foreign currency by bank transfer when purchasing goods from the domestic market for production, processing, recycling, assembly of export goods or for export, except for goods banned from export. Domestic enterprises are allowed to quote and price in foreign currency and receive payment in foreign currency by bank transfer when selling goods to export processing enterprises;

+ Be able to quote, evaluate, record prices in contracts in foreign currency and make payments, receive payments in foreign currency by bank transfer with other export processing enterprises.

– Residents who are business organizations in the fields of air transportation, hotels, and tourism may list and advertise prices of goods and services in Vietnam Dong and equivalent foreign currencies on electronic news websites and specialized publications (excluding menus and service price lists) using only foreign languages.

– Residents and non-residents are organizations that can negotiate and pay salaries, bonuses, and allowances in labor contracts in foreign currency by transfer or cash to non-residents and residents who are foreigners working for that organization.

– Non-residents are diplomatic missions and consular offices that are listed in foreign currency and collect entry and exit visa fees, other fees and charges in foreign currency by transfer or cash.

– Non-residents comply with the following regulations:

+ Transfer money in foreign currency to other non-residents;

+ To record prices in contracts in foreign currency and pay for export of goods and services in foreign currency by transfer to residents. Residents are quoted and priced in foreign currency and receive payment in foreign currency by transfer when providing goods and services to non-residents.

Thus, in addition to the cases permitted in the above document, units are not allowed to use foreign currency in service business.

2. Is it necessary to write Vietnamese with accents on VAT invoices issued to customers?

Pursuant to Point k, Clause 1, Article 4, Circular 39/2014/TT-BTC (amended by Clause 1, Article 3, Circular 26/2015/TT-BTC) as follows:

– Invoices are presented in Vietnamese. In case it is necessary to write additional foreign words, the foreign words are placed on the right in parentheses ( ) or placed immediately below the Vietnamese line and are smaller in size than the Vietnamese words.

The numbers written on the invoice are natural numbers: 0, 1, 2, 3, 4, 5, 6, 7, 8, 9; The seller has the choice: after the digits in the thousands, millions, billions, trillions, million billions, trillions, they must put a dot (.). If there is a digit written after the digits in the units digits, they must put a comma (,) after the digits in the units digits or use the natural number separator as a comma (,) after the digits in the thousands, millions, billions, trillions, million billions, billions billions and use a period (.) after the digits in the units digits on accounting documents;

The total payment line on the invoice must be written in words. In case the words on the invoice are Vietnamese without diacritics, the unaccented words on the invoice must ensure that they do not lead to incorrect interpretation of the invoice’s content.

Each invoice template used by an organization or individual must have the same size (except in the case of self-printed invoices on cash registers printed from rolled paper whose length is not necessarily fixed. The length of the invoice depends on the length of the list of goods sold).

Thus, regarding the writing on invoices: the above regulations require the use of Vietnamese, in addition there are no exceptions regarding unaccented Vietnamese. In case the unit uses Vietnamese without accents, it may lead to misunderstandings and errors in the invoice. This will be very detrimental to businesses.

3. What are the responsibilities of organizations and individuals conducting foreign exchange activities in the territory of Vietnam?

Pursuant to Article 5 of Circular 32/2013/TT-NHNN stipulating the responsibilities of organizations and individuals conducting foreign exchange activities in the territory of Vietnam as follows:

– Licensed credit institutions and other organizations licensed to provide foreign exchange services are responsible for:

+ Seriously implement and guide customers to implement the regulations in this Circular;

+ Check and retain papers and documents in accordance with actual transactions according to the provisions of this Circular.

– Other relevant organizations and individuals are responsible for strictly implementing the provisions of this Circular.