Tiếng Việt
中文Short answer: Yes. Residents may quote and price in foreign currency and receive payment in foreign currency by bank transfer when supplying goods or services to non-residents. Conversely, non-residents may price their contracts in foreign currency and pay for exported goods and services in foreign currency by transfer to residents. This is one of the permitted cases of foreign exchange use in the territory of Vietnam.
Legal basis
- Foreign Exchange Ordinance; regulations on foreign exchange management (formerly at Article 3 and Article 4 of Circular 32/2013/TT-NHNN).
General principle
In the territory of Vietnam, all transactions, payments, listings, quotations, pricing, and price recording in contracts in foreign exchange are prohibited, except for permitted cases listed in the regulations on foreign exchange management. Providing services to non-resident organizations is one of these exceptions.
Related services
Commercial Contracts
If you are preparing to sign, review or handle a dispute arising from a contract, ANT Legal can help assess key terms, legal risks and suitable handling options.
Conditions of application
- The counterparty must be a non-resident (a foreign organization without resident presence in Vietnam);
- Payment in foreign currency must be made by bank transfer through a licensed credit institution;
- The contract should clearly state the payment currency, the receiving account, and the conversion mechanism (if any).
Frequently asked questions
What if the project is performed in Vietnam but signed with a non-resident organization?
It is still permitted. The regulation is based on the residency status of the counterparty, not on where the project is performed. As long as the counterparty is a non-resident, the resident may quote and receive payment in foreign currency by bank transfer.
Must invoices be issued in foreign currency?
Revenue in foreign currency must still be declared for tax as prescribed; invoicing and accounting are carried out in accordance with current laws on invoices, accounting, and taxation.
To review foreign-currency payment terms in service contracts with foreign counterparties, you should contact ANT Legal’s lawyers for a check-up and advice before proceeding — please reach us via Hotline/Zalo 0966.475.966.
Related articles
- Cases Permitted to Use Foreign Currency in the Territory of Vietnam
- Does Using or Paying in Foreign Currency in Vietnam Constitute a Violation?
- May 100% Foreign-Owned Enterprises Pay Salaries in Foreign Currency?
