Home Contact us   Site mapVietnamese中文    
    
Questions And Answers

Salary payment in foreign currency

05/12/2013 16:19:00
VGP - All transactions, payments, listings and advertisements of residents and non-residents must not be effected in foreign exchange except for transactions with credit institutions and payments made via intermediaries.

Question: In the near future our company will recruit some German experts. They hope to get their salaries in Euro (EUR). We would like to know whether we are entitled to pay salaries, bonuses and allowances to these experts in Euro?

Answer:

According to the Ordinance on the Administration of Foreign Exchange No. 28/2005/PL-UBTVQH11 of the Standing Committee of the National Assembly, dated December 13, 2005, all transactions, payments, listings and advertisements of residents and non-residents must not be effected in foreign exchange except for transactions with credit institutions and payments made via intermediaries, including authorized collection, entrustment, agency and other necessary cases permitted by the PM of the Government.

Guiding the Ordinance on the Administration of Foreign Exchange, dated December 28, 2006, the PM promulgated Decree No. 160/2006/ND-CP detailing the Ordinance on the foreign exchange with guidelines on some exceptional cases free from restriction on exchange, including where “non-residents are residents as foreigners may receive salaries, bonuses and allowances in foreign currencies from residents or non-residents as organization.”

Therefore, if your company recruits foreign experts, especially from Germany, your company will be entitled to pay their salaries in Euro. Such provision shall only be applied to foreign employees and not to the employees of Vietnamese citizenship./.   

 
By Kim Loan
    Send your question
Name *
Email *
Telephone *
Address *
Title *
Choose File
Content *
Captcha *
* Required Information

 

Other news

Re-issuance of work permits for foreigners (03/12/2013)
Registration fees for foreign plate car transfer (02/12/2013)
Regulations on NGOs registration (27/11/2013)
Prohibited acts of NGOs in VN (26/11/2013)
Procedures on temporary residence declaration (15/11/2013)
MAP OF VIỆT NAM
Back to top        
   Home VGP News Contact usSite mapVietnamese中文     
©VIET NAM GOVERNMENT PORTAL
Director-General: Vi Quang Dao
Head office: 16 Le Hong Phong Street, Ba Dinh District, Ha Noi, Viet Nam
Tel: 080 43162 – 080 48440; Fax: 080 48924
Email: thongtinchinhphu@chinhphu.vn
Copyright ©, Viet Nam Government Portal. All rights reserved.