Travellers to be allowed to buy dollars

May 11, 2011 | 16:06

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Vietnamese citizens will be allowed to buy foreign currency worth up to $1,000 to travel abroad for 10 days, or $100 per day, under a draft circular of the State Bank of Vietnam regulating treasuries trading.

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The regulation is planned to be effective from July 1. "I think it is a good move of the central bank after they shut down FX trading on the black market," Tran Du Lich, a member of the National Monetary Policy Advisory Council, said.

"That means people's foreign currency demands will be met while the State will hold strict control over the market."

Individuals have the right to sell foreign currencies at credit institutions or authorised dealers of credit institutions.

Vietnamese citizens have the right to buy foreign currencies for hospital treatment, study, business, spending or visiting relatives abroad.

Individuals will be able to buy domestic currencies of their destination. Where the currencies are not available, they will be allowed to buy a currency that can be freely converted.

Truong Thu Hien, a Hanoi-based senior company official who frequently travels for business, said the amount of cash was reasonable for personal purposes abroad.

"People can still use credit cards if they want to spend more than that."

Also, a foreigner who has an income in Vietnamese dong will be allowed to buy foreign currency cash.

In April, the SBV was instructed to reduce the maximum amount of US dollars that an individual could take out of the country without a customs declaration from 7,000 to $5,000.