Problems relating to Trade and Investment on Vietnam

11. Restriction on profits remittance abroad
Issue	Issue details	Requests	Reference

(1) Complex External Remittance Procedures

- Freedom in external remittance is severely restricted. The extent of the requisite documents required exceeds allowable normal range in many occasions. GOV intervenes in the terms and conditions of the transactions between the private parties. Moreover, freedom in external remittance is absolutely minimal.

- It is requested that GOV amends its foreign exchange scheme toward liberalisation of the external remittance.

(2) Attachment of Contract for External Remittance

- In principle, GOV requires attachment of contract on all cases of external remittance (payment). To satisfy this requirement, the applicant must cope with much workload for creating contracts on purchase of raw materials, acceptance of assistance, etc., pursuant to the governing laws of the respective countries.

- The issue in concern could be unavoidable for GOV, it being a traditional practice in Vietnam. There being a room for lessening the burden, if the applicant knew the requirement before entry. It is requested that GOV despatches negative information during the applicant's deliberation of its entry into Vietnam.

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