Penalties for illegal foreign currency transactions.

1. Penalties for illegal foreign currency transactions

Under Article 27 of Decree No. 340/2025/ND-CP, penalties for violations of foreign exchange operations are as follows:

No.	Violation	Penalty
1	- Selling/buying foreign currency between individuals, if the value of foreign currency sold or bought is less than USD 1,000 (or equivalent value in another foreign currency);- Selling/buying foreign currency at an unlicensed currency exchange organization, if the value of foreign currency sold or bought is less than USD 1,000 (or equivalent value in another foreign currency).	A warning
	Selling/buying foreign currency between individuals, if the value of foreign currency sold or bought is from USD 1,000 to under USD 10,000 (or equivalent value in another foreign currency); selling/buying foreign currency between individuals, if the value of foreign currency sold or bought is less than USD 1,000 (or equivalent value in another foreign currency) in case of recidivism or repeated violation;- Selling/buying foreign currency at an unlicensed currency exchange organization, if the value of foreign currency sold or bought is from USD 1,000 to under USD 10,000 (or equivalent value in another foreign currency); selling/buying foreign currency at an unlicensed currency exchange organization, if the value of foreign currency sold or bought is less than USD 1,000 (or equivalent value in another foreign currency) in case of recidivism or repeated violation.	A fine ranging from VND 10,000,000 to VND 20,000,000
	- Selling/buying foreign currency between individuals, if the value of foreign currency sold or bought is from USD 10,000 to under USD 100,000 (or equivalent value in another foreign currency);- Selling/buying foreign currency at an unlicensed currency exchange organization, if the value of foreign currency sold or bought is from USD 10,000 to under USD 100,000 (or equivalent value in another foreign currency);- Selling/buying foreign currency at rates other than those announced by SBV, except for the following cases:+ Making the actual buying, selling or exchange rate exceed the prescribed exchange rate margin by means of setting exchange rates, commissions or brokerage fees in cash or in kinds and other promotions for buying/selling foreign currency in any forms;+ Concurrently acting as a foreign currency paying agent for two or more economic organizations in contravention of regulations of law.	A fine ranging from VND 20,000,000 to VND 30,000,000
	- Selling/buying foreign currency between individuals, if the value of foreign currency sold or bought is USD 100,000 or more (or equivalent value in another foreign currency);- Selling/buying foreign currency at an unlicensed currency exchange organization, if the value of foreign currency sold or bought is USD 100,000 or more (or equivalent value in another foreign currency).	A fine ranging from VND 80,000,000 to VND 100,000,000 and confiscation of the foreign currency involved

In addition, under Clause 3, Article 5 of Decree No. 340/2025/ND-CP, the above fines apply to individuals. The fine imposed on an organization is twice as much as the one imposed on an individual for committing the same administrative violation.

Furthermore, for people's credit funds, microfinance institutions and their affiliates:

• The fine imposed for an administrative violation committed by a person working at a people’s credit fund or microfinance institution or their affiliate shall be 10% of the corresponding fine prescribed in Chapter II hereof.
• The fine imposed on the people’s credit fund or the microfinance institution or their affiliate shall be twice as much as the fine imposed on the person working there.

2. Who is allowed to use foreign currency cash?

In accordance with provisions specified in Article 3, Decree No. 70/2014/ND-CP, use of foreign currency cash by individuals is specified as follows:
- Individual residents and nonresidents who have foreign currencies in cash may store, carry along, donate, present, bequeath or sell them to licensed credit institutions, transfer or carry abroad such foreign currencies in accordance with this Decree, and pay to subjects licensed to collect foreign currencies in cash.
- Residents being Vietnamese citizens may use foreign currencies in cash for depositing as savings at licensed credit institutions, and withdraw principals and interests in the deposited foreign currency.

3. Is it permitted to bring foreign currency into Vietnam?

In accordance with Article 9 of the 2005 Ordinance on foreign exchange control, amended, supplemented by Clause 3, Article 1, the Ordinance No. 06/2013/UBTVQH13 prescribes on carrying of foreign currency cash, Vietnam dong cash and gold on entry or exit; import and export of foreign currencies as follows:

- Individual residents and non-residents on entry who carry foreign currency cash, Vietnam dong cash and gold in excess of the limits set by the State Bank of Vietnam shall declare them to border-gate customs offices.

- Individual residents and non-residents on exit who carry foreign currency cash, Vietnam dong cash and gold in excess of the limits set by the State Bank of Vietnam shall declare them to border-gate customs offices and produce relevant papers as prescribed by the State Bank of Vietnam.

 -  Residents that are licensed credit institutions may import or export foreign currency cash after obtaining ritten approval of the State Bank of Vietnam. The State Bank of Vietnam shall prescribe dossiers, order and procedures for approving the import or export of foreign currency cash by licensed credit institutions.

The State Bank of Vietnam shall prescribe dossiers, order and procedures for granting approval for the export and import of foreign currency cash by licensed credit institutions.

At the same time, in accordance with Clause 1, Article 2, Circular No. 15/2011/TT-NNNN prescribes  foreign-currency and Vietnam-dong cash amounts to be declared to border-gate customs offices upon entry or exit as follows:

- Upon entry or exit via Vietnam’s international border gates with passports, persons who carry foreign-currency or Vietnam-dong cash in excess of the following amount shall be required to declare to border-gate customs offices:

+ USD 5,000 (five thousand US dollars) or cash amounts in other foreign currencies of equivalent value;

+ VND 15,000,000 (fifteen million Vietnam dong).

Accordingly, individuals entering Vietnam may carry foreign currency within the prescribed limits. If the amount of foreign currency exceeds the prescribed limits, it must be declared to customs authorities at the border gate.

The above is information on penalties for illegal foreign currency transactions.