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  Banking Finance

SBV allows currency to cross Laos border

In a move to facilitate bilateral trade between Laos and Viet Nam, the State Bank of Viet Nam (SBV) has issued a decision to offer new detailed guidelines on export and import payments between the two countries.

Under the decision, which is expected to take effect next month, Vietnamese banks will be allowed to bring Lao currency back into Viet Nam for border trade payments without having to get permission from the SBV as long as customs regulations are met.

The decision will also allow Lao and Vietnamese banks to open accounts both in dong and Lao kip in each others country without SBV approval. Banks can freely negotiate terms of payment and account limits.

Businesses that want to open accounts in Laos-based banks for their investments or business operations will still need SBV’s permit.

As for Viet Nam aid organi-sations working in Laos, project directors should open accounts in Vietnamese dong at the Lao-Viet Joint Venture Bank or the Bank for Investment and Development of Viet Nam to receive funds from the finance ministry.

Also, businesses and banks that open accounts in Laos-based banks must submit a monthly report on their account balance to the SBV.

Earlier this month, the SBV issued a similar decision for cross-border banking between Viet Nam and China.

VNS - (28/07/2004)

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