Question
Answer
Within the territory of Vietnam, can we denominate contracts in USD ?
Within the territory of Vietnam, except for the cases allowed to use foreign exchange specified in Article 4 of Circular No. 32/2013/TT-NHNN dated December 26, 2013, all transactions, payments, listing, advertisements, quotations, pricing, prices in contracts, agreements other similar forms (including conversion or adjustment of prices of goods and services, the value of contracts and agreements) of residents and non-residents are not allowed to be conducted in foreign exchange (Article 3 Circular No. 32/2013/TT-NHNN dated December 26, 2013).
Civil transactions with objectives and contents which breach legal prohibitions or which contravene social ethics shall be invalid. Legal prohibitions mean provisions of law which do not permit entities to perform certain acts (Article 123 The Civil Code No. 91/2015/QH13 dated November 24, 2015).
Therefore, according to the provisions of Vietnam law, all transactions, payments, listing, advertisements, quotations, pricing, prices in contracts, agreements other similar forms (including conversion or adjustment of prices of goods and services, the value of contracts and agreements) of residents and non-residents, in the territory of Vietnam, are not allowed to be conducted in foreign currencies (except for the cases allowed to use foreign exchange specified in Article 4 of Circular No. 32/2013/TT-NHNN dated December 26, 2013)./.
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DMS Law firm in Vietnam
Director
(Signed)
Lawyer Do Minh Son