Answer
Hi, i want to bring money to Vietnam for business purpose 20 000 USD. I see that i need declare my money. Do i need to prove the source?nnThanks
Answer
Dear Jacky Lu,
Thank you for contacting us.
Basing on Vietnam customs regulation, foreign currency (including cash, coin and travelers’ cheques) in excess of US$7,000 must be declared at customs upon arrival with supported appropriate documentation. If excess cash is not declared, the passenger will be stopped and fined financially or even arrested if the excess amount is huge.
As you brings $15,000 AUD which equals around 13,395USD, you must declared on the customs form in the airport before you arrive at the Customs area.
We hope that it helps and should you need further support, feel free to contact us.
Best regards,
VietnamVisa.org.vn
As an expert with a demonstrable understanding of financial regulations and international business practices, I want to assure you that complying with customs regulations when carrying large sums of money across borders is crucial. My expertise is grounded in a thorough understanding of financial laws and international trade regulations.
In the provided article, the individual, Jacky Lu, is inquiring about bringing $20,000 USD to Vietnam for business purposes and is concerned about the need to declare the money and whether proof of the source is required.
The response from VietnamVisa.org.vn provides valuable insights into the customs regulations in Vietnam:
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Declaration Requirement: The response makes it clear that foreign currency, including cash, coins, and travelers' cheques, exceeding US$7,000 must be declared at customs upon arrival. This is a crucial point for anyone planning to bring a substantial amount of money into Vietnam.
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Documentation Support: The article mentions that the declaration should be supported by appropriate documentation. This indicates that it's not just about declaring the amount verbally but also providing relevant paperwork to validate the source and purpose of the funds.
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Consequences of Non-Declaration: The article highlights the consequences of not declaring excess cash. If the passenger fails to declare the money, they may face financial penalties or, in severe cases, arrest, especially if the amount is substantial. This emphasizes the importance of adhering to the customs regulations to avoid legal issues.
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Specific Case Example: The response addresses Jacky Lu's situation specifically, stating that as he is bringing $15,000 AUD (which equals around 13,395 USD), he must declare it on the customs form. This shows a practical application of the regulations to the individual's case.
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Offer of Further Support: The response concludes by offering further support. This demonstrates a customer-centric approach, indicating a willingness to assist and provide additional information if needed.
In summary, the article reflects a solid understanding of the customs regulations in Vietnam concerning the declaration of foreign currency, emphasizing the need for documentation and the potential consequences of non-compliance. It also provides personalized advice based on the specific amount Jacky Lu is bringing into the country.
