QUESTION:

I live and work in Vietnam but want to own a house abroad. I have relatives there but do not know how to transfer money to fulfill my wish in accordance with law. I look forward to receiving your advice.

ANSWER:

Clause 2 Article 7 Decree No. 70/2014/ND-CP detailing the implementation of some articles of Ordinance on foreign exchange and Ordinance amending, supplementing some articles of Ordinance on foreign exchange stipulating one-way transfer from Vietnam to abroad:

“Residents as Vietnamese citizens are entitled to purchase, transfer and carry foreign currency overseas according to regulations specified by the State Bank of Vietnam to serve the following purposes:

a) Overseas study and medical healthcare;

b) Overseas business trips, tourism and travels to visit friends or families;

c) Payment of fees and charges abroad;

d) Grants provided for relatives living overseas;

d) Money transfer of an inheritance to heirs living abroad;

e) Money transfer in case of people who settle overseas;

g) One-way money transfer in case of other legal demands”.

According to the above regulations, Vietnamese citizens can only buy or transfer foreign currency abroad for the above purposes. At present there are no regulations governing the transfer of money abroad to buy a house, buy a car and means of transportation. The law does not consider transfer for this purpose to be a “one-way money transfer in case of other legal demands”.

Therefore, it is very difficult for you to buy foreign currency and transfer money abroad to buy a house, buy a car and means of transportation when you do not reside in that country.