The business of prize-winning E-games for foreigners is becoming more and more popular. To effectively manage this activity, on July 12, 2022, the State Bank issued Circular 09/2022/TT-NHNN Guiding for foreign exchange management for the business of prize-winning electronic games for foreigners. Specifically as follows
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Photo 1. Guideline for foreign exchange management for business of prize-winning electronic games for foreigners _Hotline: 097 211 8764
1. Receive and use bonus payments in foreign currencies
Circular 09/2022/TT-NHNN stipulates cases of receiving and using bonus payments in foreign currencies.
In case the player receives the bonus payment in cash in foreign currency, the player may sell foreign currency to a bank authorized to take Vietnam dong, may transfer the amount of foreign currency in cash to pay bonuses abroad through an authorized bank, be certified by an authorized bank to bring the foreign currency in cash to pay bonuses abroad, and may deposit the foreign currency amount of the bonus cash into the player's foreign currency payment account opened at an authorized bank.
In case the player receives the bonus payment in foreign currency by transfer, the player may transfer the foreign currency amount to be paid from the enterprise's specialized foreign currency account to the player's foreign currency payment account opened at the bank. In addition, they may transfer the amount of foreign currency to be paid from the enterprise's specialized foreign currency account to the player's account opened in a foreign country.
Moreover, players can authorize businesses to contact authorized banks to make foreign currency deposit transactions, transfer foreign currencies, and apply for a confirmation of bringing foreign currency and cash abroad under this Circular.
2. Open and use a dedicated foreign currency account
According to Circular 09/2022/TT-NHNN, Enterprises licensed by the State Bank must open 01 specialized account for each type of foreign currency at 01 licensed bank to serve business activities at 01 prize-winning electronic game point and can conduct foreign currency receipt and payment transactions. Specifically:
Collection transactions include: cash deposit of foreign currency into the account in case the cash foreign currency revenue from the sale of conventional currency, from the prize-winning electronic game machine exceeds the fund balance; collect transfers from the player's overseas account or payment account in foreign currency opened at an authorized bank in Vietnam; collect transfer from the payment account in foreign currency of the enterprise to meet the demand for the bonus payment, payment of the remaining amount of foreign currency or the demand for cash withdrawal of foreign currency.
Payment transactions include: payment to a player's payment account in foreign currency opened at an authorized bank in Vietnam or abroad in case the player wins or does not run out of conventional currency; pay the remaining amount of foreign currency to the player's overseas account in case the player does not use up all the foreign currency transferred from the player's overseas account to the enterprise's dedicated foreign currency account; cash withdrawals in foreign currency to maintain foreign currency cash balances; selling foreign currency to authorized banks; expenses are transferred to the enterprise's foreign currency payment account.
Besides, the Circular also provides other guidelines related to the management of foreign exchange for the business of prize-winning electronic games for foreigners; for instance, foreign currency transfer between the payment account and the enterprise's specialized foreign currency account, payment by credit card, the scope of foreign currency receipts and payments and other foreign exchange activities for businesses.
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