Vietnamese border residents not allowed to open bank accounts in China

SGGP
Quang Ninh Province has proposed the Government to direct relevant ministries and agencies to negotiate with China to allow commercial banks of the two countries to cooperate and agree on border trade payment service for import-export enterprises and border residents. The State Bank of Vietnam (SBV) has just issued a written response to this proposal.
Currently, the trade, exchange, import, and export activities by border residents are allowed under the laws of Vietnam and China. It is a policy that helps Vietnamese agricultural, aquatic products, and fruits exported to China compete with goods from other countries.

However, there is no cooperation in border trade payment service for goods exchanged by border residents. Therefore, in the past few years, there was a situation in which the accounts of border residents in Mong Cai City opened at the Agricultural Bank of China in Dongxing City (China) were frozen if there are no records and procedures to prove the origin. Or, the Chinese authorities will confiscate the amount of money withdrawn by border residents to bring back to Vietnam if it exceeds the allowed limits on carrying cash when entering or leaving the country.

SBV said that there are currently no regulations allowing Vietnamese border residents to open bank accounts in China.

According to the SBV, the Chinese Government has tightened and strictly controlled goods imported from Vietnam over the past time. For instance, it requires goods to meet the requirements of quality, food safety, and traceability. Therefore, the freeze of bank accounts opened by Vietnamese border residents in China and confiscation are among measures to strictly control the import and export payment activities of the Chinese authorities.

By Nhung Nguyen – Translated by Gia Bao

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