The State Bank of Vietnam (SBV) on Thursday announced that it has amended the new draft law which will allow the local people to give away or donate all foreign currencies, including the popular US dollar, within Vietnam.

According to information recently posted on the website of the SBV, the board responsible for drafting the new decrees on foreign currency management from the central bank has taken the move after receiving a lot of comments, suggestions, and even criticisms from local experts and people.

“The editing board for the new decree has realized that it is reasonable to maintain the people’s right in giving away or donating foreign currencies, which stays within the framework of the provisions of the National Ordinance on Foreign Exchange,” according to SBV website.

“The ordinance allows individual owning foreign currencies to deposit, receive principals and interests in a foreign currencies.”

The new draft decree, after being finalized, will replace Decree No.160 of SBV which gives the guidelines for the implementation of the National Ordinance on Foreign Exchange.

The draft law has been sent to relevant state agencies and government bodies for comments before being submitted to the Government in December 2013 for final approval.

SBV then has also consulted local experts and the people on the draft decree guiding the implementation of some provisions of the ordinance with an effort to boost the country’s de-dollarization process.

Eyebrows raised

Previously, after SBV announced the new draft law, many local experts and people have raised their concerns over its feasibility.

Economist Le Xuan Nghia, former vice chief of the National Financial Supervisory Commission, said the draft law is unreasonable, because owning foreign currency is a lawful right, and it will be impossible for SBV to supervise all citizens’ transactions.

Commenting on this draft Decree, Dr Le Tham Duong, Dean of Financial Management Department of HCMC Banking University, told Thanh Nien newspaper that it is not sustainable.

Locals have the habit of giving away lucky money, especially in low-valued foreign currencies in the Tet, or Lunar New Year, festival.

As a result, restricting that means restricting the right of people to do what they want to do within the law. Moreover, if they have the right to own it, why not have the right to give it away?

Lawyer Truong Thanh Phuoc from BASIC Law firm said SBV should map out a long-term roadmap for the move in 10 years, for example. Otherwise, it is hard to convince the local people not to think that SBV tends to ban what it cannot manage.

Accountant Nguyen Kim Thuy told Tuoi Tre she will face many troubles if the law is realized. If she wants to give away foreign currency as she often did in the past, it will take her a lot of time to travel to banks or foreign exchange counters to obtain it, and if it is a weekend or holiday, it will be impossible for her to do so.