Investigators of the Department of Public Security in Tay Ninh Province, southern Vietnam have issued a special wanted notice for three men involved in a robbery where US$2 million was stolen.

The fugitives were identified as Dao Xuan Loc, a 34-year-old resident of Dong Nai Province, Nguyen Tuan Anh, 32, hailing from Ninh Binh Province, northern Vietnam, and Nguyen Anh Duy, a 34-year-old resident of Binh Dinh Province, south-central Vietnam.

These individuals face charges of robbery, but have reportedly fled from their residences, prompting police officers to issue an urgent nationwide manhunt.

According to preliminary investigations, the robbery took place on March 11. 

The trio and another accomplice, who has been arrested, impersonated police officers and stopped a local on the road. 

They proceeded to rob the individual of $2 million before fleeing the scene. 

After further investigation, police confirmed the criminal activities of the group and filed charges against these men.

However, as the suspects had already fled, the provincial police issued a wanted notice.

Police have called on residents who may have any information regarding the whereabouts of the suspects to promptly report it to the nearest police station or contact the police hotline.

The investigation police agency of the Tay Ninh Department of Public Security can be reached at 1229 Cach Mang Thang 8 Street in Hiep Ninh Ward, Tay Ninh City, with phone number at 02763822001.

Is holding millions of dollars in cash legal?

Following the robbery, many of Tuoi Tre (Youth) newspaper’s readers have raised concerns about the legality of holding large amounts of foreign currency, specifically in U.S. dollars, as seen in the case.

Experts in the foreign exchange field said that under prevailing regulations, individuals are allowed to own and hold unlimited amounts of foreign currency.

There is no legal requirement for individuals to prove the origin or declare the amount of foreign currency they possess.

When they are traveling abroad with more than $5,000, they must declare it to customs staff.

Phan Phuong Nam, deputy dean of the commercial law faculty at Ho Chi Minh City University of Law, said many Vietnamese see the U.S. dollar as a stable asset that holds its value well and can even appreciate over time.

“Citizens are not prohibited from holding U.S. dollars or other foreign currencies,” Nam stated.

The policy allowing Vietnamese citizens to receive remittances in cash has contributed significantly to the widespread availability of foreign currency.

Important guidelines for using foreign currency

Although there are no restrictions on holding foreign currency, individuals are required to sell it only at authorized institutions such as banks or official foreign exchange agents. 

Any illegal currency transactions are subject to penalties.

As per the government’s Decree No. 88/2019, individuals engaging in illegal currency transactions, such as buying or selling foreign currency between individuals or through unauthorized institutions, are subject to fines.

If the transaction involves an amount less than $1,000 or its equivalent, the individual may receive a warning.

For illegal transactions between $1,000 and $10,000, fines range from VND10 million ($390) to VND20 million ($780). 

For amounts between $10,000 and $100,000, the fine can range from VND20 million to VND30 million ($1,170).

Illegal transactions involving foreign currency amounts of over $100,000 lead to fines of VND80 million ($3,126) to VND100 million ($3,900). 

If the violation involves a business or institution, the fines are typically higher.

The possession of foreign currency for personal use, inheritance, gifts, or investment is not subject to scrutiny, provided the owner only engages in transactions with authorized financial institutions. 

When depositing foreign currency in a bank, however, no interest is paid.

For individuals traveling abroad, they are permitted to carry up to $5,000 without the need for declaration.

Any amount above this must be declared to customs authorities as per the regulations.

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