You are here: Home » News-IANS » Politics
Business Standard

Vietnam formally allows payment in Chinese currency in border areas

IANS  |  Hanoi 

Vietnam's central has formally allowed the use of Chinese currency -- yuan -- for payment in Vietnam-border areas to help foster trade between the two countries.

According to the circular issued by the State of on Tuesday, individuals and certain kinds of organisations can use yuan for purchasing goods and services starting October 12. The payment can be made via banks or in cash in yuan or in Vietnamese Dong, reported.

"The new circular has completed a legal framework for payment in border areas, and has standardized foreign exchange activities in the areas," Can Van Luc, Vietnamese and finance expert, to the of the for Industry and Development of Vietnam, said on Thursday.

"The implementation of the new circular will facilitate payment in Vietnam-border areas, encourage and promote their border trade," he said.

According to Nguyen Thi Mai, a 37-year-old Vietnamese in the border area, traders like her have already used yuan for payment with

"Payment in yuan through banks and in cash in border areas is convenient. So the new circular is good for us because it formalizes the payment," she said.

has seven provinces sharing the border with -- Lang Son, Quang Ninh, Ha Giang, Lai Chau, Lao Cai, Cao Bang and Dien Bien.

--IANS

mag/sed

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 30 2018. 14:08 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU