Short answer: When you inherit or receive gifts in foreign currency (USD, EUR…) — whether living in Vietnam or abroad — foreign exchange law lets you choose: keep it, carry it with you, deposit it into a foreign-currency account at a bank, or sell it to a licensed credit institution. On tax: foreign currency cash is not subject to personal income tax under the prevailing interpretation; only gifts/inheritances of registrable assets (securities, real estate…) face 10% tax on the portion exceeding VND 20 million per receipt.
1. You received foreign currency — what may you do with it?
Under the 2005 Foreign Exchange Ordinance (amended 2013), foreign currency that a resident individual in Vietnam obtains from one-way transfers — including inheritances and gifts sent from abroad — may be used as follows:
- Kept (held as cash);
- Carried when exiting the country (within prescribed limits; the excess must be customs-declared);
- Deposited into a foreign-currency account at a licensed credit institution — Vietnamese citizens may additionally save in foreign currency at such institutions;
- Sold to a licensed credit institution for Vietnamese dong.
Key point: these are rights of a resident individual. If you are a non-resident inheriting in Vietnam, managing and remitting that foreign currency abroad follows the ordinary outward-transfer procedure (licensed bank, proven inheritance origin).
2. Tax: foreign currency cash differs from registrable assets
The most confusing point — keep the two separate:
- Foreign currency cash (USD, EUR… received in cash or by transfer): requires no ownership/use registration — under the prevailing interpretation based on PIT Law 109/2025/QH15 (effective 1 July 2026), it is not subject to PIT.
- Gifts/inheritances of registrable assets — e.g. inherited shares, capital stakes, overseas real estate: Article 18 (residents) / Article 26 (non-residents) of Law 109/2025 apply: tax = the portion exceeding VND 20 million per receipt × 10%.
- Real estate inheritance among family members (spouses, parents–children, grandparents–grandchildren, siblings): tax-exempt under Article 4 of Law 109/2025 and Decree 253/2026/ND-CP.
Example: you live in Vietnam and receive a USD 50,000 inheritance from a relative abroad — no PIT arises in Vietnam on this foreign currency sum. But if you inherit a valuable overseas apartment, check the tax duties (in Vietnam if you are a resident, and in the country where the property sits).
3. The cross-border inheritance file
To lawfully receive and use a foreign-currency inheritance/gift from abroad, you need:
- The instrument establishing the right: will, estate distribution document, or gift instrument — issued/certified by the competent authority abroad;
- The death certificate of the deceased (for inheritances);
- Kinship proof between you and the deceased/donor;
- Consular legalization and translation (for foreign-language documents) — often required by Vietnamese banks and authorities.
When the foreign currency arrives in Vietnam through a bank, the bank will ask for these papers to verify the legitimacy of the one-way transfer. Preparing them before the money arrives avoids funds getting “stuck” in review.
4. Three practical notes
- Don’t receive large cash sums via “acquaintance couriers”: carrying foreign currency cash across the border above the limit without declaration is a violation — let the money travel through official banking channels.
- Foreign-currency savings vs. selling for VND: foreign-currency deposit rates are usually very low; if you don’t need the foreign currency, selling to the bank for VND may be more efficient — decide on your actual needs.
- Inheriting assets abroad: besides Vietnamese tax (if any), always check the inheritance tax in the country where the asset sits — many countries levy it independently and rates can be high. That is governed by that country’s law; consult a local professional.
Key legal bases
- Foreign Exchange Ordinance 28/2005/PL-UBTVQH11 (amended 2013; consolidated 07/VBHN-VPQH) — rights over foreign currency from one-way transfers: keep, carry, deposit into FX accounts, sell to licensed credit institutions.
- PIT Law 109/2025/QH15 (effective 1 July 2026) — Article 4 (exemptions); Articles 18/26 (inheritance and gift tax: excess over VND 20 million/receipt × 10%).
- Decree 253/2026/ND-CP (effective 1 July 2026) — detailed guidance.
- 2015 Civil Code — inheritance and asset gifts (general principles).
Frequently asked questions
1. A relative abroad sent me USD 30,000 as a gift (I live in Vietnam) — what do I do?
Ask them to send it through a bank (no large cash couriers). When it arrives, present the gift instrument and kinship papers to the bank. After receipt, you may keep it, deposit it into an FX account, or sell for VND as you wish. This foreign-currency cash is not subject to PIT.
2. I am Vietnamese settled abroad and inherit money in Vietnam — how do I move it out?
Use the outward-transfer procedure through a licensed bank in Vietnam, with the inheritance instrument (consular-legalized/translated as needed), death certificate and kinship proof. The bank verifies the inheritance origin, then executes.
3. I inherited shares in a foreign company — how is the tax computed?
Shares/securities are registrable assets, so: the portion exceeding VND 20 million × 10% under Article 18 (Vietnamese resident) or Article 26 (non-resident) of Law 109/2025. Also check tax in the company’s home country.
4. Can I keep USD cash at home long-term?
The law permits keeping foreign currency. But holding large cash at home risks theft and earns nothing — a bank FX account is safer and creates a clear transaction trail for future source-of-funds proof.
5. Is there a limit on carrying foreign currency cash when leaving the country?
There is a limit for carrying foreign-currency cash out without customs declaration; the excess must be declared. The specific limit follows State Bank of Vietnam rules at the time of travel — check before your trip; don’t rely on hearsay figures.
6. Any difference for foreign-currency gifts between spouses?
For PIT: foreign-currency cash is already non-taxable, so no difference. For FX: usage rights are the same. The only practical difference is that a spousal relationship is easier to prove when the bank asks about the one-way transfer’s origin.
Note: this article provides general legal information current at the time of writing and does not replace advice for your specific case. Tax in the asset’s country follows that country’s law.
This article has been quality-reviewed by the FLAW AI Legal Council
