On August 23, 2023, the State Bank of Vietnam (SBV) issued Circular No. 10/2023/TT-NHNN (“Circular 10”), suspending the implementation of certain provisions of Circular No. 06/2023/TT-NHNN (“Circular 06”) concerning the offering of onshore loans to customers by credit institutions, including commercial banks and foreign bank branches. (See our previous coverage of Circular 06 here.) Both Circular 06 and Circular 10 will take effect on September 1, 2023. Circular 10 re-allows three categories of loans that credit institutions were not allowed to provide under Circular 06, including: Loans for making or acquiring capital contributions or shares in other companies which have not yet been listed on the securities market or registered for trading on the unlisted public company market (UPCoM) system. Loans for paying capital contributions under capital contribution contracts, investment cooperation contracts, or business cooperation contracts for implementation of investment projects that fail to satisfy conditions for being put into business operation. Loans for financial reimbursement. This change is a result of the working session between Deputy Prime Minister Le Minh Khai and the Governor of the State Bank of Vietnam to consider loosening restrictions for loans to borrowers after the issuance of Circular No. 06/2023/TT-NHNN.

On August 21, 2023, the Central Bank of Myanmar (CBM) issued a public notice in local newspapers reiterating the rights and obligations associated with holding and exchanging foreign currency. The notice emphasized that foreign exchange-dealing license holders can perform foreign currency exchange business in the country with both cash and travelers’ checks. The permissible foreign currencies for sale at money changers include US dollars (USD), euros, Singapore dollars (SGD), Thai baht (THB), Malaysian ringgit, Chinese yuan, and Japanese yen. The CBM has regularly warned the public that internal residents can only possess amounts of foreign currency equivalent to USD 10,000 for up to six months from the date of receipt. Under the Foreign Exchange Management Law, internal residents are: individuals who have resided in or have had their main establishment in Myanmar for a period of at least 183 days during the preceding twelve-month period, with the exception of diplomatic personnel from foreign countries and foreign civil servants who carry out similar assignments; companies, organizations, and offices formed under any domestic law and companies, organizations, offices, and branches formed legally in Myanmar under any foreign law; and diplomatic or other personnel appointed by Myanmar in foreign countries. If foreign currency is not used within six months, it must be sold to and exchanged by licensed foreign currency exchangers at the official exchange rate (currently 1 USD to 2100 MMK) or deposited in a bank account. Anyone who possesses foreign currencies without permission or without the necessary license will be subject to penalties under the Foreign Exchange Management Law. For more details on foreign currency exchange in Myanmar, or on any aspect of the country’s financial regulations, please contact Tilleke & Gibbins at [email protected].    

Self-reporting of customs violations in Thailand is normally carried out at the ports. However, in 2020, the Customs Department launched a campaign called the One Stop Service Program (OSSP) for business operators to self-report issues relating to unpaid customs duty from a central location in Bangkok. The current extension of the OSSP, which has been extended several times over the past few years, is due to expire on September 30, 2026, although a further extension seems likely. The OSSP offers a number of benefits. As noted above, settlement of unpaid duties can be done centrally in Bangkok even though the customs clearance itself is performed at Thai ports. Crucially, the fine for unpaid duty can be waived or reduced, and there is no late-payment penalty, which would normally amount to 20% of the unpaid duty if there is an official assessment and the duty is not paid within 30 days. The surcharge is reduced from 1% to 0.25%–0.75% per month on the unpaid duty. Nevertheless, any value-added tax (VAT), VAT surcharge, and VAT penalty on the unpaid duty still apply. To participate in the OSSP, the following conditions must be met: The offense must be considered a false declaration charge (Section 202 of the Customs Act), such as one involving value, price, tariff code, tariff rate, privileges, or other similar issues. The business operator must have committed the offense without intending to evade duty or restrictions. The goods must not be prohibited or infringe intellectual property. The declarations must not be under investigation by any authority in Thailand. Applications to participate in the OSSP can be submitted to the Post-Clearance Audit Division of the Customs Department, and applicants must provide the necessary documentation, such as customs declaration forms, invoices, purchase orders, sales contracts, and other payment documents. The officers

Laos has expanded its registration requirements for importers and exporters by mandating additional registration and financial procedures. Bank of Lao PDR (BOL) Decision No. 677, which was issued on July 24, 2023, requires importers and exporters to register with the BOL and to open a dedicated commercial bank account for their import-export business activities. These requirements are in addition to the May 2023 stipulation ordering importers and exporters to register with the Ministry of Industry and Commerce (MOIC). Registration and Account Opening After registering with the MOIC and receiving their MOIC registration certificate, importers and exporters have 10 days to register with the BOL. Within five working days of receiving a complete application, the BOL will issue a registration notification, after which the importer or exporter has 10 days to present its BOL registration certificate and the required supporting documents to a commercial bank for opening the specified bank account. Banking Requirements and Supporting Documents Payment for goods and services made or received from abroad by importers and exporters must take place via electronic wire transfer via the dedicated bank account opened specifically for import-export activities. The importer must provide the commercial bank with various required documents as evidence for each transaction. Likewise, exporters’ receipt of payment from abroad via bank transfer must take place using the bank account opened for import-export activities within the timeline specified in the sale-purchase agreement, but not exceeding 180 days from the export date. After receiving payment from abroad, the exporter must provide copies of various payment-related documents to the commercial bank. Exporters that wish to use any of this income to repay a loan must submit an application and supporting documents to the BOL for approval. The BOL will decide on the application within 10 working days of receiving the complete application