Why must declared when i bring in more than 7000usd into vietnam?

Question

if i don't declared what will happened

Answer 1

It's not about money laundering. The dollar is a stronger currency than Vietnam's own currency, they are concerned that if too many people bring in dollars and start to spend dollars then the dollar will become a defacto second currency. Thus further devaluing the local currency.

Hypothetically speaking: If Europeans started flocking to America with British Pounds and local stores started accepting them because they were a stronger currency, it would push the dollar down (Because people  would prefer taking payment in the strong Pound) which in turn would mean that Washington's net worth would be much lower. Making it more costly for it to import and harder to get international loans.

Answer 2

Vietnam does not care what money you bring, in fact the more the better. What they don't want is you to take money out. The reason you declare for example 10.000usd on arrival is so you cant take out 25.000 usd when you leave.  If you dont declare it they may just take it of you. There is no problem, just declare it.

Answer 3

Most if not all countries require you to declare if have more than a specified amount of cash / precious metals, etc.

What happens? Well you broke the law, and it depends on how they look at it. I know friends who tried to smuggle money out of another country and were caught. While prison was defiantly a possibility, they were lucky and only had the money confiscated before they were allowed on their way.

With the availability of cash machines and wire transfers, why you would want to bring that much cash is slightly beyond my comprehension. And why you would consider risking being caught is even more questionable.  

Answer 4

Smiler's answer is the best. If you don't declare the money you bring in, you will not be able to bring it out of the country when you leave. Something else I learned on my last trip, If you want to wire money out of the country (Vn), you had better have the declaration form with you when you go to Western Union. If you don't, you will not be able to wire money. I learned this when I tried to send money to a friend to bring me a laptop.

If you are like me and plan to invest money in Vn, you should save all of your declaration forms to prove how much you have brought into the country over the years. That is the only way you will be able to legally take money from your investments out of the country.

Answer 5

I think the other people already gave you the answers. Just add a small point: For you 7000 USD may not a big amount (2 month salary for instance), but note that the income in Vietnam is much lower than yours (let say 1/10). If the number of people bring money like you is big, it may cause smt (or if later you bring another big amount of money out of Vietnam). Just a way to manage. Same like transfering money by the bank, but if you transfer money by the bank, the record was there already :)

Answer 6

Both countries want to watch against money laundering. If you don't declare it and they find it on you, they will confiscate it. Consider putting into a pre-paid VISA card and carrying the card with you. That way, you don't have to declare it because you aren't actually bringing the money into the country. Yet, you can go to anyplace that accepts VISA and get some cash out or make purchases. There must be at least one bank there where you can go an take out a few hundred dollars at a time. Make sure you get a card that has a high daily limit or no limit though.