Vietnam becomes member of UN Commission on International Trade Law.

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Photo by Nhat Minh Luong on Pexels.com

According to the Vietnam.net Bridge website – Vietnam was voted in by the UN General Assembly for membership into the UN Commission on International Trade Law (UNCITRAL) last week.

The goal of UNICTRAL is to remove legal obstacles to international trade and Vietnam’s membership shows Vietnam’s increasing importance in trade in Southeast Asia. I believe the US-China trade war may help this along by pushing companies to seek other countries for manufacturing of goods to avoid the 10-25% duties on goods from China.

As written on my blog multiple times, Vietnam is also a party to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Dulles CBP seizes $11k from couple traveling to Vietnam.

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According to a U.S. Customs and Border Protection (CBP) news release, CBP officers seized $11,882 from a couple traveling out of Dulles on February 6, 2018.

During inspections of travelers leaving the US, CBP stopped a couple boarding a flight to Vietnam. When stopped by CBP, the couple initially told CBP they had $4,000. CBP officers then read the reporting requirements to the travelers who then claimed they possessed $7,000. Upon further questioning, the travelers wrote down they had $9,000. After searching the traveler’s belongings, CBP found additional currency in the male passenger’s pants and and a purse belonging to the female traveler. A total of $11,882 was seized by CBP.

CBP does not limit how much money travelers can carry, however, CBP does require reporting of any currency or monetary instruments totaling $10,000 or more. A common misconception we hear at our law office is that the amount of money being carried will somehow be subject to a tax, which is not true.

As the couple was traveling to Vietnam at the start of February, I believe the large amount of cash was to be used during the celebration of Tet which falls on Friday, February 16th this year. Hopefully the couple will return in time to respond to the seizure notice that will inevitably be mailed to their address on file.

If your hard-earned money was taken as part of the $289,000 seized on average by CBP daily,  call David Hsu at 832.896.6288 or email at dhsu@givensjohnston.com, we are here for you!