The State Bank of Vietnam (SBV) has issued a circular, effective from February 14, to regulate the opening and usage of foreign currency accounts for investing abroad.
The State Bank of Vietnam (SBV) has issued a circular, effective fromFebruary 14, to regulate the opening and usage of foreign currencyaccounts for investing abroad.
Accordingly, after receivinga certificate for overseas investments, an investor must open anaccount for all transactions related to investments in foreigncurrencies at an authorised credit institution. The investor will alsohave to register with SBV or its branches in the provinces and cities.
Aninvestor with several overseas investment projects must open an accountfor each project. If a project receives investments from multipleinvestors, each investor must open an account for his/her investment atthe same authorised credit institutions in accordance with theinvestment certificate issued by the authorised agencies of Vietnam.
SBV's Department of Foreign Currency Management isauthorised to certify the registration of overseas investments, accountchanges and capital transfers to investors that are credit institutions.-VNA
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