Based on the Ordinance on Foreign Exchange, the Law on Investment and the applicable regulations related to the foreign direct investment, the State Bank of Vietnam (SBV) issued Circular No.36/2013/TT – NHNN on December 31, 2013 on the opening and utilization of foreign currency accounts for overseas direct investment.
Under the newly approved circular, after receiving a certificate for overseas investments, an Vietnamese investor must open an account for all transactions related to investments in foreign currencies at a competent credit institution.
The investor will also have to register with the State Bank or its branches in the provinces and cities. Investors with several overseas investment projects must open an account for each project.
If a project receives investments from multiple investors at home, each investor must open an account for his/her investment at the same competent credit institutions, in accordance with the investment certificate issued by the authorised agencies of Viet Nam.
The SBV's Department of Foreign Currency Management is in charge of verifying the registration of overseas investments, account changes and capital transfers.
The circular came into effect on February 14, 2014.