Outward investment circular issued

VGP - The State Bank of Viet Nam (SBV) has issued Circular 36/2013/TT-NHNN on the opening and usage of foreign currency accounts for investing abroad.

January 12, 2014 11:35 AM GMT+7

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Under the newly-approved circular, after receiving a certificate for overseas investments, an 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 SBV or its branches in the provinces and cities.

An investor with several overseas investment projects must open an account for each project.

If a project receives investments from multiple investors, 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 authorized agencies of Viet Nam.

The Department of Foreign Currency Management under the SBV is in charge of verifying the registration of overseas investments, account changes and capital transfers.

The Circular will come into force since February 14, 2014./.

By Kim Loan