Issue 010524 – Instructions for opening and using investment capital accounts

–      Any enterprise established in the form of investment of establishing a business organization whose members or shareholders are foreign investors and granted the investment registration certificate in accordance with law on investment.;

–      Any enterprises other than those prescribed in point a of this clause and at least 51% of charter capital of which is owned by foreign investors as follows:

i)      Any enterprises (operating in conditional business lines or without conditions applicable to foreign investors) at least 51% of charter capital of which is held by foreign investors through contribution purchase of shares/stakes;

ii)      Enterprises derived from division, acquisition, consolidation whose 51% of charter capital is owned by foreign investors after such events;

iii)      New enterprises established in accordance with relevant laws.

–      Project enterprises established by foreign investors to implement PPP projects in accordance with law on investment.

–      Contributing capital, buying, selling shares, capital contributions of foreign investors to enterprises that are not subject to foreign direct investment capital;

–      Contributing capital, buying, selling shares, capital contributions of foreign investors to enterprises with shares listed or registered for trading on the Stock Exchange;

–      Buy and sell bonds and other securities on the Vietnamese stock market;

–      Buying and selling other valuable papers in Vietnamese Dong issued by residents who are licensed organizations in the territory of Vietnam;

–      Entrust investment in Vietnamese Dong through fund management companies, securities companies and organizations permitted to perform investment entrustment operations according to the provisions of law on securities; Investment entrustment in Vietnamese Dong through credit institutions and foreign bank branches permitted to perform investment entrustment operations according to regulations of the State Bank;

–      Contributing capital and transferring capital contributions of foreign investors in securities investment funds and fund management companies in accordance with the provisions of securities law.

a) Open a foreign currency account at one (01) authorized bank in order to receive and make payments in that currency during the process of foreign direct investment in Vietnam;

b) Only 01 (one) direct investment account may be opened for a foreign currency at one (01) authorized bank;

c) In case of investing in Vietnamese dong, the investor open one (01) direct investment account in Vietnamese dong at the authorized bank where the direct investment account in foreign currency is opened in order to receive and make payment in VND during the process of foreign direct investment in Vietnam;

d) In case the foreign investor participates in several BCCs or directly implements several PPP projects, such foreign investor shall open a direct investment account for each BCC or PPP project.

In the case where the foreign investor is having and using a capital account of indirect investment at a licensed bank but has demand to open another indirectly-invested capital account in another licensed bank, such foreign investor is requested to close the existing capital account for direct investment, transfer all the balance in this account to the new account.

The foreign investor will only be entitled to conduct receipt and expense transactions on the newly-opened capital account of indirect investment as prescribed above after having the previously-opened capital account of indirect investment closed and settled.

b)           Payment for the transfer of investment capital and investment projects;

c)            Transferred foreign currency purchased from authorized credit institutions to transfer capitals, profits and legal earnings overseas;

d)           Transfer from a foreign currency demand account opened at an authorized bank of the FDI enterprise, foreign investors involving in BCC or directly implementing PPP projects in order to transfer of capital, lawful revenues and profits to foreign countries;

e)           Revenue from foreign currency exchange for capital contribution in case of the currency used for contribution is different from the currency of the direct investment account;

f)             Capital surplus from additional shares in order to raise the charter capital of the FDI enterprise;

g)           Revenues in foreign currency from domestic sale of petroleum products (after fulfilling all financial obligations and subtracting expenses in Vietnam dong) in accordance with law on petroleum and Government Guarantee and Undertaking (if any);

h)           Transferred revenues relating to foreign loans in foreign currencies of FDI enterprises in according with law on overseas loan receipt and repayment of enterprises except for the currency of an overseas loan is different from the currency of the FDI enterprise’s direct investment account;

i)             Other lawful revenues in Vietnamese dong relating to foreign direct investment in Vietnam.

b)          Sale of foreign currency to authorized credit institutions which is then transferred into Vietnamese dong demand accounts opened at authorized banks of FDI enterprises, foreign investors involving in BCC or directly implementing PPP projects;

c)           Payments for transfer of investment capital, investment projects to overseas transferors or sale of foreign currencies for such transactions to transferors in Vietnam in Vietnamese dong;

d)          Overseas transfer of profits and legal revenues in foreign currency from foreign investors’ foreign direct investment in Vietnam;

e)          Overseas transfer of investment capital in foreign currencies by foreign investors in case of capital reduction, finish, termination of investment projects, BCC, PPP contracts in accordance with law on investment;

f)            Payment for currency exchange to transfer overseas the capital, profits and legal revenues to in case of the currency used for transferring such items is different from the currency used to open the direct investment account;

g)          Transfers relating to foreign loans in foreign currencies of FDI enterprises in according with law on overseas loan receipt and repayment of enterprises except for the currency of an overseas loan is different from the currency of the FDI enterprise’s direct investment account;

h)          Other lawful expenditures in Vietnamese dong relating to foreign direct investment in Vietnam.

a)           Capital contribution in Vietnamese dong of Vietnamese, foreign investors of a FDI enterprise, foreign investors involving in BCC or directly implementing PPP projects;

b)           Payment for the ownership transfer of investment capital and investment projects;

c)            Distributable profits in Vietnamese dong of Vietnamese, foreign investors of a FDI enterprise, foreign investors involving in BCC or directly implementing PPP projects, project managers of petroleum projects in order to increase capital and expand investment activities in Vietnam;

d)           Revenues from Vietnamese dong demand accounts opened at authorized banks of FDI enterprises, foreign investors involving in BCC or directly implementing PPP projects in order to transfer of invested capital, profits and legal receipts to foreign countries;

e)           Capital surplus from issuance of additional shares in order to raise the charter capital of FDI enterprises;

f)             Other revenues relating to foreign loans in Vietnamese dong of FDI enterprises which are eligible to be granted overseas loans in Vietnamese dong according to current laws on overseas loan receipt and repayment of enterprises;

g)           Other lawful revenues in Vietnamese dong relating to foreign direct investment in Vietnam.

a)          Amounts transferred to Vietnamese dong demand accounts opened at authorized banks of the same FDI enterprise, the foreign investors involving in BCC or directly implementing PPP projects, project managers of petroleum projects according to laws on petroleum for foreign direct investment in Vietnam;

b)          Payments for transfer of stakes and investment projects to transferors in Vietnam or payments for the purchase of foreign currencies for such transactions to overseas transferors;

c)           Payments for purchasing foreign currency at authorized credit institutions to transfer their capitals, profits and legal earnings overseas;

d)          Transfer of direct investment in Vietnamese dong to Vietnamese investors or payments for purchasing foreign currencies to be transferred as direct investment to foreign investors in case of capital reduction, finish, termination of investment projects, BCC, PPP contracts in accordance with law on investment;

e)          Payments relating to foreign loans in Vietnamese dong of FDI enterprises which are eligible to be granted overseas loans in Vietnamese dong according to current laws on taking and repaying overseas loans;

f)            Other lawful expenditures in Vietnamese dong relating to foreign direct investment in Vietnam.

b)         Receipts from transfer of contributed capital, shares, sale of securities and other valuable papers, receipt of dividends and interests from bonds and valuable papers in Vietnam Dong from foreign indirect investment activities in Vietnam;

c)          Receipts of transfer from payment accounts in Vietnam Dong of foreign investors opened at licensed banks;

d)         Receipts of transfer from accounts of fund management enterprises, securities companies, credit institutions and branches of foreign banks permitted to conduct investment trust operation for foreign investor (applied in cases that foreign investors conduct indirect investment in Vietnam under the form of investment trust);

e)         Other legal transactions of receipts in Vietnam Dong of foreign investors relating to foreign indirect investment activities in Vietnam.

b)          Payments for buying foreign currencies from licensed credit institutions in order to transfer capitals, interests and other lawful incomes to foreign countries;

c)          Payments for legal expenses incurred in Vietnam;

d)          Payments for transfer to payment accounts in Vietnam Dong of foreign investors opened at licensed banks;

e)          Payments for transfer to accounts of fund management enterprises, securities companies, and organizations permitted to conduct investment trust operation for foreign investor (applied in cases that foreign investors conduct indirect investment in Vietnam under the form of investment trust);

f)           Other transactions for lawful payments relating to foreign indirect investment activities in Vietnam.