The State Bank of Vietnam (SBV) on January 3 issued Circular No. 36/2013/TT-NHNN, on the opening and use of foreign-currency accounts for offshore investment activities.
The State Bank of Vietnam (SBV) on January 3 issued Circular No. 36/2013/TT-NHNN, on the opening and use of foreign-currency accounts for offshore investment activities.
Under the new regulation, after obtaining an offshore investment certificate, an investor must open an account of direct investment capital at a licensed credit institution and register with SBV or its provincial branch.
All foreign-currency outbound and inbound remittance by offshore direct investment projects must be effected through such accounts.
An investor that has more than one offshore investment project must open different investment capital accounts for such projects.
For a project involving many investors, each investor must open an account for its investment at the same licensed credit institution for making foreign currency transfer within its capital value stated in its offshore foreign investment certificate granted by a Vietnamese authority.
This Circular will take effect on February 14.
(Source: Vietnamlaw)
