Can a savings deposit in US dollars earn interest in Vietnamese dong?
I received $500,000 from relatives in the US. I want to send avings deposit, but for the convenience of daily life, I want to receive monthly interest in Vietnamese money, is it possible?
According to Article 10 of Circular 48/2018/TT-NHNN regulating the currencies upon savings deposit taking and payout as follows:
1. The currency upon savings deposit taking is Vietnamese dong or foreign currency. The credit institution may determine the type of foreign currency/ies which it takes saving deposits.
2. The currency upon savings deposit payout is the one that the depositor previously made. The saving deposit payout as to foreign currency small change shall be accordant with regulations of the credit institution.
3. Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a resident, the depositor and the credit institution may reach an agreement as to payout of principal and interest into a checking account in Vietnamese dong of such depositor.
4. Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a non-resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in Vietnamese dong of such depositor.
5. Regarding a savings deposit in foreign currency of a Vietnamese citizen who is a resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in foreign currency of such depositor.
According to the above provisions, individuals who are Vietnamese can deposit savings at banks in foreign currencies, but the money used to pay interest is also the foreign currency deposited. As such, you cannot deposit in US Dollars and receive interest in Vietnamese currency.
Best Regards!
