Notice on Foreign Currency Dedicated Account of Economic Organizations

Circular 34/2015/TT-NHNN provides some notes on the special foreign currency accounts as follows:

- An economic organization that directly receives and disburses foreign currency must open one payment account for each type of foreign currency at one licensed commercial bank or foreign bank branch located in the area where its head office is situated to carry out the foreign currency disbursements.- In cases where the economic organization directly receives and disburses foreign currency at a branch in a province or city different from where its head office is located, the economic organization is allowed to open one special account for each type of foreign currency at one licensed commercial bank or foreign bank branch located in the area where the economic organization has opened a branch so that the branch can use this account to carry out foreign currency disbursements in that area.- The economic organization that directly receives and disburses foreign currency must register with the State Bank of Vietnam the details related to the special foreign currency account, including account number, type of foreign currency, name, and address of the commercial bank or foreign bank branch where the account is opened as stated in the Application for Approval to Directly Receive and Disburse Foreign Currency stipulated in Circular 34.

See detailed regulations on the special foreign currency accounts in Circular 34/2015/TT-NHNN, effective from March 1, 2016.

- Khanh Chi-

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