Opening and use of foreign currency accounts according to the Amending Ordinance on Foreign Exchange Control 2013 of Vietnam

Specifically, according to Clause 14 Article 1 of the Amending Ordinance on Foreign Exchange Control 2013 amending and supplementing Article 14 of the Ordinance on Foreign Exchange Control 2005 of Vietnam, residents and non-residents shall be permitted to open foreign currency accounts at authorized credit institutions. The State Bank of Vietnam shall provide the use of foreign currency accounts of these entities.

Residents being credit institutions shall be permitted to open and use foreign currency accounts overseas in order to conduct foreign exchange activities overseas in accordance with regulations of the State Bank of Vietnam.

Residents being organizations shall be considered for permission by the State Bank of Vietnam to open foreign currency accounts overseas in the following cases:

- Economy organizations which have branches or representative offices overseas or which wish to open a foreign currency account overseas in order to receive loan capital, to fulfill undertakings or to perform contracts with foreign parties;

- State agencies, units of the armed forces, political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio- professional organizations, social funds and charitable funds of Vietnam operating in Vietnam which wish to open foreign currency accounts overseas in order to receive foreign aids and funding or other cases be permitted by competent agencies of Vietnam.

View more amendments and supplements at the Amending Ordinance on Foreign Exchange Control 2013 of Vietnam takes effect from January 01, 2014.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE