Vietnam: 02 cases in which residents as organizations may open foreign currency accounts in foreign countries

09:40, 21/07/2014

This is a notable content mentioned in Decree No. 70/2014/NĐ-CP of Vietnam’s Government on detailing the implementation of several provisions of the Ordinance on the foreign exchange and the amended Ordinance on the foreign exchange.

According to Decree No. 70/2014/NĐ-CP of Vietnam’s Government, the State Bank of Vietnam regulates procedures for the issuance and revocation of the certificate of opening and use of foreign currency accounts in foreign countries that residents as organizations below must follow:

Cá nhân thì có được mở tài khoản ngoại tệ không?

- Economic organizations that establish their agencies and representative offices overseas or wish to open foreign currency accounts overseas to obtain loans and fulfill their contract commitments and obligations to foreign parties.

- Regulatory agency, the armed forces unit, political organization, socio-political organization, socio-occupational political organizations, social organization, socio-occupational organization, social fund and charity fund in Vietnam wish to open foreign currency accounts overseas in order to receive foreign grants and aids or others licensed by Vietnam's competent agencies.

Thus, residents as organizations conducting foreign exchange activities in Vietnam shall open and use foreign currency accounts in foreign countries when falling into the two cases mentioned above.

View details at Decree No. 70/2014/NĐ-CP of Vietnam’s Government, effective from September 05, 2014.

Thu Ba

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