Vietnam: Notes that residents should pay attention when opening and using direct investment accounts

15:30, 21/07/2014

Recently, the Government of Vietnam issued Decree No. 70/2014/NĐ-CP 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, organizations or individuals are residents or non-residents performing their foreign exchange transactions in Vietnam shall open and use direct investment accounts as follows:

mo va su dung tai khoan von dau tu truc tiep, nghi dinh 70/2014/NĐ-CP

- Residents as foreign direct investment enterprises and foreign investors who are involved in the business cooperation agreement (hereinafter collectively referred to as foreign investment enterprise) must open foreign currency accounts for the direct investment at 01 (one) authorized credit institution to perform the receipt and expenditure transactions regarding the FDI activities in Vietnam.

- In the event that the investment is paid in Vietnamese dong, residents as foreign investment enterprises are entitled to open 01 (one) Vietnamese dong account for the direct investment at authorized credit institutions where foreign investment enterprises have open the foreign currency account for the direct investment in accordance with regulations stated at Clause 1 Article 8 of this Decree to perform the legal transaction of foreign currency receipts and expenditures regarding the foreign direct investment in Vietnam.

- The State Bank of Vietnam promulgates specific regulations on the opening and use of direct investment accounts as stipulated above.

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

Thu Ba

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

28 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn