Legal Counselling

Vietnamese residents may make savings deposits in foreign currencies

09:30, 18/01/2019

This is a notable content specified in Circular No. 48/2018/TT-NHNN of the State Bank of Vietnam on savings deposits.

According to Circular No. 48/2018/TT-NHNN of the State Bank of Vietnam, Vietnamese citizens may make savings deposits in Vietnamese dong; Vietnamese residents may make savings deposits in foreign currencies.

Besides, the credit institutions may take savings deposits in accordance with their scope of operations as per the law and establishment licenses of credit institutions.

Also according to Circular No. 48/2018/TT-NHNN, depositors must be:

- Vietnamese citizens who are 18 years of age or older and have full civil capacity.

- Vietnamese citizens who are 15 years of age to under 18 years of age and have not had limited legal capacity or lack of legal capacity.

- Vietnamese citizens who have limited legal capacity or lack of legal capacity as per the law or are under 15 years and have their savings deposit transactions conducted by their legal representatives; Vietnamese citizens with limited cognition or behavior control by law who have their savings deposit transaction conducted by their guardians.

View more details at Circular No. 48/2018/TT-NHNN of the State Bank of Vietnam, effective from July 05, 2019.

- Thanh Lam -

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