Vietnam: Procedures for the registration of outward investment-related forex transactions

From August 13, 2016, the registration of outward investment-related forex transactions shall be carried out in accordance with regulations of Circular No. 12/2016/TT-NHNN of the State Bank of Vietnam.

Registration of outward investment-related forex transactions refers to the fact that the investor carries out the registration of the investor-related information, investment capital, investment capital account which is opened at a licensed credit institution to conduct investment activities abroad and the progress of transfer of capital in cash abroad with the State Bank of Vietnam (SBV).

Credit institutions, when registering foreign exchange transactions related to outward investment, must go through the certifying authority of the State Bank. The registration of outward investment-related forex transactions and the registration of changes thereof made by the investor that is not a credit institution shall be confirmed by SBV’s branch in a province or city where the main office of the investor that is not a credit institution is located, or the individual investor’s permanent residence or other investor’s business is registered.

In case the changes related to the investor that is in charge of executing the project result in the change of the authority competent to confirm the registration of changes of outward investment-related forex transactions, the initial competent authority confirming the registration of outward investment-related forex transactions and the registration of changes thereof shall be responsible for taking charge of receiving the application for the registration of changes of outward investment-related forex transactions submitted by the investor.

According to Circular No. 12/2016/TT-NHNN of the State Bank of Vietnam, the application for the registration of outward investment-related forex transactions consists of:

- The application form for the registration of outward investment-related forex transactions (using the form stated in Annex No. 01 herein).

- The copy which originated from the master register or certified copy or copy, enclosed with the original for comparison, of Investment License or Certificate of outward investment or Certificate of the outward investment registration issued by competent authorities of Vietnam.

- The copy in foreign language and the translation into Vietnamese (with the investor's confirmation of the accuracy of such copy and translation) of the written approval or the investment permit issued by the host country or the document proving that the investment activities executed in the host country.

- The original certificate of the investor's investment capital account granted by the licensed credit institution, including account number and type of foreign currency.

- The original certificate granted by the licensed credit institution to certify the amount transferred abroad by the investor before the investor obtains the Certificate of outward investment registration for the purpose of covering expenditures for activities related to the forming of such investor’s investment project abroad in compliance with laws in cases where the investment capital is transferred abroad before having Certificate of outward investment registration granted.

- The written explanation about the transfer of investment capital in VND to foreign countries in cases where the investment capital in VND is transferred abroad.

The investor must, by hand or by post, submit 01 (one) set of application for the registration of outward investment-related forex transactions as regulated in Article 9 of this Circular to the competent authority.

Within 05 (five) working days from the date on which the application is received, SBV shall grant a written request for modification or supplementation to the investor if the submitted application is invalid or insufficient.

Within 10 (ten) working days from the date on which the valid application is received, SBV shall confirm or refuse to confirm the investor's registration of outward investment-related forex transactions. In case of refusal to confirm the investor's registration of outward investment-related forex transactions, SBV shall issue a written notice of reasons.

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