Open direct investment capital accounts for foreign investors in Vietnam ?

Foreign investors in Vietnam are responsible for opening foreign direct investment capital accounts, making investment capital contributions through the form of wire transfer, according to the amount of capital contributed in the Investment Registration Certificate, in foreign currencies or Vietnamese Dong ?

DMS Lawyers in Danang, Vietnam advise about FDI enterprises open direct investment capital accounts in foreign currencies or in VND ?

Direct investment capital account is a payment account in foreign currency or in Vietnam Dong opened by a foreign direct investment enterprise or foreign investor at an authorized bank to conduct transactions related to foreign direct investment activities in Vietnam according to the provisions of Articles 5, 6 and 7 of Circular 06/2019/TT-NHNN dated June 26, 2019 (Clause 5 Article 3 of Circular No. 06/2019/TT-NHNN dated June 26, 2019).

Foreign investors and Vietnamese investors may contribute investment capital in foreign currencies or Vietnam Dong according to the amount of capital contributed by the investor in the Investment Registration Certificate, License for Establishment and Operation in accordance with the specialized laws (for enterprises with foreign direct investment capital established and operating under specialized laws), Notice of satisfaction of conditions for capital contribution, share purchase, share repurchase contributed capital of foreign investors, PPP contracts signed with competent state agencies, other documents proving the foreign investors' capital contribution in accordance with the provisions of law (Clause 1 Article 4 of Circular No. 06/2019/TT-NHNN dated June 26, 2019).

The contribution of investment capital in cash by foreign investors and Vietnamese investors must be made through a transfer to the direct investment capital account (Clause 3 Article 4 of Circular No. 06/2019/TT-NHNN dated June 26, 2019).

Enterprises with foreign direct investment capital shall open direct investment capital accounts according to the following provisions:

Must open a foreign currency direct investment capital account at 01 (one) authorized bank to conduct lawful transactions of receipts and payments in foreign currency related to foreign direct investment activities in Vietnam;

Corresponding to the type of foreign currency in which the capital contribution is made, only 01 (one) direct investment capital account in that foreign currency may be opened at 01 (one) authorized bank;

In case an investment is made in Vietnam Dong, it is allowed to open 01 (one) direct investment capital account in Vietnam Dong at the authorized bank where the foreign currency direct investment capital account has been opened to perform the following transactions: lawful transactions of receipts and payments in Vietnam Dong related to foreign direct investment activities in Vietnam (Points a, b and c Clause 2 Article 5 of Circular No. 06/2019/TT-NHNN dated June 26, 2019)./.

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DMS LAW LLC
Director
(Signed)
Lawyer Do Minh Son