Open foreign currency account (USD account) for foreign investor in Vietnam

I am a foreign investor, I am investing to set up a 100% foreign invested company in Da Nang, Vietnam, my company operates in trade and service sector. May I know if the 100% foreign invested company in Vietnam or individual foreign investor can open and use USD account at banks in Vietnam ?

DMS Law firm in Danang, Vietnam advise on open foreign currency account for foreign investor in Vietnam ?

General regulations for foreign invested enterprise and individual foreign investor in Vietnam:

Residents and non-residents shall be permitted to open foreign currency accounts at authorized credit institutions. The State Bank of Vietnam shall regulate the receipts and payments made in these accounts by subjects stipulated in this Article (Clause 1 Article 23 Ordinance on foreign exchange No. 28/2005/PL-UBTVQH11 dated December 13, 2005).

Residents who are foreign direct invested enterprises and foreign parties to a business cooperation contract (BCC contract) must open a foreign direct investment capital account in foreign currency at 01 (one) authorized credit institution for the receipts, expenditures relating to the direct investment in Vietnam (Clause 1 Article 8 Decree No. 70/2014/NĐ-CP dated July 17, 2014).

The contribution of investment capital in cash by foreign and Vietnamese investors to foreign-invested enterprises must be made in the form of transfer of money into direct investment capital accounts (Clause 2 Article 4 Circular 19/2014/TT-NHNN dated August 11, 2014).

To perform foreign direct investment in Vietnam, foreign direct invested enterprise and the foreign party to a business cooperation contract (BCC contract) shall be permitted to open direct investment capital account in foreign currency, in VietnamDong at an authorized bank to conduct collection transactions, payment transactions prescribed at Article 7 and Article 8 Circular No. 19/2014/TT-NHNN dated August 11,2014.

For foreign invested enterprise in Vietnam:

Foreign direct invested enterprise, foreign party to a business cooperation contract (BCC contract) must open direct investment capital account at an authorized credit institution. The contribution of investment capital, remittance of principal investment capital and profits and other lawful receipts must be implemented via this account (Clause 4 Article 1 Ordinance No. 06/2013/UBTVQH13 dated March 18, 2013).

For individual foreign investor in Vietnam:

Residents, non-residents include organizations, individuals that are covered at clause 2, 2 Article 4 Ordinance on Foreign exchange No. 28/2005/PL-UBTVQH11 dated December 13, 2005.

In conclusion, foreign invested enterprise must open direct investment capital account at an authorized credit institution in Vietnam. Foreign individual investors are permitted to open account in foreign currency (USD) at authorized credit institution in Vietnam. Use of accounts of foreign investors shall be conducted in accordance with Article 7 and Article 8 Circular No. 19/2014/TT-NHNN dated August 11, 2014./.

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DMS Law firm in Vietnam
Director
(Signed)
Lawyer Do Minh Son