Circular 03 on Accounts Using for Foreign Investment Activities in Vietnam
2025.07.04.
While the opening and using of direct investment capital accounts are currently regulated by Circular No. 06/2019/TT-NHNN issued by dated the State Bank of Vietnam on June 26, 2019 to guide foreign exchange control of foreign direct investment activities in Vietnam (“Circular 06”), the State Bank of Vietnam recently issued Circular No. 03/2025/TT-NHNN dated April 29, 2025 to regulate the opening and using of VND-denominated accounts for implementation of foreign indirect investment activities in Vietnam (“Circular 03”) which comes into effect from 16 June 2025 and replaces Circular No. 05/2014/TT-NHNN issued by the State Bank on March 12th, 2014 regulating the same matter.
This Circular impacts not only on the opening and maintaining of the indirect investment capital account (“IICA”) but also the opening and maintaining of the direct investment capital account (“DICA”). Thus, we would like to provide you with a brief of the notable points and significant changes relating to the opening and usage of IICA and DICA under the above-mentioned Circulars, specifically the new Circular 03.
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