Circular No. 19 / 2014 / TT-NHNN issued on 11 / 8 / 2014 by the State Bank of Vietnam (SBV) with specific guidance on foreign exchange management for foreign direct investment (FDI) into Vietnam Male.
Circular specifying investment capital contribution; opening accounts and using direct investment capital accounts in foreign currencies and Vietnam dong; transfer capital, profits and sources of direct income abroad; transfer capital to the investment preparation phase; make direct investment in the form of capital contribution, share purchase; rights and obligations of credit institutions (CIs) allowed, enterprises (enterprises) with FDI capital and foreign investors (foreign investors).
Subjects of application of the Circular include residents who are FDI enterprises; Non-residents participating in business cooperation contracts in Vietnam; Non-residents are foreign investors in FDI enterprises; Organizations and individuals involved in FDI activities in Vietnam.
When performing revenue and expenditure transactions related to FDI activities in Vietnam of FDI-funded enterprises and foreign investors, credit institutions are allowed to guide FDI and foreign-invested enterprises on procedures related to opening and closing. direct investment account, .. The authorized credit institution is responsible for selling foreign currency to foreign investors to transfer abroad on the basis of self-balancing foreign currency sources of authorized credit institutions and in accordance with the provisions of law.
Regarding the rights and obligations of enterprises with FDI capital and foreign investors, the Circular stipulates that enterprises with FDI capital and foreign investors must be responsible for declaring the contents of revenue and expenditure transactions related to FDI activities in Vietnam as required and directed. instruction of licensed credit institutions; Present and supplement documents, documents and vouchers at the request of licensed credit institutions.
Foreign investors may transfer foreign direct investment capital when dissolving or terminating the operation of enterprises with FDI capital, reducing investment capital or ending, liquidating and terminating the operation of investment projects and cooperation contracts. doing business in accordance with the law on investment, principal, interest and foreign borrowing costs, profits and lawful revenue sources related to direct investment activities in Vietnam through investment capital accounts directly, except for some cases specified in this Circular.
Foreign investors can use legal income sources in Vietnam dong from direct investment activities in Vietnam to buy foreign currencies at licensed credit institutions and transfer them abroad within 30 working days from the date of buying foreign currencies. .
The Circular also stipulates: “To annul Article 9 of Circular No. 05/2014 / TT-NHNN dated 12/3/2014 of the State Bank guiding the opening and use of indirect investment capital accounts to carry out investment activities. indirectly foreign in Vietnam ”.
This Circular takes effect from the date of 25 / 9 / 2014.
“From the effective date of this Circular, FDI enterprises and foreign investors are responsible for converting special-use foreign currency deposit accounts into direct investment capital accounts in foreign currencies. Conversion can be made within 6 months from the effective date of this Circular. After this period, enterprises and investors are not allowed to use specialized foreign currency capital deposit accounts to conduct direct investment activities in Vietnam ”, Circular 19 stated.