Foreign currency exchange control in Vietnam
Foreign currency capital for indirect foreign investment must be exchanged currency for remittance abroad similar forms (e.g. conversion/adjustment of prices of goods/services or value of contracts and agreements) are not allowed to be conducted in foreign currency. However, foreigners working in Vietnam shall still be allowed to receive salaries, bonuses and allowances in foreign currency and may deposit these earnings in interest-bearing foreign currency accounts in Vietnam. Also, the restrictions on foreign currency earnings, payments and exchange transactions do not apply to companies operating in EPZs.
Foreign investors may purchase foreign currency at prescribed banks in Vietnam without a permit from the State Bank. Ordinary foreign currency accounts may be used to service current account transactions and regulatory approval is not required. However, a special, separate foreign currency bank account is needed to conduct certain term loan repayments; and foreign currency withdrawals and deposits.
Another special account, known as a foreign currency deposit account, may be opened to receive foreign loan capital, repay foreign loans or at the bank account can be used for this purpose, but permission is required from the State Bank,
Engage in BOT projects with special requirements.
Nonresident indirect (portfolio) investors must open indirect capital accounts in Vietnamese dong at authorized banks for all transactions related to the implementation of their investment in the country. Resident organizations and individuals may although this is subject to meeting requirements imposed by the State Bank.
