Circular 38/2026/TT-NHNN Regulating Foreign Exchange Management for Foreign Investment Activities in Vietnam

COPY; State Bank of Vietnam; Signing time: 2026-08-14T17:24:30+07:00

STATE BANK OF VIETNAM
No. 38/2026/TT-NHNN

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

Hanoi, July 31, 2026

CIRCULAR
Regulating Foreign Exchange Management for Foreign Investment Activities in Vietnam

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12; Pursuant to the Law on Credit Institutions No. 32/2024/QH15, as amended and supplemented by Law No. 96/2025/QH15; Pursuant to the Law on Investment No. 143/2025/QH15; Pursuant to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11, as amended and supplemented by Ordinance No. 06/2013/UBTVQH13; Pursuant to Decree No. 70/2014/NĐ-CP of the Government detailing the implementation of some articles of the Ordinance on Foreign Exchange and amending and supplementing some articles of the Ordinance on Foreign Exchange; Pursuant to Decree No. 329/2025/NĐ-CP of the Government on licensing the establishment and operation of banks, foreign exchange management, anti-money laundering, counter-terrorism financing, and counter-proliferation financing at the International Financial Center in Vietnam; Pursuant to Decree No. 96/2026/NĐ-CP of the Government detailing and guiding the implementation of some articles of the Law on Investment; Pursuant to Decree No. 26/2025/NĐ-CP of the Government regulating the functions, tasks, powers, and structure of the State Bank of Vietnam, as amended and supplemented by Decree No. 198/2026/NĐ-CP; At the proposal of the Director of the Foreign Exchange Management Department; The Governor of the State Bank of Vietnam issues this Circular regulating foreign exchange management for foreign investment activities in Vietnam.

Chapter I
GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Circular regulates foreign exchange management for foreign investment activities in Vietnam as stipulated in Article 11 of the Foreign Exchange Ordinance 28/2005/PL-UBTVQH11, as amended and supplemented by Ordinance No. 06/2013/UBTVQH13, and foreign investment activities from the International Financial Center in Vietnam into the rest of Vietnam as stipulated in Article 93 of Decree No. 329/2025/NĐ-CP on licensing the establishment and operation of banks, foreign exchange management, anti-money laundering, counter-terrorism financing, and counter-proliferation financing at the International Financial Center in Vietnam, including:
   a) Opening and using foreign currency and Vietnamese Dong investment capital accounts; b) Capital contribution; transfer of capital, profits, and legal revenues; transfer of investment capital, transfer of investment projects; c) Other remittance transactions related to foreign investment activities in Vietnam and foreign investment activities from the International Financial Center in Vietnam into the rest of Vietnam.
2. Contents related to foreign exchange management for economic organizations with foreign-invested capital that are public companies with listed or registered shares on the Stock Exchange are not within the scope of this Circular.
3. Contents related to foreign exchange management for foreign investors and economic organizations with foreign-invested capital when implementing investment and securities transactions on the securities market as stipulated in Clause 3, Article 73 of Decree No. 96/2026/NĐ-CP detailing and guiding the implementation of some articles of the Law on Investment are not within the scope of this Circular.

Article 2. Applicable Subjects
This Circular applies to the following subjects:

1. Economic organizations with foreign-invested capital as stipulated in Clause 1, Article 6 of this Circular.
2. Foreign investors and domestic investors participating in capital contribution in economic organizations with foreign-invested capital as stipulated in Clause 1, Article 6 of this Circular.
3. Foreign investors participating in business cooperation contracts (hereinafter referred to as BCC contracts).
4. Foreign investors directly implementing investment projects under the public-private partnership (PPP) method (hereinafter referred to as PPP) in cases where a PPP project company is not established.
5. Managers and contractors who are foreign investors in oil and gas contracts and other agreement documents in the oil and gas sector signed on behalf of the State or the Government of the Socialist Republic of Vietnam with foreign contracting parties.
6. Member enterprises in the International Financial Center in Vietnam (hereinafter referred to as member enterprises) as stipulated in Clause 6, Article 3 of Decree No. 329/2025/NĐ-CP.
7. Authorized banks, and related organizations and individuals involved in foreign investment activities in Vietnam and foreign investment activities from the International Financial Center in Vietnam into the rest of Vietnam.

Article 3. Interpretation of Terms
In this Circular, the following terms are understood as follows:

1. Authorized bank means a commercial bank or foreign bank branch conducting foreign exchange business and providing foreign exchange services in accordance with the law.
2. Member bank means an economic organization established, organized, and operating in accordance with Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam, including member commercial banks as stipulated in Clause 13, Article 3 of Decree No. 329/2025/NĐ-CP and member foreign bank branches as stipulated in Clause 4, Article 3 of Decree No. 329/2025/NĐ-CP.
3. Foreign investment capital account in Vietnam means a foreign currency or Vietnamese Dong settlement account opened by the subjects stipulated in Article 6 at an authorized bank to implement receipt and payment transactions related to foreign investment activities in Vietnam and foreign investment activities from the International Financial Center in Vietnam into the rest of Vietnam in accordance with this Circular (hereinafter referred to as investment capital account).
4. Free foreign currency means foreign currency in the settlement account of a domestic investor, excluding foreign currency purchased through borrowing from a credit institution or an authorized foreign bank branch providing foreign exchange services in Vietnam.
5. Investor means an organization or individual as stipulated in Clause 18, Article 3 of the Law on Investment No. 143/2025/QH15 and a contractor as stipulated in Clause 5, Article 2 of this Circular.

Article 4. General Principles

1. Investors and member enterprises may contribute capital in foreign currency or Vietnamese Dong in accordance with the Investment Registration Certificate, the License for Establishment and Operation according to specialized laws (for economic organizations with foreign-invested capital established and operating under specialized laws), the Notification on Meeting Conditions for Capital Contribution, Share Purchase, or Capital Contribution Purchase by Foreign Investors, the Enterprise Registration Certificate, the PPP contract signed with the competent state authority, the BCC contract, the oil and gas contract, and other documents proving that the capital contribution complies with the law, except in cases of capital contribution as stipulated in Clause 5 of this Article.
   In cases of contributing capital in multiple currencies, the investor or member enterprise may choose one of the contribution currencies specified in the documents stipulated in this clause as the currency for conversion and determining the total value of the capital contribution, and this currency must be used consistently throughout the entire capital contribution process. The total value of the capital contribution after conversion must not exceed the contribution level determined in the aforementioned documents. The conversion rate is the rate applied by the authorized bank where the subjects stipulated in Article 6 of this Circular open their investment capital accounts at the time the funds are credited to the investment capital account.
2. Domestic investors may contribute capital in free foreign currency.
3. Contractors who are foreign investors in oil and gas contracts and other agreement documents in the oil and gas sector signed on behalf of the State or the Government of the Socialist Republic of Vietnam with foreign contracting parties may purchase foreign currency at an authorized bank to implement capital contribution in accordance with the law on oil and gas.
4. Capital contributions in money by investors and member enterprises must be implemented via bank transfer into the foreign currency or Vietnamese Dong investment capital account.
5. Investors and member enterprises may transfer funds into the investment capital account to implement capital contribution, change in capital contribution share, or change in capital contribution ratio before the foreign-invested economic organization implements procedures for registering increased charter capital, changing the capital contribution share, or changing the capital contribution ratio.
6. Managers and contractors who are foreign investors in oil and gas contracts and other agreement documents in the oil and gas sector signed on behalf of the State or the Government of the Socialist Republic of Vietnam with foreign contracting parties may open accounts at authorized banks to receive permitted revenues transferred from the investment capital account as stipulated in Articles 8 and 9 of this Circular.

Article 5. Remittance for Investment Preparation Activities

1. Before being issued the Investment Registration Certificate, the Notification on Meeting Conditions for Capital Contribution, Share Purchase, or Capital Contribution Purchase by Foreign Investors, the Enterprise Registration Certificate, the License for Establishment and Operation according to specialized laws (for economic organizations with foreign-invested capital established and operating under specialized laws), or the signed PPP contract, the payment of legal costs during the investment preparation phase in Vietnam is implemented as follows:
   a) Foreign investors are permitted to transfer funds from abroad into Vietnam or from settlement accounts opened at authorized banks in Vietnam; b) Member enterprises are permitted to transfer funds from settlement accounts opened at authorized banks in Vietnam.
2. After being issued the Investment Registration Certificate, the Notification on Meeting Conditions for Capital Contribution, Share Purchase, or Capital Contribution Purchase by Foreign Investors, the Enterprise Registration Certificate, the License for Establishment and Operation according to specialized laws (for economic organizations with foreign-invested capital established and operating under specialized laws), or the signed PPP contract, the funds transferred by foreign investors and member enterprises as stipulated in Clause 1 of this Article are used for:
   a) Transferring part or all of the funds into capital contribution; b) Transferring part or all of the funds into foreign debt of the foreign-invested economic organization. In case of transfer into foreign debt, the foreign-invested economic organization must comply with the law on borrowing and repaying foreign debt; c) Refunding to the foreign investor or member enterprise the funds transferred to implement investment preparation activities after deducting legal costs related to investment preparation activities in Vietnam.
3. Transactions stipulated in Clause 2 of this Article are implemented upon presentation of valid documents and vouchers proving the transferred funds and legal costs related to investment preparation activities in Vietnam, ensuring compliance with foreign exchange management regulations, investment law, accounting law, and other relevant legal regulations.
4. In cases where a foreign investor has established an economic organization before implementing procedures for issuing or adjusting the Investment Registration Certificate and has opened an investment capital account as stipulated in Clause 3, Article 7 of this Circular, the remittance for investment preparation activities is implemented through the opened investment capital account.

Chapter II
PROVISIONS ON OPENING AND USING INVESTMENT CAPITAL ACCOUNTS

Article 6. Subjects Opening Investment Capital Accounts

1. Economic organizations with foreign-invested capital include:
   a) Economic organizations established by foreign investors or member enterprises in accordance with investment law and other relevant laws; b) Economic organizations with foreign-invested capital where foreign investors or member enterprises are members or shareholders holding more than 50% of the charter capital through capital contribution, share purchase, or capital contribution purchase; c) PPP project companies established by foreign investors.
2. Foreign investors and member enterprises participating in BCC contracts.
3. Foreign investors directly implementing PPP projects in cases where a PPP project company is not established.
4. Contractors who are foreign investors in oil and gas contracts and other agreement documents in the oil and gas sector signed on behalf of the State or the Government of the Socialist Republic of Vietnam with foreign contracting parties (hereinafter referred to as foreign investors in oil and gas activities).

Article 7. Principles of Opening and Using Investment Capital Accounts

1. The subjects stipulated in Article 6 of this Circular are permitted to open 01 (one) foreign currency investment capital account and/or 01 (one) Vietnamese Dong investment capital account at the same authorized bank.
   In cases where they have the need to contribute capital in multiple foreign currencies, they are permitted to open 01 (one) investment capital account corresponding to each foreign currency at the same authorized bank to implement receipt and payment transactions as stipulated in Article 8 of this Circular.
2. In cases of implementing multiple BCC contracts, oil and gas contracts, or multiple PPP projects, each foreign investor or member enterprise must open separate investment capital accounts for each contract or PPP project.
   For each BCC contract, oil and gas contract, or PPP project, the foreign investor or member enterprise is permitted to open 01 (one) foreign currency investment capital account corresponding to each foreign currency and/or 01 (one) Vietnamese Dong investment capital account at the same authorized bank.
3. In cases where a foreign investor establishes an economic organization before implementing procedures for issuing or adjusting the Investment Registration Certificate, this foreign-invested economic organization is permitted to open 01 (one) foreign currency investment capital account and/or 01 (one) Vietnamese Dong investment capital account before being issued or adjusted the Investment Registration Certificate at the same authorized bank, and it may only be used to receive charter capital, interest from the account balance; pay legal costs related to investment preparation activities in Vietnam; and refund capital to foreign investors or member enterprises in cases where the Investment Registration Certificate is not issued or adjusted.
   After being issued or adjusted the Investment Registration Certificate, these subjects are permitted to open additional investment capital accounts in other foreign currencies as stipulated in Clause 1 of this Article and use the opened investment capital accounts to implement receipt and payment transactions as stipulated in Articles 8 and 9 of this Circular.
4. In cases of changing the authorized bank, the subjects stipulated in Article 6 of this Circular must implement the following principles:
   a) Open a new investment capital account at another authorized bank and transfer the entire balance from the previously opened investment capital account to the new investment capital account, then close the old investment capital account; b) The new investment capital account may only be used to implement receipt and payment transactions stipulated in Articles 8 and 9 of this Circular after completing the steps mentioned in point a of this clause, except for receipts from receiving the balance transferred from the previously opened investment capital account.
5. Except in cases where the investment capital account is being used to implement foreign loans, foreign debt repayment, or legal payment obligations, the subjects stipulated in Article 6 of this Circular must close the investment capital account according to the following principles:
   a) The subjects stipulated in point a, Clause 1, Article 6 of this Circular must close the opened investment capital account in the following cases:
   (i) No foreign investor or member enterprise owns shares or capital contribution shares in that economic organization; (ii) The Investment Registration Certificate is not issued or adjusted according to investment law and the contributed funds have been refunded to the foreign investor or member enterprise; (iii) Dissolution, bankruptcy, or cessation of operations according to law; (iv) Transfer of the investment project changes the initial legal entity registered for that economic organization. b) The subjects stipulated in Clause 1, Article 6 of this Circular must close the opened investment capital account in the following cases:
   (i) After completing the transfer of shares or capital contribution shares, or changing the charter capital at the economic organization stipulated in point b, Clause 1, Article 6 of this Circular, the ownership ratio of shares or capital contribution shares by foreign investors or member enterprises in that economic organization becomes equal to or less than 50%; (ii) After the foreign-invested economic organization becomes a public company with listed or registered shares on the Stock Exchange. After closing the investment capital account as stipulated in this point, foreign investors or member enterprises still owning shares or capital contribution shares in the foreign-invested economic organization must implement receipt and payment transactions related to that investment through indirect investment capital accounts in accordance with foreign exchange management regulations for indirect foreign investment into Vietnam. c) In cases where the investment capital account has been closed as stipulated in this point, refunded capital funds and other legal revenues arising from investment activities or investment projects of the foreign investor in that specific economic organization and other legal revenues arising from investment activities from the International Financial Center in Vietnam into the rest of Vietnam or from investment projects of member enterprises in that specific economic organization must be transferred into:
   (i) Foreign currency or Vietnamese Dong settlement accounts of the foreign investor opened at an authorized bank or transferred abroad; (ii) Foreign currency or Vietnamese Dong settlement accounts opened at an authorized bank or investment capital accounts of member enterprises opened at member banks.
6. In cases where a foreign investor or member enterprise increases its ownership ratio of charter capital in a foreign-invested economic organization, leading to the foreign investor or member enterprise holding more than 50% of the charter capital of that foreign-invested economic organization, the foreign-invested economic organization must open an investment capital account as stipulated in this Circular; the foreign investor or member enterprise must close the indirect investment capital account opened in cases where there is no longer a need to implement indirect foreign investment activities in Vietnam.
7. Procedures for opening and closing investment capital accounts are implemented in accordance with the regulations of the Governor of the State Bank of Vietnam on opening and using settlement accounts at payment service providers.

Article 8. Receipt and Expenditure Transactions on Foreign Currency Capital Investment Accounts

1. Receipts:
   a) Transfer of capital contribution funds from investors, member enterprises of foreign-invested economic organizations, foreign investors participating in BCC contracts, foreign investors directly implementing PPP projects, and foreign investors in oil and gas activities; b) Transfer of funds for payment of capital transfer value, investment project transfer, transfer of participation rights, and rights and obligations of contractors; c) Refunds of transfer value in cases where the transfer is not completed; d) Purchase from permitted credit institutions to transfer capital, profits, and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam for transfer abroad; đ) Purchase from permitted credit institutions to transfer capital, profits, and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam into the capital account of a member enterprise opened at a member bank; e) Transfer from the payment account opened at a permitted bank of the operator in oil and gas contracts and of the subjects specified in Article 6 of this Circular to transfer capital, profits, and lawful revenues from foreign investment activities in Vietnam of foreign investors abroad; g) Transfer from the payment account opened at a permitted bank of the subjects specified in Article 6 of this Circular to transfer capital, profits, and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam into the capital account of a member enterprise opened at a member bank; h) Transfer of the balance on a previously opened capital investment account to a new capital investment account in cases of changing the capital investment account or changing the permitted bank; or foreign currency conversion receipts in cases of opening a foreign currency capital investment account in multiple currencies at the same permitted bank; i) Share capital surplus from the issuance of shares by foreign-invested economic organizations; k) Revenue from the sale of domestic oil and gas products; l) Transfers related to foreign currency loans of foreign-invested economic organizations in accordance with the law on borrowing and repaying foreign debt; m) Other lawful foreign currency receipts related to investment activities of foreign investors in Vietnam and investment activities from the International Financial Center in Vietnam to the rest of Vietnam.

2. Expenditures:
   a) Transfer to the foreign currency payment account opened at a permitted bank of the operator in oil and gas contracts and of the subjects specified in Article 6 of this Circular to implement investment activities from foreign investment in Vietnam and investment activities from the International Financial Center in Vietnam to the rest of Vietnam; b) Sale to permitted credit institutions to transfer into the Vietnamese Dong payment account of the operator in oil and gas contracts and of the subjects specified in Article 6 of this Circular; c) Payment of capital transfer value, investment project transfer value to the transferor abroad; payment of transfer value of participation rights, rights and obligations of contractors to the transferor abroad or in Vietnam; or sale of foreign currency to pay the transfer value, investment project transfer value to the transferor in Vietnam in Vietnamese Dong; d) Transfer of foreign currency profits and lawful revenues from foreign investment activities in Vietnam of foreign investors abroad or into the payment account of foreign investors opened at permitted banks; đ) Transfer of foreign currency profits and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam into the capital account of a member enterprise opened at a member bank or into the payment account of a member enterprise opened at a permitted bank; e) Transfer of foreign currency capital of foreign investors abroad or into the payment account of foreign investors opened at permitted banks in cases of capital reduction, termination, liquidation, or cessation of investment projects, oil and gas contracts, BCC contracts, or PPP contracts in accordance with the law; g) Transfer of foreign currency capital of member enterprises into the capital account opened at a member bank or into the payment account of a member enterprise opened at a permitted bank in cases of capital reduction, termination, liquidation, or cessation of investment projects or BCC contracts in accordance with the law; h) Foreign currency conversion to implement transfer of capital, profits, and lawful revenues from foreign investment activities in Vietnam abroad or to implement transfer of capital, profits, and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam in cases where the transfer of capital, profits, and lawful revenues differs from the currency of the opened capital investment account; i) Refund of capital contribution funds and lawful costs in the investment preparation phase in cases where the Investment Registration Certificate is not issued or adjusted, or the Enterprise Registration Certificate is not issued; refund of capital contribution funds and lawful costs specified in Clause 5, Article 4 of this Circular in cases where the Enterprise Registration Certificate is not issued; or refund of investment capital transfer value, investment
   project transfer value, transfer of participation rights, rights and obligations of contractors in cases where the transfer is not completed; k) Transfer of the balance on a previously opened capital investment account to a new capital investment account in cases of changing the capital investment account or changing the permitted bank; or foreign currency conversion receipts in cases of opening a foreign currency capital investment account in multiple currencies at the same permitted bank; l) Transfers related to foreign currency loans of foreign-invested economic organizations in accordance with the law on borrowing and repaying foreign debt; m) Other lawful foreign currency expenditures related to foreign investment activities in Vietnam and investment activities from the International Financial Center in Vietnam to the rest of Vietnam.

Article 9. Receipt and Expenditure Transactions on Vietnamese Dong Capital Investment Accounts

1. Receipts:
   a) Transfer of capital contribution funds from investors, member enterprises of foreign-invested economic organizations, foreign investors participating in BCC contracts, foreign investors directly implementing PPP projects, and foreign investors in oil and gas activities; b) Transfer of funds for payment of capital transfer value, investment project transfer, transfer of participation rights, and rights and obligations of contractors; c) Refunds of transfer value in cases where the transfer is not completed; d) Transfer of dividends paid in Vietnamese Dong from foreign investment activities in Vietnam of investors and from investment activities from the International Financial Center in Vietnam to the rest of Vietnam into the rest of Vietnam of member enterprises to implement capital increase and expansion of investment activities in Vietnam; đ) Transfer from the payment account opened at a permitted bank of the operator in oil and gas contracts and of the subjects specified in Article 6 of this Circular to transfer or purchase foreign currency to transfer capital, profits, and lawful revenues from foreign investment activities in Vietnam of foreign investors abroad; e) Transfer from the payment account opened at a permitted bank of the subjects specified in Article 6 of this Circular to purchase foreign currency to transfer capital, profits, and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam into the capital account opened at a member bank; g) Transfer from the conversion of the balance on a previously opened capital investment account to a new capital investment account in cases of changing the capital investment account or changing the permitted bank; h) Share capital surplus from the issuance of shares by foreign-invested economic organizations; i) Revenue from the sale of domestic oil and gas products; k) Transfers related to Vietnamese Dong loans of foreign-invested economic organizations permitted to borrow Vietnamese Dong abroad in accordance with the law on borrowing and repaying foreign debt; l) Other lawful Vietnamese Dong receipts related to foreign investment activities in Vietnam and investment activities from the International Financial Center in Vietnam to the rest of Vietnam.

2. Expenditures:
   a) Transfer to the Vietnamese Dong payment account opened at a permitted bank of the operator in oil and gas contracts and of the subjects specified in Article 6 of this Circular to implement investment activities from foreign investment in Vietnam and investment activities from the International Financial Center in Vietnam to the rest of Vietnam; b) Payment of capital transfer value, investment project transfer value to the transferor in Vietnam; only purchase foreign currency to pay the transfer value, investment project transfer value to the transferor abroad or to pay the transfer value of participation rights, rights and obligations of contractors to the transferor abroad or in Vietnam; or sell foreign currency to pay the transfer value, investment project transfer value to the transferor in Vietnam in Vietnamese Dong; c) Purchase of foreign currency transfers to transfer profits and lawful revenues from foreign investment activities in Vietnam of foreign investors abroad; d) Purchase of foreign currency transfers to transfer profits and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam into the capital account of a member enterprise opened at a member bank; đ) Transfer of capital into the payment account of investors opened at permitted banks or only purchase foreign currency to transfer the capital of foreign investors abroad in cases of capital reduction, termination, liquidation, or cessation of investment projects, BCC contracts, PPP contracts, or oil and gas contracts in accordance with the law; e) Transfer of capital into the payment account of member enterprises opened at permitted banks or only purchase foreign currency to transfer the capital of member enterprises into the capital account opened at a member bank in cases of capital reduction, termination, liquidation, or cessation of investment projects or BCC contracts in accordance with the law; g) Transfer of Vietnamese Dong profits and lawful revenues from foreign investment activities in Vietnam of foreign investors abroad or into the payment account of foreign investors opened at permitted banks; h) Transfer of Vietnamese Dong profits and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam into the payment account of member enterprises opened at permitted banks; i) Refund of capital contribution funds and lawful costs in the investment preparation phase in cases where the Investment Registration Certificate is not issued or adjusted, or the Enterprise Registration Certificate is not issued; refund of capital contribution funds and lawful costs specified in Clause 5, Article 4 of this Circular in cases where the Enterprise Registration Certificate is not issued; or refund of investment capital transfer value, investment project transfer value or purchase foreign currency to refund the transfer value of participation rights, rights and
   obligations of contractors in cases where the transfer is not completed; k) Transfer of Vietnamese Dong balance from a previously opened capital investment account to a new capital investment account in cases of changing the capital investment account or changing the permitted bank; l) Transfers related to Vietnamese Dong loans of foreign-invested economic organizations permitted to borrow Vietnamese Dong abroad in accordance with the law on borrowing and repaying foreign debt; m) Other lawful Vietnamese Dong expenditures related to foreign investment activities in Vietnam and investment activities from the International Financial Center in Vietnam to the rest of Vietnam.

Chapter III
TRANSFER OF CAPITAL, PROFITS, LAWFUL REVENUES, AND PAYMENT OF TRANSFER VALUES

Article 10. Payment of Transfer Values

1. The payment of transfer values of shares, capital contribution portions in foreign-invested economic organizations specified in Clause 1, Article 6 of this Circular shall be implemented as follows:
   a) Between investors who are non-residents; between member enterprises; between member enterprises and non-resident investors; or between resident investors shall not be implemented through capital investment accounts; b) Between member enterprises and resident investors; between non-resident investors and resident investors must be implemented through capital investment accounts.

2. In BCC contracts, the payment of transfer values of investment projects between member enterprises and non-resident investors; between member enterprises and resident investors; between resident investors and resident investors; between non-resident investors; or between member enterprises must be implemented through capital investment accounts.

3. In PPP projects, the payment of transfer values of investment projects between non-resident investors or between non-resident investors and resident investors directly implementing the PPP project must be implemented through capital investment accounts.

4. In oil and gas contracts, the payment of transfer values of investment projects, transfer of participation rights, rights and obligations of contractors between non-resident investors and resident investors must be implemented through capital investment accounts.

Article 11. Transfer of Capital of Foreign Investors and Member Enterprises in Cases of Capital Reduction, Transfer, Termination, Liquidation, or Cessation of Contracts or Investment Projects

The transfer of capital in cases of capital reduction; project transfer; transfer of shares, capital contribution portions in foreign-invested economic organizations; transfer of participation rights, rights and obligations of contractors in oil and gas contracts; termination, liquidation, or cessation of investment projects, BCC contracts, oil and gas contracts, or PPP projects of foreign investors and member enterprises shall be implemented as follows:

1. The transfer of capital of foreign investors abroad or the transfer of capital of member enterprises into the capital account opened at a member bank must be implemented through capital investment accounts, except for cases specified in Point c, Clause 5, Article 7 and Point a, Clause 1, Article 10 of this Circular.

2. In cases where capital is not transferred abroad or not transferred to the International Financial Center in Vietnam, it shall be transferred from the capital investment account to the payment account of the foreign investor or member enterprise opened at a permitted bank to implement other projects or investment activities of the foreign investor or member enterprise in Vietnam in accordance with the law on investment.

Article 12. Transfer of Profits and Lawful Revenues of Foreign Investors and Member Enterprises

1. The transfer of profits and lawful revenues from foreign investment activities in Vietnam of foreign investors abroad or the transfer of profits and lawful revenues from investment activities from the International Financial Center in Vietnam to the rest of Vietnam of member enterprises into the capital account opened at a member bank must be implemented through capital investment accounts, except for cases specified in Point c, Clause 5, Article 7 of this Circular.

2. In cases where profits and lawful revenues are not transferred abroad or not transferred to the International Financial Center in Vietnam, they shall be transferred from the capital investment account to the payment account of the foreign investor or member enterprise opened at a permitted bank to implement other projects or investment activities of the foreign investor or member enterprise in Vietnam in accordance with the law on investment.

Article 13. Currency for Valuation and Payment of Transfer Values

1. The valuation and payment of transfer values of capital, investment projects between non-resident investors; between non-resident investors and member enterprises; or between resident investors may be implemented in foreign currency.

2. The valuation and payment of transfer values of investment projects in oil and gas contracts, transfer of participation rights, rights and obligations of contractors in oil and gas contracts between non-resident investors; or between non-resident investors and resident investors may be implemented in foreign currency.

3. Except for cases specified in Clause 2 of this Article, the valuation and payment of transfer values of capital, investment projects between resident investors and non-resident investors; between resident investors and member enterprises; or between resident investors must be implemented in Vietnamese Dong.

Chapter IV
RESPONSIBILITIES OF RELATED PARTIES

Article 14. Responsibilities of Permitted Banks

1. Guide customers to implement correctly the regulations of this Circular and related legal provisions.

2. Issue internal regulations on dossiers, procedures, and processes for opening and using capital investment accounts, regulations on transparency of fund flows when transferring funds to investors and member enterprises (requiring clear recording of the amount and purpose of each transfer order), and make them publicly available for investors and member enterprises to know and implement.

3. Check and retain documents and vouchers consistent with actual transactions to ensure that foreign exchange services are provided for the correct purpose, in accordance with this Circular and related legal provisions.

4. Comply with laws on anti-money laundering and counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction.

5. Sell foreign currency to foreign investors and foreign-invested economic organizations for transfer abroad; sell foreign currency to member enterprises for transfer into capital accounts opened at member banks based on the bank's self-balancing of foreign currency sources and in accordance with legal provisions.

6. Sell foreign currency to contractors in oil and gas contracts to implement capital contribution in accordance with the law on oil and gas.

7. Confirm in writing or electronically authenticated documents by the bank, upon request of the account holder, regarding account balances, transaction information on payment accounts, and capital investment accounts of investors, foreign-invested economic organizations, and member enterprises.

8. Implement reporting regimes as specified in Article 17 of this Circular.

Article 15. Responsibilities of Investors and Member Enterprises

1. Comply with foreign exchange management regulations in foreign investment activities in Vietnam as specified in this Circular and related legal provisions.

2. Declare truthfully and fully the content of transactions, clearly stating the purpose of fund transfers related to foreign investment activities in Vietnam; provide relevant documents and vouchers as required and guided by permitted banks; and bear legal responsibility for the authenticity of all documents and vouchers provided to permitted banks.

3. After being issued or adjusted the Investment Registration Certificate, Enterprise Registration Certificate, or equivalent documents by competent authorities, the subjects specified in Clause 1, Article 6 must supplement these documents to the permitted bank where the capital investment account is opened.

4. Implement reporting regimes as specified in Clause 2, Article 17 of this Circular.

Article 16. Responsibilities of the State Bank of Vietnam Regional Branches

1. Guide relevant organizations and individuals in the area to fully comply with the regulations of this Circular.

2. Inspect, check, and supervise the implementation of regulations related to the opening and use of capital investment accounts specified in this Circular within their authority. Handle legal violations in the foreign exchange field in accordance with the law.

3. Coordinate with relevant agencies and organizations to implement foreign exchange management for foreign investment activities in Vietnam in the area in accordance with the law.

Article 17. Reporting Regime

1. Permitted banks shall implement periodic reporting in accordance with the current regulations of the State Bank of Vietnam on statistical reporting regimes.

2. In exceptional cases or when necessary, the subjects specified in Article 6 of this Circular and permitted banks must implement reporting of relevant contents as required by the State Bank of Vietnam.

Chapter V
IMPLEMENTATION PROVISIONS

Article 18. Implementation Provisions

1. This Circular takes effect from August 18, 2026.

2. Circular No. 06/2019/TT-NHNN guiding foreign exchange management for foreign direct investment activities in Vietnam ceases to be effective from the date this Circular takes effect.

3. Clause 3 and Clause 4, Article 11 of Circular No. 03/2025/TT-NHNN on opening and using Vietnamese Dong capital investment accounts to implement foreign direct investment projects in Vietnam cease to be effective from the date this Circular takes effect.

4. This Circular amends and supplements some articles of Circular No. 16/2014/TT-NHNN guiding the use of foreign currency accounts and Vietnamese Dong accounts of residents and non-residents at permitted banks, as amended and supplemented by Circular No. 49/2018/TT-NHNN, as follows:
   a) Add the fourth bullet point to Point d, Clause 1, Article 3; the third bullet point to Point d, Clause 1, Article 4; the fourth bullet point to Point d, Clause 1, Article 5; and the third bullet point to Point d, Clause 1, Article 6: "- Receipt of foreign currency transfers from capital investment accounts of subjects permitted to open capital investment accounts in accordance with regulations of the Governor of the State Bank of Vietnam on foreign exchange management for foreign investment activities in Vietnam"; b) Add the fourth bullet point to Point b, Clause 1, Article 7: "- Receipt of Vietnamese Dong transfers from capital investment accounts of subjects permitted to open capital investment accounts in accordance with regulations of the Governor of the State Bank of Vietnam on foreign exchange management for foreign investment activities in Vietnam".

5. Replace the phrases "direct foreign investment capital account" and "foreign direct investment capital account" with the phrase "foreign investment capital account in Vietnam" in Circulars of the Governor of the State Bank of Vietnam issued before the effective date of this Circular.

6. In cases where legal documents referenced for application in this Circular are amended, supplemented, or replaced, implementation shall follow the amended, supplemented, or replaced legal documents.

Article 19. Transitional Provisions

1. In the case where an economic organization with foreign-invested capital has opened a payment account to receive charter capital contributions prior to the effective date of this Circular, the aforementioned charter capital contributions shall be transferred into the investment capital account of the foreign-invested economic organization, which has been opened in accordance with the provisions of this Circular.

2. Foreign investors in the oil and gas sector who have implemented investment activities in Vietnam prior to the effective date of this Circular are permitted to open and use investment capital accounts in accordance with the provisions of this Circular to conduct transactions related to investment activities in Vietnam within the oil and gas sector.

In the event that, prior to the effective date of this Circular, foreign investors in the oil and gas sector have already opened payment accounts to conduct transactions related to investment activities in Vietnam within the oil and gas sector in accordance with the laws in effect at the time the transactions arose, they are permitted to continue using such accounts until the completion of opening investment capital accounts in accordance with the provisions of this Circular. The transfer of balances, rights, and obligations related thereto to the investment capital account shall be carried out in accordance with the agreement between the customer and an authorized bank, ensuring compliance with the provisions of law on foreign exchange management. Within 12 months from the effective date of this Circular, foreign investors in the oil and gas sector are responsible for completing the opening of investment capital accounts in accordance with the provisions of this Circular.

3. Within 12 months from the effective date of this Circular, subjects falling under the cases requiring the closure of investment capital accounts as specified at point (i) and point (ii) of Clause 5, Article 7 of this Circular, but who have not yet implemented such closure, must proceed to close their investment capital accounts in accordance with the provisions.

Article 20. Implementation Organization

The heads of units under the State Bank of Vietnam, authorized banks, and related organizations and individuals are responsible for implementing this Circular.

Distribution:

• As per Article 20;
• Leadership of the State Bank of Vietnam;
• Government Office;
• Ministry of Justice (for inspection);
• Official Gazette;
• State Bank of Vietnam Electronic Portal;
• Filed: VT, PC Department, Foreign Exchange Management Department (03b).

ON BEHALF OF THE GOVERNOR
DEPUTY GOVERNOR
(Signed and sealed)
Pham Thanh Ha