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OPENING AND USING FOREIGN CURRENCY ACCOUNTS ABROAD
With current needs, opening and using foreign currency accounts not only stops domestically but also internationally. This means that not only by default, if you work in Vietnam, you can only use an account in Vietnam, but you can also open an account abroad in some specific cases according to the law.
So which residents can open foreign currency accounts abroad? What are the procedures and processes to open an account, including documents and steps? Let’s find out with Siglaw through the article below.
- Legal basis for opening and using foreign currency accounts abroad
According to Clauses 2 and 3 of the Ordinance amending the 2005 Foreign Exchange Ordinance , it is stipulated:
- Residents who are licensed credit institutions are allowed to open and use foreign currency accounts abroad to carry out foreign exchange activities abroad according to the regulations of the State Bank of Vietnam.
- Residents who are organizations are considered and granted licenses by the State Bank of Vietnam to open foreign currency accounts abroad in the following cases:
+ Economic organizations have branches or representative office abroad or need to open foreign currency accounts abroad to receive loans and implement commitments and contracts with foreign parties ;
+ State agencies, armed forces units, political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio-professional organizations, funds Vietnamese social organizations and charity funds operating in Vietnam need to open foreign currency accounts abroad to receive foreign aid or sponsorship or other cases approved by competent Vietnamese agencies. allow.
Thus, only credit institutions; Economic organizations with branches and representative offices; Organizations and state agencies that wish to conduct foreign exchange activities, receive loans and aid may open foreign currency accounts abroad.
- Documents and procedures for opening and using foreign currency accounts
Legal basis: Circular 20/2015/TT-NHNN
- Issuing licenses to serve the operations of branches and representative offices abroad of economic organizations
Step 1: Submit application documents to the State Bank of Vietnam
Address: State Bank of Vietnam One-Stop Department 49 Ly Thai To, Hoan Kiem, Hanoi
Step 2: Within 7 working days from the date of receiving the dossier, if the dossier is not complete and valid, the State Bank of Vietnam will issue a written request to supplement the dossier.
Step 3: Within 15 working days from the date of receipt of complete and valid documents, the State Bank will consider granting a License to open and use foreign currency accounts. If refused, there must be a written notice clearly stating the reason.
Method of submission: In person or Postal service
- Required documents
- Application for issuance or re-issuance of license to open and use foreign currency accounts abroad
- Copy of Business Registration Certificate, Investment Registration Certificare, Establishment and Operation License or equivalent documents
- Copy of document from a competent authority in Vietnam permitting or confirming the registration of the establishment of a branch or representative office abroad (if any).
- Copy with Vietnamese translation of the document of a foreign competent authority permitting the establishment of a branch or representative office abroad.
- Decision on the establishment of a branch or representative office abroad signed by the legal representative of the organization (original)
- Decision approving annual expenses for operations of branches and representative offices abroad signed by the legal representative of the organization (original copy)
- Original copy of Regulations on organization and operation of branches and representative offices abroad signed by the legal representative of the organization (if any).
- Issuing licenses to open and use accounts abroad to serve the implementation of commitments, agreements, and contracts with foreign parties (excluding opening and using accounts to make foreign loans as required). demand from foreign lenders)
- The steps and deadline are the same as the case above, however, there will be differences in required documents as follows:
- Application for issuance or re-issuance of license to open and use foreign currency accounts abroad
- Copy of Business Registration Certificate, Investment Registration Certificate, Establishment and Operation License or other equivalent documents as prescribed by law.
- A copy with a Vietnamese translation of the commitment, agreement, or contract signed with a foreign party containing an agreement on opening a foreign currency account abroad, or in case this provision is not included in the commitment or agreement. Agreements and contracts require a copy with a Vietnamese translation of the foreign party’s document requesting to open a foreign currency account abroad to implement the commitment, agreement or contract.
- Original Decision approving the cost estimate for using foreign currency abroad signed by the legal representative of the organization.
- Copies with Vietnamese translations of papers and documents related to overseas bidding projects in case of implementation of bidding contracts abroad: contract signed between the investor and the main contractor; Contract signed between main contractor and subcontractor or other related documents.
- Written explanation of expected revenue sources from abroad to be transferred back to the country with supporting documents (if any) (in case of implementing a contract abroad).
- A copy of the inspection inspection record or a valid temporary registration certificate from a competent authority in Vietnam or a copy with a Vietnamese translation of the inspection certificate from a competent authority in the country foreign currency (in case of opening a foreign currency account abroad to implement a ship purchase and sale contract with a foreign party).
- Document proving the source of foreign currency to execute a ship purchase and sale contract with a foreign party (in case of opening a foreign currency account abroad to perform a ship purchase and sale contract with a foreign party).
Phone: (+84) 961 366 238
Email:
Headquarters: No.44/A32-NV13, Gleximco A, Le Trong Tan street, An Khanh, Hoai Duc, Ha Noi, Vietnam.
Southern branch: A9.05 BLOCK A, SkyCenter Building, 5B Pho Quang Street, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam.
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