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Approval for transferring foreign currency to foreign country before the issuance of certificate of outward investment registration

AUTHORITY

Branch of the State Bank of Vietnam in a province or city 

PROCEDURE


Step 1:

Investors, directly or by post, submit 01 (one) set of application for registration of foreign exchange transactions related to outward investment activities as prescribed to the State Bank branch in the province or city where investor's head office is located or the investor is an individual registered for permanent residence or other investor’s business is registered 

Step 2:

Within 10 (ten) working days from the date on which the valid application is received, the State Bank of Vietnam shall confirm or refuse to confirm the investor's registration of outward investment-related forex transactions. Within 05 (five) working days from the date on which the application is received, the State Bank of Vietnam shall grant a written request for modification or supplementation to the investor if the submitted application is invalid or insufficient. In case of refusal to confirm the investor's registration of outward investment-related forex transactions, the State Bank shall issue a written notice of reasons.

SUBMISSION OF DOSSIER

  1. By Post

  1. Directly

DOSSIER

Number:

Elements:

01 set of dossier

  1. An application form for the registration of outward investment-related forex transactions (in accordance with Appendix 02 enclosed to Circular No. 12/2016/TT-NHNN guiding foreign exchange management for outward investment promulgated by Governor of the State Bank of Vietnam on 29 June 2016).

  1. A copy issued from master register or a certified copy or a copy attached to original version for comparison of Investment License or Outward Investment Certificate or Outward Investment Registration Certificate issued by competent authorities of Vietnam. In case applicant submits a copy attached to original version, receiver is responsible for certifying the accuracy of the copy with its original.

  1. A copy in foreign language and Vietnamese translation (with the investor's confirmation of the accuracy of such copy and translation) of written approval or investment license issued by foreign country or document proving that investment activities executed in foreign country are in accordance with the law of foreign country.

  1. A original certificate of opening investment capital account granted by the licensed credit institution, including account number and type of foreign currency.

  1. A original certificate granted by the licensed credit institution to certify the amount transferred abroad of investor before investor obtains Outward Investment Registration Certificate for the purpose of covering expenditures for activities related to the forming of such investor’s investment project abroad in compliance with laws, in the event that investment capital is transferred abroad before granting Outward Investment Registration Certificate.

  1. A written explanation about the transfer of investment capital in VND to foreign countries in the event that investment capital in VND is transferred abroad.

DURATION

Not exceed 10 (ten) working days from the date of receipt of valid and sufficient dossiers

SUBJECT

Investors (Individual, Organization)

RESULT

Confirmation for registration of outward investment-related forex transactions

LEGAL BASIS

  • Ordinance on amending and supplementing a number of articles of the ordinance foreign exchange control promulgated by Standing Committee of National Assembly on 18 March 2013

  • Decree No. 31/2021/NĐ-CP on elaboration of the Law on Investment promulgated by the Government on 26 March 2021

  • Circular No. 12/2016/TT-NHNN guiding foreign exchange management for outward investment promulgated by Governor of the State Bank of Vietnam on 29 June 2016


Last updated: 07/07/2021
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