According to Circular No. 20/2015/TT-NHNN issued by the State Bank of Vietnam on October 28, 2015, credit institutions and branches of foreign banks licensed by the State Bank to conduct foreign exchange activities abroad are permitted to open and use foreign currency accounts overseas to serve such activities without having to apply for approval to open and use such accounts in accordance with general regulations.
In addition, the Circular provides for specific cases where resident economic organizations are allowed to open and use foreign currency accounts abroad, including: (i) to meet licensing requirements for the establishment and operation of branches or representative offices in foreign countries as required by local laws; (ii) to serve the operations of such overseas units; and (iii) to implement commitments, agreements, and contracts with foreign parties, including construction contracts abroad and ship purchase agreements with foreign entities.
The duration for using foreign currency accounts abroad shall be determined based on the validity period of the authorization granted by the competent foreign authority for the establishment and operation of the branch or representative office. If no such period is specified, the maximum duration shall not exceed three years from the date of license issuance.
| Issuing bodies: | State Bank of Vietnam | Gazette number: | 1141&1142-11/2015 |
| Official number: | 20/2015/TT-NHNN | Gazette dated: | 23/11/2015 |
| Types of documents: | Circular | Signer: | Nguyen Thi Hong |
| Issuing date: | 28/10/2015 | Expiry date: | |
| Effective date: | 15/12/2015 | Effect status: | In force |
| Fields: | Finance - Bank | Updated date: | 28/10/2015 |
