Circular 34/2026/TT-NHNN guiding foreign exchange management of outward investment activities

CIRCULAR

Guiding foreign exchange management of outward investment activities

Pursuant to the Law No. 46/2010/QH12 on the State Bank of Vietnam;

Pursuant to the Law No. 32/2024/QH15 on Credit Institutions, as amended and supplemented under Law No. 96/2025/QH15;

Pursuant to the Law No. 143/2025/QH15 on Investment;

Pursuant to Ordinance No. 28/2005/PL-UBTVQH11 on Foreign Exchange, as amended and supplemented under Ordinance No. 06/2013/UBTVQH13;

Pursuant to the Government’s Decree No. 70/2014/ND-CP detailing the implementation of a number of articles of the Foreign Exchange Ordinance and the Ordinance Amending and Supplementing a Number of Articles of the Foreign Exchange Ordinance;

Pursuant to the Government’s Decree No. 103/2026/ND-CP on outward investment;

Pursuant to the Government’s Decree No. 26/2025/ND-CP defining the functions, tasks, powers, and organizational structure of the State Bank of Vietnam, as amended and supplemented under Decree No. 198/2026/ND-CP;

At the proposal of the Director General of the Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam promulgates the Circular guiding foreign exchange management of outward investment activities.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Circular provides guidance on foreign exchange management of outward investment activities, including:

a) Transferring money abroad before issuance of an outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate), or before issuance of a written certification of registration of outward investment-related foreign exchange transactions (for a project not subject to issuance of an outward investment registration certificate) to cover expenses for the formulation of an outward investment project as prescribed in Clause 3, Article 32 of Decree No. 103/2026/ND-CP on outward investment;

b) Opening and using a pre-investment account to cover expenses for the formulation of an outward investment project, and an outward investment capital account to carry out outward investment;

c) Registering outward investment-related foreign exchange transactions;

d) Transferring investment capital in cash abroad; transferring capital, profits and lawful monetary revenues from abroad to Vietnam;

dd) Other foreign exchange activities related to outward investment activities.

2. Foreign exchange management for the forms of outward investment specified in Clause 2, Article 1 of Decree No. 103/2026/ND-CP falls outside the scope of regulation of this Circular.

Article 2. Subjects of application

1. Investors specified in Article 5 of Decree No. 103/2026/ND-CP.

2. Other organizations and individuals related to outward investment activities.

Article 3. Interpretation of terms

In this Circular, the terms below are construed as follows:

1. An agency competent to certify registration of outward investment-related foreign exchange transactions means the State Bank of Vietnam (hereinafter referred to as the State Bank), or a State Bank regional branch as prescribed in Clauses 1 and 2, Article 12 of this Circular.

2. A licensed bank means a bank or foreign bank branch licensed to conduct foreign exchange business and provide foreign exchange services in Vietnam.

3. Registration of outward investment-related foreign exchange transactions as specified in Clause 7, Article 3 of Decree No. 103/2026/ND-CP for each investment project means the performance by an investor of the following:

a) Making the initial registration of foreign exchange transactions with the State Bank or State Bank regional branch, in accordance with this Circular, relating to information on the investor, investment project, country of investment, investment capital account opened at a licensed bank, investment capital in cash and schedule for transferring investment capital in cash abroad. If an investment project does not involve the transfer of investment capital in cash abroad, the investor shall not register information on investment capital in cash and the schedule for transferring investment capital in cash abroad;

b) Registering changes in foreign exchange transactions with the State Bank or State Bank regional branch in the cases specified in Article 16 of this Circular.

4. Certification of registration of outward investment-related foreign exchange transactions (hereinafter referred to as certification of registration of foreign exchange transactions), means the issuance by the State Bank or State Bank regional branch of:

a) A written certification of initial registration of foreign exchange transactions to an investor, stating information relating to the investor, investment project and country of investment, and certifying the investment capital account opened at a licensed bank, investment capital in cash to be transferred abroad and the schedule for transferring investment capital in cash, shall be made according to the forms provided in Appendix No. 08 and Appendix No. 11 promulgated together with this Circular. For an investment project that does not involve the transfer of investment capital in cash abroad, the written certification of registration of foreign exchange transactions shall only certify the information on the investment capital account opened at a licensed bank;

b) A written certification of registration of changes in foreign exchange transactions, certifying changes in the information specified in Article 16 of this Circular, shall be made according to the forms provided in Appendix No. 09 and Appendix No. 12 promulgated together with this Circular.

5. Pre-investment transfer of money abroad means the transfer of money abroad by an investor before issuance of an outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate) or before the certification of initial registration of outward investment-related foreign exchange transactions (for a project not subject to issuance of an outward investment registration certificate), to cover expenses for the formulation of an outward investment project as prescribed in Clause 3, Article 32 of Decree No. 103/2026/ND-CP.

6. A pre-investment account means a payment account opened by an investor at 01 licensed bank for each investment project to conduct collection and payment transactions related to the formulation of an outward investment project in accordance with this Circular.

7. An outward investment capital account means a payment account opened by an investor at one licensed bank for each investment project to conduct collection and payment transactions related to the investor’s outward investment activities in accordance with this Circular, hereinafter referred to as an investment capital account.

Article 4. Currencies used for transferring money abroad

1. Currencies used for pre-investment transfers of money and transfers of investment capital abroad include:

a) Foreign currencies;

b) Vietnam dong, in the case of pre-investment transfers of money or transfers of investment capital to a country or territory receiving investment where Vietnam and such country or territory have concluded a bilateral or multilateral agreement or treaty permitting the use of Vietnam dong in payment and money transfer transactions.

2. Outward investment capital in cash stated in an application for registration of foreign exchange transactions and a written certification of registration of foreign exchange transactions shall be denominated in Vietnam dong or one foreign currency (hereinafter referred to as the investment capital currency), as follows:

a) For a project subject to issuance of an outward investment registration certificate, the investment capital currency shall be the currency in which outward investment capital in cash stated in the outward investment registration certificate;

b) For a project not subject to issuance of an outward investment registration certificate, the investment capital currency shall be a currency registered by the investor.

3. The investment capital currency registered in the written initial registration of foreign exchange transactions shall be used by the investor for registration in the written registration of changes in foreign exchange transactions (if any).

4. The investment capital currency shall serve as the basis for the investor and the licensed bank to determine and monitor the amount of outward investment capital in cash and the schedule for transferring outward investment capital in cash in accordance with this Circular.

Article 5. Conversion exchange rates

1. Investment capital transferred abroad in a foreign currency and converted into Vietnam dong in the written initial registration of foreign exchange transactions or written registration of changes in foreign exchange transactions shall be calculated according to the selling exchange rate applicable to foreign-currency transfers quoted on the website of the licensed bank at which the investor opens its investment capital account at the time the investor prepares the written registration of foreign exchange transactions.

2. The exchange rate applied to convert outward investment capital in a foreign currency into Vietnam dong for the purpose of determining whether an outward investment project falls into the case specified in Clause 1, Article 18 of Decree No. 103/2026/ND-CP shall be the selling exchange rate applicable to foreign-currency transfers quoted on the website of the licensed bank at which the investor opens its investment capital account at the time the investor prepares the written registration of foreign exchange transactions.

3. The exchange rate for conversion between the investment capital currency and another currency, where the investor transfers investment capital abroad in a currency other than the investment capital currency, shall be the exchange rate applied at the time the investor conducts the money transfer transaction by the licensed bank at which the investment capital account is opened. The cumulative total value of the amount already transferred abroad and the amount expected to be transferred abroad during the relevant period must not exceed the cumulative investment capital transfer limit denominated in the investment capital currency according to the capital transfer schedule certified in the written certification of registration of foreign exchange transactions as of the time the money transfer transaction is conducted during the relevant period.

4. The exchange rate for conversion between another currency and the United States dollar, or between another currency and the investment capital currency, where the investor makes a pre-investment transfer of money abroad in a currency other than the United States dollar or the investment capital currency, shall be the exchange rate applied by the licensed bank at which the pre-investment account is opened at the time the investor conducts the money transfer transaction.

5. The exchange rate for conversion between another currency and the United States dollar for the implementation of the statistical reporting regime for a project for which money transfer data arise from the effective date of this Circular shall be the foreign currency accounting exchange rate announced by the Ministry of Finance (the State Treasury) and applicable at the time of reporting.

Chapter II

FOREIGN EXCHANGE MANAGEMENT FOR PRE-INVESTMENT TRANSFERS OF MONEY ABROAD

Article 6. Principles of pre-investment transfers of money abroad

1. An investor shall make pre-investment transfers of money abroad to cover expenses for the formulation of an investment project as prescribed in Clause 3, Article 32 of Decree No. 103/2026/ND-CP through a pre-investment account in Vietnam dong (provided that the requirement specified at Point b, Clause 1, Article 4 of this Circular) and/or in a foreign currency, opened at the same licensed bank. For foreign-currency pre-investment accounts, the investor may open one pre-investment account corresponding to each foreign currency at the same licensed bank.

All collection and payment transactions related to pre-investment transfers of money abroad shall be conducted through pre-investment accounts in accordance with Article 7 and Article 8 of this Circular.

2. An investor shall open a separate pre-investment account at a licensed bank for each outward investment project.

Where an outward investment project involves more than one investor, each investor shall open a separate pre-investment account at the same licensed bank to conduct related transactions.

3. When wishing to change the licensed bank at which its pre-investment account is opened, an investor shall comply with the following principles:

a) Opening a new pre-investment account at another licensed bank;

b) Within 10 working days from the date of opening the new pre-investment account, transferring the balance of the previously opened pre-investment account to the new pre-investment account and closing the previously opened pre-investment account.

The investor shall a written certification issued by the licensed bank regarding the closure of the previously opened pre-investment account and information on foreign exchange transactions conducted through the pre-investment account up to the time of closure of the account to the licensed bank at which the new account is opened;

c) An investor shall use the pre-investment account for collection and payment transactions specified in Article 7 and Article 8 of this Circular only after completing the closure of the previously opened pre-investment account, except for the collection transaction involving receipt of the balance transferred from the previously opened pre-investment account.

4. The pre-investment money transfer limit shall comply with Clause 5, Article 32 of Decree No. 103/2026/ND-CP:

a) Where a project involves 01 investor, the total value of pre-investment amounts transferred abroad must not exceed the pre-investment money transfer limit, unless otherwise prescribed by the Government;

b) Where a project involves more than one investor, the total amount transferred abroad by the investors before investment must not exceed the pre-investment money transfer limit, unless otherwise prescribed by the Government.

5. The total amount transferred abroad before investment and the investment capital in cash registered to be transferred abroad by each investor must not exceed the total investment capital in cash of such investor stated in the outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate), or stated in the written certification of initial registration of foreign exchange transactions (for a project not subject to issuance of an outward investment registration certificate).

6. Where an outward investment project is not formulated, an outward investment registration certificate is not issued (for a project subject to issuance of an outward investment registration certificate), or a written certification of registration of outward investment-related foreign exchange transactions is not issued (for a project not subject to issuance of an outward investment registration certificate), within 60 working days from the date of Collection of a written refusal to grant approval from a competent authority of the investment-receiving country or Vietnam, the investor shall transfer to Vietnam, through the pre-investment account, the unused amount transferred abroad before investment (if any), or the expenses for the formulation of the outward investment project via the pre-investment account refunded by the foreign party. The investor shall close the opened pre-investment account after transferring the entire balance of account to the investor’s payment account.

7. The investor shall use the pre-investment account specified in this Article as the investment capital account, if the investor wishes to open an additional investment capital account in another currency, the investor shall open the investment capital account at the same licensed bank at which the most recent pre-investment account was opened and shall make the initial registration of foreign exchange transactions in accordance with this Circular.

Article 7. Collection and payment transactions on foreign-currency pre-investment accounts

1. Collection transactions:

a) Collection of foreign currency transferred from the investor’s payment account opened at a licensed bank;

b) Collection of foreign currency purchased from a licensed bank in accordance with law;

c) Collection of foreign currency transferred from the balance of the previously opened pre-investment account (including foreign currency converted from another foreign currency) in the case of a change of the licensed bank at which the pre-investment account is opened;

d) Collection of foreign currency (including foreign currency converted from another foreign currency) transferred from abroad to Vietnam where the investor has not fully used the amount transferred abroad before investment or where the foreign party refunds expenses for the formulation of the outward investment project specified in Clause 6, Article 6 of this Circular;

dd) Collection of interest accrued on the account balance in accordance with law.

2. Payment transactions:

a) Transfer of foreign currency abroad for the pre-investment purposes specified in Clause 3, Article 32 of Decree No. 103/2026/ND-CP;

b) Sale of foreign currency to a licensed bank in accordance with law;

c) Transfer of foreign currency into the investor’s foreign-currency payment account where the investor does not continue implementing the project or where the foreign party refunds the unused amount as prescribed in Clause 6, Article 6 of this Circular;

d) Transfer of the foreign-currency balance (including foreign currency converted from another foreign currency) to the new pre-investment account in the case of a change of the licensed bank at which the pre-investment account is opened;

dd) Payment of service charges related to the management and use of the account in accordance with the regulations of the licensed bank.

Article 8. Collection and payment transactions on Vietnam-dong pre-investment accounts

1. Collection transactions:

a) Collection of Vietnam dong transferred from the investor’s payment account opened at a licensed bank;

b) Collection of the balance transferred from the previously opened Vietnam-dong pre-investment account in the case of a change of the licensed bank at which the pre-investment account is opened;

c) Collection of Vietnam dong transferred from abroad to Vietnam where the investor has not fully used the amount transferred abroad before investment or where the foreign party refunds expenses for the formulation of the outward investment project specified in Clause 6, Article 6 of this Circular;

d) Collection of Vietnam dong from the sale of foreign currency transferred from abroad to Vietnam;

dd) Collection of interest accrued on the account balance in accordance with law.

2. Payment transactions:

a) Transfer of Vietnam dong abroad by bank transfer for the pre-investment purposes specified in Clause 3, Article 32 of Decree No. 103/2026/ND-CP;

b) Transfer of Vietnam dong into the investor’s Vietnam-dong payment account opened at a licensed bank;

c) Transfer of the balance to a Vietnam-dong pre-investment account in the case of a change of the licensed bank at which the pre-investment account is opened;

d) Payment of service charges related to the management and use of the account in accordance with the regulations of the licensed bank.

Chapter III

OPENING AND USE OF INVESTMENT CAPITAL ACCOUNTS

Article 9. Principles of opening and use of investment capital accounts

1. After being issued an outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate) or after being issued an automatic dossier declaration code on the National information systems on investment (for a project not subject to issuance of an outward investment registration certificate), an investor shall open an investment capital account at 01 licensed bank and register foreign exchange transactions with the State Bank or State Bank regional branch according to the competence specified in Article 12 of this Circular. All collection and payment transactions related to outward investment activities shall be conducted through the investment capital account in accordance with Article 10 and Article 11 of this Circular.

Where the investor has opened a pre-investment account, the investor shall comply with Clause 7, Article 6 of this Circular.

2. An investor may open 01 Vietnam-dong investment capital account and/or foreign-currency investment capital accounts at the same licensed bank for each outward investment project to transfer investment capital in cash abroad. For foreign-currency investment capital accounts, the investor may open 01 investment capital account corresponding to each foreign currency, according to the investor’s investment capital transfer needs, at the same licensed bank.

3. Where an outward investment project involves more than one investor, each investor shall open a separate investment capital account to transfer investment capital in cash abroad within the total investment capital amount and the ratio of the capital contribution registered in the outward investment registration certificate and/or written certification of registration of foreign exchange transactions.

4. Where the investor implementing an outward investment project changes because the outward investment project is transferred to a domestic investor, the investor receiving the transferred project shall open a new investment capital account at 01 licensed bank to conduct collection and payment transactions related to outward investment activities.

5. When wishing to change the licensed bank at which its investment capital account is opened (including changing to an account denominated in another foreign currency), an investor shall comply with the following principles:

a) Opening a new investment capital account at another licensed bank;

b) Registering changes in outward investment-related foreign exchange transactions with the State Bank or State Bank regional branch;

c) Within 10 working days from the time the State Bank or State Bank regional branch certifies the registration of changes in foreign exchange transactions, the investor shall transfer the balance of the previously opened investment capital account (including conversion into another foreign currency, if any), to the newly opened investment capital account and closing the previously opened investment capital account.

The investor shall provide a written certification issued by the licensed bank regarding the closure of the previously opened pre-investment account and information on foreign exchange transactions conducted through the pre-investment account up to the time of closure of the account to the licensed bank at which the new account is opened;

d) The investor shall use the new investment capital account to conduct the collection and payment transactions specified in Article 10 and Article 11 of this Circular only after completing the procedures specified at Points a, b and c of this Clause, except for the collection transaction involving receipt of the balance transferred from the previously opened investment capital account.

6. When wishing to open an additional investment capital account denominated in another foreign currency or change its investment capital account to an account denominated in another foreign currency at the same licensed bank, an investor shall comply with the following principles:

a) Opening a new investment capital account at the same licensed bank;

b) Registering changes in outward investment-related foreign exchange transactions with the State Bank or State Bank regional branch;

c) Where the investor changes its investment capital account to an account denominated in another foreign currency at the same licensed bank, within 10 working days from the time the State Bank or State Bank regional branch certifies the registration of changes in foreign exchange transactions, the investor shall transfer the balance of the previously opened investment capital account (including conversion into another foreign currency), to the new investment capital account and closing the previously opened investment capital account.

7. After the written certification of initial registration of foreign exchange transactions or written certification of registration of changes in foreign exchange transactions expires in accordance with Article 23 of this Circular, the investor may not conduct collection or payment transactions on the investment capital account and shall close the investment capital account within 05 working days.

Article 10. Collection and payment transactions on foreign-currency investment capital accounts

1. Collection transactions:

a) Collection of foreign currency transferred from the investor’s payment account opened at a licensed bank;

b) Collection of foreign currency purchased from a licensed bank in accordance with law;

c) Collection of foreign currency from the transfer of the balance (including conversion into another foreign currency), of the previously opened investment capital account in the case of a change of the investment capital account at 01 licensed bank or a change of the licensed bank at which the investment capital account is opened;

d) Collection of profits and lawful revenues remitted to Vietnam from outward investment activities;

dd) Collection of investment capital transferred from abroad to Vietnam in the case of the recovery and remittance back to Vietnam of the portion of investment capital in cash already transferred abroad as prescribed in Clause 3, Article 6 of Decree No. 103/2026/ND-CP, transfer of outward investment capital, reduction of investment capital, or liquidation or termination of outward investment activities;

e) Collection of principal and interest payments on loans provided by the investor to the legal entities implementing the outward investment project in accordance with law;

g) Recovery of debts from the guaranteed party in relation to guarantees provided by the investor for the legal entities implementing the outward investment project in accordance with law;

h) Collection of foreign currency converted from the foreign currency transferred from abroad to Vietnam where the currency remitted to Vietnam differs from the currency of the investment capital account;

i) Collection of interest accrued on the account balance in accordance with law.

2. Payment transactions:

a) Transfer of investment capital abroad by bank transfer in accordance with law;

b) Sale of foreign currency to a licensed bank in accordance with law;

c) Transfer of foreign currency to the investor’s foreign-currency payment account opened at a licensed bank;

d) Provision of loans to the legal entities implementing the outward investment project in accordance with law;

dd) Performance of guaranteed obligations in relation to guarantees provided by the investor for the legal entities implementing the outward investment project in accordance with law;

e) Transfer of foreign currency from the balance (including conversion into another foreign currency), to the newly opened investment capital account in the following cases:

(i) The investor changes the investment capital account at the same licensed bank;

(ii) The investor changes the licensed bank at which the investment capital account is opened.

g) Payment of service charges related to the management and use of the account in accordance with the regulations of the licensed bank.

Article 11. Collection and payment transactions on Vietnam-dong investment capital accounts

1. Collection transactions:

a) Collection of Vietnam dong transferred from the investor’s payment account opened at a licensed bank;

b) Collection of Vietnam dong from the sale of foreign currency transferred from abroad to Vietnam where the currency remitted to Vietnam is a foreign currency;

c) Collection of Vietnam dong from the transfer of the balance of the previously opened investment capital account in the case of a change of the licensed bank at which the investment capital account is opened;

d) Collection of profits and lawful revenues remitted to Vietnam from outward investment activities;

dd) Collection of investment capital transferred from abroad to Vietnam in the case of the recovery and remittance back to Vietnam of the portion of investment capital in cash already transferred abroad as prescribed in Clause 3, Article 6 of Decree No. 103/2026/ND-CP, transfer of outward investment capital, reduction of investment capital, or liquidation or termination of outward investment activities;

e) Collection of principal and interest payments on loans provided by the investor to the legal entities implementing the outward investment project in accordance with law;

g) Recovery of debts from the guaranteed party in relation to guarantees provided by the investor for the legal entities implementing the outward investment project in accordance with law;

h) Collection of interest accrued on the account balance in accordance with law.

2. Payment transactions:

a) Transfer of investment capital in Vietnam dong abroad by bank transfer in accordance with law;

b) Transfer of Vietnam dong to the investor’s Vietnam-dong payment account opened at a licensed bank;

c) Transfer of the Vietnam-dong balance to the newly opened investment capital account in the case of a change of the licensed bank at which the investment capital account is opened;

d) Provision of loans to the legal entities implementing the outward investment project in accordance with law;

dd) Performance of guaranteed obligations in relation to guarantees provided by the investor for the legal entities implementing the outward investment project in accordance with law;

e) Payment of service charges related to the management and use of the account in accordance with the regulations of the licensed bank.

Chapter IV

DOSSIERS, ORDER AND PROCEDURES FOR INITIAL REGISTRATION OF FOREIGN EXCHANGE TRANSACTIONS AND REGISTRATION OF CHANGES IN OUTWARD INVESTMENT-RELATED FOREIGN EXCHANGE TRANSACTIONS

Article 12. Competence to certify initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions, and competence to receive notifications of changes in outward investment-related foreign exchange transactions

1. The State Bank shall certify initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions for the following projects:

a) Outward investment projects of investors that are credit institutions;

b) Outward investment projects specified in Clauses 2, 3 and 4, Article 18 of Decree No. 103/2026/ND-CP, except for the project specified at Point b, Clause 3 of this Article.

2. The State Bank regional branch for the locality where an investor that is an organization (other than a credit institution) has its head office or where an individual investor registers permanent residence shall certify initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions in the following cases:

a) Projects falling under the provisions of Article 17 of Decree No. 103/2026/ND-CP;

b) Projects falling under the provisions of Clause 1, Article 18 of Decree No. 103/2026/ND-CP.

3. Cases involving a change of agency competent to certify registration of foreign exchange transactions and receive notifications of changes in foreign exchange transactions:

a) For an outward investment project for which registration of foreign exchange transactions has been certified by the State Bank, where a change results in the project becoming subject to issuance of an outward investment registration certificate in accordance with the law on investment, the State Bank regional branch for the locality where an investor that is an organization (other than a credit institution) has its head office or where an individual investor registers permanent residence shall certify registration of changes in foreign exchange transactions and receive notifications of changes in foreign exchange transactions.

Within 03 working days from the date of receipt of a request from the State Bank regional branch, the State Bank shall transfer the entire dossier related to the certification of the investor’s registration of foreign exchange transactions to the State Bank regional branch;

b) For an outward investment project for which registration of foreign exchange transactions has been certified by the State Bank regional branch for the locality where an investor that is an organization (other than a credit institution) has its head office or where an individual investor registers permanent residence, where a change results in the project no longer being subject to issuance of an outward investment registration certificate as prescribed in Article 18 of Decree No. 103/2026/ND-CP, the State Bank regional branch shall continue to certify registration of changes in foreign exchange transactions and receive notifications of changes in foreign exchange transactions;

c) Where a change of the investor’s address results in a change of the State Bank regional branch that certifies registration of foreign exchange transactions, the State Bank regional branch of the new region where an investor that is an organization (other than a credit institution) has its head office or where an individual investor registers permanent residence shall act as the focal point for receiving and processing the dossier for registration of changes in foreign exchange transactions and receiving notifications of changes in foreign exchange transactions.

4. Where transfer to a domestic investor of an outward investment project for which the State Bank regional branch is competent to certify registration of foreign exchange transactions:

a) The State Bank regional branch for the new locality where the investor receiving the transferred project that is an organization (other than a credit institution) has its head office or where the investor receiving the transferred project that is an individual registers permanent residence shall act as the focal point for receiving and processing the dossier for initial registration of foreign exchange transactions;

b) The State Bank regional branch, that most recently certified registration of foreign exchange transactions shall act as the focal point for receiving and processing the dossier for registration of changes in foreign exchange transactions submitted by the transferring investor (in the case of a partial transfer).

5. In the cases specified at Point c, Clause 3 and Point a, Clause 4 of this Article, within 03 working days from the date of receipt of a request from the State Bank regional branch for the new locality where an investor that is an organization (other than a credit institution) has its head office or where an individual investor registers permanent residence, the State Bank regional branch that most recently certified registration of foreign exchange transactions shall coordinate in providing information or transfer the entire dossier related to the certification of the investor’s registration of foreign exchange transactions.

Article 13. Principles of initial registration of foreign exchange transactions

1. An investor shall make the initial registration of foreign exchange transactions with the State Bank or State Bank regional branch after fully satisfying the following requirements:

a) Having been issued an outward investment registration certificate by a competent authority in accordance with law (for a project subject to issuance of an outward investment registration certificate); or having been issued an automatic dossier declaration code on the National information systems on investment (for a project not subject to issuance of an outward investment registration certificate);

b) Having obtained approval or a license from a competent authority of the investment-receiving country, or having documents proving the right to conduct investment activities in the investment-receiving country in accordance with the law of the investment-receiving country;

c) Having opened an investment capital account at 01 licensed bank in accordance with regulations.

2. The initial registration of foreign exchange transactions shall be completed before the investor transfers investment capital in cash abroad or, before the investor conducts a transaction to transfer capital, profits and lawful revenues to Vietnam (where no investment capital in cash is transferred abroad) through the investment capital account opened at 01 licensed bank.

Article 14. Dossiers for initial registration of foreign exchange transactions for projects subject to issuance of outward investment registration certificates under Article 17 of Decree No. 103/2026/ND-CP

1. A written initial registration of foreign exchange transactions, made according to the form provided in Appendix No. 01 promulgated together with this Circular.

2. A written investment approval or license issued by a competent authority of the investment-receiving country, accompanied by citations of the regulations of the investment-receiving country applicable to the project’s form of investment. Where the law of the investment-receiving country does not provide for issuance of an investment license or approval, provides that a license may only be granted after the investor has made a commitment to transfer investment capital, or the written investment approval or license issued by a competent authority of the investment-receiving country does not contain sufficient information on investment capital, the form of investment or other necessary information on the investment activities, the investor shall submit documents proving the right to conduct investment activities in the investment-receiving country, including one of the following documents:

a) An enterprise registration certificate, certificate of establishment of a legal entity or certification of tax registration issued by a competent authority of the investment-receiving country to the economic organization implementing the overseas project;

b) An investment agreement or contract with a foreign partner, the charter, resolution or an equivalent document of the economic organization established in the investment-receiving country; or an agreement, contract or another document determining the contribution of capital, purchase of shares or purchase of capital contributions, or a document of equivalent legal validity showing the form of investment in accordance with the law of the investment-receiving country. Where such a document is used, the investor shall additionally provide documents proving the legal status of the foreign partner, overseas economic organization or shareholder of the overseas economic organization to which the investor contributes capital or in which the investor purchases shares or capital contributions;

c) Another lawful document prescribed by the law of the investment-receiving country proving the right to conduct investment activities.

3. A written certification issued by a licensed bank concerning the pre-investment account, investment capital account and foreign exchange transactions:

a) A written certification issued by the licensed bank at which the investor’s pre-investment account and investment capital account are opened, clearly stating the project identification number, account number, account name, currency, account-opening date, and date and amount of each pre-investment transfer of money (if any) up to the time of certification;

b) Where an investor receives the transfer of a project as prescribed in Clause 4, Article 9 of this Circular, the investor shall provide the following documents:

(i) The written certification specified at Point a of this Clause;

(ii) A written certification issued by a licensed bank concerning the foreign exchange transactions conducted by the transferring investor, clearly stating the project identification number, account number, account name, currency, date and amount of investment capital in cash transferred abroad on each occasion, and date and amount of investment capital in cash, profits and lawful revenues transferred to Vietnam on each occasion up to the time of certification;

c) The written certifications specified at Points a and b of this Clause shall be issued within 10 working days before the investor submits the dossier for initial registration of foreign exchange transactions.

The investor shall ensure that no remittance data arise from the time the licensed bank issues the written certification to the time the investor submits the dossier.

Article 15. Dossiers for initial registration of foreign exchange transactions for projects not subject to issuance of outward investment registration certificates under Article 18 of Decree No. 103/2026/ND-CP

1. A dossier applicable to a project specified in Article 18 of Decree No. 103/2026/ND-CP shall comprise:

a) A written initial registration of foreign exchange transactions, made according to the form provided in Appendix No. 02 promulgated together with this Circular;

b) A written certification issued by the tax authority confirming the investor’s fulfillment of tax payment obligations. The tax authority’s certification shall be issued no more than 03 months before the date of submission of the dossier for initial registration of foreign exchange transactions;

c) Documents concerning the investor’s legal status as prescribed in Clause 8, Article 3 of Decree No. 103/2026/ND-CP;

d) The dossier components specified in Clauses 2 and 3, Article 14 of this Circular, in which the written certification issued by the licensed bank shall clearly state the automatically generated dossier declaration code;

dd) Documents proving the investor’s participation in the management of the overseas economic organization where the investor’s ownership ratio of capital contributions or shares is less than 50%;

e) Other documents related to the investor’s outward investment activities (if any).

2. For a project for which documents identifying the location for implementation of the investment project are required as prescribed at Points b, c, d, dd and e, Clause 1, Article 12 of Decree No. 103/2026/ND-CP, the dossier shall comprise:

a) The dossier components specified in Clause 1 of this Article;

b) Documents identifying the location for implementation of the investment project as prescribed in Clause 2, Article 12 of Decree No. 103/2026/ND-CP.

3. For an outward investment project associated with national defense or security as prescribed in Clause 2, Article 18 of Decree No. 103/2026/ND-CP, the dossier shall comprise:

a) The dossier components specified in Clause 1 of this Article;

b) The dossier components specified in Clause 2 of this Article, where documents identifying the location are required;

c) An agreement between the two Governments or written agreements between agencies of the two countries approved by the Government.

4. For an outward investment project of a state group or state corporation on the list of state groups and state corporations provided in Appendix I to the Government’s Decree No. 366/2025/ND-CP of December 31, 2025, on management and investment of state capital in enterprises, the dossier shall comprise:

a) The dossier components specified in Clause 1 of this Article;

b) The dossier components specified in Clause 2 of this Article, where documents identifying the location are required;

c) Documents concerning the competence to decide on outward investment as prescribed in Article 10 of Decree No. 103/2026/ND-CP. For an enterprise in which the State holds 100% of charter capital, documents shall comprise:

(i) A resolution or decision on outward investment issued by the Members’ Council or Company President (applicable to an enterprise with an outward investment project having an investment capital amount not exceeding 50% of its equity or not exceeding 50% of the owner’s investment capital where the investment capital is greater than the equity, and not exceeding 1,600 billion Vietnam dong);

(ii) A written approval issued by the owner’s representative agency regarding the purpose, investment capital amount, outward investment capital source and implementation period, and a resolution or decision on outward investment issued by the Members’ Council or Company President in accordance with the law on management and investment of state capital in enterprises (applicable to an enterprise with an outward investment project having an investment capital amount greater than 50% of its equity or greater than 50% of the owner’s investment capital where the investment capital is greater than the equity, and greater than 1,600 billion Vietnam dong).

5. For an outward investment project of another economic organization specified in Clause 4, Article 18 of Decree No. 103/2026/ND-CP, the dossier shall comprise:

a) The dossier components specified in Clause 1 of this Article;

b) The dossier components specified in Clause 2 of this Article, where documents identifying the location are required;

c) Documents proving that the enterprise is a large-scale enterprise satisfying at least two of the following three criteria: having an annual average of at least 200 employees participating in social insurance; having total annual revenue of at least 300 billion Vietnam dong; and having total assets of at least 100 billion Vietnam dong, as prescribed in Article 1 of Decree No. 90/2025/ND-CP amending and supplementing a number of articles of the Government’s Decree No. 17/2012/ND-CP of April 14, 2025, detailing and guiding the implementation of a number of articles of the Law on Independent Audit;

d) Documents proving the use of self-acquired foreign currency where investment capital is transferred in a foreign currency, non-use of borrowed capital for outward investment, including:

(i) The written commitment of the investor to assume legal responsibility for the use of self-acquired foreign currency for outward investment and the written commitment of the investor to assume legal responsibility for not using borrowed capital for outward investment, made according to the forms provided in Appendix No. 03 and Appendix No. 04 promulgated together with this Circular;

(ii) A written certification issued by a licensed bank concerning the foreign-currency or Vietnam-dong balance in the investor’s account within 10 working days before the investor submits the dossier for registration of certification of foreign exchange transactions;

dd) The investor’s consolidated financial statements proving profitable business operations for the 2 consecutive years immediately preceding the year of investment;

e) Documents proving that the investor has at least 02 outward investment projects from which profits have been remitted to Vietnam, including a written certification issued by the licensed bank at which the investor opens its investment capital account or another document.

Article 16. Cases of registration of changes in foreign exchange transactions

1. An investor shall register changes in foreign exchange transactions with the State Bank or State Bank regional branch when there is a change from the information stated in the most recently issued written certification of registration of foreign exchange transactions, including:

a) A change of investor implementing the project in the case of a partial transfer of the outward investment project.

b) A change of the investor’s address that results in a change of the State Bank regional branch certifying registration of changes in foreign exchange transactions.

c) A change of the licensed bank at which the investment capital account is opened.

d) A change of (including the opening of a new) investment capital account denominated in another foreign currency for the same outward investment project at 01 licensed bank.

dd) A change relating to an increase in outward investment capital in cash (except for the case specified in Clause 2, Article 25 of this Circular).

e) A change that increases the amount expected to be transferred abroad during a period, causing the cumulative total amount already transferred abroad and the amount expected to be transferred abroad during period to exceed the cumulative investment capital transfer limit in cash according to the schedule for which registration of foreign exchange transactions has been certified as of the time the money transfer transaction is conducted during such period.

g) A change of the time limit under the schedule for transferring investment capital in cash abroad as prescribed in Clause 2, Article 23 of this Circular.

h) A change due to an amount of outward investment capital in cash arising after the final capital transfer period under the schedule for transferring investment capital in cash abroad stated in the most recent written certification of registration of foreign exchange transactions.

i) A change in the amount of investment capital in cash permitted to be transferred abroad due to the use of profits from the outward investment project to continue contributing investment capital to that same project as prescribed in Clause 1, Article 25 of this Circular.

k) A change from a project not subject to issuance of an outward investment registration certificate to a project subject to issuance of an outward investment registration certificate in accordance with the law on investment.

l) A change from a project subject to issuance of an outward investment registration certificate to a project not subject to issuance of an outward investment registration certificate in accordance with the law on investment.

2. Where changed information is required to be updated on the National information systems on investment in accordance with the law on investment, the investor shall complete the information update before registering changes in foreign exchange transactions in accordance with this Article.

Article 17. Dossiers for registration of changes in foreign exchange transactions for projects subject to the grant or modification of outward investment registration certificates under Article 17 of Decree No. 103/2026/ND-CP

1. A written registration of changes in foreign exchange transactions, made according to the form provided in Appendix No. 05 promulgated together with this Circular.

2. A written certification issued by the licensed bank at which the investor currently opens its investment capital account concerning the account number, account name, currency, project identification number, account-opening date, amount transferred abroad on each occasion, investment capital in cash transferred to Vietnam (including the repatriation to Vietnam of investment capital in cash already transferred abroad), profits transferred to Vietnam up to the time of certification, dates of money transfers and purposes of money transfers. Such written certification shall be issued within 10 working days before the investor submits the dossier for registration of changes in foreign exchange transactions. The investor shall ensure that no remittance data arise from the time the licensed bank issues the written certification to the time the investor submits the dossier.

3. Documents proving the changes in foreign exchange transactions compared with the information stated in the written certification of initial registration of foreign exchange transactions or the most recent written certification of registration of changes in foreign exchange transactions.

4. Where a change relates to an increase in investment capital in cash as specified at Point dd, Clause 1, Article 16 of this Circular, the dossier shall comprise:

a) The dossier components specified in Clauses 1 and 2 of this Article;

b) Documents proving the change as specified in Clause 2, Article 14 of this Circular, including information on the investor’s increase in outward investment capital in cash.

5. Where an investment capital account denominated in another foreign currency is changed, (including the opening of a new account), for the same investment project at a licensed bank, or the licensed bank at which the investment capital account is opened is changed, the dossier shall comprise:

a) The dossier components specified in Clauses 1 and 2 of this Article;

b) A written certification issued by the licensed bank confirming that the investor has opened a new investment capital account, clearly stating the account number and currency.

Article 18. Dossiers for registration of changes in foreign exchange transactions for projects not subject to issuance of outward investment registration certificates under Article 18 of Decree No. 103/2026/ND-CP

1. A written registration of changes in foreign exchange transactions, made according to the form provided in Appendix No. 06 promulgated together with this Circular.

2. A written certification issued by the licensed bank at which the investor currently opens its investment capital account concerning the account number, account name, currency, project identification number or automatic dossier declaration code, account-opening date, amount transferred abroad on each occasion, investment capital in cash transferred to Vietnam (including the repatriation to Vietnam of investment capital in cash already transferred abroad), profits transferred to Vietnam up to the time of certification, dates of money transfers and purposes of money transfers. Such written certification shall be issued within 10 working days before the investor submits the dossier for registration of changes in foreign exchange transactions. The investor shall ensure that no remittance data arise from the time the licensed bank issues the written certification to the time the investor submits the dossier.

3. Documents proving the changes in foreign exchange transactions compared with the information stated in the written certification of initial registration of foreign exchange transactions or the most recent written certification of registration of changes in foreign exchange transactions.

4. Where a change relates to an increase in investment capital in cash as specified at Point dd, Clause 1, Article 16 of this Circular, the dossier shall comprise:

a) The dossier components specified in Clauses 1 and 2 of this Article;

b) A written certification issued by the tax authority confirming the investor’s fulfillment of tax payment obligations. The tax authority’s certification shall be issued no more than 3 months before the date of submission of the dossier for registration of changes in foreign exchange transactions;

c) Documents proving the change as specified in Clause 2, Article 14 of this Circular, including information on the investor’s increase in outward investment capital in cash;

d) An agreement amending and supplementing the agreement between the two Governments or written agreements between agencies of the two countries approved by the Government (if any) (applicable to the case specified in Clause 2, Article 18 of Decree No. 103/2026/ND-CP);

dd) The documents specified at Point c, Clause 4, Article 15 of this Circular (applicable to the case specified in Clause 3, Article 18 of Decree No. 103/2026/ND-CP);

e) The documents specified at Points c and d, Clause 5, Article 15 of this Circular, applicable to the case specified in Clause 4, Article 18 of Decree No. 103/2026/ND-CP.

5. Where an investment capital account denominated in another foreign currency is changed (including the opening of a new account) for the same investment project at a licensed bank and the licensed bank at which the investment capital account is opened is changed, the dossier shall comprise:

a) The dossier components specified in Clauses 1 and 2 of this Article;

b) A written certification issued by the licensed bank confirming that the investor has opened a new investment capital account, clearly stating the account number, account name and currency.

Article 19. Cases of notification of changes in outward investment-related foreign exchange transactions

1. Within 30 working days from the date on which a change arises compared with the information stated in the most recent written certification of registration of foreign exchange transactions, or within 30 working days after a competent authority issues a modified outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate), the investor shall send a written notification, made according to the form provided in Appendix No. 07 (enclosed with documents proving the change), to the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions; concurrently send a notification to the licensed bank at which the investor opens its investment capital account in the cases of changes specified at Points a, b, c, d and e, Clause 2 of this Article.

2. Cases of changes for which an investor shall send a notification:

a) A reduction in the investor’s outward investment capital in cash;

b) A change of the name of the investor implementing the project;

c) A change of the investor’s address that does not result in a change of agency competent to certify registration of changes in foreign exchange transactions (except for an address change resulting from a state agency’s change, merger or division of administrative boundaries);

d) A change of the name of the outward investment project or the name of the economic organization established abroad;

dd) A change of the investment capital account number resulting from the restructuring, merger, consolidation or system conversion of the licensed bank at which the investor opens its investment capital account, or a change to another investment capital account denominated in the same foreign currency for the same outward investment project at a licensed bank;

e) The cases specified in Clauses 3 and 4, Article 23; Clause 3, Article 24; and Clause 2, Article 25 of this Circular;

g) A change resulting from the use of shares, capital contributions or profits of an overseas economic organization under an investment project for which registration of foreign exchange transactions has been certified to make payment or conduct a swap as prescribed in Clause 4, Article 6 of Decree No. 103/2026/ND-CP.

3. Where changed information is required to be updated on the National information systems on investment in accordance with the law on investment, the investor shall complete information update before notifying changes in foreign exchange transactions in accordance with this Article.

Article 20. Principles of preparation, submission and receipt of, requests for supplementation of, and notification of results for dossiers for initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions

1. A dossier for initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions shall be submitted directly to the Single-window division of the State Bank or State Bank regional branch; sent by post to the State Bank or State Bank regional branch; or submitted online through the National public service portal.

2. Where a dossier is submitted online through the National public service portal, the electronic dossier shall bear a digital signature in accordance with the law on performance of administrative procedures in the electronic environment.

Where the National public service portal encounters an incident or error that prevents the receipt or exchange of electronic information, the submission and receipt of dossiers, notification of results, exchange of information and provision of feedback shall be carried out by post or directly at the Single-window division of the State Bank or State Bank regional branch.

3. Documents in an electronic dossier (in Portable Document Format files), shall be electronic documents, electronic copies scanned from original documents or original copies, or printouts of electronic documents where the documents are issued in electronic form in accordance with the law of the investment-receiving country (accompanied by the investor’s written commitment specified at Point c, Clause 4 of this Article), except for the written initial registration of foreign exchange transactions and written registration of changes in foreign exchange transactions completed on the National public service portal. The name of each electronic document shall correspond to the name of the required type of document.

4. Documents in the paper dossiers specified in Articles 14, 15, 17 and 18 of this Circular shall comply with the following requirements:

a) The written initial registration of foreign exchange transactions, written registration of changes in foreign exchange transactions and investor’s written commitments shall be primary-source documents or originals;

b) Documents and materials issued by a competent Vietnamese authority or certified for the investor by a licensed bank shall be primary-source documents, originals or copies issued from master registers, certified copies, or copies accompanied by the originals for comparison;

c) Documents issued by a competent authority of the investment-receiving country shall be primary-source documents, originals, certified copies, or printouts of electronic documents where the documents are issued in electronic form in accordance with the law of the investment-receiving country. Where the investor uses printouts of electronic documents, the investor shall submit a written commitment to assume responsibility before law for the accuracy, completeness and lawfulness of the provided documents;

d) Charters, resolutions, decisions or other documents of equivalent legal validity of foreign partners or overseas economic organizations, or documents proving the right to conduct investment activities in the investment-receiving country; investment contracts or agreements or other documents concluded by the investor with foreign partners, or documents related to the investor’s outward investment decision shall be primary-source documents, originals, certified copies, or copies certified by the investor as having been copied from the originals.

5. A dossier requesting certification of initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions shall be prepared in Vietnamese, in which:

a) Where an original dossier component is in a foreign language, it shall be translated into Vietnamese, except for proper names of individuals, overseas economic organizations or locations. The Vietnamese translation shall bear the translator’s signature certified in accordance with Vietnamese law, except in the case prescribed at Point b of this Clause;

b) Investment contracts or agreements or other documents concluded by the investor with a foreign partner shall be translated and certified by the investor, and the investor shall assume responsibility before law for the accuracy of the translation.

6. The investor shall assume responsibility before law for ensuring the completeness, accuracy and integrity of the data contained in the dossier documents prescribed in this Circular.

7. Within 03 working days after the administrative procedure settlement information system receives an online dossier, or after the Single-window division of the State Bank or State Bank regional branch receives a dossier submitted directly or by post, the Single-window division of the State Bank or State Bank regional branch shall examine the completeness of the dossier and issue a notification of official receipt or a request for modification and supplementation to ensure that the dossier is complete in accordance with this Circular.

8. The State Bank or State Bank regional branch shall notify the results of settlement of the administrative procedures prescribed in this Circular online, by post, or directly at the Single-window division of the State Bank or State Bank regional branch.

9. Where a dossier does not yet satisfy the conditions for settlement, within 05 working days from the date of its official receipt, the State Bank or State Bank regional branch competent to certify registration of foreign exchange transactions as prescribed in Article 12 of this Circular shall issue a written request for the investor to supplement and complete the dossier. The time limit for settlement shall be recalculated from the beginning after receipt of a complete and valid dossier.

Within 60 days from the date of notification of the request for dossier supplementation, if the investor fails to complete the supplementation of the dossier, an official of the Single-window division of the State Bank or State Bank regional branch shall close the investor’s dossier requesting certification of registration of foreign exchange transactions on the administrative procedure settlement information system.

Article 21. Order for carrying out procedures for initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions for projects falling within the competence of State Bank regional branch

1. An investor shall submit 01 dossier for initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions to the State Bank regional branch as prescribed in Clause 2, Article 12 of this Circular.

2. From the date of receipt of a complete and valid dossier, within 07 working days for a project subject to issuance of an outward investment registration certificate or within 30 working days for a project not subject to issuance of an outward investment registration certificate, the State Bank regional branch shall send the investor a written certification of initial registration of foreign exchange transactions or written certification of registration of changes in foreign exchange transactions, made according to the forms provided in Appendix No. 08 and Appendix No. 09 promulgated together with this Circular, or a written refusal to certify initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions, made according to the form provided in Appendix No. 10 promulgated together with this Circular; and shall concurrently send a copy thereof to the Ministry of Finance. Where certification of registration of foreign exchange transactions is refused, the State Bank regional branch shall issue a written notice clearly stating the reason.

Article 22. Order for carrying out procedures for initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions for projects falling within the competence of the State Bank

1. An investor shall submit 01 dossier for initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions to the State Bank as prescribed in Clause 1, Article 12 of this Circular.

2. Within 05 working days from the date of receipt of a complete and valid dossier, where necessary, the State Bank shall send a consultation request to relevant agencies as prescribed in Clause 7, Article 18 of Decree No. 103/2026/ND-CP before certifying registration of foreign exchange transactions:

a) For an outward investment project associated with national defense or security as specified in Clause 2, Article 18 of Decree No. 103/2026/ND-CP, consulting the Ministry of National Defence, Ministry of Public Security, Ministry of Foreign Affairs or agencies related to national defense, security and external affairs, and other matters falling within the scope of state management of such agencies;

b) For an outward investment project of a state group or state corporation as specified in Clause 3, Article 18 of Decree No. 103/2026/ND-CP, consulting the Ministry of Finance and agencies managing the relevant sectors or fields regarding matters falling within the scope of state management of such agencies;

c) For a project specified in Clause 4, Article 18 of Decree No. 103/2026/ND-CP, consulting the Ministry of Finance and agencies managing the relevant sectors or fields regarding satisfaction of the conditions for outward investment prescribed by law and/or matters falling within the scope of state management of such agencies in relation to the outward investment project.

3. From the date of receipt of a complete and valid dossier, within 07 working days for a project subject to issuance of an outward investment registration certificate whose investor is a credit institution, or within 45 working days for a project not subject to issuance of an outward investment registration certificate, the State Bank shall send the investor a written certification of initial registration of foreign exchange transactions or written certification of registration of changes in foreign exchange transactions, made according to the forms provided in Appendix No. 11 and Appendix No. 12 promulgated together with this Circular, or send the investor a written refusal to certify initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions, made according to the form provided in Appendix No. 13 promulgated together with this Circular; and shall concurrently send copies thereof to the consulted agencies, the Ministry of Finance and the State Bank regional branch for the locality where an investor that is an organization has its head office. Where certification of registration of foreign exchange transactions is refused, the State Bank shall issue a written notice clearly stating the reason.

Article 23. Validity of written certifications of registration and registration of changes in outward investment-related foreign exchange transactions

1. For a project subject to issuance of an outward investment registration certificate, the written certification of initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions of State Bank or State Bank regional branch shall automatically expire when the Ministry of Finance issues a decision terminating the validity of the outward investment registration certificate.

2. If, upon the expiry of 24 months from the date on which the schedule for transferring investment capital in cash abroad is certified in the written certification of initial registration of foreign exchange transactions, the investor has conducted no transaction to transfer investment capital in cash abroad and has not registered a change to the capital transfer schedule in accordance with this Circular, the written certification of registration of foreign exchange transactions of State Bank or State Bank regional branch shall automatically expire.

If, within the 24-month period, the investor has not transferred investment capital in cash abroad and wishes to change the time limit for transferring investment capital in cash abroad compared with the capital transfer schedule certified in the written certification of initial registration of foreign exchange transactions, the investor shall register changes in foreign exchange transactions with the State Bank or State Bank regional branch according to the competence specified in Article 12 of this Circular.

3. Where an outward investment project is wholly transferred to a domestic investor, after completing payment for the transfer of the investment project, the investor transferring the project shall send a written notification of the termination of outward investment activities relating to the project to the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions.

After the investor receiving the transferred project is issued a modified outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate), or obtains certification of registration of foreign exchange transactions (for a project not subject to issuance of an outward investment registration certificate), the written certification of initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions of State Bank or State Bank regional branch to the transferring investor shall automatically expire.

4. In case of termination of operation of an outward investment project not subject to issuance of an outward investment registration certificate, as prescribed in Clause 1, Article 28 of Decree No. 103/2026/ND-CP, within 60 days from the date of completion of the liquidation of the outward investment project and remittance to Vietnam of all proceeds from the liquidation of the investment project (if any), the investor shall send a notice the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions and the licensed bank at which the investment capital account is opened, of the termination of investment activities relating to the project, using the form provided in Appendix No. 14 promulgated together with this Circular, in which, the investor shall undertake that it has completed the liquidation of the outward investment project and remitted to Vietnam all proceeds from the liquidation of the project (if any).

From the time the investor sends the notification to the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions, the written certification of initial registration of foreign exchange transactions or registration of changes in foreign exchange transactions of State Bank or State Bank regional branch shall automatically expire.

5. When a competent authority concludes that the dossier or documents for registration or registration of changes in outward investment-related foreign exchange transactions have been falsified, the agency competent to certify registration of foreign exchange transactions as prescribed in Article 12 of this Circular shall send the investor and the licensed bank at which the investor opens its investment capital account a written notice of the termination of validity of the written certification of registration of outward investment-related foreign exchange transactions, clearly stating the reason for such termination.

Chapter V

TRANSFER OF INVESTMENT CAPITAL, PROFITS AND LAWFUL REVENUES FROM ABROAD TO VIETNAM

Article 24. Transfer of investment capital, profits and lawful revenues in cash to Vietnam

1. An investor shall transfer investment capital, profits and lawful revenues in cash to Vietnam related to outward investment activities in accordance with the law on investment.

2. Investment capital, profits and lawful revenues in cash related to outward investment activities shall be transferred to Vietnam through the investor’s investment capital account opened at a licensed bank in accordance with this Circular.

3. Where an investor does not transfer profits and other lawful revenues to Vietnam as prescribed in Clause 3, Article 34 of Decree No. 103/2026/ND-CP, the investor shall notify in writing in advance the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions.

4. After remitting back to Vietnam the investment capital in cash already transferred abroad as prescribed in Clause 3, Article 6 of Decree No. 103/2026/ND-CP, the investor shall send a written notification to the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions, enclosed with a written certification issued by the licensed bank

Article 25. Use of overseas profits

1. Where an investor uses profits earned from an outward investment project to continue contributing investment capital to that same project because the investor has not fully contributed the registered capital as specified at Point a, Clause 1, Article 33 of Decree No. 103/2026/ND-CP, within 15 days from the date on which a competent authority issues a modified outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate), or within 05 days from the date of completion of the update of changed information on the investment project on the National information systems on investment as prescribed in Clause 5, Article 18 of Decree No. 103/2026/ND-CP (for a project not subject to issuance of an outward investment registration certificate), the investor shall register changes in foreign exchange transactions with the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions.

2. Where an investor uses profits earned from an outward investment project to increase investment capital in that same project as prescribed at Point b, Clause 1, Article 33 of Decree No. 103/2026/ND-CP, within 15 days from the date on which a competent authority issues a modified outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate), or within 15 days from the date of completion of the update of changed information on the investment project on the National information systems on investment as prescribed in Clause 5, Article 18 of Decree No. 103/2026/ND-CP (for a project not subject to issuance of an outward investment registration certificate), the investor shall notify in writing the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions.

3. Where an investor uses profits earned from an outward investment project to implement a new outward investment project as specified at Point c, Clause 1, Article 33 of Decree No. 103/2026/ND-CP, the investor shall carry out the procedures for initial registration of foreign exchange transactions as prescribed in Clause 1, Article 13 of this Circular.

4. Where an investor uses profits distributed by an overseas economic organization to swap obligations arising abroad with a partner operating in Vietnam as prescribed in Clause 2, Article 34 of Decree No. 103/2026/ND-CP, within 30 working days after a competent authority issues or modifies the outward investment registration certificate, the investor shall send a written notification, enclosed with documents proving the change, to the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions.

Chapter VI

RESPONSIBILITIES OF LICENSED BANKS AND INVESTORS

Article 26. Responsibilities of licensed banks

1. To guide investors in opening, using and closing pre-investment accounts and investment capital accounts and in conducting money transfer transactions related to outward investment activities in accordance with this Circular and other relevant laws.

2. To formulate and promulgate, and assume responsibility for the contents of internal regulations on money transfers related to outward investment activities, which shall contain at least the following:

a) Regulations on the management of pre-investment accounts; and management of customers’ investment capital accounts to ensure their monitoring, supervision and use in accordance with this Circular;

b) Regulations on dossiers, documents and supporting documents related to:

(i) Pre-investment money transfer transactions to ensure that money is transferred for proper purposes and does not exceed the limits prescribed in this Circular and the law on investment;

(ii) Transactions involving the transfer of investment capital in cash abroad after issuance of an outward investment registration certificate (for a project subject to issuance of an outward investment registration certificate), or after certification of registration of foreign exchange transactions (for a project not subject to issuance of an outward investment registration certificate), to ensure that money is transferred for proper purposes and does not exceed the amount permitted to be transferred abroad under this Circular and the law on investment;

(iii) Transactions involving the remittance to Vietnam of investment capital in cash already transferred abroad as prescribed in Clause 3, Article 6 of Decree No. 103/2026/ND-CP, including: dossiers and documents proving that the investor’s investment capital in cash remitted back to Vietnam constitutes money previously transferred abroad within the limit for outward transfer of investment capital in cash certified in the written registration of foreign exchange transactions; a written commitment of the investor to assume responsibility before law for the lawfulness and accuracy of the dossiers and documents proving that the investment capital in cash has been recovered and remitted back to Vietnam in accordance with the law on investment and this Circular; and other documents required by the licensed bank;

c) Regulations on the examination, comparison and retention of dossiers, documents for money transfer transactions related to outward investment activities; and on the examination and supervision of data concerning pre-investment transfers of money abroad, transfers of investment capital in cash abroad, transfers of capital to Vietnam (including the remittance to Vietnam of investment capital already transferred abroad as prescribed in Clause 3, Article 6 of Decree No. 103/2026/ND-CP), and transfers of profits and lawful revenues to Vietnam in accordance with this Circular and relevant laws;

d) Regulations on the transparency of cash flows when making money transfers for investors, requiring an investor to clearly state in each money transfer order: the amount and purpose of the pre-investment money transfer (for a pre-investment money transfer transaction), or the amount, purpose of the money transfer, form of investment, investment project identification number or dossier declaration code automatically generated on the national information systems on investment (for a money transfer transaction conducted after issuance of an outward investment registration certificate or certification of registration of foreign exchange transactions).

3. When conducting foreign exchange transactions related to money transfers for investors’ outward investment activities, a licensed bank shall examine, inspect, compare and retain dossiers, documents appropriate to the actual transactions to ensure that foreign exchange services are provided to investors for proper purposes and in compliance with law.

4. To issue a written certification confirming that the investor has recovered and remitted back to Vietnam its outward investment capital in cash at the investor’s request as prescribed in Clause 4, Article 24 of this Circular.

5. To issue a written certification concerning the opening or closure of a pre-investment account and the foreign exchange transactions conducted through the pre-investment account up to the time of certification of the account, at the investor’s request, which containing at least information on the account number, account name, currencies (comprising the currency actually transferred abroad, the United States dollar and the investment capital currency), dates of money transfers, purposes of money transfers, and the amount of each pre-investment transfer of money abroad denominated in the currency actually transferred abroad, the United States dollar and the investment capital currency, (converted at the time of each money transfer transaction as prescribed in Article 5 of this Circular).

6. To issue a written certification concerning the opening or closure of an investment capital account and the foreign exchange transactions conducted through the investment capital account up to the time of certification, at the request of the investor, the State Bank or State Bank regional branch, which shall clearly state the project identification number or automatic dossier declaration code issued on the National information systems on investment; account number; account name; currencies (comprising the currency actually transferred abroad, investment capital currency and United States dollar), dates of money transfers; purposes of money transfers; the amount of investment capital in cash transferred abroad on each occasion, denominated in the currency actually transferred abroad, investment capital currency and United States dollar, (converted at the time of each money transfer transaction as prescribed in Article 5 of this Circular); and the amount of investment capital in cash, profits and lawful revenues transferred to Vietnam on each occasion up to the time of certification (if any) denominated in the investment capital currency and United States dollar and converted at the time of the transaction.

7. To comply with the law on prevention and combat of money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction, regularly monitor money transfer transactions related to outward investment activities to ensure that the transactions are consistent with the customers’ risk levels, business activities and investment capital sources; and promptly detect and report transactions arising in accordance with law.

8. To assume responsibility for the accuracy of reported data and comply with the reporting regime prescribed in this Circular.

Article 27. Responsibilities of investors

1. To comply with regulations on foreign exchange management of outward investment activities and transfer investment money from Vietnam abroad and investment capital, profits and lawful revenues from abroad to Vietnam in accordance with this Circular and relevant laws.

2. To make pre-investment transfers of money abroad to cover expenses for the formulation of an outward investment project for proper purposes and within the limit specified in Clause 5, Article 32 of Decree No. 103/2026/ND-CP (unless otherwise prescribed by the Government). To provide the licensed bank with a written commitment made by the investor or among the investors that the total amount transferred abroad before investment complies with Clause 5, Article 32 of Decree No. 103/2026/ND-CP, and to assume responsibility before law for the accuracy of the written commitment (except where the Government does not prescribe a limit).

3. To ensure that the transfer of investment capital in cash abroad complies with the law on investment and this Circular. The amount transferred abroad must not exceed the outward investment capital in cash stated in the written certification of initial registration of foreign exchange transactions or written certification of registration of changes in foreign exchange transactions.

4. To clearly state in each money transfer order the amount and purpose of the pre-investment money transfer (for a pre-investment money transfer transaction), or the amount, purpose of the money transfer, investment project identification number or dossier declaration code automatically generated on the national information systems on investment.

5. To produce dossiers, documents proving money transfer transactions related to outward investment activities in accordance with the regulations of the licensed bank. To assume responsibility before law for the lawfulness, accuracy, completeness and truthfulness of the dossiers, documents, contents of written registrations of foreign exchange transactions and written notifications prescribed in this Circular and relevant laws.

6. To truthfully and fully declare the contents of collection and payment transactions on pre-investment accounts and investment capital accounts at the request of the licensed bank.

7. To assume responsibility before law for:

a) The lawfulness of the money transferred abroad for investment in accordance with law;

b) The use of money in pre-investment accounts and investment capital accounts for proper purposes in accordance with this Circular and the law on investment.

8. To declare information on investment projects as prescribed in Decree No. 103/2026/ND-CP and update changed information on investment projects on the National information systems on investment as prescribed in Clause 5, Article 18; Clause 2, Article 23; and Clause 1, Article 27 of Decree No. 103/2026/ND-CP.

9. To assume responsibility for the accuracy of reported data and comply with the statistical reporting regime prescribed in this Circular.

Chapter VII

RESPONSIBILITIES OF RELATED UNITS OF THE STATE BANK

Article 28. Responsibilities of State Bank regional branches

1. To receive and process dossiers for initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions for investors according to the competence specified in Clause 2, Article 12 of this Circular; and certify or refuse to certify registration of foreign exchange transactions in accordance with this Circular.

2. To monitor statistical reports submitted by investors and licensed banks in their regions in accordance with this Circular; and implement the statistical reporting regime specified in Article 34 of this Circular.

3. To supervise, inspect and handle violations of the law on foreign exchange management of outward investment activities committed by organizations and individuals in their regions.

4. To guide, urge and remind organizations and individuals in their regions to comply with regulations on foreign exchange management of outward investment activities.

5. To coordinate with the State Bank and other State Bank regional branches in the implementation of this Circular and coordinate with relevant agencies in their regions in resolving investors’ difficulties and arising issues.

Article 29. Responsibilities of the Foreign Exchange Management Department

1. To receive and process dossiers for initial registration of foreign exchange transactions and registration of changes in foreign exchange transactions for investors according to competence; and advise and submit to the Governor for consideration and decision the certification of registration of foreign exchange transactions in accordance with this Circular.

2. To send written requests for opinions to relevant agencies and related units of the State Bank regarding requests for certification of registration of foreign exchange transactions submitted by organizations, including matters related to the functions and tasks of the ministries, sectors, agencies and units from which opinions are sought.

3. On a monthly, quarterly and annual basis, to provide the Ministry of Finance with information on the certification of registration of foreign exchange transactions for projects not subject to issuance of outward investment registration certificates.

4. Annually, before March 15 of the year following the reporting year, the State Bank (Foreign Exchange Management Department) shall send the Ministry of Finance a report on transfers of money from Vietnam abroad before investment and after issuance of outward investment registration certificates (for projects subject to issuance of outward investment registration certificates), or after certification of registration of foreign exchange transactions (for projects not subject to issuance of outward investment registration certificates), and on transfers of investment capital and profits from abroad to Vietnam in relation to outward investment projects.

5. To coordinate with relevant agencies and State Bank regional branches in the implementation of this Circular.

6. To monitor and inspect investors’ compliance with regulations on foreign exchange management related to outward investment activities according to the competence specified in this Circular.

Article 30. Responsibilities of units of the State Bank

1. The Information Technology Department:

To assume the prime responsibility for, and coordinate with the Foreign Exchange Management Department in, developing the website of State Bank on foreign exchange management related to outward investment activities.

2. Other related Departments and Agencies:

Based on their assigned functions and tasks, related units of the State Bank shall provide opinions on matters related to the certification of registration of foreign exchange transactions for organizations and individuals at the request of the Foreign Exchange Management Department.

Chapter VIII

STATISTICAL REPORTING REGIME

Article 31. Principles for implementation of the statistical reporting regime

1. The statistical reporting regime prescribed in this Circular shall be implemented through the website of State Bank on foreign exchange management related to outward investment activities.

2. During the period when the website on foreign exchange management related to outward investment activities has not yet been completed, the statistical reporting regime shall be implemented in accordance with Articles 32, 33 and 34 of this Circular.

3. From the time the website of State Bank on foreign exchange management related to outward investment activities is completed and put into operation, investors, licensed banks and State Bank regional branches shall submit the reporting forms specified in Appendix No. 15, Appendix No. 16, Appendix No. 17, Appendix No. 18, Appendix No. 19 and Appendix No. 21 promulgated together with this Circular through the website of State Bank on foreign exchange management related to outward investment activities.

4. For outward investment projects for which outward investment registration certificates were granted and registration of foreign exchange transactions was certified before the effective date of this Circular:

a) Cumulative data arising before the effective date of this Circular shall continue to be carried forward according to the data reported through the Reporting System of State Bank;

b) For money transfer transactions related to outward investment activities arising from the effective date of this Circular, the conversion from other currencies into United States dollars of the amount of investment capital transferred abroad and of investment capital, profits and lawful proceeds remitted to Vietnam shall be made at the exchange rate specified in Clause 5, Article 5 of this Circular.

Article 32. Statistical reporting regime applicable to licensed banks

1. On a monthly basis, no later than the 15 day of the month following the reporting month, the licensed bank at which an investor opens its investment capital account shall submit a report on money transfers related to outward investment activities conducted through the investment capital account, made according to the form provided in Appendix No. 15 promulgated together with this Circular, in the following cases:

a) An investment project for which registration of foreign exchange transactions was certified after the effective date of this Circular;

b) An investment project for which registration of foreign exchange transactions was certified before the effective date of this Circular and for which data arise during the reporting period concerning investment capital transferred abroad or investment capital, profits and lawful revenues remitted to Vietnam.

2. Within 9 months from the effective date of this Circular, for projects for which registration of foreign exchange transactions was certified before the effective date of this Circular and for which no data arise during the reporting period concerning investment capital transferred abroad or investment capital, profits and lawful revenues remitted to Vietnam, the licensed bank shall not be required to submit periodic reports as prescribed in Clause 1 of this Article. Upon expiry of this period, the licensed bank shall submit periodic reports as prescribed.

3. A licensed bank shall send the report made according to the form provided in Appendix No. 15 promulgated together with this Circular to:

a) The State Bank regional branch for the locality where the licensed bank has its head office. The written report shall bear the signature and seal of the licensed bank;

b) The State Bank (Foreign Exchange Management Department), electronically at the State Bank’s email address [email protected]. A report sent by email shall comprise a scanned copy of the report bearing the signature and seal of the licensed bank in Portable Document Format and a report data file made according to the prescribed form in excel format.

4. On a quarterly basis, no later than the 10 day of the first month of the quarter following the reporting quarter, the licensed bank at which an investor opens its investment capital account shall submit a report on collection and payment transactions conducted through outward investment capital accounts, made according to the form provided in Appendix No. 16, and a country-specific outward investment report, made according to the form provided in Appendix No. 17 promulgated together with this Circular, under the statistical reporting regime through the State Bank’s Reporting System.

5. Where no investor has opened an investment capital account at a licensed bank by the reporting time, the licensed bank shall not be required to implement the statistical reporting regime prescribed in this Article.

Article 33. Statistical reporting regime applicable to investors

1. On a quarterly basis, no later than the 5 day of the first month of the quarter following the reporting quarter, an investor shall send the State Bank or State Bank regional branch that most recently certified registration of foreign exchange transactions a report on the transfer of investment capital abroad, made according to the form provided in Appendix No. 18, and a report on the remittance of investment capital, profits and lawful revenues to Vietnam, made according to the form provided in Appendix No. 19 promulgated together with this Circular.

2. Methods of report submission:

a) For a project falling under the competence of the State Bank regional branch to certify registration of foreign exchange transactions, the investor shall send the State Bank regional branch that most recently certified registration of foreign exchange transactions a written report bearing the investor’s signature and the seal of the investor’s legal representative (where the investor is an organization);

b) For a project falling under the competence of the State Bank to certify registration of foreign exchange transactions, the investor shall send the report electronically to the State Bank (Foreign Exchange Management Department), at the email address [email protected]. A report sent by email shall comprise a scanned copy of the report bearing the investor’s signature and the seal of the investor’s legal representative (where the investor is an organization), in Portable Document Format, and a report data file made according to the prescribed form in Excel format.

Article 34. Statistical reporting regime applicable to State Bank regional branches

1. On a monthly basis, no later than the 5 day of the month following the reporting month, a State Bank regional branch shall send the State Bank (Foreign Exchange Management Department) a report on registration of foreign exchange transactions and termination of outward investment projects not subject to issuance of outward investment registration certificates, made according to the form provided in Appendix No. 20 promulgated together with this Circular.

2. On a quarterly basis, no later than the 15 day of the first month of the quarter following the reporting quarter, a State Bank regional branch shall send the State Bank (Foreign Exchange Management Department) a report on pre-investment transfers of money, transfers of investment capital abroad, and remittance of investment capital, profits and lawful revenues from abroad to Vietnam relating to outward investment projects falling within the management competence of the State Bank regional branch, made according to the form provided in Appendix No. 21 promulgated together with this Circular, through State Bank’s Statistical Reporting System.

3. On an annual basis, no later than February 15 of the year following the reporting year, a State Bank regional branch shall send the State Bank (Foreign Exchange Management Department) a report on transfers of investment capital abroad and transfers of money to Vietnam relating to outward investment projects, made according to the form provided in Appendix No. 22 promulgated together with this Circular.

4. Reports made according to the forms provided in Appendix No. 20 and Appendix No. 22 promulgated together with this Circular shall be sent electronically to the State Bank, (Foreign Exchange Management Department), at the State Bank’s email address [email protected] in Portable Document Format and as report data files made according to the prescribed forms in excel format.

Article 35. Requests for ad hoc reports

In extraordinary circumstances or when necessary, investors and licensed banks shall submit reports at the request of the State Bank and State Bank regional branches; State Bank regional branches shall submit reports at the request of the State Bank.

Chapter IX

IMPLEMENTATION PROVISIONS

Article 36. Effect

1. This Circular takes effect on July 31, 2026.

2. The following provisions are repealed:

a) Circular No. 12/2016/TT-NHNN guiding foreign exchange management of outward investment activities;

b) Clause 3, Article 10 of Circular No. 04/2024/TT-NHNN guiding bilateral payment and money transfer between Vietnam and Laos;

c) Chapter IV and Appendix No. IV of Circular No. 78/2025/TT-NHNN amending, supplementing and repealing a number of provisions of legal documents in the field of foreign exchange management for capital transactions to implement the plan for reduction and simplification of administrative procedures.

Article 37. Transitional provisions

1. For projects for which outward investment registration certificates and written certifications of registration of foreign exchange transactions were issued before the effective date of this Circular, investors shall continue to comply with the contents certified in the written registrations of foreign exchange transactions. Where a change arises compared with the contents stated in an issued written certification of registration of foreign exchange transactions, the investor shall comply with this Circular.

2. For dossiers for initial registration of foreign exchange transactions and dossiers for registration of changes in foreign exchange transactions received by State Bank regional branches before the effective date of this Circular but not yet settled, the processing of such dossiers shall continue to be carried out according to the competence of State Bank regional branches prescribed in this Circular.

Article 38. Responsibility for implementation organization

Heads of units under the State Bank of Vietnam; banks and foreign bank branches licensed to conduct foreign exchange business and provide foreign exchange services in Vietnam; and related organizations and individuals shall be responsible for implementing this Circular.