Circular 39/2025/TT-NHNN opening and use of overseas foreign-currency accounts of institutional residents

CIRCULAR

Providing the opening and use of overseas foreign-currency accounts of institutional residents^[1]

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

Pursuant to Law No. 32/2024/QH15 on Credit Institutions, which is amended and supplemented by Law No. 96/2025/QH15;

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

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;

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

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

The Governor of the State Bank of Vietnam promulgates the Circular providing the opening and use of overseas foreign-currency accounts of institutional residents.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation and subjects of application

This Circular provides the opening and use of overseas foreign-currency accounts of institutional residents, including:

1. Credit institutions and foreign bank branches licensed to conduct foreign exchange operations (below referred to as licensed credit institutions).

2. Economic organizations (excluding credit institutions).

3. Other organizations, including Vietnamese state agencies, armed forces units, political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio-professional organizations, social funds and charity funds operating in Vietnam.

Article 2. Opening and use of overseas foreign-currency accounts by licensed credit institutions

1. Licensed credit institutions conducting overseas foreign exchange operations under licenses issued by the State Bank of Vietnam (below referred to as the State Bank) may open and use overseas foreign-currency accounts for conducting foreign exchange operations as approved by the State Bank and prescribed by laws of host countries where the accounts are opened, without having to apply for licenses for opening and use of overseas foreign-currency accounts under this Circular.

2. For borrowing foreign loans in accordance with current laws, licensed credit institutions may open and use overseas foreign-currency accounts to borrow foreign loans under contracts or agreements signed with foreign lenders that require the opening of overseas foreign-currency accounts to borrow foreign loans, and under laws of host countries where the accounts are opened, without having to apply for licenses for opening and use of overseas foreign-currency accounts under this Circular.

3. After obtaining the State Bank’s licenses for opening and use of overseas foreign-currency accounts (below referred to as licenses), licensed credit institutions may open and use overseas foreign-currency accounts based on the contents stated in the licenses and license modification decisions (if any), and in accordance with this Circular, and laws of host countries where they open the accounts, in the following cases:

a/ Opening and using overseas foreign-currency accounts to meet the conditions for applying for establishment and operation licenses for their overseas representative offices, branches or wholly foreign-owned banks in accordance with laws of host countries;

b/ Opening and using overseas foreign-currency accounts to serve the operation of their overseas representative offices.

Article 3. Opening and use of overseas foreign-currency accounts by residents being economic organizations

After obtaining the State Bank’s licenses, economic organizations may open and use overseas foreign-currency accounts based on the contents stated in the licenses and license modification decisions (if any), and in accordance with this Circular and laws of host countries where they open the accounts in the following cases:

1. Opening and using overseas foreign-currency accounts to meet the conditions for applying for establishment and operation licenses for their branches and representative offices in accordance of laws of host countries.

2. Opening and using overseas foreign-currency accounts to serve the operation of their overseas branches and representative offices.

3. Opening and using overseas foreign-currency accounts to borrow foreign loans as agreed with foreign lenders, for economic organizations being enterprises, cooperatives or unions of cooperatives (below collectively referred to as borrowers). A borrower may use an overseas foreign-currency account to borrow 1 or more than 1 foreign loan.

4. Opening and using overseas foreign-currency accounts to fulfill their commitments, agreements and contracts with foreign partners, for economic organizations being enterprises eligible for particularly important investment under the Government’s programs, and enterprises making investment in the form of public-private partnership (PPP).

5. Opening and using overseas foreign-currency accounts to fulfill their commitments, agreements and contracts with foreign partners, including contracts on overseas construction; and contracts on ship purchase and sale with foreign partners; and other commitments, agreements or contracts, excluding the opening and use of overseas foreign-currency accounts to borrow foreign loans at the request of foreign lenders.

Article 4. Opening and use of overseas foreign-currency accounts by other organizations

After obtaining the State Bank’s licenses, the organizations specified in Clause 3, Article 1 of this Circular may open and use overseas foreign-currency accounts based on the contents stated in the licenses and license modification decisions (if any), and in accordance with this Circular and laws of host countries where they open the accounts in order to receive foreign aid or donations or in other cases permitted by Vietnam’s competent agencies.

Article 5. Validity periods of overseas foreign-currency accounts

1. For the cases specified at Point a, Clause 3, Article 2 and in Clause 1, Article 3 of this Circular, the validity period of an overseas foreign-currency account (below referred to as the validity period of a License) shall be considered based on the validity period of the document issued by the host country’s competent authority permitting establishment and temporary operation of the organization that opens its overseas foreign-currency account to meet the conditions for applying for an establishment and operation license for a branch, representative office or wholly foreign-owned bank in accordance of the law of the host country.

In case the foreign authority does not issue an establishment and temporary operation license, the validity period of the License is 1 year from the date of issuance.

2. For the cases specified at Point b, Clause 3, Article 2 and in Clause 2, Article 3 of this Circular, the validity period of the License shall be considered based on the validity period of the foreign authority’s document permitting the organization to establish and operate its overseas branch and representative office.

If the above document does not specify the validity period, the validity period of the License must not exceed 3 years from the date of issuance.

3. For the case specified in Clause 3, Article 3 of this Circular, the validity period of the License shall be considered based on the time the borrower fulfills the obligation to pay its/his/her foreign loan under the foreign loan agreement (including also the agreement on changes in the foreign loan) and the letter of confirmation of registration or change registration of the foreign loan (if any).

4. For cases specified in Clauses 4 and 5, Article 3 of this Circular, the validity period of the License shall be considered based on the period for fulfillment of commitments or agreements, or the validity period of the contract with the foreign partner.

5. For cases specified in Article 4 of this Circular, the validity period of the License shall be considered based on the period for receipt of foreign aid or donations or the period specified in the permission document of Vietnam’s competent agency for other cases.

Article 6. Principles of preparation, submission, receipt, and notification of processing results, of dossiers of application for licenses or license modification decisions

1. A dossier of application for a license or for issuance of a license modification decision shall be submitted by hand-delivery at the single-window division of the State Bank, sent by post to the State Bank or submitted online via the National Public Service Portal.

2. In case of online submission via the National Public Service Portal, the electronic dossier must bear digital signatures in accordance with the regulations on the performance of administrative procedures in the electronic environment.

In case administrative procedure are not available on the National Public Service Portal or in case the National Public Service Portal system encounters an incident or error that makes it impossible to receive and exchange electronic information, the submission, receipt, notification of processing results, of dossiers and exchange or feedback shall be conducted via postal service or in person at the single-window division of the State Bank.

3. Documents in an electronic dossier may be electronic documents or electronic copies scanned from the originals (in PDF format), except the application for license or the application for issuance of license modification decision which shall be declared on the National Public Service Portal.

4. Documents in a paper dossier may be originals, copies from master registers, authenticated copies or copies certified by the concerned organization as being copied from the originals, or copies produced together with their originals for collation. In case an applicant submits a copy and produces its original for collation, the person performing the collation shall sign for certification on the copy and take responsibility for the accuracy of the copy compared with its original.

5. A dossier submitted to the State Bank to apply for a license or apply for issuance of a license modification decision shall be made in 1 set in Vietnamese. If the original documents of a dossier are in a foreign language, they shall be translated into Vietnamese and the translator’s signature shall be authenticated in accordance with Vietnam’s law on authentication, except the case specified in Clause 6 of this Article.

6. An organization shall carry out procedures for consular legalization of the foreign authority’s document permitting the organization to open its overseas branch or representative office.

Article 7. Time limit for receipt of administrative procedure dossiers

The time limit for checking the completeness and accuracy of a dossier is 3 working days from the date the State Bank’s administrative procedure settlement information system receives the dossier, for dossiers submitted online, or from the date the single-window division receives the dossier, for dossiers submitted in person or by post.

Article 8. Competence to issue, revoke and modify licenses

The Director of the Foreign Exchange Management Department shall consider and decide on the issuance, revocation and modification of licenses.

Chapter II

PROCEDURES AND DOSSIERS OF APPLICATION FOR LICENSES

Article 9. Order and procedures for issuance of licenses

1. When wishing to open overseas foreign-currency accounts, an organization (except the licensed credit institutions specified in Clauses 1 and 2, Article 2 of this Circular) shall prepare 1 set of dossier and send it to the State Bank in accordance with this Circular.

2. Within 10 working days after receiving a complete and valid dossier, the State Bank shall issue a license, made according to the form provided in Appendix III to this Circular.

If the dossier is incomplete, within 5 working days after receiving it, the State Bank shall request in writing the organization to supplement the dossier in accordance with this Circular.

3. In case of refusal to issue a license, the State Bank shall issue a written reply, clearly stating the reason.

Article 10. Dossier of application for a license for the opening and use of an overseas foreign-currency account

1. An application for a license, made according to the form provided in Appendix I to this Circular.

2. Papers proving the purpose of opening an overseas foreign-currency account, including:

a/ For the cases specified at Point a, Clause 3, Article 2 and in Clause 1, Article 3 of this Circular:

(i) The foreign partner’s paper proving that the organization has to transfer money to the host country or has to open an account in the host country to meet the conditions for applying for an establishment and operation license for its overseas representative office, branch or wholly foreign-owned bank in accordance with law of the host country;

(ii) The document on the establishment of the representative office, branch or wholly foreign-owned bank, issued by the Board of Directors/Members’ Council of the licensed credit institution, or the decision on establishment of the overseas branch or representative office, signed by the legal representative of the economic organization;

(iii) The document issued by the host country’s authority permitting the establishment and temporary operation of the overseas representative office, branch or wholly foreign-owned bank (if any);

b/ For the case specified at Point b, Clause 3, Article 2 of this Circular:

(i) The foreign authority’s document permitting the establishment of the overseas representative office;

(ii) A document on the establishment of the representative office, signed by the Board of Directors/Members’ Council of the licensed credit institution;

(iii) A decision approving annual expense estimates for operation of the overseas representative office, signed by the legal representative of the licensed credit institution;

c/ For the case specified in Clause 2, Article 3 of this Circular:

(i) The foreign authority’s document permitting the establishment of the overseas branch or representative office;

(ii) A decision on establishment of the overseas branch and representative office, signed by the legal representative of the economic organization;

(iii) A decision approving annual expense estimates for operation of the overseas branch or representative office, signed by the legal representative of the organization;

d/ For the case specified in Clause 3, Article 3 of this Circular:

The agreement on account or a document stating the lender’s request for the borrower to open an overseas foreign-currency account to borrow foreign loans, clearly specifying the bank where the account is opened, the purpose of account opening, revenue and expenditure items on the account, and the limit or grounds for the limit of outbound money transfer;

dd/ For the case specified in Clause 4, Article 3 of this Circular:

An account contract or agreement signed with the foreign partner or a document proving the purpose of opening the overseas foreign-currency account to serve the fulfilment of the commitment, agreement or contract with the foreign partner;

e/ For the case specified in Clause 5, Article 3 of this Circular:

(i) The commitment, agreement or contract signed with the foreign partner and the foreign partner’s document requesting opening of an overseas foreign-currency account for the fulfillment of the commitment, agreement or contract in case such request is not stated in the commitment, agreement or contract;

(ii) A decision approving annual overseas expense estimates, signed by a legal representative of the organization; 

(iii) The document related to the overseas contracted work, in case of performance of an overseas contract: contract signed between the project owner and the principal contractor, contract signed between the principal contractor and subcontractors, or other relevant documents;

(iv) A written explanation of revenues expected to be transferred from abroad to the country, enclosed with supporting documents (if any);

(v) A valid assessment minutes or temporary inspection certificate issued by Vietnam’s competent agency, or an inspection certificate issued by a foreign authority (in case of opening of an overseas foreign-currency account for performance of a ship purchase and sale contract with a foreign partner);

(vi) A document evidencing the origin of foreign currency amounts for performance of a ship purchase and sale contract with the foreign partner (in case of opening of an overseas foreign-currency account for performance of a ship purchase and sale contract with a foreign partner);

g/ For the case specified in Article 4 of this Circular:

(i) The decision issued by Vietnam’s competent agency on the establishment of the organization;

(ii) The foreign partner’s document on provision of donations or aid, requesting the opening of an overseas account for receipt of donations or aid;

(iii) The document issued by Vietnam’s competent agency permitting or assigning the organization to receive donations or aid, or other relevant documents (if any).

Chapter III

PROCEDURES AND DOSSIERS OF APPLICATION FOR LICENSE MODIFICATION 

Article 11. Cases of change or supplementation of contents of a license

1. Cases of change or supplementation of contents of a license:

a/ Change of the name of the organization that opens the foreign-currency account;

b/ Change or addition of use purposes of the account;

c/ Change or addition of revenue and expenditure items on the account;

d/ Increase (addition) of annual limits for transfer of foreign-currency amounts from the country to the overseas foreign-currency account;

dd/ Change of limits of the balance of the overseas foreign-currency account;

e/ Extension of the use period of the overseas foreign-currency account;

g/ Change of the bank where the organization opens its overseas foreign-currency account though the purpose, scope and other contents related to the account use remain unchanged;

h/ Change of the Vietnam-based bank from which money is transferred;

i/ Change of the currency used for opening the overseas foreign-currency account.

2. Organizations (except the licensed credit institutions specified in Clauses 1 and 2, Article 2 of this Circular) shall carry out procedures for requesting the State Bank to modify licenses for one of the cases specified in Clause 1 of this Article.

For the case specified at Point e, Clause 1 of this Article, the organization shall submit a dossier at least 15 working days before the expiry date of the license.

Article 12. Order and procedures for requesting license modification

1. If wishing to have its license modified, an organization (except licensed credit institutions defined in Clauses 1 and 2, Article 2 of this Circular) shall prepare 1 set of dossier and send it to the State Bank in accordance with this Circular.

2. Within 10 working days after receiving a complete and valid dossier, the State Bank shall issue a license modification decision, made according to the form provided in Appendix IV to this Circular.

If the dossier is incomplete or invalid, within 5 working days after receiving it, the State Bank shall request in writing the organization to supplement the dossier in accordance with this Circular.

3. In case of refusal to issue a license modification decision, the State Bank shall issue a written reply, clearly stating the reason.

Article 13. Dossier of application for a license modification decision

1. An application for a license modification decision, made according to the form provided in Appendix II to this Circular.

2. Documents proving the changes of the license, including:

a/ For licenses issued in the cases specified at Point a, Clause 3, Article 2 and in Clause 1, Article 3 of this Circular:

(i) The foreign authority’s document permitting the establishment and operation of the overseas branch or representative office (for the cases specified at Points b, c, d and e, Clause 1, Article 11 of this Circular after the foreign authority licenses the establishment and official operation of the overseas branch or representative office of an economic organization or the overseas representative office of a licensed credit institution);

(ii) The foreign authority’s document permitting extension of the temporary operation period of the overseas branch, representative office or wholly foreign-owned bank, or a written explanation of the necessity for account use extension in case the foreign authority refuses to license the establishment and temporary operation of the overseas branch, representative office or wholly foreign-owned bank (for the case specified at Point e, Clause 1, Article 11 of this Circular);

(iii) A decision approving annual expenditures for operation of the overseas branch or representative office (for the cases specified at Points b, c, d and e, Clause 1, Article 11 of this Circular after the foreign authority licenses the establishment and official operation of the overseas branch or representative office of an economic organization or licenses the establishment and official operation of the overseas representative office of a licensed credit institution);

b/ For licenses issued in the cases specified at Point b, Clause 3, Article 2 and in Clause 2, Article 3 of this Circular:

(i) The foreign authority’s document permitting extension of the operation period of the overseas branch or representative office, unless the foreign authority’s document licensing the establishment and operation of the overseas branch or representative office does not state the operation period (for the case specified at Point e, Clause 1, Article 11 of this Circular);

(ii) A decision approving annual expenditures for operation of the overseas branch or representative office, signed by the legal representative of the organization (for the cases specified at Points d and dd, Clause 1, Article 11 of this Circular);

(iii) Other necessary documents (if any) proving the cases specified in Clause 1, Article 11 of this Circular;

c/ For licenses issued in the cases specified in Clause 3, Article 3 of this Circular:

(i) The agreement on changes in contents of the overseas foreign-currency account. In case of using the account to borrow new foreign loans, the organization shall submit the document specified at Point d, Clause 2, Article 10 of this Circular;

(ii) A report on use of the overseas foreign-currency account by the time of application for a license modification decision, enclosed with the borrower’s commitment on the report’s accuracy;

d/ For licenses issued in the cases specified in Clause 4, Article 3 of this Circular:

The changed contract/contract annex or the changed agreement signed with the foreign partner concerning the modified contents of the license or other documents proving the cases specified in Clause 1, Article 11 of this Circular;

dd/ For licenses issued in the cases specified in Clause 5, Article 3 of this Circular:

(i) The changed commitment, agreement or contract/contract annex (if any) signed with the foreign partner concerning the modified contents of the license;

(ii) The foreign partner’s request (if any) for modification of the contents for account opening, in case such request is not stated in the commitment, agreement or contract;

(iii) Other necessary papers (if any) proving the cases specified in Clause 1, Article 11 of this Circular;

e/ For licenses issued in the cases specified in Article 4 of this Circular:

Necessary documents proving the cases specified in Clause 1, Article 11 of this Circular.

Article 14. Processing of dossiers of application for licenses and license modification decisions in case organizations commit administrative violations in the opening and use of overseas foreign-currency accounts

In the course of processing dossiers of application for licenses or license modification decisions, if the State Bank detects that an organization has committed an administrative violation in the opening and use of an overseas foreign-currency account (including the act of failing to comply with the reporting regime), such a license or license modification decision shall be considered for issuance only after the organization has executed the decision on sanctioning of administrative violations in accordance with the law on handling of administrative violations in monetary and banking operations.

Chapter IV

CASES OF AUTOMATIC EXPIRATION OF LICENSES AND REVOCATION OF LICENSES

Article 15. Cases of automatic expiration of licenses or license modification decisions

1. A license and license modification decision (if any) of an organization shall automatically expire in the following cases:

a/ The license expires;

b/ The organization fails to open an account within 1 year from the effective date of the license;

c/ The contract, commitment or agreement with the foreign partner is canceled, unless the account is being used to implement one or more than one valid foreign loan agreement;

d/ The overseas representative office or branch ceases operation before the license expires;

dd/ The borrower’s letter of confirmation of registration or change registration of foreign loans becomes invalid or automatically expires under the State Bank’s regulations on foreign exchange management for borrowing of foreign loans and repayment of foreign debts by enterprises, unless the account is being used to implement one or more than one valid foreign loan agreement;

e/ The organization has obtained the State Bank’s license under Point a, Clause 3, Article 2 and in Clause 1, Article 3 but the foreign authority issues a written refusal to issue a license within the validity period of the license;

g/ The organization is divided, merged, consolidated or dissolved or goes bankrupt as prescribed by law;

h/ The organization has its enterprise registration certificate, investment registration certificate, establishment decision, or another paper of equivalent validity revoked by a competent state agency.

2. Within 30 days after its license and license modification decision (if any) expire under Clause 1 of this Article, an organization shall:

a/ Close the overseas foreign-currency account and transfer the whole balance (if any) of the account to the country and concurrently send a report thereon, enclosed with the foreign bank’s letter of confirmation, to the State Bank (the Foreign Exchange Management Department) and the State Bank’s regional branch where the organization’s head office is located (for the cases specified at Points a, c, d, dd, g and h, Clause 1 of this Article);

b/ Close the overseas foreign-currency account and transfer back to the country the whole amount of money it had transferred abroad under the State Bank’s license after deducting reasonable expenses related to account opening and closure, and concurrently send a report thereon enclosed with the foreign bank’s letter of confirmation and the receiving domestic bank’s credit note to the State Bank (the Foreign Exchange Management Department) and the State Bank’s regional branch where the organization’s head office is located (for the case specified at Point e, Clause 1 of this Article).

Article 16. Revocation of licenses and license modification decisions

1. The State Bank shall revoke an organization’s license in case a person competent to handle administrative violations in monetary and banking operations requests a competent agency to revoke the license as a remedial measure.

2. Within 10 working days after receiving the request specified in Clause 1 of this Article, the State Bank shall issue a decision to revoke the license and license modification decisions (if any) (below referred to as license revocation decision) of the organization, made according to the form provided in Appendix VI to this Circular.

The organization’s license and license modification decision (if any) cease to be effective on the date the license revocation decision takes effect.

3. The State Bank shall send the license revocation decision to the organization for compliance; and send a copy of the decision to the State Bank’s regional branch where the organization’s head office is located and to the licensed credit institution where the organization transfers money to the overseas foreign-currency account for coordinated management and monitoring.

4. Within 30 days from the effective date of the license revocation decision, the organization shall:

a/ Close the account and transfer the whole balance of the account to the country;

b/ Send a report on account closure to the State Bank (the Foreign Exchange Management Department) together with the foreign bank’s letter of confirmation on account closure, and send a copy thereof to the State Bank’s regional branch where the organization’s head office is located;

c/ Return the originals of the license and license modification decisions (if any) to the State Bank (the Foreign Exchange Management Department).

Chapter V

RESPONSIBILITIES OF RELATED UNITS

Article 17. Responsibilities of related units and organizations

1. Responsibilities of the Foreign Exchange Management Department:

a/ To receive dossiers of application for licenses or license modification decisions from organizations and consider the issuance and revocation of licenses or license modification decisions;

b/ To receive and summarize reports on the opening and use of overseas foreign-currency accounts of organizations;

c/ To monitor, inspect, and coordinate with related units in handling issues arising during, the implementation of this Circular.

2. Responsibilities of the State Bank’s regional branches:

a/ To carry out inspection and examination and handle violations related to the opening and use of overseas foreign-currency accounts of organizations in localities within their competence;

b/ To urge and remind organizations in the localities to comply with the reporting regime.

3. Responsibilities of licensed credit institutions:

a/ To inspect and control papers and documents produced by organizations to ensure that the transfer of money to their overseas foreign-currency accounts complies with licenses, license modification decisions and relevant regulations;

b/ To archive papers and documents related to foreign exchange transactions in accordance with this Circular and relevant laws;

c/ To promptly report violations of this Circular committed by organizations to the State Bank (the Foreign Exchange Management Department) for handling;

d/ To strictly comply with this Circular and relevant laws;

dd/ To guide clients in strictly complying with this Circular and relevant laws.

4. Responsibilities of organizations (except the licensed credit institutions specified in Clauses 1 and 2, Article 2 of this Circular):

a/ Before the 10th of the first month of the quarter following the reporting quarter, to send reports on use of overseas foreign-currency accounts (made according to the form provided in Appendix V to this Circular) and send them in person or by post to the State Bank (the Foreign Exchange Management Department) and the State Bank’s regional branches where the organizations’ head offices are located.

The data cutoff period is calculated from the 15^th of the month preceding the reporting period to the 14^th of the last month of the quarter of the reporting period;

b/ To strictly comply with licenses and license modification decisions issued by the State Bank;

c/ To strictly comply with this Circular and relevant laws;

d/ To clearly state the purpose of money transfer for money payment orders made via overseas foreign-currency accounts related to the withdrawal, repayment (principals and interests) and payment of fees for foreign loans;

dd/ To bear responsibility before law for the truthfulness and accuracy of the contents stated in the dossiers submitted to the State Bank.

Chapter VI

IMPLEMENTATION PROVISIONS

Article 18. Effect

1. This Circular takes effect on December 15, 2025, and replaces Circular No. 20/2015/TT-NHNN on the opening and use of overseas foreign-currency accounts by institutional residents.

2. Transitional provisions:

a/ Organizations already obtaining licenses to open and use overseas foreign-currency accounts or license modification decisions (if any) by the State Bank before the effective date of this Circular may continue to comply with such licenses or decisions (if any), except the cases specified in Article 15 of this Circular. The modification of the licenses must comply with this Circular.

b/ For organizations that have submitted dossiers of application for licenses or license modification decisions before the effective date of this Circular, the State Bank shall continue to consider and make decisions in accordance with Circular No. 20/2015/TT-NHNN.

Article 19. Responsibility for organization of implementation

The heads of relevant units under the State Bank, licensed credit institutions and foreign bank branches licensed to conduct foreign exchange operations in Vietnam shall implement this Circular.-

For the State Bank Governor
Deputy Governor
PHAM THANH HA

* The Appendices to this Circular are not translated.