Circular 40/2025/TT-NHNN guiding foreign exchange management for offshore investment in oil and gas activities

THE STATE BANK OF VIETNAM __________ No. 40/2025/TT-NHNN

THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ______________________ Hanoi, October 31, 2025

                    

CIRCULAR

Guiding foreign exchange management concerning offshore investment in oil and gas activities

 

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH2;

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

Pursuant to the Law on Investment No. 61/2020/QH14;

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

Pursuant to the Government’s Decree No. 70/2014/ND-CP detailing 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;

Pursuant to the Government’s Decree No. 132/2024/ND-CP prescribing offshore investment in oil and gas activities;

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;

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

The Governor of the State Bank of Vietnam hereby promulgates the Circular guiding foreign exchange management concerning offshore investment in oil and gas activities.

 

Chapter I

GENERAL PROVISIONS

 

Article 1. Scope of regulation

This Circular guides foreign exchange management concerning offshore investment in oil and gas activities under Article 1 of the Government’s Decree No. 132/2024/ND-CP prescribing offshore investment in oil and gas activities, including:

1. Opening and use of pre-investment foreign-currency accounts for outbound transfer of foreign currencies before the grant of offshore investment registration certificates.

2. Opening and use of investment capital accounts for conducting outbound transfer and inbound transfer of funds to Vietnam after the grant of offshore investment registration certificates.

3. Registration of foreign exchange transactions or registration of change of foreign exchange transactions by investors after the grant of offshore investment registration certificates.

Article 2. Subjects of application

1. Investors, including institutional residents (excluding credit institutions) and individual residents making offshore investment in oil and gas activities (below referred to as investors).

2. Banks and foreign bank branches licensed to conduct foreign exchange activities and provide foreign exchange services in Vietnam (hereinafter referred to as licensed banks).

3. Other organizations and individuals involved in offshore investment in oil and gas activities.

Article 3. Currencies used for offshore investment in oil and gas activities

Currencies used for offshore investment in oil and gas activities include:

1. The foreign currencies on accounts opened at licensed banks or purchased from licensed banks or foreign currencies from other lawful sources as prescribed by law.

2. Vietnamese dong in case of transfer of investment capital to a host country or territory with which Vietnam has concluded a bilateral or multilateral agreement permitting the use of Vietnamese dong in payment and money transfer transactions.

 

Chapter II

OPENING AND USE OF ACCOUNTS FOR CONDUCTING TRANSACTIONS RELATED TO OFFSHORE INVESTMENT IN OIL AND GAS ACTIVITIES

 

Article 4. Principles of opening and use of pre-investment foreign-currency accounts

1. Before obtaining an offshore investment registration certificate, an investor must open a foreign-currency payment account at a licensed bank to conduct collection and payment transactions related to the outbound transfer of foreign currencies, in order to meet expenses for the formation of an overseas investment project as prescribed in Clause 2, Article 13 of Decree No. 132/2024/NĐ-CP (hereinafter referred to as pre-investment foreign-currency account).

2. An investor shall open one pre-investment foreign-currency account for each offshore investment project. In case an offshore investment project involves more than one investor, each investor shall open one pre-investment foreign-currency account to conduct relevant transactions.

All collection and payment transactions related to outbound transfer of foreign currencies prior to the grant of an offshore investment registration certificate under Article 5 of this Circular must be conducted through the pre-investment foreign-currency account.

3. Where an investor wishes to change the type of foreign currency of a pre-investment foreign-currency account to another foreign currency at the same licensed bank, or change the licensed bank at which the pre-investment foreign-currency account is opened (including change of the type of foreign currency), within 10 working days from the date of opening the new pre-investment foreign-currency account, the investor shall convert the foreign currency, transfer the balance from the previously opened pre-investment foreign-currency account to the new pre-investment foreign-currency account, and concurrently close the previously opened pre-investment foreign-currency account. The investor may conduct collection and payment transactions related to the pre-investment transfer of foreign currencies on the newly opened pre-investment foreign-currency account only after closing the previously opened pre-investment foreign-currency account.

4. Where an offshore investment project is not formed or the investor is not granted an offshore investment registration certificate, the investor shall transfer back to Vietnam the rest of the foreign-currency amount already transferred abroad (if any) through the pre-investment foreign-currency account and shall close the opened pre-investment foreign-currency account.

5. After the project is granted an offshore investment registration certificate, the pre-investment foreign-currency account prescribed in this Article shall be used as an investment capital account in accordance with Clause 3, Article 14 of Decree No. 132/2024/ND-CP, and the investor shall register foreign exchange transactions with the State Bank’s Regional branches (hereinafter referred to as SBV Regional branches) in accordance with Article 10 of this Circular.

Article 5. Collection and payment transactions on pre-investment foreign-currency accounts

1. Collection transactions:

a) Collecting foreign currencies transferred from investors’ payment accounts;

b) Collecting foreign currencies purchased from licensed banks in accordance with law;

c) Collecting foreign currencies converted from the previously opened pre-investment foreign-currency account in case of changing the type of foreign currency used for opening the pre-investment account in accordance with Clause 3, Article 4 of this Circular;

d) Collecting foreign currencies transferred from the balance of the previously opened pre-investment foreign-currency account in case of changing the licensed bank where the pre-investment foreign-currency account is opened in accordance with Clause 3, Article 4 of this Circular;

dd) Collecting foreign currencies transferred from overseas back to Vietnam in accordance with Clause 4, Article 4 of this Circular, or in case the investor is refunded by a foreign party for expenses relating to the formation of the offshore investment project in oil and gas activities;

e) Collecting foreign currencies converted from foreign currencies transferred from overseas back to Vietnam in case the incoming currency differs from the currency of the pre-investment foreign-currency account;

g) Collecting interest on the account balance in accordance with law.

2. Payment transactions:

a) Making outbound transfer of foreign currencies for the purposes prescribed in Clause 2, Article 13 of Decree No. 132/2024/ND-CP;

b) Selling foreign currencies to licensed banks in accordance with law;

c) Transferring foreign currencies into investors’ payment account;

d) Converting foreign currencies from the previously opened pre-investment foreign-currency account in case of changing the type of foreign currency used for opening the investment capital account in accordance with Clause 3, Article 4 of this Circular;

dd) Transferring foreign currencies from the balance of the previously opened pre-investment foreign-currency account in case of changing the licensed bank where the pre-investment foreign-currency account is opened in accordance with Clause 3, Article 4 of this Circular;

e) Making payment of service fees related to account management and money transfer transactions via the account as prescribed by the licensed bank.

Article 6. Principles of opening and use of investment capital accounts

1. After being granted an offshore investment registration certificate, an investor shall open one payment account in one type of foreign currency that meets its/his/her demand for outbound transfer of investment capital at one licensed bank (except the case prescribed in Clause 5, Article 4 of this Circular) for conducting all collection and payment transactions related to offshore investment in oil and gas activities (hereinafter referred to as the investment capital account).

2. In case of transferring investment capital abroad in Vietnamese dong, an investor may concurrently open and use one VND investment capital account and one foreign-currency investment capital account at one licensed bank.

3. An investor shall open one investment capital account for each offshore investment project. In case an offshore investment project involves more than one investor, each investor shall open one investment capital account to conduct relevant transactions.

All collection and payment transactions prescribed in Articles 7 and 8 of this Circular must be conducted via such investment capital account.

4. In case of a change of the investor implementing the offshore investment project due to the transfer of the entire overseas oil and gas project to a domestic investor, after the modified offshore investment registration certificate is granted, the transferee investor shall open a new investment capital account at a licensed bank and shall register foreign exchange transactions with the SBV Regional branch in accordance with Article 10 of this Circular in order to continue conducting collection and payment transactions related to offshore investment in oil and gas activities. The transferor investor shall close its investment capital account within 10 working days from the date the modified offshore investment registration certificate is granted and shall notify the closure of the account to the SBV Regional branch that previously certified the registration of foreign exchange transactions or certified the registration of change of foreign exchange transactions.

5. Except for the case prescribed in Clause 2 of this Article, an investor that wishes to change either the type of foreign currency of his/her/its investment capital account to another foreign currency at the same licensed bank, or to change the licensed bank where such account is opened (including change of the type of foreign currency), shall comply with the following principles:

a) To open a new investment capital account in another foreign currency at the same licensed bank, or open a new investment capital account at another licensed bank;

b) To register change of foreign exchange transactions related to offshore investment in oil and gas activities with the SBV Regional branch under Article 10 of this Circular;

c) Within 10 working days after the SBV Regional branch certifies the registration of change of foreign exchange transactions, the investor shall convert the foreign currencies or transfer the balance of the previously opened investment capital account into the new investment capital account, and concurrently close the old one;

d) The newly opened investment capital account may conduct the collection and payment transactions prescribed in Articles 7 and 8 of this Circular only after completing the procedures specified at Points a, b and c of this Clause.

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

1. Collection transactions:

a) Collecting foreign currencies transferred from investors’ payment accounts;

b) Collecting foreign currencies purchased from licensed banks in accordance with law;

c) Collecting foreign currencies converted from the previously opened investment capital account in case of changing the type of foreign currency used for opening the investment capital account in accordance with Clause 5, Article 6 of this Circular;

d) Collecting foreign currencies transferred from the balance of the previously opened investment capital account in case of changing the licensed bank where the investment capital account is opened in accordance with Clause 5, Article 6 of this Circular;

dd) Collecting foreign-currency amounts received by investors as recovered capital (cost) under Article 18 of Decree No. 132/2024/ND-CP;

e) Collecting overseas investment capital amounts transferred back to Vietnam in case of transfer of offshore investment project to foreign investors in accordance with the law on investment;

g) Collecting overseas investment capital amounts transferred back to Vietnam in case of termination of offshore investment in accordance with the law on investment;

h) Collecting profits and lawful incomes from offshore investment in oil and gas activities for transfer back to Vietnam in accordance with the law on investment;

i) Collecting principals and interests on loans provided by investors to the legal entities that implement investment projects in overseas oil and gas activities in accordance with law;

k) Collecting debts from the guaranteed which are related to guarantee amounts provided by investors to the legal entities that implement investment projects in overseas oil and gas activities in accordance with law;

l) Collecting foreign currencies converted from foreign currencies transferred from overseas back to Vietnam in case the incoming currency differs from the currency of the investment capital account;

m) Collecting interest on the account balance in accordance with law.

2. Payment transactions:

a) Making outbound transfer of investment capital for oil and gas activities for implementing overseas oil and gas projects in accordance with law;

b) Selling foreign currencies to licensed banks in accordance with law;

c) Transferring foreign currencies into investors’ payment account;

d) Providing loans to the legal entities that implement offshore investment projects in oil and gas activities in accordance with law;

dd) Making payment for fulfilling the guarantee obligation related to guarantee amounts provided by investors to the legal entities that implement offshore investment projects in oil and gas activities in accordance with law;

e) Converting foreign currencies to the newly opened investment capital account in case of changing the type of foreign currency used for opening the investment capital account in accordance with Clause 5, Article 6 of this Circular;

g) Transferring the foreign currency balance to the newly opened investment capital account in case of changing the licensed bank where the investment capital account is opened in accordance with Clause 5, Article 6 of this Circular;

h) Making payment of service fees related to account management and money transfer transactions via the account as prescribed by the licensed bank.

Article 8. Collection and payment transactions on VND investment capital accounts

1. Collection transactions:

a) Collecting money transferred from VND accounts of investors;

b) Collecting the balance of the old investment capital account, in case of change of the investment capital account prescribed in Clause 5, Article 6 of this Circular;

c) Collecting principals and interests on loans provided by investors to the legal entities that implement offshore investment projects in oil and gas activities in accordance with law;

d) Collecting debts from the guaranteed which are related to guarantee amounts provided by investors to the legal entities that implement offshore investment projects in oil and gas activities in accordance with law;

dd) Collecting VND amounts received by investors as recovered capital (cost) under Article 18 of Decree No. 132/2024/ND-CP;

e) Collecting overseas investment capital amounts transferred back to Vietnam in case of transfer of offshore investment project to foreign investors in accordance with the law on investment;

g) Collecting overseas investment capital amounts transferred back to Vietnam in case of termination of offshore investment in accordance with the law on investment;

h) Collecting profits and other lawful incomes in Vietnamese dong from offshore investment in oil and gas activities for transfer back to Vietnam in accordance with the law on investment;

i) Collecting interest on the account balance in accordance with law.

2. Payment transactions:

a) Making outbound transfer of investment capital in Vietnamese dong for oil and gas activities for implementing overseas oil and gas projects as prescribed;

b) Transferring money into VND payment accounts of investors;

c) Transferring the balance of the old investment capital account, in case of change of the investment capital account prescribed in Clause 5, Article 6 of this Circular;

d) Providing loans to the legal entities that implement offshore investment projects in oil and gas activities in accordance with law;

dd) Making payment for fulfilling the guarantee obligation related to guarantee amounts provided by investors to the legal entities that implement offshore investment projects in oil and gas activities in accordance with law;

e) Making payment of service fees related to account management and money transfer transactions via the account as prescribed by the licensed bank.

Article 9. Outbound transfer of funds for fulfillment of financial obligations upon completion of offshore investment in oil and gas activities

After completing offshore investment in oil and gas activities, the investor shall transfer foreign currencies abroad to fulfill financial obligations to the host country and partners in accordance with the oil and gas contract, license, or other relevant agreements and legal documents as prescribed in Clause 3, Article 25 of Decree No. 132/2024/NĐ-CP, through the investor’s foreign-currency payment account opened at a licensed bank, on the basis of submission of documents and vouchers as required by the licensed bank.

 

Chapter III

REGISTRATION AND REGISTRATION OF CHANGE OF FOREIGN EXCHANGE TRANSACTIONS RELATED TO OFFSHORE INVESTMENT IN OIL AND GAS ACTIVITIES

 

Article 10. Registration and registration of change of foreign exchange transactions

1.  After being granted an offshore investment registration certificate and a modified offshore investment registration certificate by a competent agency, an investor shall register foreign exchange transactions related to offshore investment in oil and gas activities according to the order, procedures and dossiers prescribed in Article 15 of Decree No. 132/2024/ND-CP, or register with changes of foreign exchange transactions related to offshore investment in oil and gas activities in accordance with Clauses 1, 2 and 3, Article 16 of Decree No. 132/2024/ND-CP, with the SBV Regional branch in the locality where it is headquartered, for institutional investors, or where he/she registers permanent residence, for individual investors. In case a project involves more than one investor, every investor shall make such registration with the SBV Regional branch in the locality, or make such registration of changes with the latter.

2. An investor that uses profits earned from an offshore investment project for implementing new offshore investment project in oil and gas activities under Point c, Clause 1, Article 67 of the Law on Investment, after being granted an offshore investment registration certificate for the new project, shall register foreign exchange transactions related to offshore investment in oil and gas activities with the SBV Regional branch in the locality under Article 15 of Decree No. 132/2024/ND-CP and Article 10 of this Circular.

3. A written registration for foreign exchange transactions related to offshore investment in oil and gas activities or a written registration for change of foreign exchange transactions related to offshore investment in oil and gas activities shall be made according to Forms No. 01 and No. 02 to Decree No. 132/2024/ND-CP.

4. The investor shall submit 01 set of dossiers of registration of foreign exchange transactions or registration of changes of foreign exchange transactions to the SBV Regional Branch in the locality by one of the following three methods:

a) Direct submission at the Single-window section of the SBV Regional branch;

b) Online submission via the National Public Service Portal;

c) Submission via postal services.

5. In case of online submission through the National Public Service Portal, e-dossiers shall be digitally signed in accordance with the law on carrying out administrative procedures on electronic environment.

In case the National Public Service Portal encounters a malfunction or errors preventing receipt or exchange of electronic information, the declaration, submission, receipt, return of results, exchange, and response of information shall be conducted via postal services or directly at the Single-window section of the SBV Regional branch that issued the latest certification of registration of foreign exchange transactions or certification of registration of changes of foreign exchange transactions.

Documents in the e-dossier must be electronic versions scanned from the originals (in PDF format), or declared directly on the National Public Service Portal.

6. The SBV Regional branch shall be responsible for certifying or refusing to certify the registration or registration of changes of foreign exchange transactions related to offshore investment in oil and gas activities, in the form of electronic documents or paper documents sent to the investor, within 10 working days from the date of receipt of a complete and valid dossier from the investor. In case of refusal to certify registration or registration of changes of foreign exchange transactions, the SBV Regional branch shall clearly state the reasons and send an electronic document or a paper document to the investor.

Article 11. Certification of registration and registration of change of foreign exchange transactions

1. The SBV Regional branches may certify the registration and registration of change of foreign exchange transactions related to offshore investment in oil and gas activities for institutional investors whose head offices are located within the same localities, or for investors being individuals whose permanent residence is registered within the same localities of the SBV Regional branches, using the forms provided in Appendix I and Appendix II to this Circular.

2. In case changes related to the investor implementing the offshore investment project result in a change of the SBV Regional branch having competence to certify the registration of changes of foreign exchange transactions related to offshore investment in oil and gas activities:

a) The new SBV Regional branch shall act as the focal point for receiving the dossier for registration of change of foreign exchange transactions related to offshore investment in oil and gas activities;

b) The SBV Regional branch that certified the registration of foreign exchange transactions or the SBV Regional branch that last certified the registration of changes of foreign exchange transactions (for cases where the investor has been issued a certification of registration of changes) shall coordinate in providing information and transferring the dossiers of registration or registration of changes of foreign exchange transactions at the request of the new SBV Regional branch.

Article 12. Termination of the validity of certifications of registration and registration of change of foreign exchange transactions

1. The SBV Regional branch’s written certification of registration or registration of change of foreign exchange transactions related to offshore investment in oil and gas activities shall automatically expire when the competent agency issues a decision invalidating the investor’s offshore investment registration certificate, or when an investor withdraws from an investment project and has its/his/her offshore investment registration certificate modified by the competent agency.

2. The investor may continue using the investment capital account to conduct transactions for recovery of capital (costs) from the overseas oil and gas project in accordance with Article 18 of Decree No. 132/2024/ND-CP, and to remit profits to Vietnam in accordance with Article 68 of the Law on Investment and Articles 7 and 8 of this Circular, when the certification of registration or certification of registration of changes of foreign exchange transactions becomes invalid.

3. The SBV Regional branch as provided in Article 11 of this Circular shall issue a document to the investor and the licensed bank where the investor opens the investment capital account, notifying the termination of validity of the certification of registration or certification of registration of changes of foreign exchange transactions, and the reasons for such termination, when a competent agency concludes that the dossier or documents for registration or registration of changes of foreign exchange transactions related to offshore investment in oil and gas activities have been falsified.

Article 13. Notification of change of foreign exchange transactions

After being granted an offshore investment registration certificate and a modified offshore investment registration certificate by a competent agency, an investor shall send notification of changes of foreign exchange transactions related to offshore investment in oil and gas activities in accordance with Clause 4, Article 16 of Decree No. 132/2024/ND-CP, with the SBV Regional branch in the locality where it is headquartered, for institutional investors, or where he/she registers permanent residence, for individual investors. In case a project involves more than one investor, every investor shall make notification of change of foreign exchange transactions related to offshore investment in oil and gas activities with the SBV Regional branch in the locality.

 

Chapter IV

RESPONSIBILITIES OF RELATED PARTIES

 

Article 14. Responsibilities of investors

1. To comply with regulations on offshore investment in oil and gas activities, and conduct outbound and inbound transfer of capital, make reports and implement contents related to offshore investment in oil and gas activities in accordance with this Circular and relevant laws.

2. To transfer capital abroad under the SBV Regional branches’ written certification of registration or registration of change of foreign exchange transactions, and take responsibility for the authentication of documents and contents of registration or registration of change of foreign exchange transactions in accordance with this Circular and relevant laws.

3. To provide the certification issued by the licensed bank regarding the closure of pre-investment foreign-currency accounts and previously opened investment capital accounts to the licensed bank where the new account is opened.

4. To honestly and fully declare collection and payment transactions on pre-investment foreign-currency accounts and investment capital accounts; to supply documents related to offshore investment in oil and gas activities as required by licensed banks, and to take responsibility before the law for the authentication of documents submitted to the licensed banks.

5. To bear legal responsibility for the amount of foreign currency transferred abroad before the grant of the offshore investment registration certificate and the amount transferred abroad after the grant of the offshore investment registration certificate, in accordance with the purposes prescribed in Decree No. 132/2024/ND-CP and this Circular.

6. To clearly state the purpose in the payment order when conducting money transfer transactions.

7. To send notifications to the State Bank of Vietnam and the SBV Regional branches using the form provided in Appendix III to this Circular within 10 working days from the date of conducting foreign-currency transfers abroad before the grant of the offshore investment registration certificate with a value exceeding the limit prescribed in Clause 3, Article 13 of Decree No. 132/2024/ND-CP.

8. To be subject to supervision and inspection by the State Bank regarding compliance with current laws on foreign exchange management related to offshore investment in oil and gas activities.

Article 15. Responsibilities of licensed banks

1. To guide investors to strictly comply with this Circular and relevant laws.

2. To formulate, promulgate, and bear responsibility for the contents of internal regulations on professional procedures related to outbound money transfers conducted before and after the grant of the offshore investment registration certificate, and outbound money transfers for the purpose of fulfilling financial obligations to the host country and partners under the oil and gas contract, license, or other relevant agreements and legal documents upon the completion of offshore investment in oil and gas activities in accordance with Decree No. 132/2024/ND-CP, which must, at a minimum, include the following:

a) Regulations on dossiers, papers and documents related to money transfer transactions to ensure that outbound transfers are made for proper purposes;

b) Regulations requiring the investors to provide:

(i) Dossiers, papers and documents as prescribed at Point a of this Clause;

(ii) A written undertaking regarding the amount of money transferred abroad before the grant of the offshore investment registration certificate, confirming that such outbound transfer is conducted for the proper purpose and complies with Clause 4, Article 4 of this Circular.

3. To conduct outbound foreign-currency transfers before the grant of offshore investment registration certificates for investors in accordance with Decree No. 132/2024/ND-CP and this Circular. To transfer abroad investment capital for oil and gas activities at the request of investors only after being granted offshore investment registration certificates and only when the investors produce the written certification of registration or registration of change of foreign exchange transactions related to offshore investment in oil and gas activities under this Circular, and provide dossiers, papers and documents evidencing the lawful purpose of the money transfer.

4. To consider, check and archive papers and documents according to actual transactions in order to ensure that foreign exchange services are provided to investors for proper purposes in compliance with law.

5. To provide written certification of the opening of the investors’ investment capital accounts, clearly stating the account number and type of foreign currency in accordance with Point d, Clause 1, Article 15 of Decree No. 132/2024/ND-CP, and provide written certification of the balance on the investment capital accounts, the amount transferred abroad, and the amount remitted to Vietnam at the time a change arises in accordance with Point b, Clause 2, Article 16 of Decree No. 132/2024/ND-CP.

6. To provide written certification of the amount transferred abroad by the investors before the grant of offshore investment registration certificates, clearly stating the accounts used for the transfer in accordance with Point dd, Clause 1, Article 15 of Decree No. 132/2024/ND-CP.

7. To abide by the law on anti-money laundering, combating the financing of terrorism, and proliferation of weapons of mass destruction.

8. To comply with the reporting regime prescribed in Article 17 of this Circular and relevant laws.

Article 16. Responsibilities of SBV Regional branches

1. To provide guidance for investors, licensed banks, and other related organizations and individuals to fully comply with this Circular;

2. To certify investors’ registration or registration of change of foreign exchange transactions related to offshore investment in oil and gas activities in localities under this Circular;

3. To monitor, examine, and supervise the outbound transfer of investment capital in cash and the remittance of funds to Vietnam related to offshore investment in oil and gas activities.

4. To monitor, make statistics of, and summarize, the offshore investment of capital in oil and gas activities by investors in localities for reporting such to the State Bank under this Circular;

5. To conduct supervision and inspection of the compliance with current laws on foreign exchange management related to offshore investment in oil and gas activities by investors in localities.

6. To comply with the reporting regime prescribed in Article 19 of this Circular and relevant laws.

 

Chapter V

REPORTING REGIME

 

Article 17. Reporting by licensed banks

1. By the 10^th of the month following the month when arise transactions of outbound transfer of foreign currency amounts before the grant of offshore investment certificates, or when arise transactions of inbound transfer of foreign currency amounts on investors’ pre-investment foreign-currency accounts, licensed credit institutions where investors open pre-investment foreign-currency accounts shall report to the SBV Regional branches according to the form provided in Appendix IV to this Circular.

2. On a quarterly basis, no later than the 10^th day of the first month of the quarter immediately following the reporting quarter, the licensed banks shall report on the outbound transfer of investment capital for offshore investment in oil and gas activities for each project that has been granted an offshore investment registration certificate by a competent agency, using the form provided in Appendix V to this Circular, to the State Bank of Vietnam and the SBV Regional branches.

3. Licensed banks where investors open their investment capital accounts shall send reports on collection and payment transactions via such accounts under the State Bank’s current regulations on reporting and statistical regime applicable to credit institutions and foreign bank branches.

Article 18. Reporting by investors

On a quarterly basis, no later than the 10^th day of the first month of the quarter immediately following the reporting quarter, the investors shall report on the outbound transfer of investment capital for offshore investment in oil and gas activities for each project that has been granted an offshore investment registration certificate by a competent agency, using the form provided in Appendix VI to this Circular, to the SBV Regional branches.

Article 19. Reporting by the SBV Regional branches

The SBV Regional branches shall send reports to the State Bank of Vietnam on the certification of registration or registration of change of foreign exchange transactions related to offshore investment in oil and gas activities and the outbound transfer of investment capital by investors in localities under the State Bank’s current regulations on reporting and statistical regime applicable to the SBV Regional branches.

Article 20. Requests for extraordinary reports

In extraordinary cases or when necessary, investors and licensed credit banks shall make reports at the request of the State Bank of Vietnam, and SBV Regional branches; SBV Regional branches shall make reports at the request of the State Bank of Vietnam.

 

Chapter VI

IMPLEMENTATION PROVISIONS

 

Article 21. Effect

1. This Circular takes effect from December 15, 2025.

2. This Circular replaces Circular No. 31/2018/TT-NHNN dated December 18, 2018, of the Governor of the State Bank, guiding foreign exchange management concerning offshore investment in petroleum activities.

Article 22. 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, relevant organizations and individuals shall implement this Circular.

 

FOR THE GOVERNOR DEPUTY GOVERNOR   Pham Thanh Ha