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

CIRCULAR

Guiding foreign exchange management for offshore investment in oil and gas activities^[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 Law No. 61/2020/QH14 on Investment;

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. 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;

Pursuant to the Government’s Decree No. 133/2014/ND-CP providing offshore investment in petroleum 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 promulgates the Circular guiding foreign exchange management for offshore investment in oil and gas activities.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

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

1. Opening and use of pre-investment foreign-currency accounts for outbound transfer of foreign-currency amounts before offshore investment registration certificates are issued.

2. Opening and use of investment capital accounts for carrying out outbound and inbound money transfers after offshore investment registration certificates are issued.

3. Registration of, or registration of changes in, foreign exchange transactions of investors after offshore investment registration certificates are issued.

Article 2. Subjects of application

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

2. Banks and foreign bank branches licensed to trade in foreign exchange and provide foreign exchange services in Vietnam (below collectively 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. Foreign currencies on accounts opened at licensed banks or purchased from licensed banks or foreign currencies from other lawful funding sources in accordance with law.

2. Vietnam dong in case of transfer of investment capital to host countries or territories with which Vietnam has concluded bilateral or multilateral agreements permitting the use of Vietnam 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. An investor shall open one foreign-currency payment account at one licensed bank to conduct collection and payment transactions related to the outbound transfer of foreign-currency amounts before an offshore investment registration certificate is issued in order to cover expenses for the formulation of an overseas investment project under Clause 2, Article 13 of Decree No. 132/2024/ND-CP (below 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 overseas investment project involves multiple investors, each investor shall open one pre-investment foreign-currency account to conduct related transactions.

Every collection or payment transaction related to the transfer of foreign-currency amounts before an offshore investment registration certificate is issued under Article 5 of this Circular shall be conducted via the pre-investment foreign-currency account.

3. An investor that wishes to change the foreign currency on the previous 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 also the change of the foreign currency) shall, within 10 working days after opening a new pre-investment foreign-currency account, convert the foreign currency and transfer the foreign-currency balance on the previous pre-investment foreign-currency account to the new pre-investment foreign-currency account and, at the same time, close the previous account. The investor may only conduct collection and payment transactions related to the transfer of foreign-currency amounts on the new pre-investment foreign-currency account after closing the previous pre-investment foreign-currency account.

4. In case no overseas investment project is formulated or no offshore investment registration certificate is issued, the investor may transfer the foreign-currency amount (if any) that has been transferred abroad but not yet used up back to Vietnam via the pre-investment foreign-currency account and shall close the previous pre-investment foreign-currency account.

5. After an offshore investment registration certificate is issued for a project, the pre-investment foreign-currency account specified in this Article may be used as an investment capital account under Clause 3, Article 14 of Decree No. 132/2024/ND-CP and the investor shall register foreign exchange transactions with the State Bank’s branch in the relevant region (below referred to as the State Bank’s regional branch) under Article 10 of this Circular.

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

1. Collection transactions:

a/ Collection of foreign-currency amounts transferred from payment accounts of investors;

b/ Collection of foreign-currency amounts purchased from licensed banks in accordance with law;

c/ Collection of foreign-currency amounts from the conversion of foreign-currency amounts from previous pre-investment foreign-currency accounts in case of change of the foreign currency used for opening pre-investment accounts under Clause 3, Article 4 of this Circular;

d/ Collection of foreign-currency amounts from foreign-currency balances transferred from previous pre-investment foreign-currency accounts in case of change of licensed banks at which pre-investment foreign-currency accounts are opened under Clause 3, Article 4 of this Circular;

dd/ Collection of foreign-currency amounts transferred from abroad to Vietnam under Clause 4, Article 4 of this Circular, or in case investors are reimbursed by foreign partners the expenses for the formulation of overseas investment projects in oil and gas activities;

e/ Collection of foreign-currency amounts from the conversion of foreign-currency amounts transferred from abroad to Vietnam in case the currency used for the transfer is not the currency of pre-investment foreign-currency accounts;

g/ Collection of interests on accounts’ balances in accordance with law.

2. Payment transactions:

a/ Payments for outbound transfer of foreign-currency amounts for the purposes specified in Clause 2, Article 13 of Decree No. 132/2024/ND-CP;

b/ Payments for sale of foreign-currency amounts to licensed banks in accordance with law;

c/ Payments for foreign-currency transfers to foreign-currency payment accounts of investors;

d/ Payments for foreign-currency conversion from previous pre-investment foreign-currency accounts in case of change of the foreign currency used for opening pre-investment accounts under Clause 3, Article 4 of this Circular;

dd/ Payments for transfer of foreign-currency balances on previous pre-investment foreign-currency accounts in case of change of licensed banks at which pre-investment foreign-currency accounts are opened under Clause 3, Article 4 of this Circular;

e/ Payments for service charges related to account management and via-account money transfer transactions under regulations of licensed banks.

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

1. After the offshore investment registration certificate is issued, an investor shall open one payment account in one foreign currency suitable to the need of transferring investment capital abroad at one licensed bank, except the case specified in Clause 5, Article 4 of this Circular, to conduct collection and payment transactions related to offshore investment in oil and gas activities (below referred to as investment capital accounts).

2. In case of transfer of Vietnam-dong investment capital amounts abroad, an investor may open and use concurrently one Vietnam-dong investment capital account and one foreign-currency investment capital account at the same licensed bank.

3. An investor shall open one investment capital account for each offshore investment project. In case an overseas investment project involves multiple investors, each investor shall open one investment capital account to conduct related transactions.

Every collection or payment transaction specified in Articles 7 and 8 of this Circular shall be conducted via an investment capital account.

4. In case of change of the investor implementing an offshore investment project due to the transfer of the whole of an overseas oil and gas project to a domestic investor, after the modified offshore investment registration certificate is issued, the investor as the transferee shall open a new investment capital account at a licensed bank and register foreign exchange transactions with the State Bank’s regional branch under Article 10 of this Circular to continue conducting collection and payment transactions related to offshore investment in oil and gas activities. The investor as the transferor shall close its investment capital account within 10 working days after the modified offshore investment registration certificate is issued and shall notify the account closure to the State Bank’s regional branch where the foreign exchange transaction registration is confirmed or where the latest foreign exchange transaction change registration is confirmed in case the change has been registered.

5. Except the case specified in Clause 2 of this Article, an investor that wishes to change the foreign currency of the foreign-currency investment capital account at the same licensed bank, or to change the licensed bank where the investment capital account is opened (including also change of the foreign currency) shall:

a/ 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/ Register changes in foreign exchange transactions related to offshore investment in oil and gas activities with the State Bank’s regional branch under Article 10 of this Circular;

c/ Convert the foreign currency amounts or transfer the balance on the previous investment capital account to the new investment capital account, and, at the same time, close the previous investment capital account, within 10 working days after the State Bank’s regional branch confirms the registration of changes in foreign exchange transactions;

d/ Conduct collection and payment transactions specified in Articles 7 and 8 of this Circular via the new investment capital account 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/ Collection of foreign-currency amounts transferred from payment accounts of investors;

b/ Collection of foreign-currency amounts purchased from licensed banks in accordance with law;

c/ Collection of foreign-currency amounts from the conversion of foreign-currency amounts from previous investment capital accounts in case of change of foreign currencies used for opening of investment capital accounts under Clause 5, Article 6 of this Circular;

d/ Collection of foreign-currency amounts from the transfer of foreign-currency balances on previous investment capital accounts in case of change of licensed banks at which investment capital accounts are opened under Clause 5, Article 6 of this Circular;

dd/ Collection of foreign-currency amounts that are recovered capital amounts (expenses) receivable by investors under Article 18 of Decree No. 132/2024/ND-CP;

e/ Collection of investment capital amounts transferred from abroad to Vietnam in case of transfer of overseas oil and gas projects to foreign investors in accordance with the law on investment;

g/ Collection of investment capital amounts transferred from abroad to Vietnam in case of termination of offshore investment in accordance with the law on investment;

h/ Collection of profits and lawful income amounts generated from offshore investment in oil and gas activities transferred to Vietnam in accordance with the law on investment;

i/ Collection of principals and interests of loans provided by investors to legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

k/ Collection of debts from guaranteed parties related to guarantee amounts provided by investors to legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

l/ Collection of foreign-currency amounts from the conversion of foreign-currency amounts transferred from abroad to Vietnam in case currencies used for the transfer are different from currencies of investment capital accounts;

m/ Collection of interests on accounts’ balances in accordance with law.

2. Payment transactions:

a/ Payments for outbound transfer of offshore investment capital amounts in oil and gas activities for implementation of overseas oil and gas projects in accordance with law;

b/ Payments for sale of foreign-currency amounts to licensed banks in accordance with law;

c/ Payments for foreign-currency transfers to foreign-currency payment accounts of investors;

d/ Payments for provision of loans to legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

dd/ Payments for performance of the guarantee obligation related to guarantee amounts of investors for legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

e/ Payments for conversion of foreign-currency amounts to new investment capital accounts in case of change of foreign currencies used for opening of the investment capital accounts under Clause 5, Article 6 of this Circular;

g/ Payments for transfer of foreign-currency balances to new investment capital accounts in case of change of licensed banks at which investment capital accounts are opened under Clause 5, Article 6 of this Circular;

h/ Payments for service charges related to account management and via-account money transfer transactions under regulations of licensed banks.

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

1. Collection transactions:

a/ Collection of transfers from Vietnam-dong accounts of investors;

b/ Collection of balance transfers in case of change of investment capital accounts under Clause 5, Article 6 of this Circular;

c/ Collection of principals and interests of loans provided by investors to legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

d/ Collection of debts recovered from guaranteed parties related to guarantee amounts provided by investors to legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

dd/ Collection of Vietnam-dong amounts that are recovered capital amounts (expenses) receivable by investors under Article 18 of Decree No. 132/2024/ND-CP;

e/ Collection of investment capital amounts transferred to Vietnam in case of transfer of overseas oil and gas projects to foreign investors in accordance with the law on investment;

g/ Collection of investment capital amounts transferred to Vietnam in case of termination of offshore investment in accordance with the law on investment;

h/ Collection of profits and lawful income amounts in Vietnam dong generated from offshore investment in oil and gas activities transferred to Vietnam in accordance with the law on investment;

i/ Collection of interests on accounts’ balances in accordance with law.

2. Payment transactions:

a/ Payments for outbound transfer of Vietnam-dong investment capital amounts in oil and gas activities for the implementation of overseas oil and gas projects in accordance with law;

b/ Payments for transfers to Vietnam-dong payment accounts of investors;

c/ Payments for balance transfers in case of change of investment capital accounts under Clause 5, Article 6 of this Circular;

d/ Payments for provision of loans to legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

dd/ Payments for performance of the guarantee obligation related to guarantee amounts of investors for legal persons that implement overseas investment projects in oil and gas activities in accordance with law;

e/ Payments for service charges related to account management and via-account money transfer transactions under regulations of licensed banks.

Article 9. Outbound transfers for performance of financial obligations after the termination of offshore investment in oil and gas activities

After terminating offshore investment in oil and gas activities, investors may transfer foreign-currency amounts abroad to perform their financial obligations toward host countries and partners in accordance with oil and gas contracts, licenses, or other relevant agreements and legal documents as specified in Clause 3, Article 25 of Decree No. 132/2024/ND-CP via their foreign-currency payment accounts opened at licensed banks, provided they can produce documents and papers as required by the licensed banks.

Chapter III

REGISTRATION OF, OR REGISTRATION OF CHANGES IN, FOREIGN EXCHANGE TRANSACTIONS RELATED TO OFFSHORE INVESTMENT IN OIL AND GAS ACTIVITIES

Article 10. Registration of, or registration of changes in, foreign exchange transactions

1. After an offshore investment registration certificate or a modified offshore investment registration certificate is issued by the 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 specified in Article 15 of Decree No. 132/2024/ND-CP, or register change of foreign exchange transactions related to offshore investment in oil and gas activities under Clauses 1, 2 and 3, Article 16 of Decree No. 132/2024/ND-CP, with the State Bank’s regional branch in the locality where the investor’s head office is located, for institutional investors, or where the investor registers his/her permanent residence, for individual investors. In case a project involves multiple investors, each investor shall make registration of, or registration of changes in, foreign exchange transactions related to offshore investment with the State Bank’s regional branch in the locality where the project is located.

2. In case of using profits generated from an offshore investment project to implement a new project in overseas oil and gas activities under Point c, Clause 1, Article 67 of the Law on Investment, after an offshore investment registration certificate is issued for the new investment project, the investor shall make registration of foreign exchange transactions related to offshore investment in oil and gas activities with the State Bank’s regional branch in the locality where the project is located under Article 15 of Decree No. 132/2024/ND-CP and Article 10 of this Circular.

3. Applications for registration of, or registration of changes in, foreign exchange transactions related to offshore investment in oil and gas activities shall be made according to Form No. 01 or Form No. 02 provided in the Appendix to Decree No. 132/2024/ND-CP.

4. An investor shall send 1 set of dossier for registration of, or registration of changes in, foreign exchange transactions to the State Bank’s regional branch in the locality where its/his/her project is located:

a/ By hand-delivery at the single-window division of the State Bank’s regional branch;

b/ Online via the National Public Service Portal;

c/ By post.

5. In case of online submission via the National Public Service Portal, e-dossiers may bear digital signatures in accordance with the regulations on performance of administrative procedures in an electronic environment.

In case the National Public Service Portal encounters an incident or error making it unable to receive and exchange e-information, the declaration, sending, receipt, notification of results, exchange of opinions and feedback shall be carried out by post or directly at single-window divisions of the State Bank’s regional branches where the registration of foreign exchange transactions is confirmed or the latest registration of change of foreign exchange transactions is confirmed in case the change has been registered.

Documents in e-dossiers are e-copies scanned from the primary-source documents or originals (PDF format files) or e-forms filled in the National Public Service Portal.

6. The State Bank’s regional branches shall confirm or refuse to confirm the registration of foreign exchange transactions or the registration of change of foreign exchange transactions related to offshore investment in oil and gas activities in the form of e-documents or paper documents sent to investors within 10 working days from the date of receipt of a complete and valid dossier from the investors. In case of refusal to confirm the registration of, or registration of changes in, foreign exchange transactions, the State Bank’s regional branches shall clearly state the reason and send replies in electronic or paper form to the investors.

Article 11. Confirmation of registration of, or registration of changes in, foreign exchange transactions

1. The State Bank’s regional branch in a locality shall confirm the registration of, or registration of changes in, foreign exchange transactions related to offshore investment in oil and gas activities for institutional investors having their head offices located in the same locality or for individual investors that register their permanent residence in the same locality, using the form provided in Appendix I or Appendix II to this Circular.

2. In case a change related to the investor implementing a project leads to the change of the State Bank’s regional branch competent to confirm the registration of changes in foreign exchange transactions related to offshore investment in oil and gas activities:

a/ The State Bank’s new regional branch shall act as the focal point to receive dossiers for registration of changes in foreign exchange transactions related to offshore investment in oil and gas activities;

b/ The State Bank’s regional branch that has confirmed the registration of foreign exchange transactions or the State Bank’s regional branch that has confirmed the registration of the latest changes in foreign exchange transactions (in case letters of confirmation of change registration have been issued for investors) shall provide information and transfer dossiers for registration of, or registration of changes in, foreign exchange transactions at the request of the State Bank’s new regional branch.

Article 12. Invalidation of letters of confirmation of registration of, or registration of changes in, foreign exchange transactions

1. A letter of confirmation of registration of, or registration of changes in, foreign exchange transactions related to offshore investment in oil and gas activities, issued by the State Bank’s regional branch, is automatically invalidated when the competent agency issues a decision on invalidation of the offshore investment registration certificate for the investor, or when the investor withdraws from the investment project and the competent agency has modified the offshore investment registration certificate.

2. An investor may continue to use an investment capital account to conduct transactions for recovering capital (expenses) from the overseas oil and gas project under Article 18 of Decree No. 132/2024/ND-CP, and transfer profits to Vietnam under Article 68 of the Law on Investment and Articles 7 and 8 of this Circular when the letter of confirmation of registration of, or registration of changes in, foreign exchange transactions is invalidated.

3. The State Bank’s regional branch specified in Article 11 of this Circular shall notify in writing the investor and the licensed bank where the investor’s investment capital account is opened of the invalidation of the letter of confirmation of registration of, or registration of changes in, foreign exchange transactions and the reason for invalidation when the competent agency concludes on the forgery of dossiers or documents for registration of, or registration of changes in, foreign exchange transactions related to offshore investment in oil and gas activities.

Article 13. Notification upon occurrence of changes in foreign exchange transactions

After an offshore investment registration certificate or a modified offshore investment registration certificate is issued by the competent agency, an investor shall notify the changes in foreign exchange transactions related to offshore investment in oil and gas activities under Clause 4, Article 16 of Decree No. 132/2024/ND-CP to the State Bank’s regional branch in the locality where the investor’s head office is located, for institutional investors, or where the investor registers his/her permanent residence, for individual investors. In case a project involves multiple investors, each investor shall notify the changes in foreign exchange transactions related to offshore investment to the State Bank’s regional branch in the locality where the project is located.

Chapter IV

RESPONSIBILITIES OF RELATED PARTIES

Article 14. Responsibilities of investors

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

2. To make outbound transfer of investment capital amounts in accordance with the State Bank’s regional branches-issued letters of confirmation of registration of, or registration of changes in, foreign exchange transactions, and take responsibility before law for the authenticity of such documents and contents of the registration of, or registration of changes in, foreign exchange transactions in accordance with this Circular and relevant regulations.

3. To provide licensed banks’ letters of confirmation of the closure of previous pre-investment foreign-currency accounts and investment capital accounts to licensed banks where new accounts are opened.

4. To truthfully and fully declare details of collection and payment on pre-investment foreign-currency accounts and investment capital accounts; to provide documents related to offshore investment in oil and gas activities under regulations of licensed banks, and take responsibility before law for the authenticity of documents produced to licensed banks.

5. To take responsibility before law for the use of the foreign-currency amounts transferred abroad before an offshore investment registration certificate is issued and the foreign-currency amounts transferred abroad after an offshore investment registration certificate is issued for the purposes specified in Decree No. 132/2024/ND-CP and this Circular.

6. To clearly state purposes in money transfer orders upon conducting money transfer transactions.

7. To send notices, made according to the form provided in Appendix III to this Circular, to the State Bank of Vietnam and the State Bank’s regional branches within 10 working days after conducting transactions of outbound transfer of foreign-currency amounts of a value exceeding the limit specified in Clause 3, Article 13 of Decree No. 132/2024/ND-CP before an offshore investment registration certificate is issued.

8. To submit to supervision and inspection by the State Bank regarding the observance of the current regulations on foreign exchange management related to offshore investment in oil and gas activities.

Article 15. Responsibilities of licensed banks

1. To guide investors in strictly complying with this Circular and relevant regulations.

2. To formulate and issue, and take responsibility for contents of, internal regulations on professional processes related to outbound transfers before and after an offshore investment registration certificate is issued and related to outbound transfers to perform financial obligations toward host countries and partners under oil and gas contracts, licenses or other relevant agreements and legal documents upon the termination of offshore investment in oil and gas activities under Decree No. 132/2024/ND-CP, which must have at least the following contents:

a/ Provisions on dossiers, papers and documents related to money transfer transactions to ensure proper purposes of money transfers;

b/ Provisions requiring investors to provide:

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

(ii) Written commitments that money amounts transferred abroad before an offshore investment registration certificate is issued are used for proper purposes and comply with Clause 4, Article 4 of this Circular.

3. To make outbound transfer of foreign-currency amounts before offshore investment registration certificates are issued to investors in accordance with Decree No. 132/2024/ND-CP and this Circular; to transfer offshore investment capital amounts in oil and gas activities only after offshore investment registration certificates are issued at the request of investors and investors produce letters of confirmation of registration of, or registration of changes in, foreign exchange transactions related to offshore investment in oil and gas activities in accordance with this Circular, and provide dossiers, papers and documents proving that money transfers are conducted for proper purposes.

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

5. To issue letters of confirmation of the opening of investment capital accounts by investors, clearly stating account numbers and foreign currencies under Point d, Clause 1, Article 15 of Decree No. 132/2024/ND-CP, and letters of confirmation of balances on such investment capital accounts and money amounts transferred abroad and money amounts transferred to Vietnam by the time of occurrence of the change under Point b, Clause 2, Article 16 of Decree No. 132/2024/ND-CP.

6. To issue letters of confirmation of money amounts transferred abroad by investors before an offshore investment registration certificate is issued, clearly stating numbers of accounts via which transfers are made under Point dd, Clause 1, Article 15 of Decree No. 132/2024/ND-CP.

7. To comply with the regulations on prevention and combat of money laundering and financing of terrorism and the proliferation of weapons of mass destruction.

8. To comply with the reporting regime specified in Article 17 of this Circular and other relevant regulations.

Article 16. Responsibilities of the State Bank’s regional branches

1. To guide investors, licensed banks and other related organizations and individuals in complying with this Circular;

2. To confirm registration of, or registration of changes in, foreign exchange transactions related to offshore investment in oil and gas activities for investors in their localities in accordance with this Circular;

3. To monitor, inspect and supervise the outbound transfer of investment capital amounts and inbound transfer of money amounts related to offshore investment in oil and gas activities;

4. To monitor, make statistics on, and summarize, the implementation of the regulations on capital amounts for offshore investment in oil and gas activities by investors in their localities for reporting to the State Bank in accordance with this Circular;

5. To supervise and inspect the observance of the current regulations on foreign exchange management related to offshore investment in oil and gas activities by investors in their localities;

6. To implement the reporting regime under Article 19 of this Circular and relevant regulations.

Chapter V

REPORTING REGIME

Article 17. Reporting by licensed banks

1. No later than the 10^th of the month following the month in which transactions of outbound transfer of foreign-currency amounts before an offshore investment registration certificate is issued or in which transactions of inbound transfer of foreign-currency amounts on pre-investment foreign-currency accounts of investors are conducted, licensed banks where investors open pre-investment foreign-currency accounts shall send reports thereon to the State Bank’s regional branches, made according to the form provided in Appendix IV to this Circular.

2. On a quarterly basis, licensed banks shall send reports to the State Bank of Vietnam and the State Bank’s regional branches on the outbound transfer of capital amounts for offshore investment in oil and gas activities no later than the 10^th of the first month of the quarter following the reporting quarter, made according to the form provided in Appendix V to this Circular, for each project for which an offshore investment registration certificate has been issued by the competent agency.

3. Licensed banks where investors open their investment capital accounts shall report on collections and payments on 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, investors shall send reports to the State Bank’s regional branches on the outbound transfer of capital amounts for offshore investment in oil and gas activities no later than the 10^th of the first month of the quarter following the reporting quarter, made according to the form provided in Appendix VI to this Circular, for each project for which an offshore investment registration certificate has been issued by the competent agency.

Article 19. Reporting by the State Bank’s regional branches

The State Bank’s regional branches shall send reports on the confirmation of registration of, or registration of changes in, 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 State Bank’s regional branches.

Article 20. Requests for unscheduled reports

In an extraordinary basis or when necessary, investors and licensed banks shall make reports at the request of the State Bank of Vietnam and the State Bank’s regional branches; the State Bank’s 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 on December 15, 2025.

2. This Circular annuls the State Bank Governor’s Circular No. 31/2018/TT-NHNN of December 18, 2018, guiding foreign exchange management for offshore investment in oil and gas activities.

Article 22. Responsibility for organization of implementation

Heads of the units of the State Bank of Vietnam, banks, foreign bank branches that are licensed to trade in foreign exchange and provide foreign exchange services in Vietnam, and related organizations and individuals shall implement this Circular.-

For the Governor of the State Bank of Vietnam
Deputy Governor
PHAM THANH HA

* The Appendices to this Circular are not translated.