Vietnam - Legal Overview - Foreign Exchange

The laws of Vietnam are complex and new legislation is constantly being introduced. What follows is no more than an introductory overview that we hope will assist investors to decide which areas of law they will need to research further.

This summary is, necessarily, selective and is no substitute for detailed legal advice.

What follows is no more than an outline of the law in relation to this complex topic.

1. The basic law is contained in State Bank Circular 6 TT-NH7 dated 18 September, 1993.

2. The law provides that an enterprise with foreign invested capital must open local bank accounts for both Dong and foreign currencies. The account may be at the branch of a foreign bank. Only one bank may be used at each place where the enterprise carries on business.