Remitting Profits In Vietnam: A Step By Step Guide

Once a company makes a profit and is able to meet the basic requirements for remittance, as mentioned in our introductory article, challenges will remain with respect to ensuring that the remittance process goes smoothly.

Whether it be a decision over the method of repatriation or when to take profits, the ways in which investors choose to approach the remittance process can have a significant impact on the quantity and timeframe under which profits will be accessible.

Step 1 – Set up a foreign currency bank account

When entering the Vietnamese market, foreign investors who wish to remit profits to their home markets will be required to open a foreign currency bank account. This account is to be utilized for all foreign currency transactions carried out within the country. For FDI activities in Vietnam, investors will are required to open a Direct Investment Capital Account (DICA) or an Indirect Investment Capital Account (IICA).