Vietnam Modernizes Its Foreign-Investment Foreign Exchange Framework

Greater Investment Funding Flexibility – VIFC Capital Flows Framework

The State Bank of Vietnam has issued Circular No. 38/2026/TT-NHNN (“Circular 38”), replacing Circular No. 06/2019/TT-NHNN (“Circular 06”) with effect from 18 August 2026.

Circular 38 is more than a technical update. While preserving the familiar framework for investment capital accounts, capital contributions, acquisition payments and profit repatriation, Circular 38 modernizes that framework in several important respects.

Most notably, the new Circular:

• integrates investments from the Vietnam International Financial Centre (“VIFC”) into the foreign-exchange framework applicable to the rest of Vietnam;
• permits investment capital to be remitted before certain investment registration procedures are completed;