| THE STATE BANK ---------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness -------------- |
| No. 03/2004/TT-NHNN | Hanoi, May 25, 2004 |
CIRCULAR
GUIDING THE FOREIGN EXCHANGE MANAGEMENT OVER THE CONTRIBUTION OF CAPITAL TO, AND PURCHASE OF SHARES FROM, VIETNAMESE ENTERPRISES BY FOREIGN INVESTORS
In furtherance of Article 2 of the Prime Minister's Decision No. 36/2003/QD-TTg of March 11, 2003 promulgating the Regulation on contribution of capital to, and purchase of shares from, Vietnamese enterprises by foreign investors, the State Bank hereby guides in detail the foreign exchange management over the contribution of capital to, and purchase of shares from, Vietnamese enterprises by foreign investors as follows:
Chapter I
GENERAL PROVISIONS
1. Scope of regulation
1.1. This Circular regulates foreign exchange transactions related to foreign investors' activities of contributing capital to, or purchasing shares from, Vietnamese enterprises, including the transfer of capital into Vietnam for capital contribution, share purchase, conversion of foreign currencies into Vietnam dong, opening and use of Vietnam-dong accounts for capital contribution, share purchase, conversion of Vietnam dong into foreign currencies and transfer of foreign currencies abroad.
1.2. Foreign exchange transactions related to activities of securities purchase and sale at the Securities Trading Center in Vietnam shall be conducted according to specific guidance of the State Bank.
1.3. Foreign investors' foreign exchange transactions related to foreign direct investment activities in Vietnam under the Foreign Investment Law shall not be subject to the regulation of this Circular.
2. Interpretation of terms:
In this Circular, the following terms are construed as follows:
