THE STATE BANK OF VIETNAM

Circular No. 05/2014/TT-NHNN dated March 12, 2014 of the State Bank of Vietnam guiding the open and use of indirect investment capital accounts for the implementation of foreign direct investment in Vietnam
Pursuant to the Law on State Bank of Vietnam No.46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No.47/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Investment No.59/2005/QH11 dated November 29, 2005;
Pursuant to the Law on Securities No.70/2006/QH11 dated June 29, 2006;
Pursuant to the Law on amendment, supplementation of a number of articles of the Law on Securities No.62/2010/QH12 dated November 24, 2010;
Pursuant to Ordinance on Foreign Exchange No.28/2005/PL-UBTVQH11 dated December 13, 2005;
Pursuant to the Ordinance No.06/2013/PL-UBTVQH13 dated March 18, 2013 on amendment, supplementation of a number of articles of the Ordinance on Foreign Exchange;
Pursuant to Decree No.156/2013/ND-CP dated January 11, 2013 of the Government stipulating the functions, tasks, power and organizational structure of the State Bank of Vietnam (below collectively referred to as the State Bank);
At the proposal of Director of Department of Foreign Exchange Management,
The Governor of the State Bank promulgates Circular guiding the opening and use of indirect investment capital accounts for implementation of foreign indirect investment activities in Vietnam.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Circular prescribes the opening and use of indirect investment capital accounts for implementation of transactions relating to foreign indirect investment activities in Vietnam.
Article 2. Subjects of application
1. This Circular applies to the following subjects:
a) Foreign investors who are nonresidents conducting indirect investment activities in Vietnam;
b) Organizations and individuals who are related to indirect investment activities in Vietnam.
2. This Circular does not govern foreign investors being residents who are foreign organizations and individuals. These subjects conduct indirect investment activities in Vietnam according to prevailing legal provisions on securities and other relevant normative legal documents.
Article 3. Interpretation of terms
In this Circular, the terms below are construed as follows:
1. “Foreign investors” include subjects who are nonresident foreign organizations and individuals conducting indirect investment activities in Vietnam;
2. “Licensed banks” include commercial banks and branches of foreign banks licensed to trade and supply foreign exchange service according to legal provisions.
3. “Licensed credit institutions” include credit institutions and branches of foreign banks licensed to trade and to supply foreign exchange service according to legal provisions.