THE STATE BANK OF VIETNAM

Circular No.  36/2013/TT-NHNN dated December 31, 2013 of the State Bank of Vietnam providing for the opening and use of foreign currency account for offshore direct investment
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Investment No. 59/2005/QG11 dated 29 November 2005;
Pursuant to the Ordinance No. 06/2013/PL-UBTVQH13 dated 18 March 2013 amending, supplementing several articles of the Ordinance on Foreign Currency No. 28/2005/PL-UBTVQH11 dated 13 December 2005;
Pursuant to the Decree No. 78/2006/ND-CP dated 09 August 2006 of the Government providing for offshore direct investment;
Pursuant to the Decree No. 121/2007/ND-CP dated 25 July 2007 of the Government providing for the offshore direct investment in oil and gas activities;
Pursuant to the Decree No. 17/2009/ND-CP dated 16 February 2009 of the Government amending, supplementing several articles of the Decree No.121/2007/ND-CP dated 25 July 2007 providing for the offshore direct investment in oil and gas activities;
Pursuant to the Decree No.156/2013/ND-CP dated 11 November 2013 of the Government providing for the functions, duties, authorities and organizational structure of State Bank of Vietnam
Upon proposal of the Director of the Foreign Exchange Control Department;

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The Governor of the State Bank of Vietnam hereby issues the Circular providing for the opening and use of foreign account for offshore direct investment.
Chapter I
GENERAL PROVISIONS
Article 1. Governing scope
This Circular provides for account opening and use; registration, registration for change of account and progress of foreign currency remittance for offshore direct investment of the Vietnamese investors after being licensed for offshore investment and remittance of foreign currency before being granted with investment certificate of Vietnamese investors in oil and gas in accordance with the legal regulations.
Article 2. Subjects of application
1. Vietnamese investors (hereinafter called “the investors”) shall include the residents who are organizations (including credit institutions) and individuals who are permitted for offshore direct investment in accordance with legal regulations.
2. Organizations, individuals related to the offshore direct investment of investors.
Article 3. Interpretation
In this Circular, the following terms shall be construed as follows:

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1. The licensed credit institutions shall be the credit institutions, foreign bank branches which are given permission to perform foreign exchange and supply foreign exchange in accordance with regulation of law.
2. Offshore direct investment capital account in foreign currency (herein after referred to as direct investment capital account) shall be a foreign currency payment account of the investor that is opened at a licensed credit institution in Vietnam to perform transactions relating to offshore direct investment projects.
3. Registration of direct investment capital account and progress of offshore investment capital remittance shall be the registration by investors with the State Bank or State Bank branches in provinces, cities for the direct investment capital account opened at a licensed credit institutions to realize an offshore investment project and on progress of remitting investment capital (herein after referred to as registration for account and progress of capital remittance).
4. Registration for change in direct investment capital account, progress of remitting investment capital abroad shall be the fulfillment of procedures by investors for the change of account and progress with the State Bank or State Bank branches in provinces, cities in accordance with the regulations of this Circular (herein after referred to as register for change of account and progress of capital remittance), if there is any change arising from the written confirmation issued by the State Bank to the registration for account and progress of capital remittance, it is required to take procedures to register for such change with the State Bank or State Bank branches in provinces, cities in accordance with this Circular (hereinafter called registration for change of account, progress of capital remittance).