STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence- Freedom- Happiness
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No. 635/CV-QLNH
Re: Opening and use of specialized foreign currency deposit account
Hanoi, October 10th , 2002
 
To: General Managers (Managers) of permitted commercial banks
With the view to strictly implementing provisions on specialized foreign currency deposit account stipulated in the Circular No. 04/2001/TT-NHNN dated 18 May, 2001 of the Governor of the State Bank providing guidance on foreign currency control for enterprises with foreign invested capital and foreign parties to business cooperation contract, commercial banks permitted to engage in foreign currency business (CB) should supervise and speed up enterprises with foreign invested capital and foreign parties to business cooperation contract to implement several following works:
1. Enterprises with foreign invested capital and foreign parties to business cooperation contract shall open an specialized foreign currency deposit account for the implementation of transactions provided for in point 3, Section II of the Circular No. 04/2001/TT-NHNN dated 18 May, 2001 of the Governor of the State Bank.
2. Commercial banks should provide guidance to enterprises with foreign invested capital and foreign parties to business cooperation contract on requirements and procedures of the opening and use of the specialized foreign currency deposit account in accordance with above provisions. All transactions provided for in point 3, section II, the Circular No. 04/2001/TT-NHNN shall not be performed through the checking foreign currency account.
The State Bank informs to General Managers (Managers) of commercial banks permitted to engage in foreign currency business for their acknowledgement and implementation.
 
ON BEHALF OF THE GOVERNOR OF THE STATE BANK
FOR THE DIRECTOR OF FOREIGN EXCHANGE CONTROL DEPARTMENT
DEPUTY DIRECTOR




Phi Dang Minh