PROVIDING GUIDANCE ON FOREIGN EXCHANGE MANAGEMENT IN RESPECT OF OUTWARD INVESTMENT ACTIVITIES

1. This Circular provides guidance on foreign exchange management in respect of outward investment activities, including:

a) Outward remittance before the issuance of an outward investment registration certificate (for projects subject to the issuance of an outward investment registration certificate) or before the issuance of the confirmation of the registration of foreign exchange transactions related to outward investment activities (for projects not subject to the issuance of an outward investment registration certificate), to cover expenses incurred in the establishment of the overseas investment project as prescribed in clause 3 of Article 32 of Decree No. 103/2026/ND-CP on outward investment;

b) Opening and use of pre-investment accounts to cover expenses incurred in the establishment of the overseas investment project, and outward investment accounts to conduct outward investment activities;

c) Registration of foreign exchange transactions related to outward investment activities;

d) Transfer of outward investment capital in cash to overseas; repatriation of investment capital, profits and lawful proceeds to Vietnam;

dd) Other foreign exchange activities related to outward investment activities.

2. Foreign exchange management in respect of forms of outward investment prescribed in clause 2 of Article 1 of Decree No. 103/2026/ND-CP does not fall within the scope of this Circular.

1. Investors as prescribed in Article 5 of Decree No. 103/2026/ND-CP.

2. Other relevant organizations and individuals involved in outward investment activities.

For the purposes of this Circular, the following terms shall be construed as follows:

1. The competent authority to confirm the registration of foreign exchange transactions related to outward investment activities is the State Bank of Vietnam (hereinafter referred to as the State Bank) and the Regional Branch of the State Bank of Vietnam (hereinafter referred to as the Regional State Bank) as prescribed in clauses 1 and 2 of Article 12 of this Circular.

2. A licensed bank is a bank or foreign bank branch permitted to conduct foreign exchange business and provide foreign exchange services in Vietnam.

3. The registration of foreign exchange transactions related to outward investment activities as prescribed in clause 7 of Article 3 of Decree No. 103/2026/ND-CP for each investment project refers to the investor's:

a) Initial registration of foreign exchange transactions with the State Bank or the Regional State Bank in accordance with this Circular, including the following particulars regarding: the investor, the investment project, the host country, the investment capital account opened at the licensed bank, the outward investment capital in cash and the outward capital transfer schedule. Where the project does not give rise to the transfer of outward investment capital in cash, the investor is not required to register the particulars on the outward investment capital in cash and the outward capital transfer schedule;

b) Registration of changes to foreign exchange transactions with the State Bank or the Regional State Bank, applicable to the cases prescribed in Article 16 of this Circular.

4. The confirmation of the registration of foreign exchange transactions related to outward investment activities (hereinafter referred to as the confirmation of the registration of foreign exchange transactions) refers to the State Bank or the Regional State Bank issuing:

a) The confirmation of the initial registration of foreign exchange transactions for the investor, recording the particulars relating to the investor, the investment project, the host country, and confirming the investment capital account opened at the licensed bank, the outward investment capital in cash to be transferred abroad and the outward capital transfer schedule, in accordance with the forms in Appendix No. 08 and Appendix No. 11 attached to this Circular. For projects that do not give rise to the transfer of outward investment capital in cash, the confirmation of the initial registration of foreign exchange transactions shall only confirm the particulars on the investment capital account opened at the licensed bank;

b) The confirmation of the registration of changes to foreign exchange transactions, confirming the changes to the particulars prescribed in Article 16 of this Circular, in accordance with the forms in Appendix No. 09 and Appendix No. 12 attached to this Circular.

5. Pre-investment outward remittance is the transfer of funds abroad by the investor prior to the issuance of an outward investment registration certificate (for projects subject to the issuance of an outward investment registration certificate) or prior to receiving the confirmation of the initial registration of foreign exchange transactions related to outward investment activities (for projects not subject to the issuance of an outward investment registration certificate), to cover expenses incurred in the establishment of the overseas investment project as prescribed in clause 3 of Article 32 of Decree No. 103/2026/ND-CP.

6. A pre-investment account is a payment account of the investor opened at one licensed bank for each investment project, to conduct credit and debit transactions related to activities relating to the establishment of the overseas investment project in accordance with this Circular.

7. An outward investment account is a payment account of the investor opened at one licensed bank for each investment project, to conduct credit and debit transactions related to the investor's outward investment activities in accordance with this Circular (hereinafter referred to as the investment capital account).

1. Currencies used for pre-investment outward remittance and transfer of outward investment capital in cash include:

a) Foreign currency;

b) Vietnamese dong, in cases where the pre-investment outward remittance or transfer of outward investment capital is made to a host country with which Vietnam has entered into a bilateral or multilateral agreement permitting the use of Vietnamese dong in payment and remittance transactions.

2. The outward investment capital in cash in the application for registration of foreign exchange transactions and the confirmation of the registration of foreign exchange transactions shall be denominated in Vietnamese dong or one type of foreign currency (hereinafter referred to as the investment capital currency) as follows:

a) For projects subject to the issuance of an outward investment registration certificate, the investment capital currency is the currency in which the outward investment capital in cash is recorded in the outward investment registration certificate;

b) For projects not subject to the issuance of an outward investment registration certificate, the investment capital currency is a currency registered by the investor.

3. The investment capital currency registered in the initial foreign exchange transaction registration form must be used by the investor when registering in the form for registration of changes to foreign exchange transactions (if any).

4. The investment capital currency serves as the basis for the investor and the licensed bank to determine and monitor the outward investment capital in cash and the outward capital transfer schedule in accordance with this Circular.

1. The exchange rate for converting outward investment capital in foreign currency into Vietnamese dong in the initial foreign exchange transaction registration form or the form for registration of changes to foreign exchange transactions shall be the posted selling rate for foreign currency transfers listed on the website of the licensed bank where the investor opens the investment capital account, at the time the investor prepares the form for registration of foreign exchange transactions.

2. The exchange rate used to convert outward investment capital in foreign currency into Vietnamese dong for the purpose of determining whether an overseas investment project falls within the cases prescribed in clause 1 of Article 18 of Decree No. 103/2026/ND-CP shall be the posted selling rate for foreign currency transfers listed on the website of the licensed bank where the investor opens the investment capital account, at the time the investor prepares the form for registration of foreign exchange transactions.

3. The exchange rate between the investment capital currency and another currency, in cases where the investor transfers outward investment capital in cash in a currency other than the investment capital currency, shall be the rate applied by the licensed bank where the investment capital account is opened, at the time the investor conducts the fund transfer transaction. The aggregate amount already transferred abroad and the amount intended to be transferred abroad in the period must not exceed the cumulative investment capital transfer limit denominated in the investment capital currency according to the outward capital transfer schedule confirmed in the confirmation of the registration of foreign exchange transactions, up to the time of conducting the fund transfer transaction in the period.

4. The exchange rate between another currency and the US Dollar, or between another currency and the investment capital currency, in cases where the investor remits funds abroad prior to investment in a currency other than the US Dollar or the investment capital currency, shall be the rate applied by the licensed bank where the pre-investment account is opened, at the time the investor conducts the fund transfer transaction.

5. The exchange rate between another currency and the US Dollar for the purposes of complying with the statistical reporting regime for projects with fund transfer data arising from the date this Circular comes into force shall be the foreign currency accounting rate as notified by the Ministry of Finance (State Treasury) applicable at the time of reporting.

1. The investor shall conduct pre-investment outward remittance to cover expenses incurred in the establishment of the overseas investment project as prescribed in clause 3 of Article 32 of Decree No. 103/2026/ND-CP through a pre-investment account in Vietnamese dong (meeting the requirements of point b of clause 1 of Article 4 of this Circular) and/or in foreign currency, opened at the same licensed bank. Where the pre-investment account is in foreign currency, the investor may open one pre-investment account corresponding to each type of foreign currency at the same licensed bank.

All credit and debit transactions related to pre-investment outward remittance must be conducted through the pre-investment account in accordance with Articles 7 and 8 of this Circular.

2. The investor must open a separate pre-investment account at the licensed bank for each overseas investment project.

Where one overseas investment project involves multiple investors, each investor must open a separate pre-investment account at the same licensed bank to conduct relevant transactions.

3. Where the investor wishes to change the licensed bank where the pre-investment account is opened, the investor shall comply with the following principles:

a) Open a new pre-investment account at another licensed bank;

b) Within 10 working days from the date of opening the new pre-investment account, transfer the balance in the existing pre-investment account to the new pre-investment account and close the existing pre-investment account.

The investor shall provide the new licensed bank with a written confirmation issued by the licensed bank confirming the closure of the existing pre-investment account and the foreign exchange transactions arising on the pre-investment account up to the time of account closure;

c) The investor may only use the pre-investment account for credit and debit transactions as prescribed in Articles 7 and 8 of this Circular after completing the closure of the existing pre-investment account, except for the credit transaction of receiving the balance transferred from the existing pre-investment account.

4. The pre-investment remittance limit shall be governed by the provisions of clause 5 of Article 32 of Decree No. 103/2026/ND-CP:

a) Where the project involves one investor, the total amount remitted abroad prior to investment must not exceed the pre-investment remittance limit, unless otherwise prescribed by the Government;

b) Where the project involves multiple investors, the total amount remitted abroad prior to investment by all investors must not exceed the pre-investment remittance limit, unless otherwise prescribed by the Government.

5. The total amount remitted abroad prior to investment and the outward investment capital in cash registered for transfer abroad by each investor must not exceed the total monetary investment capital of that investor recorded in the outward investment registration certificate (for projects subject to the issuance of an outward investment registration certificate) or recorded in the confirmation of the initial registration of foreign exchange transactions (for projects not subject to the issuance of an outward investment registration certificate).

6. Where the overseas investment project is not formed, or the outward investment registration certificate is not issued (for projects subject to the issuance of an outward investment registration certificate), or the confirmation of the registration of foreign exchange transactions related to outward investment activities is not issued (for projects not subject to the issuance of an outward investment registration certificate), within 60 working days from the date of receiving the written refusal from the competent authority of the host country or of Vietnam, the investor shall repatriate to Vietnam any unused amount previously remitted abroad prior to investment (if any), or receive reimbursement from the foreign party for costs incurred in the establishment of the overseas investment project, through the pre-investment account. The investor must close the pre-investment account after transferring the full balance to the investor's payment account.

7. The investor must use the pre-investment account prescribed in this Article as the investment capital account. Where the investor wishes to open an additional investment capital account in another currency, the investor must open the investment capital account at the same licensed bank where the most recent pre-investment account was opened and must register foreign exchange transactions for the first time in accordance with this Circular.

Article 7. Credit and debit transactions on foreign currency pre-investment accounts0}

1. Credits:

a) Receipt of foreign currency from the investor's payment account opened at the licensed bank;

b) Receipt of foreign currency purchased from the licensed bank in accordance with the law;

c) Receipt of foreign currency from the transfer of the balance in the existing pre-investment account (including conversion from another type of foreign currency) in cases of changing the licensed bank where the pre-investment account is opened;

d) Receipt of foreign currency (including conversion from another type of foreign currency) transferred from abroad to Vietnam in cases where the investor has not fully used the amount remitted abroad prior to investment or receives reimbursement from the foreign party of costs incurred in the establishment of the overseas investment project as prescribed in clause 6 of Article 6 of this Circular;

dd) Receipt of interest on the account balance in accordance with the law.

2. Debits:

a) Outward transfer of foreign currency for pre-investment purposes as prescribed in clause 3 of Article 32 of Decree No. 103/2026/ND-CP;

b) Sale of foreign currency to the licensed bank in accordance with the law;

c) Transfer to the investor's foreign currency payment account in cases where the investor does not continue to implement the project or the foreign party reimburses unused funds as prescribed in clause 6 of Article 6 of this Circular;

d) Transfer of the foreign currency balance (including conversion from another type of foreign currency) to the new pre-investment account in cases of changing the licensed bank where the pre-investment account is opened;

dd) Payment of service fees related to the management and use of the account in accordance with the regulations of the licensed bank.

1. Credits:

a) Receipt of Vietnamese dong from the investor's payment account opened at the licensed bank;

b) Receipt from the transfer of the balance in the existing Vietnamese dong pre-investment account in cases of changing the licensed bank where the pre-investment account is opened;

c) Receipt of Vietnamese dong from abroad transferred to Vietnam in cases where the investor has not fully used the amount remitted abroad prior to investment or receives reimbursement from the foreign party of costs incurred in the establishment of the overseas investment project as prescribed in clause 6 of Article 6 of this Circular;

d) Receipt of Vietnamese dong from the sale of foreign currency transferred from abroad to Vietnam;

dd) Receipt of interest on the account balance in accordance with the law.

2. Debits:

a) Outward transfer of Vietnamese dong for pre-investment purposes as prescribed in clause 3 of Article 32 of Decree No. 103/2026/ND-CP;

b) Transfer to the investor's Vietnamese dong payment account opened at the licensed bank;

c) Transfer of the balance to the Vietnamese dong pre-investment account in cases of changing the licensed bank where the pre-investment account is opened;

d) Payment of service fees related to the management and use of the account in accordance with the regulations of the licensed bank.

1. After receiving the outward investment registration certificate (for projects subject to the issuance of an outward investment registration certificate) or after receiving the automatically generated application code on the National Investment Information System (for projects not subject to the issuance of an outward investment registration certificate), the investor must open an investment capital account at one licensed bank and must register foreign exchange transactions with the State Bank or the Regional State Bank in accordance with the authority prescribed in Article 12 of this Circular. All credit and debit transactions related to outward investment activities must be conducted through the investment capital account in accordance with Articles 10 and 11 of this Circular.

Where a pre-investment account has been opened, the investor must comply with the provisions of clause 7 of Article 6 of this Circular.

2. The investor may open one investment capital account in Vietnamese dong and/or one investment capital account in foreign currency at the same licensed bank for each overseas investment project, to transfer outward investment capital in cash. Where the investment capital account is in foreign currency, the investor may open one investment capital account corresponding to each type of foreign currency appropriate to the fund transfer needs at the same licensed bank.

3. Where one overseas investment project involves multiple investors, each investor must open a separate investment capital account to transfer outward investment capital in cash within the scope of the total investment capital and the shareholding and capital contribution ratio registered in the outward investment registration certificate and/or the confirmation of the registration of foreign exchange transactions.

4. Where there is a change of investor implementing the overseas investment project due to the transfer of an overseas investment project to a domestic investor, the investor receiving the transfer must open a new investment capital account at one licensed bank to conduct credit and debit transactions related to outward investment activities.

5. Where the investor wishes to change the licensed bank where the investment capital account is opened (including changing to an account in another type of foreign currency), the investor shall comply with the following principles:

a) Open a new investment capital account at another licensed bank;

b) Register changes to foreign exchange transactions related to outward investment activities with the State Bank or the Regional State Bank;

c) Within 10 working days from the date the State Bank or the Regional State Bank confirms the registration of changes to foreign exchange transactions, transfer the balance in the existing investment capital account (including conversion of foreign currency where applicable) to the newly opened investment capital account and close the existing investment capital account.

The investor shall provide the new licensed bank with a written confirmation issued by the licensed bank confirming the closure of the existing investment capital account and the foreign exchange transactions arising on that investment capital account up to the time of account closure;

d) The investor may only use the new investment capital account to conduct credit and debit transactions as prescribed in Articles 10 and 11 of this Circular after completing the procedures in points a, b and c of this clause, except for the credit transaction of receiving the balance transferred from the existing investment capital account.

6. Where the investor wishes to open an additional account or change the investment capital account to another type of foreign currency at the same licensed bank, the investor shall comply with the following principles:

a) Open a new investment capital account at the same licensed bank;

b) Register changes to foreign exchange transactions related to outward investment activities with the State Bank or the Regional State Bank;

c) Where the investor changes the investment capital account to another type of foreign currency at the same licensed bank, within 10 working days from the date the State Bank or the Regional State Bank confirms the registration of changes to foreign exchange transactions, transfer the balance in the existing investment capital account (including conversion of foreign currency) to the new investment capital account and close the existing investment capital account.

7. After the confirmation of the initial registration of foreign exchange transactions or the confirmation of the registration of changes to foreign exchange transactions expires in accordance with Article 23 of this Circular, the investor may not conduct credit and debit transactions on the investment capital account and must close the investment capital account within 5 working days.

1. Credits:

a) Receipt of foreign currency from the investor's payment account opened at the licensed bank;

b) Receipt of foreign currency purchased from the licensed bank in accordance with the law;

c) Receipt of foreign currency from the transfer of the balance (including conversion of foreign currency) in the existing investment capital account, in cases of changing the investment capital account at one licensed bank or changing the licensed bank where the investment capital account is opened;

d) Receipt of repatriated profits and lawful proceeds from outward investment activities;

dd) Receipt of repatriated investment capital in cases of repatriation of investment capital previously remitted abroad as prescribed in clause 3 of Article 6 of Decree No. 103/2026/ND-CP, transfer of the overseas investment capital, reduction of investment capital, liquidation or termination of overseas investment activities;

e) Receipt of principal and interest on loans by the investor to the legal entity implementing the investment project abroad in accordance with the law;

g) Recovery of debts from the guaranteed party in connection with guarantees provided by the investor for the legal entity implementing the investment project abroad in accordance with the law;

h) Receipt of foreign currency from the conversion of foreign currency transferred from abroad to Vietnam in cases where the currency transferred back differs from the currency of the investment capital account;

i) Receipt of interest on the account balance in accordance with the law.

2. Debits:

a) Transfer of outward investment capital in cash to overseas in accordance with the law;

b) Sale of foreign currency to the licensed bank in accordance with the law;

c) Transfer to the investor's foreign currency payment account opened at the licensed bank;

d) Lending to the legal entity implementing the investment project abroad in accordance with the law;

dd) Fulfillment of guarantee obligations in connection with guarantees provided by the investor for the legal entity implementing the investment project abroad in accordance with the law;

e) Transfer of foreign currency from the balance (including conversion of foreign currency) to the newly opened investment capital account in cases where:

(i) The investor changes the investment capital account at the same licensed bank;

(ii) The investor changes the licensed bank where the investment capital account is opened.

g) Payment of service fees related to the management and use of the account in accordance with the regulations of the licensed bank.

1. Credits:

a) Receipt of Vietnamese dong transferred from the investor's payment account opened at the licensed bank;

b) Receipt of Vietnamese dong from the sale of foreign currency transferred from abroad to Vietnam in cases where the currency transferred back is in foreign currency;

c) Receipt of Vietnamese dong from the transfer of the balance in the existing investment capital account in cases of changing the licensed bank where the investment capital account is opened;

d) Receipt of repatriated profits and lawful proceeds from outward investment activities;

dd) Receipt of repatriated investment capital in cases of repatriation of investment capital previously remitted abroad as prescribed in clause 3 of Article 6 of Decree No. 103/2026/ND-CP, transfer of the overseas investment capital, reduction of investment capital, liquidation or termination of overseas investment activities;

e) Receipt of principal and interest on loans by the investor to the legal entity implementing the investment project abroad in accordance with the law;

g) Recovery of debts from the guaranteed party in connection with guarantees provided by the investor for the legal entity implementing the investment project abroad in accordance with the law;

h) Receipt of interest on the account balance in accordance with the law.

2. Debits:

a) Transfer of outward investment capital in Vietnamese dong abroad in accordance with the law;

b) Transfer to the investor's Vietnamese dong payment account opened at the licensed bank;

c) Transfer of the Vietnamese dong balance to the newly opened investment capital account in cases of changing the licensed bank where the investment capital account is opened;

d) Lending to the legal entity implementing the investment project abroad in accordance with the law;

dd) Fulfillment of guarantee obligations in connection with guarantees provided by the investor for the legal entity implementing the investment project abroad in accordance with the law;

e) Payment of service fees related to the management and use of the account in accordance with the regulations of the licensed bank.

1. The State Bank shall confirm the initial registration and registration of changes to foreign exchange transactions for the following projects:

a) Overseas investment projects of investors that are credit institutions;

b) Overseas investment projects falling within the scope prescribed in clauses 2, 3 and 4 of Article 18 of Decree No. 103/2026/ND-CP, except for projects prescribed in point b of clause 3 of this Article.

2. The Regional State Bank in the area where the investor, being an organization (other than a credit institution), has its principal office, or where the investor, being an individual, has registered permanent residence, shall confirm the initial registration and registration of changes to foreign exchange transactions for the following cases:

a) Projects falling within the scope prescribed in Article 17 of Decree No. 103/2026/ND-CP;

b) Projects falling within the scope prescribed in clause 1 of Article 18 of Decree No. 103/2026/ND-CP.

3. Cases of change of the competent authority to confirm the registration of foreign exchange transactions and receive notifications of changes to foreign exchange transactions:

a) For overseas investment projects for which the State Bank has confirmed the registration of foreign exchange transactions, where a change results in the project becoming subject to the issuance of an outward investment registration certificate under investment law, the Regional State Bank in the area where the investor, being an organization (other than a credit institution), has its principal office, or where the investor, being an individual, has registered permanent residence, shall confirm the registration of changes to foreign exchange transactions and receive notifications of changes to foreign exchange transactions.

Within 3 working days from the date of receiving the request from the Regional State Bank, the State Bank shall transfer all records relating to the confirmation of the registration of foreign exchange transactions of the investor to the Regional State Bank;

b) For overseas investment projects for which the Regional State Bank in the area where the investor, being an organization (other than a credit institution), has its principal office, or where the investor, being an individual, has registered permanent residence, has confirmed the registration of foreign exchange transactions, where a change results in the project no longer being subject to the issuance of an outward investment registration certificate as prescribed in Article 18 of Decree No. 103/2026/ND-CP, the Regional State Bank shall continue to confirm the registration of changes to foreign exchange transactions and receive notifications of changes to foreign exchange transactions;

c) Where the investor changes its address, resulting in a change of the Regional State Bank confirming the registration of foreign exchange transactions, the Regional State Bank in the new area where the investor, being an organization (other than a credit institution), has its new principal office, or where the investor, being an individual, has registered permanent residence in the new area, shall be the lead authority for receiving and processing applications for registration of changes to foreign exchange transactions and receiving notifications of changes to foreign exchange transactions.

4. In cases of transfer of an overseas investment project to a domestic investor where the authority to confirm the registration of foreign exchange transactions is the Regional State Bank:

a) The Regional State Bank in the new area where the investor receiving the transfer, being an organization (other than a credit institution), has its new principal office, or being an individual, has registered permanent residence in the new area, shall be the lead authority for receiving and processing applications for the initial registration of foreign exchange transactions;

b) The Regional State Bank that most recently confirmed the registration of foreign exchange transactions shall be the lead authority for receiving and processing applications for registration of changes to foreign exchange transactions for the transferring investor (in cases of partial transfer).

5. For the cases prescribed in point c of clause 3 and point a of clause 4 of this Article, within 3 working days from the date of receiving the request from the Regional State Bank in the new area where the investor, being an organization (other than a credit institution), has its new principal office, or where the investor, being an individual, has registered permanent residence in the new area, the Regional State Bank that most recently confirmed the registration of foreign exchange transactions shall cooperate in providing information or transferring all records relating to the confirmation of the registration of foreign exchange transactions of the investor.

1. The investor shall register foreign exchange transactions for the first time with the State Bank or the Regional State Bank after satisfying all of the following requirements:

a) Having been issued an outward investment registration certificate by the competent authority in accordance with the law (for projects subject to the issuance of an outward investment registration certificate); or having received the automatically generated application code on the National Investment Information System (for projects not subject to the issuance of an outward investment registration certificate);

b) Having received approval or a license from the competent authority of the host country, or having documentation evidencing the right to conduct investment activities in the host country in accordance with the laws of the host country;

c) Having opened an investment capital account at one licensed bank in accordance with applicable regulations.

2. The initial registration of foreign exchange transactions must be carried out before the investor transfers outward investment capital in cash to overseas, or before conducting the repatriation of investment capital, profits and lawful proceeds (applicable to cases where no transfer of outward investment capital in cash arises), through the investment capital account opened at one licensed bank.

1. The initial foreign exchange transaction registration form in accordance with the form in Appendix No. 01 attached to this Circular.

2. The approval or investment license issued by the competent authority of the host country, together with an extract of the regulations of the host country applicable to the form of investment of the project. Where the law of the host country does not require investment approval or licensing, or only issues a license after the investor has fulfilled the commitment to transfer investment capital, or where the approval or investment license of the competent authority of the host country does not contain sufficient particulars on investment capital, form of investment or other necessary particulars relating to investment activities, the investor shall submit documentation evidencing the right to conduct investment activities in the host country, including one of the following:

a) Business registration certificate, legal entity establishment certificate or tax registration confirmation issued by the competent authority of the host country to the business entity implementing the project abroad;

b) Investment agreement or contract with a foreign partner, or the charter, resolution or equivalent document of the business entity established in the host country; or agreement, contract or other document confirming the contribution of capital, purchase of shares or capital contributions, or a document of equivalent legal effect reflecting the form of investment in accordance with the laws of the host country. Where this document is used, the investor shall also provide documentation proving the legal status of the foreign partner, the overseas business entity, or the shareholders of the overseas business entity in which the investor contributes capital or purchases shares or capital contributions;

c) Other lawful documents in accordance with the laws of the host country evidencing the right to conduct investment activities.

3. A written confirmation issued by the licensed bank regarding the pre-investment account, investment capital account and foreign exchange transactions:

a) A written confirmation issued by the licensed bank where the pre-investment account and investment capital account are opened for the investor, clearly stating the project code, account number, account name, currency, account opening date, and the time and amount of each pre-investment remittance (if any) up to the time of confirmation;

b) Where the investor receives a project transfer as prescribed in clause 4 of Article 9 of this Circular, the investor shall provide the following documents:

(i) The written confirmation prescribed in point a of this clause;

(ii) A written confirmation issued by the licensed bank on the status of foreign exchange transactions conducted by the transferring investor, clearly stating the project code, account number, account name, currency, and the time and amount of each transfer of outward investment capital in cash, and the time and amount of investment capital in cash, profits and lawful proceeds repatriated to Vietnam up to the time of confirmation.

c) The written confirmation prescribed in points a and b of this clause shall be issued within 10 working days prior to the date the investor submits the application for the initial registration of foreign exchange transactions.

The investor must ensure that no fund transfer transactions arise from the time the licensed bank issues the written confirmation to the time the investor submits the application.

1. The application applicable to projects prescribed in Article 18 of Decree No. 103/2026/ND-CP comprises:

a) The initial foreign exchange transaction registration form in accordance with the form in Appendix No. 02 attached to this Circular;

b) The tax authority's confirmation of the fulfillment of tax obligations by the investor. The confirmation date of the tax authority must not be more than 3 months prior to the date of submission of the application for the initial registration of foreign exchange transactions;

c) Legal status documentation of the investor as prescribed in clause 8 of Article 3 of Decree No. 103/2026/ND-CP;

d) The application documents prescribed in clauses 2 and 3 of Article 14 of this Circular, in which the written confirmation issued by the licensed bank clearly states the automatically generated application code;

dd) Documentation proving the investor's participation in the management of the overseas business entity, in cases where the investor's shareholding and capital contribution ratio is less than 50%;

e) Other documents relating to the investor's outward investment activities (if any).

2. For projects that require documentation identifying the location of the investment project as prescribed in points b, c, d, dd and e of clause 1 of Article 12 of Decree No. 103/2026/ND-CP, the application comprises:

a) The application documents prescribed in clause 1 of this Article;

b) Documentation identifying the location of the investment project as prescribed in clause 2 of Article 12 of Decree No. 103/2026/ND-CP.

3. For overseas investment projects related to national defense and security as prescribed in clause 2 of Article 18 of Decree No. 103/2026/ND-CP, the application comprises:

a) The application documents prescribed in clause 1 of this Article;

b) The application documents prescribed in clause 2 of this Article, applicable to cases requiring documentation identifying the location;

c) An intergovernmental agreement or documents agreed between agencies of the two countries approved by the Government.

4. For overseas investment projects of State-owned economic groups and State corporations listed in Appendix I of Decree No. 366/2025/ND-CP dated December 31, 2025 of the Government on the management of and investment of State capital in enterprises, the application comprises:

a) The application documents prescribed in clause 1 of this Article;

b) The application documents prescribed in clause 2 of this Article, applicable to cases requiring documentation identifying the location;

c) Documents evidencing the authority to decide on outward investment as prescribed in Article 10 of Decree No. 103/2026/ND-CP. For enterprises in which the State holds 100% of the charter capital, the documents comprise:

(i) A resolution or decision on outward investment by the Members' Council or the President of the company (applicable to enterprises with overseas investment projects where the investment capital does not exceed 50% of the equity capital, or does not exceed 50% of the owner's investment capital where the investment capital exceeds the equity capital, and does not exceed VND 1,600 billion);

(ii) An approval document from the owner representative agency on the purpose, amount, source of outward investment capital, implementation period, and a resolution or decision on outward investment by the Members' Council or the President of the company issued in accordance with the law on management of and investment of State capital in enterprises (applicable to enterprises with overseas investment projects where the investment capital exceeds 50% of the equity capital, or exceeds 50% of the owner's investment capital where the investment capital exceeds the equity capital, and exceeds VND 1,600 billion).

5. For overseas investment projects of other business entities prescribed in clause 4 of Article 18 of Decree No. 103/2026/ND-CP, the application comprises:

a) The application documents prescribed in clause 1 of this Article;

b) The application documents prescribed in clause 2 of this Article, applicable to cases requiring documentation identifying the location;

c) Documentation proving that the enterprise is a large-scale enterprise meeting at least two of the following three criteria: average number of employees participating in social insurance of 200 or more per year; total annual revenue of VND 300 billion or more; total assets of VND 100 billion or more, as prescribed in Article 1 of Decree No. 90/2025/ND-CP amending certain articles of Decree No. 17/2012/ND-CP dated April 14, 2025 of the Government elaborating and guiding the implementation of certain articles of the Law on Independent Auditing;

d) Documentation proving the use of own foreign currency resources in cases of transferring outward investment capital in foreign currency, and not using borrowed funds for outward investment, including:

(i) A written undertaking of legal responsibility by the investor regarding the use of own foreign currency resources for outward investment, and a written undertaking of legal responsibility by the investor regarding the non-use of borrowed funds for outward investment, in accordance with the forms in Appendix No. 03 and Appendix No. 04 attached to this Circular;

(ii) A written confirmation issued by the licensed bank on the balance of foreign currency or Vietnamese dong in the investor's account within 10 working days prior to the date the investor submits the application for confirmation of the registration of foreign exchange transactions;

dd) Consolidated financial statements of the investor proving profitable business operations in the 2 consecutive years preceding the year of investment;

e) Documentation proving that the investor has at least 2 overseas investment projects with profits repatriated to Vietnam, including a written confirmation issued by the licensed bank where the investor opens the investment capital account or other documents.

1. The investor must register changes to foreign exchange transactions with the State Bank or the Regional State Bank where there are changes compared to the particulars in the most recently issued confirmation of the registration of foreign exchange transactions, including:

a) Change of investor implementing the project in cases of partial transfer of an overseas investment project.

b) Change of the investor's address resulting in a change of the Regional State Bank confirming the registration of changes to foreign exchange transactions.

c) Change of the licensed bank where the investment capital account is opened.

d) Change (including opening of a new account) of the investment capital account to another type of foreign currency for the same overseas investment project at one licensed bank.

dd) Changes relating to an increase in outward investment capital in cash (except as prescribed in clause 2 of Article 25 of this Circular).

e) An increase in the amount intended to be transferred abroad in the period resulting in the total cumulative amount already transferred abroad and the amount intended to be transferred abroad in the period exceeding the cumulative investment capital transfer limit according to the outward capital transfer schedule confirmed in the confirmation of the registration of foreign exchange transactions, up to the time of conducting the fund transfer transaction in the period.

g) Change of the time limit for the outward capital transfer schedule as prescribed in clause 2 of Article 23 of this Circular.

h) Changes arising from additional outward investment capital in cash after the last capital transfer period in the outward capital transfer schedule prescribed in the most recently issued confirmation of the registration of foreign exchange transactions.

i) Changes to the outward investment capital in cash permitted to be transferred abroad arising from the reinvestment of project profits into the same overseas investment project as prescribed in clause 1 of Article 25 of this Circular.

k) Change from a project not subject to the issuance of an outward investment registration certificate to a project subject to the issuance of an outward investment registration certificate in accordance with investment law.

l) Change from a project subject to the issuance of an outward investment registration certificate to a project not subject to the issuance of an outward investment registration certificate in accordance with investment law.

2. For cases requiring information updates on the National Investment Information System in accordance with investment law, the investor must complete the information update prior to registering changes to foreign exchange transactions as prescribed in this Article.

1. The form for registration of changes to foreign exchange transactions in accordance with the form in Appendix No. 05 attached to this Circular.

2. A written confirmation issued by the licensed bank where the investor currently holds an investment capital account, stating the account number, account name, currency, project code, account opening date, amount of each transfer made abroad, outward investment capital in cash repatriated to Vietnam (including repatriation of investment capital previously remitted abroad) and profits repatriated to Vietnam up to the time of confirmation, and the time and purpose of each transfer. This written confirmation shall be issued within 10 working days prior to the date the investor submits the application for registration of changes to foreign exchange transactions. The investor must ensure that no fund transfer transactions arise from the time the licensed bank issues the written confirmation to the time the investor submits the application.

3. Documentation evidencing the detailed changes to foreign exchange transactions compared to the particulars in the most recently issued confirmation of the initial registration of foreign exchange transactions or the confirmation of the registration of changes to foreign exchange transactions.

4. For changes relating to an increase in investment capital in cash as prescribed in point dd of clause 1 of Article 16 of this Circular, the application comprises:

a) The application documents prescribed in clauses 1 and 2 of this Article;

b) Documentation evidencing the detailed changes as prescribed in clause 2 of Article 14 of this Circular, including particulars on the investor's increase of outward investment capital in cash.

5. For changes (including opening of a new account) of the investment capital account to another type of foreign currency for the same investment project at one licensed bank, or changes of the licensed bank where the investment capital account is opened, the application comprises:

a) The application documents prescribed in clauses 1 and 2 of this Article;

b) A written confirmation issued by the licensed bank confirming that the investor has opened the new investment capital account, clearly stating the account number and currency.

1. The form for registration of changes to foreign exchange transactions in accordance with the form in Appendix No. 06 attached to this Circular.

2. A written confirmation issued by the licensed bank where the investor currently holds an investment capital account, stating the account number, account name, currency, project code or automatically generated application code, account opening date, amount of each transfer made abroad, outward investment capital in cash repatriated to Vietnam (including repatriation of investment capital previously remitted abroad) and profits repatriated to Vietnam up to the time of confirmation, and the time and purpose of each transfer. This written confirmation shall be issued within 10 working days prior to the date the investor submits the application for registration of changes to foreign exchange transactions. The investor must ensure that no fund transfer transactions arise from the time the licensed bank issues the written confirmation to the time the investor submits the application.

3. Documentation evidencing the detailed changes to foreign exchange transactions compared to the particulars in the most recently issued confirmation of the initial registration of foreign exchange transactions or the confirmation of the registration of changes to foreign exchange transactions.

4. For changes relating to an increase in investment capital in cash as prescribed in point dd of clause 1 of Article 16 of this Circular, the application comprises:

a) The application documents prescribed in clauses 1 and 2 of this Article;

b) The tax authority's confirmation of the fulfillment of tax obligations by the investor. The confirmation date of the tax authority must not be more than 3 months prior to the date of submission of the application for registration of changes to foreign exchange transactions;

c) Documentation evidencing the detailed changes as prescribed in clause 2 of Article 14 of this Circular, including particulars on the investor's increase of outward investment capital in cash;

d) An amended intergovernmental agreement or documents agreed between agencies of the two countries approved by the Government (if any) (applicable to cases prescribed in clause 2 of Article 18 of Decree No. 103/2026/ND-CP);

dd) Documents as prescribed in point c of clause 4 of Article 15 of this Circular (applicable to cases prescribed in clause 3 of Article 18 of Decree No. 103/2026/ND-CP);

e) Documents as prescribed in points c and d of clause 5 of Article 15 of this Circular (applicable to cases prescribed in clause 4 of Article 18 of Decree No. 103/2026/ND-CP).

5. For changes (including opening of a new account) of the investment capital account to another type of foreign currency for the same investment project at one licensed bank, and changes of the licensed bank where the investment capital account is opened, the application comprises:

a) The application documents prescribed in clauses 1 and 2 of this Article;

b) A written confirmation issued by the licensed bank confirming that the investor has opened the new investment capital account, clearly stating the account number, account name and currency.

1. Within 30 working days from the date the change arises compared to the particulars in the most recently issued confirmation of the registration of foreign exchange transactions, or within 30 working days from the date the amended outward investment registration certificate is issued by the competent authority (for projects subject to the issuance of an outward investment registration certificate), the investor must send a written notification in accordance with the form in Appendix No. 07 (together with documentation evidencing the detailed changes) to the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions; and simultaneously send a notification to the licensed bank where the investor holds the investment capital account, for the cases of changes prescribed in points a, b, c, d and e of clause 2 of this Article.

2. Cases where the investor must send notifications of changes:

a) Reduction of outward investment capital in cash;

b) Change of the name of the investor implementing the project;

c) Change of the investor's address that does not result in a change of the competent authority to confirm the registration of changes to foreign exchange transactions (except in cases of address change due to changes, mergers or divisions of administrative boundaries by state agencies);

d) Change of the name of the overseas investment project or the name of the business entity established abroad;

dd) Change of the investment capital account number due to restructuring, merger, consolidation or system conversion by the licensed bank where the investor holds the investment capital account, or change of the investment capital account in the same type of foreign currency for the same overseas investment project at one licensed bank;

e) The cases prescribed in clauses 3 and 4 of Article 23, clause 3 of Article 24 and clause 2 of Article 25;

g) Cases of changes arising from the use of shares, capital contributions or profits of the overseas business entity of the confirmed investment project for payment or exchange as prescribed in clause 4 of Article 6 of Decree No. 103/2026/ND-CP.

3. For cases requiring information updates on the National Investment Information System in accordance with investment law, the investor must complete the information update prior to sending the notification of changes to foreign exchange transactions as prescribed in this Article.

1. Applications for the initial registration and registration of changes to foreign exchange transactions shall be submitted in person at the Single-window division of the State Bank or the Regional State Bank; or sent by postal service to the State Bank or the Regional State Bank; or submitted online via the National Public Service Portal.

2. Where applications are submitted online via the National Public Service Portal, electronic applications shall use digital signatures in accordance with the law on the conduct of administrative procedures in an electronic environment.

Where the National Public Service Portal system encounters a failure or error and is unable to receive or exchange electronic information, the submission of applications, receipt, return of results, exchange and response of information shall be conducted by postal service or in person at the Single-window division of the State Bank or the Regional State Bank.

3. Documents in electronic applications (in PDF format) are electronic documents, electronic copies scanned from originals, originals, or copies printed from electronic documents where the document or material is issued in electronic form in accordance with the regulations of the host country (together with the investor's written undertaking of legal responsibility as prescribed in point c of clause 4 of this Article), except for the initial foreign exchange transaction registration form and the form for registration of changes to foreign exchange transactions filed on the National Public Service Portal. The names of electronic documents must correspond to the names of the prescribed types of documents.

4. Documents in paper applications as prescribed in Articles 14, 15, 17 and 18 of this Circular shall be as follows:

a) The initial foreign exchange transaction registration form, the form for registration of changes to foreign exchange transactions, and the investor's written undertaking must be originals;

b) Documents issued by the competent authority of Vietnam or confirmed by the licensed bank for the investor shall be originals, certified copies, copies issued from the original register, notarized copies or copies presented together with the original for verification;

c) Documents issued by the competent authority of the host country shall be originals, certified copies, or copies printed from electronic documents where the document or material is issued in electronic form in accordance with the regulations of the host country. Where the investor uses a printed copy from an electronic document, the investor shall submit together with the printed copy a written undertaking of legal responsibility for the accuracy, completeness and legality of the documents and materials provided;

d) Charters, resolutions, decisions or equivalent documents of the foreign partner, the overseas business entity, or documentation evidencing the right to conduct investment activities in the host country; investment contracts or agreements or other documents signed by the investor with the foreign partner, or other documents relating to the investor's decision to invest abroad shall be originals, certified copies or copies confirmed by the investor as having been copied from the originals.

5. Applications for confirmation of the initial registration of foreign exchange transactions and registration of changes to foreign exchange transactions must be prepared in Vietnamese, in which:

a) Where application documents originally in a foreign language are required to be translated into Vietnamese, except for the proper names of individuals, overseas business entities or locations. The Vietnamese translation must have the translator's signature notarized in accordance with Vietnamese law, except in the case prescribed in point b of this clause;

b) Investment contracts, investment agreements or other documents signed by the investor with a foreign partner may be self-translated, confirmed and the investor shall be legally responsible for the accuracy of the translation.

6. The investor shall be legally responsible for ensuring the completeness, accuracy and integrity of the data in the application documents in accordance with this Circular.

7. Within 3 working days from the date the Administrative Procedure Settlement Information System receives the application online, or from the date the Single-window division of the State Bank or the Regional State Bank receives the application in person or by postal service, the Single-window division of the State Bank or the Regional State Bank shall verify the completeness of the application and notify the official receipt or request for correction or supplementation to ensure the application is complete in accordance with this Circular.

8. The State Bank or the Regional State Bank shall return the results of the administrative procedure prescribed in this Circular online, by postal service, or in person at the Single-window division of the State Bank or the Regional State Bank.

9. Where the application does not satisfy the conditions for processing, within 5 working days from the date of official receipt, the State Bank or the Regional State Bank that confirms the registration of foreign exchange transactions as prescribed in Article 12 of this Circular shall issue a written request to the investor to supplement and complete the application. The processing time limit shall recommence from the date of receipt of the complete and valid application.

After 60 days from the date of notification requesting supplementation of the application, where the investor has not completed the supplementation, the civil servant at the Single-window division of the State Bank or the Regional State Bank shall close the investor's application for confirmation of the registration of foreign exchange transactions on the Administrative Procedure Settlement Information System.

1. The investor shall submit one set of application documents for the initial registration or registration of changes to foreign exchange transactions to the Regional State Bank in accordance with clause 2 of Article 12 of this Circular.

2. From the date of receipt of the complete and valid application, within 7 working days for projects subject to the issuance of an outward investment registration certificate or within 30 working days for projects not subject to the issuance of an outward investment registration certificate, the Regional State Bank shall send to the investor the confirmation of the initial registration of foreign exchange transactions or the confirmation of the registration of changes to foreign exchange transactions in accordance with the forms in Appendix No. 08 and Appendix No. 09 attached to this Circular, or a written refusal to confirm the initial registration of foreign exchange transactions or to confirm the registration of changes to foreign exchange transactions in accordance with the form in Appendix No. 10 attached to this Circular; and shall simultaneously send a copy to the Ministry of Finance. Where the confirmation is refused, the Regional State Bank shall issue a document clearly stating the reasons.

1. The investor shall submit one set of application documents for the initial registration or registration of changes to foreign exchange transactions to the State Bank in accordance with clause 1 of Article 12 of this Circular.

2. Within 5 working days from the date of receipt of the complete and valid application, where necessary, the State Bank shall send the application to solicit opinions from relevant agencies as prescribed in clause 7 of Article 18 of Decree No. 103/2026/ND-CP prior to confirming the registration of foreign exchange transactions:

a) For overseas investment projects related to national defense and security as prescribed in clause 2 of Article 18 of Decree No. 103/2026/ND-CP, solicit opinions from the Ministry of National Defense, the Ministry of Public Security, the Ministry of Foreign Affairs or relevant agencies on national defense, security, foreign affairs and other matters within the State management scope of those agencies;

b) For overseas investment projects of State-owned economic groups and State corporations as prescribed in clause 3 of Article 18 of Decree No. 103/2026/ND-CP, solicit opinions from the Ministry of Finance and sector and field management agencies on matters within their State management scope;

c) For projects prescribed in clause 4 of Article 18 of Decree No. 103/2026/ND-CP, solicit opinions from the Ministry of Finance and sector and field management agencies on the satisfaction of conditions for outward investment in accordance with the law and/or on matters within their State management scope relating to the overseas investment project.

3. From the date of receipt of the complete and valid application, within 7 working days for projects subject to the issuance of an outward investment registration certificate by investors that are credit institutions, or within 45 working days for projects not subject to the issuance of an outward investment registration certificate, the State Bank shall send to the investor the confirmation of the initial registration of foreign exchange transactions or the confirmation of the registration of changes to foreign exchange transactions in accordance with the forms in Appendix No. 11 and Appendix No. 12 attached to this Circular, or send to the investor a written refusal to confirm the initial registration of foreign exchange transactions or to confirm the registration of changes to foreign exchange transactions in accordance with the form in Appendix No. 13 attached to this Circular; and shall simultaneously send copies to the agencies from which opinions were solicited, the Ministry of Finance and the Regional State Bank in the area where the investor, being an organization, has its principal office. Where the confirmation is refused, the State Bank shall issue a document clearly stating the reasons.

1. For projects subject to the issuance of an outward investment registration certificate, the confirmation of the initial registration of foreign exchange transactions and the confirmation of the registration of changes to foreign exchange transactions issued by the State Bank or the Regional State Bank shall automatically cease to be in force upon the issuance of a decision by the Ministry of Finance to terminate the validity of the outward investment registration certificate.

2. Where 24 months have elapsed from the date the outward capital transfer schedule was confirmed in the confirmation of the initial registration of foreign exchange transactions and the investor has not conducted any transfer of outward investment capital in cash and has not registered changes to the outward capital transfer schedule in accordance with this Circular, the confirmation of the registration of foreign exchange transactions issued by the State Bank or the Regional State Bank shall automatically cease to be in force.

Within the 24-month period, where the investor has not yet transferred outward investment capital in cash and wishes to change the time limit for the transfer of outward investment capital in cash compared to the outward capital transfer schedule confirmed in the confirmation of the initial registration of foreign exchange transactions, the investor shall register changes to foreign exchange transactions with the State Bank or the Regional State Bank in accordance with the authority prescribed in Article 12 of this Circular.

3. In cases of full transfer of an overseas investment project to a domestic investor, after completing payment for the transfer of the investment project, the transferring investor must send a written notification to the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions, confirming the termination of outward investment activities in respect of the project.

After the investor receiving the transfer has had the outward investment registration certificate amended (for projects subject to the issuance of an outward investment registration certificate) or has received the confirmation of the registration of foreign exchange transactions (for projects not subject to the issuance of an outward investment registration certificate), the confirmation of the initial registration of foreign exchange transactions and the confirmation of the registration of changes to foreign exchange transactions issued by the State Bank or the Regional State Bank for the transferring investor shall automatically cease to be in force.

4. In cases of termination of activities of an overseas investment project as prescribed in clause 1 of Article 28 of Decree No. 103/2026/ND-CP for projects not subject to the issuance of an outward investment registration certificate, within 60 days from the date of completion of the liquidation of the overseas investment project and repatriation to Vietnam of all proceeds from the liquidation of the investment project (if any), the investor must send a notification to the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions, and to the licensed bank where the investment capital account is opened, regarding the termination of investment activities in respect of the project, in accordance with the form in Appendix No. 14 attached to this Circular, confirming that the liquidation of the overseas investment project has been completed and all proceeds from the liquidation of the project have been repatriated to Vietnam (if any).

From the date the investor notifies the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions, the confirmation of the initial registration of foreign exchange transactions and the confirmation of the registration of changes to foreign exchange transactions issued by the State Bank or the Regional State Bank shall automatically cease to be in force.

5. Where the competent authority concludes that application documents for the registration or registration of changes to foreign exchange transactions related to outward investment activities have been forged, the authority to confirm the registration of foreign exchange transactions as prescribed in Article 12 of this Circular shall issue a document to the investor and the licensed bank where the investor holds the investment capital account, notifying the termination of validity and the reasons for termination of validity of the confirmation of the registration of foreign exchange transactions related to outward investment activities.

1. The investor is responsible for repatriating investment capital, profits and lawful proceeds related to outward investment activities to Vietnam in accordance with investment law.

2. Investment capital, profits and lawful proceeds related to outward investment activities must be repatriated to Vietnam through the investor's investment capital account opened at the licensed bank in accordance with this Circular.

3. Where the investor does not repatriate profits and other lawful proceeds to Vietnam as prescribed in clause 3 of Article 34 of Decree No. 103/2026/ND-CP, the investor must notify the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions in advance in writing.

4. After repatriating investment capital previously remitted abroad as prescribed in clause 3 of Article 6 of Decree No. 103/2026/ND-CP, the investor must send a written notification to the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions, together with a written confirmation issued by the licensed bank.

1. Where the investor uses profits derived from the overseas investment project for reinvestment of project profits into the same overseas investment project in cases where the registered capital contribution has not yet been fully made as prescribed in point a of clause 1 of Article 33 of Decree No. 103/2026/ND-CP, within 15 days from the date the amended outward investment registration certificate is issued by the competent authority (for projects subject to the issuance of an outward investment registration certificate), or within 5 days from the date of completion of the information update on changes to the investment project on the National Investment Information System as prescribed in clause 5 of Article 18 of Decree No. 103/2026/ND-CP (for projects not subject to the issuance of an outward investment registration certificate), the investor must register changes to foreign exchange transactions with the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions.

2. Where the investor uses profits derived from the overseas investment project to increase the investment capital for the same project as prescribed in point b of clause 1 of Article 33 of Decree No. 103/2026/ND-CP, within 15 days from the date the amended outward investment registration certificate is issued by the competent authority (for projects subject to the issuance of an outward investment registration certificate), or within 15 days from the date of completion of the information update on changes to the investment project on the National Investment Information System as prescribed in clause 5 of Article 18 of Decree No. 103/2026/ND-CP (for projects not subject to the issuance of an outward investment registration certificate), the investor must send a written notification to the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions.

3. Where the investor uses profits derived from the overseas investment project to implement a new investment project abroad as prescribed in point c of clause 1 of Article 33 of Decree No. 103/2026/ND-CP, the investor must follow the procedures for the initial registration of foreign exchange transactions as prescribed in clause 1 of Article 13 of this Circular.

4. Where the investor uses profits distributed from the overseas business entity to offset obligations arising abroad with a partner operating in Vietnam as prescribed in clause 2 of Article 34 of Decree No. 103/2026/ND-CP, within 30 working days from the date the amended outward investment registration certificate is issued or amended by the competent authority, the investor must send a written notification together with documentation evidencing the detailed changes to the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions.

1. Provide guidance to investors on the opening, use and closure of pre-investment accounts and investment capital accounts, and on fund transfer transactions related to outward investment activities, in strict compliance with this Circular and other relevant law.

2. Develop, issue and be responsible for the provisions of internal regulations on fund transfers related to outward investment activities, which must at a minimum contain the following particulars:

a) Regulations on the management of pre-investment accounts and investment capital accounts of customers, to ensure monitoring, supervision and compliance with the provisions of this Circular;

b) Regulations on application documents, materials and supporting documents relating to:

(i) Pre-investment fund transfer transactions, to ensure that fund transfers are made for proper purposes and do not exceed the limit prescribed in this Circular and investment law;

(ii) Transactions for the transfer of outward investment capital in cash after the issuance of an outward investment registration certificate (for projects subject to the issuance of an outward investment registration certificate) or after receiving the confirmation of the registration of foreign exchange transactions (for projects not subject to the issuance of an outward investment registration certificate), to ensure that fund transfers are made for proper purposes and do not exceed the amount permitted to be transferred abroad in accordance with this Circular and investment law;

(iii) Transactions for the repatriation of investment capital previously remitted abroad as prescribed in clause 3 of Article 6 of Decree No. 103/2026/ND-CP, including: application documents and supporting documents proving that the investor's monetary investment capital repatriated to Vietnam is the amount previously transferred abroad within the outward investment capital transfer limit confirmed in the form for registration of foreign exchange transactions; a written undertaking of legal responsibility by the investor for the legality and accuracy of the application documents and materials proving the amount of monetary investment capital repatriated and transferred to Vietnam in compliance with investment law and this Circular; other documents as required by the licensed bank.

c) Regulations on verification, cross-checking and retention of application documents, materials and supporting documents for fund transfer transactions related to outward investment activities; monitoring and supervision of data on pre-investment outward remittances, outward transfers of investment capital in cash, and repatriation of investment capital to Vietnam (including repatriation of investment capital previously remitted abroad as prescribed in clause 3 of Article 6 of Decree No. 103/2026/ND-CP), profits and lawful proceeds to Vietnam in accordance with this Circular and relevant law;

d) Regulations on fund flow transparency when conducting fund transfers for investors, requiring the investor to clearly state: the amount and purpose of pre-investment fund transfers (for pre-investment fund transfer transactions), or the amount, purpose of fund transfers, form of investment, investment project code or automatically generated application code issued on the National Investment Information System (for fund transfer transactions after the issuance of an outward investment registration certificate or after receiving the confirmation of the registration of foreign exchange transactions), in each payment order.

3. When conducting foreign exchange transactions related to fund transfers in outward investment activities for investors, the licensed bank must review, verify, cross-check and retain application documents, materials and supporting documents consistent with actual transactions, to ensure that the provision of foreign exchange services to investors is conducted for proper purposes and in compliance with the law.

4. Issue written confirmation of the investor's repatriation of outward investment capital in cash to Vietnam upon the investor's request as prescribed in clause 4 of Article 24 of this Circular.

5. Issue written confirmation of the opening or closure of pre-investment accounts and the foreign exchange transactions arising on the pre-investment account up to the time of confirmation upon the investor's request, including at a minimum the following information: account number, account name, currency (actual transfer currency, US Dollar and investment capital currency), time of transfer, purpose of transfer and amount of each pre-investment outward remittance in the actual transfer currency, US Dollar and investment capital currency (converted at the time of each fund transfer transaction as prescribed in Article 5 of this Circular).

6. Issue written confirmation of the opening or closure of investment capital accounts and the foreign exchange transactions arising on the investment capital account up to the time of confirmation, upon the request of the investor, the State Bank or the Regional State Bank, clearly stating the project code or automatically generated application code issued on the National Investment Information System, account number, account name, currency (actual transfer currency, investment capital currency, US Dollar), time of transfer, purpose of transfer, amount of outward investment capital in cash transferred abroad in each instance in the actual transfer currency, investment capital currency and US Dollar (converted at the time of each fund transfer transaction as prescribed in Article 5 of this Circular); and the amount of investment capital in cash, profits and lawful proceeds repatriated to Vietnam in each instance up to the time of confirmation (if any) in the investment capital currency and US Dollar converted at the time of each transaction.

7. Comply with the law on anti-money laundering, counter-terrorism financing and counter-proliferation financing of weapons of mass destruction; regularly monitor fund transfer transactions related to outward investment activities to ensure that transactions are conducted in accordance with the risk level, business activities and investment capital sources of customers; promptly detect and report transactions arising in accordance with the law.

8. Be responsible for the accuracy of reported data and comply with the statistical reporting regime prescribed in this Circular.

1. Comply with the regulations on foreign exchange management in respect of outward investment activities; conduct fund transfers from Vietnam abroad, and repatriation of investment capital, profits and lawful proceeds from abroad to Vietnam in accordance with this Circular and relevant law.

2. Conduct pre-investment outward remittances to cover expenses incurred in the establishment of the overseas investment project for proper purposes and not exceeding the limit prescribed in clause 5 of Article 32 of Decree No. 103/2026/ND-CP (unless otherwise prescribed by the Government). Provide the licensed bank with the investor's written undertaking, or a written undertaking between investors, on the total amount remitted abroad prior to investment in compliance with the provisions of clause 5 of Article 32 of Decree No. 103/2026/ND-CP, and shall be solely legally responsible for the accuracy of the written undertaking (unless the Government does not prescribe a limit).

3. The transfer of outward investment capital in cash must ensure compliance with investment law and this Circular. The amount transferred abroad must not exceed the outward investment capital in cash in the confirmation of the initial registration of foreign exchange transactions or the confirmation of the registration of changes to foreign exchange transactions.

4. Clearly state the information on the amount and purpose of pre-investment fund transfers (for pre-investment fund transfer transactions), or the amount, purpose of fund transfers, investment project code or automatically generated application code issued on the National Investment Information System, in each payment order.

5. Submit application documents, materials and supporting documents to prove fund transfer transactions related to outward investment activities as required by the licensed bank. Be legally responsible for the legality, accuracy, completeness and truthfulness of application documents, materials, and the particulars of the form for registration of foreign exchange transactions and notifications as prescribed in this Circular and relevant law.

6. Truthfully and fully declare the particulars of credit and debit transactions on the pre-investment account and investment capital account as required by the licensed bank.

7. Be legally responsible for:

a) The legality of the amount transferred abroad for investment purposes in accordance with the law;

b) The use of funds on the pre-investment account and investment capital account for proper purposes in accordance with this Circular and investment law.

8. Declare information on the investment project as prescribed in Decree No. 103/2026/ND-CP, and update information on changes to the investment project on the National Investment Information System as prescribed in clause 5 of Article 18, clause 2 of Article 23 and clause 1 of Article 27 of Decree No. 103/2026/ND-CP.

9. Be responsible for the accuracy of reported data and comply with the statistical reporting regime prescribed in this Circular.

1. Receive and process applications for the initial registration and registration of changes to foreign exchange transactions for investors within the authority prescribed in clause 2 of Article 12 of this Circular; confirm or refuse to confirm the registration of foreign exchange transactions in accordance with this Circular.

2. Monitor the statistical reports of investors and licensed banks in the area in accordance with this Circular; comply with the statistical reporting regime prescribed in Article 34 of this Circular.

3. Monitor, inspect and handle violations of the law on foreign exchange management in respect of outward investment activities by organizations and individuals in the area.

4. Provide guidance, urge and remind organizations and individuals in the area to comply with the regulations on foreign exchange management in respect of outward investment activities.

5. Cooperate with the State Bank and other Regional State Banks in the implementation of this Circular, and cooperate with relevant agencies in the area to resolve difficulties and issues arising for investors.

1. Receive and process applications for the initial registration and registration of changes to foreign exchange transactions for investors within the authority; advise the Governor and submit the matter for consideration and decision on the confirmation of the registration of foreign exchange transactions in accordance with this Circular.

2. Send written requests for opinions from relevant agencies and relevant units within the State Bank on the investor's application for confirmation of the registration of foreign exchange transactions, including particulars relating to the functions and duties of the ministries, agencies and units from which opinions are solicited.

3. On a monthly, quarterly and annual basis, send information to the Ministry of Finance on the status of foreign exchange transaction registration confirmations for projects not subject to the issuance of an outward investment registration certificate.

4. On an annual basis, no later than March 15 of the year following the reporting year, the State Bank (Foreign Exchange Management Department) shall send to the Ministry of Finance a report on the status of pre-investment outward remittances and outward remittances after the issuance of an outward investment registration certificate (for projects subject to the issuance of an outward investment registration certificate) or after the confirmation of the registration of foreign exchange transactions (for projects not subject to the issuance of an outward investment registration certificate), and the status of repatriation of investment capital and profits from abroad to Vietnam related to overseas investment projects.

5. Cooperate with relevant agencies and the Regional State Bank in the implementation of this Circular.

6. Monitor and inspect compliance with the regulations on foreign exchange management related to outward investment activities by investors within the authority prescribed in this Circular.

1. The Information Technology Department:

Take charge and cooperate with the Foreign Exchange Management Department to develop the State Bank's online portal for foreign exchange management related to outward investment activities.

2. Other relevant Departments and Bureaus:

Based on their assigned functions and duties, relevant units within the State Bank shall participate in providing opinions on matters relating to the confirmation of the registration of foreign exchange transactions for organizations and individuals at the request of the Foreign Exchange Management Department.

1. The statistical reporting regime prescribed in this Circular shall be implemented through the State Bank's online portal for foreign exchange management related to outward investment activities.

2. During the period in which the State Bank's online portal for foreign exchange management related to outward investment activities has not yet been fully developed, the statistical reporting regime shall be implemented in accordance with Articles 32, 33 and 34 of this Circular.

3. From the date the State Bank's online portal for foreign exchange management related to outward investment activities is fully developed and becomes operational, investors, licensed banks and Regional State Banks shall submit reports using the forms prescribed in Appendix No. 15, Appendix No. 16, Appendix No. 17, Appendix No. 18, Appendix No. 19 and Appendix No. 21 attached to this Circular on the State Bank's online portal for foreign exchange management related to outward investment activities.

4. For overseas investment projects that have been issued an outward investment registration certificate and for which the registration of foreign exchange transactions was confirmed prior to the date this Circular comes into force:

a) Cumulative data arising prior to the date this Circular comes into force shall continue to be carried forward based on the data previously reported on the State Bank's Reporting System;

b) For fund transfer transactions related to outward investment activities arising from the date this Circular comes into force, the conversion of outward investment capital transferred abroad, and investment capital, profits and lawful proceeds repatriated to Vietnam in a currency other than the US Dollar, into US Dollars shall be carried out at the exchange rate prescribed in clause 5 of Article 5 of this Circular.

1. On a monthly basis, no later than the 15th of the month following the reporting month, the licensed bank where the investor opens the investment capital account must report on the status of fund transfers related to outward investment activities through the investment capital account in accordance with the form in Appendix No. 15 attached to this Circular, in the following cases:

a) Investment projects for which the registration of foreign exchange transactions was confirmed after the date this Circular comes into force;

b) Investment projects for which the registration of foreign exchange transactions was confirmed prior to the date this Circular comes into force and for which data arises during the reporting period on outward investment capital transferred abroad, or investment capital, profits and lawful proceeds repatriated to Vietnam.

2. Within 9 months from the date this Circular comes into force, for projects for which the registration of foreign exchange transactions was confirmed prior to the date this Circular comes into force and for which no data arises during the reporting period on outward investment capital transferred abroad, or investment capital, profits and lawful proceeds repatriated to Vietnam, the licensed bank is not required to submit periodic reports as prescribed in clause 1 of this Article. After this period, the licensed bank must submit periodic reports in accordance with applicable regulations.

3. The licensed bank shall send reports in accordance with the form in Appendix No. 15 attached to this Circular to:

a) The Regional State Bank in the area where the licensed bank has its principal office. Reports shall be in writing, signed and stamped by the licensed bank;

b) The State Bank (Foreign Exchange Management Department) electronically to the email address baocaodautura@sbv.gov.vn of the State Bank. Reports sent by email shall include a scanned copy of the signed and stamped report in PDF format and a data file in the prescribed form in excel format.

4. On a quarterly basis, no later than the 10th of the first month of the quarter following the reporting quarter, the licensed bank where the investor opens the investment capital account must report on the status of credit and debit transactions on the outward investment capital account in accordance with the form in Appendix No. 16, and the outward investment report by host country in accordance with the form in Appendix No. 17 attached to this Circular, under the statistical reporting regime on the State Bank's Reporting System.

5. Where the licensed bank has no investors opening investment capital accounts as of the time of reporting, the licensed bank is not required to comply with the statistical reporting regime prescribed in this Article.

1. On a quarterly basis, no later than the 5th of the first month of the quarter following the reporting quarter, the investor shall send reports to the State Bank or the Regional State Bank that most recently confirmed the registration of foreign exchange transactions, on the status of outward investment capital transfers in accordance with the form in Appendix No. 18, and on the status of repatriation of investment capital, profits and lawful proceeds to Vietnam in accordance with the form in Appendix No. 19 attached to this Circular.

2. Methods for sending reports:

a) For projects within the authority of the Regional State Bank to confirm the registration of foreign exchange transactions, the investor shall send reports to the Regional State Bank that most recently confirmed the registration of foreign exchange transactions, in writing signed by the investor and stamped by the investor's lawful representative (where the investor is an organization);

b) For projects within the authority of the State Bank to confirm the registration of foreign exchange transactions, the investor shall send reports to the State Bank (Foreign Exchange Management Department) electronically to the email address baocaodautura@sbv.gov.vn. Reports sent by email shall include a scanned copy of the signed and stamped report from the investor's lawful representative (where the investor is an organization) in PDF format and a data file in the prescribed form in excel format.

1. On a monthly basis, no later than the 5th of the month following the reporting month, the Regional State Bank must send to the State Bank (Foreign Exchange Management Department) a report on the status of registration of foreign exchange transactions and termination of overseas investment projects that are not subject to the issuance of an outward investment registration certificate, in accordance with the form in Appendix No. 20 attached to this Circular.

2. On a quarterly basis, no later than the 15th of the first month of the quarter following the reporting quarter, the Regional State Bank must send to the State Bank (Foreign Exchange Management Department) a report on the status of pre-investment outward remittances and outward transfers of investment capital; and repatriation of investment capital, profits and lawful proceeds from abroad to Vietnam for overseas investment projects within the management authority of the Regional State Bank, in accordance with the form in Appendix No. 21 attached to this Circular, on the State Bank's Statistical Reporting System.

3. On an annual basis, no later than February 15 of the year following the reporting year, the Regional State Bank must send to the State Bank (Foreign Exchange Management Department) a report on the status of outward investment capital transfers and repatriation of funds to Vietnam for overseas investment projects, in accordance with the form in Appendix No. 22 attached to this Circular.

4. Reports in accordance with the forms in Appendix No. 20 and Appendix No. 22 attached to this Circular shall be sent to the State Bank (Foreign Exchange Management Department) electronically to the email address baocaodautura@sbv.gov.vn of the State Bank, in PDF format and as a data file in the prescribed form in excel format.

In urgent cases or where necessary, investors and licensed banks shall report at the request of the State Bank and the Regional State Bank; the Regional State Bank shall report at the request of the State Bank.

1. This Circular comes into force as of July 31, 2026.

2. The following provisions are annulled:

a) Circular No. 12/2016/TT-NHNN providing guidance on foreign exchange management in respect of outward investment activities;

b) Clause 3 of Article 10 of Circular No. 04/2024/TT-NHNN providing guidance on bilateral payment and remittance activities between Vietnam and Laos;

c) Chapter IV and Appendix No. IV attached to Circular No. 78/2025/TT-NHNN amending, supplementing and annulling certain provisions in legal normative documents in the field of foreign exchange management in respect of capital transactions, for the purpose of implementing the plan for reduction and simplification of administrative procedures.

1. For projects that have been issued an outward investment registration certificate and for which the registration of foreign exchange transactions was confirmed prior to the date this Circular comes into force, the investor shall continue to comply with the particulars confirmed in the form for registration of foreign exchange transactions. Where changes arise compared to the particulars in the issued confirmation of the registration of foreign exchange transactions, the investor shall comply with the provisions of this Circular.

2. For applications for the initial registration of foreign exchange transactions and applications for registration of changes to foreign exchange transactions received by the Regional State Bank prior to the date this Circular comes into force but not yet resolved, the processing of such applications shall continue in accordance with the authority of the Regional State Bank as prescribed in this Circular.

Heads of units under the State Bank of Vietnam, banks and foreign bank branches permitted to conduct foreign exchange business and provide foreign exchange services in Vietnam, and relevant organizations and individuals shall be responsible for implementing this Circular./.