The State Bank of Vietnam (SBV) has recently released a draft Circular outlining proposed regulations for the opening and use of Vietnam Dong bank accounts by foreign investors engaging in indirect investment activities (“Draft Circular”). This initiative aims to streamline and standardize the management of foreign indirect investment in Vietnam.
The Draft Circular is open for public consultation for the next 60 days, during which it may undergo revisions prior to its official issuance. Once effective, it will replace Circular No. 05/2014/TT-NHNN (“Circular 05”), which has governed the use of indirect investment capital accounts (“IICA”) since its issuance on 12 March 2014.
