NOTICE ON COMPLYING WITH REGULATIONS ON FOREIGN EXCHANGE CONTROL RELATED TO FOREIGN BORROWING, FOREIGN DEBT REPAYMENT; FOREIGN DIRECT INVESTMENT CAPITAL TRANSFER; FOREIGN INDIRECT INVESTMENT CAPITAL TRANSFER.

03/02/2020 04:26 PM

In order to comply with regulations on foreign exchange control and support Customers to process remittance transactions through Vietcombank conveniencely, Vietcombank would like to announce as follows:

Dear valued Customers,

Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) would like to send greetings and thank you for using our service.

Valued Customers should comply with regulations on foreign exchange control related to foreign borrowing, foreign debt repayment; foreign direct investment capital transfer; foreign indirect investment capital transfer, especially for regulations on opening and using accounts for foreign borrowing, foreign debt repayment; foreign direct investment capital transfer; foreign indirect investment capital transfer. It is noted that remittance content should be stated fully, clearly and exactly on remittance order.
For remittance transactions related to foreign borrowing, foreign debt repayment; foreign direct investment capital transfer; foreign indirect investment capital transfer, Vietcombank shall process as follows:

Vietcombank shall require valued Customers to present documents for checking compliance before crediting Customers’ accounts.
Customers should present complying documents in order to credit.
In case Customers do not present complying documents; and/or remittance orders for crediting current accounts on wrong purpose and/or remittance orders without detailed content or purpose, Vietcombank have the right not to credit Customers’ accounts according to remittance orders. Customers shall be liable for all delays and/or losses which may arise.

List of related documents and regulations

Decree No. 70/2014/ND-CP dated July 17, 2014 of the Government on detailing a number of articles of the Ordinance on foreign exchange and the Ordinance amending, supplementing a number of Articles of the Ordinance on foreign exchange;
Circular No. 03/2016/TT-NHNN dated February 26, 2016 of the State Bank of Vietnam providing several instructions on foreign exchange administration in respect of enterprise’s foreign borrowing and foreign debt repayment of enterprises;
Circular No. 06/2019/TT-NHNN dated June 26, 2019 of the State Bank of Vietnam on guiding the foreign exchange administration of foreign direct investment in Vietnam;
Circular No. 05/2014/TT-NHNN dated March 12, 2014 of the State Bank of Vietnam guiding the open and use of indirect investment capital accounts for the implementation of foreign indirect investment in Vietnam;
Other related documents and regulations.