The State Bank of Vietnam (SBV) has issued a circular, effective from February 14, to regulate the opening and usage of foreign currency accounts for investing abroad.

Accordingly, after receiving a certificate for overseas investments, an investor must open an account for all transactions related to investments in foreign currencies at an authorised credit institution. The investor will also have to register with SBV or its branches in the provinces and cities.

An investor with several overseas investment projects must open an account for each project. If a project receives investments from multiple investors, each investor must open an account for his/her investment at the same authorised credit institutions in accordance with the investment certificate issued by the authorised agencies of Vietnam.

SBV's Department of Foreign Currency Management is authorised to certify the registration of overseas investments, account changes and capital transfers to investors that are credit institutions.-VNA