7 Tháng Tám, 2023

Procedure for opening a direct investment capital account in Viet Nam

Question: I am a foreigner having American nationality. I want to set up a business in Viet Nam to make an investment. As far as I know, investing in Viet Nam requires opening an account, called an investment capital account, to conduct money transfers and prepare for investment activities. So, to open that account, what do I have to do? Where do I have to submit relevant documents? And what documents are required?

Based on the above situation, Nghiep Thanh Law would like to share some advice as follows:

As a foreign investor investing directly in Viet Nam, a foreign-invested enterprise must open a direct investment capital account (DICA). Therefore, you need to follow the principles of opening a DICA.

 You may refer to Principles of opening a direct investment capital account in Viet Nam

Who needs to open a direct investment capital account in Viet Nam

* Opening procedures:

– A dossier to open an account at a commercial bank:[1]

(1) Request form for opening a payment account (according to the form of the foreign bank branch where the account is opened) (2) Certificate of proof that the organization is legally established and operating. Specifically, the establishment decision, operation license, business registration certificate, etc. (3) A valid identity card/citizen identity card/passport of the legal representative of the organization (4) Decision on appointing a chief accountant (in charge of accounting) together with identity/citizen identity card/passport (in case it requires the signature of the chief accountant or the person in charge of accounting on accounting documents of transactions with the bank)

* Note: Documents (2), (3), (4) are certified copies.

If they are written in foreign language, they must be translated into Vietnamese and notarized.

* Note: The bank allowed is a Commercial Bank or foreign bank branch that is permitted to conduct business and provide foreign exchange services.[2] (The above procedure is carried out at a commercial bank)

– Form of submission: Direct/Postal/Online

– Processing time: within 01 working day from receipt of the dossier

– Result:

+ Complete and valid dossier => Proceed to sign a contract to open an account, the customer is allowed to use the payment account.

The bank will send you as a customer a copy of the contract.

+ Incomplete and invalid dossier => Be notified to complete the dossier.

The content above is the content of advice on “Procedure for opening a direct investment capital account in Viet Nam”

Please refer to the form of indirect investment through the article Procedures for opening an indirect investment capital account in Viet Nam

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Translator: Le Khanh Linh

Content writer: Nguyen Linh Chi

Instructor: Nguyen Minh Co

Admin: Lawyer Thuan

[1] Article 12.2 Circular 23/2014/TT-NHNN.

[2] Article 2.1 Circular 16/2014/TT-NHNN.

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