REGISTRATION OF THE DIRECT INVESTMENT CAPITAL ACCOUNT AND PROGRESS ON TRANSFERRING THE INVESTMENT CAPITAL ABROAD
I.Legal grounds
1.Law on Investment 2014
2.Circular No. 36/2016/TT-NHNN regulating the opening and use the foreign currency account to conduct the foreign direct investment.
3.Circular No. 29/2015/TT-NHNN amending and supplementing a number of legal documents of the State Bank of Vietnam stipulating the dossier with authenticated copy of document.
II.The procedure of registration account
Pursuant to Article 4 of Circular 36/2013/TT-NHNN and Article 63 of Law on Investment 2014:
Transaction of transferring money from Vietnam abroad concerning foreign investment activity must be: (i) conducted via a separate capital account at an authorized credit institution in Vietnam and (ii) registered at the State Bank of Vietnam pursuant to the law on control of foreign exchange.
1.The dossier consists of:
1)Application for the registration of direct investment capital account and progress on transferring investment capital abroad pursuant to the form in Appendix No. 01 enclosed with Circular No. 36/2013/TT-NHNN.
2)Copy issued from original book or authenticated copy or copy enclosed with original for comparison of the Establishment Permit or the Business Registration Certificate or the Enterprise Registration Certificate or the Investment Certificate (for organization); Identity card or passport (for individual). If the applicant submit the copy together with the original for comparison, the comparison person is responsible to confirm the copy's accuracy against the original.
3)Copy issued from original book or authenticated copy or copy enclosed with original copy for comparison of the Investment Certificate issued by competent Vietnamese authority. If the applicant submit the copy with the original for comparison, the comparison person is responsible to confirm the copy's accuracy against the original.
4)Copy in foreign language, Vietnamese translation (confirmed by the investor on the accuracy of the copy and translation) of the investment approval document issued by the competent authority of the investment-receiving country or other documents showing the investment project has been approved by the competent authority of the investment-receiving country pursuant to that country’s law.
5)The original of the document on progress of the investment capital contribution of the project or estimated investment capital contribution progress of the project prepared by the investor.
6)The original of confirmed document by the authorized credit institution of the opening of the foreign direct investment capital account of the investor.
2.The processing competent authority
The investor must submit dossier directly or by post to the State Bank of Vietnam or the branch of provincial-level State Bank of Vietnam.
3.The processing time limit
Within 10 working days from the date receiving the complete and valid dossier of the investor, the State Bank or the branch of provincial-level State Bank of Vietnam is responsible to check the dossier, confirm or decline to confirm the registration of account and the capital transfer progress to set the ground for investor to transfer investment capital abroad through the direct investment capital account already opened at the authorized credit institution.
In case of declining to confirm the registration of account and capital transfer progress of the investor, the State Bank of Vietnam or the branch of provincial-level State Bank of Vietnam must inform the applicant in writing specifying reason for declining.
