HOW MANY DIRECT INVESTMENT ACCOUNTS CAN A FOREIGN INVESTOR OPEN?
Legal base
- Circular 06/2019/TT-NHNN
What is a direct investment capital account?
According to the provisions of Clause 5, Article 3 of Circular 06/2019/TT-NHNN, direct investment capital account is a payment account in foreign currency or Vietnamese dong owned by an enterprise with foreign direct investment capital, Foreign investors open at authorized banks to do so.
How many direct investment accounts can a foreign investor open?
According to the provisions of Clause 2, Article 5 of Circular 06/2019/TT-NHNN, foreign investors opening a direct foreign investment capital account in Vietnam need to meet the following conditions:
– Opening a direct investment capital account in foreign currency at 01 bank to carry out revenue and expenditure transactions in foreign currency related to investment activities;
– For each type of foreign currency in which investment capital is contributed, only 01 direct investment capital account in that foreign currency can be opened at 01 bank;
– When a foreign investor invests in Vietnamese Dong, they can open an additional direct investment capital account in Vietnamese Dong at a licensed bank that has previously opened a direct investment account in foreign currency;
– For PPP projects and BCC contracts, a separate investment account must be opened for each project regardless of whether there is the same authorized bank or not.
Depending on each specific case, determine the number of direct investment capital accounts that a foreign investor can open. Accordingly, there is no maximum limit on the number of direct investment capital accounts opened by an investor.
Through which account do foreign investors transfer money from abroad to Vietnam?
According to Clause 1, Article 5 and Clause 1, Article 8 of Circular 06/2019/TT-NHNN, when foreign investors transfer money from abroad to Vietnam to implement an investment project, they need to go through an investment capital account.