Circular No. 20/2015/TT-NHNN stipulates the opening and use of foreign currency accounts abroad for resident organizations.

CIRCULAR

Regulations on opening and using foreign currency accounts abroad of resident individuals of a resident is, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP c Quứspecialized agency under the People's Committee of the province/city.

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Pursuant to the Law on National Financial Management dated June 25, 2015;âis a state management activityNo. Pursuant to Law No. 46/2010/QH12 dated June 16, 2010;

Based on the Law on Credit Institutions No. 47/2010/QH12 dated December 16, 201010/QH12 dated February 16,June 2024;art. 6 year 2010;

Based on the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH dated December 13, 2005 and the Ordinance amending and supplementing the Ordinance on Foreign Exchange ling the Law on Foreign Exchange, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPm, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP ,No. INDUSTRIAL EXPLOSIVES - TNP1 EXPLOSIVESoniance No. 06/2013/UBTVQH13 dated March 18, 2013No.ãNo. 06/2013/UBTVQH13 dated March 18,amendJune 2,

Based on Decree No. 156/2013/NĐ-CP dated November 11, 2013 of the Government stipulating functions, tasks, and regulations 11 No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing implementation of certain provisions of the Ordinance on Foreign ExchangeonThe Director of the Office, Heads of Payment Department, Heads of units under the State Bank of Vietnam; credit institutions, foreign bank branches, payment switching organizations, electronic transaction settlement organizations are responsible for implementing this Circular.of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairsu t, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP các ngành kinh tế

Pursuant to DecreeNo. and the Ordinance amending and supplementing the Ordinance on Foreign Exchange;"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."phur provides detailed regulations to implement certain provisions of the Foreign Exchange Ordinance and the Ordinance amending the Foreign Exchange Ordinance;No.ing the Foreign Exchange Ordinance;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPm, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP This Circular stipulates on classification, guidance, and support for technical specialties; technical catalogues; quality assessment of medical examination and treatment facilities; registration for health insurance medical examination and treatment and patient transfer among medical examination and treatment facilities under the Ministry of National Defense.onof the Foreign Exchange Ordinance;

AT THE REQUEST OF THE HEAD OF THE FOREIGN TRADE MANAGEMENT DEPARTMENTNo.The Governor of the State Bank of Vietnam issues a Circular amending and supplementing certain legal normative documents concerning administrative procedures and formalities in the field of foreign exchange management.”

The Governor of the State Bank of Vietnam issues this Circular to regulate the opening and use of foreign currency accounts abroad by resident individuals lhe resident is an economic organization, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP .

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

This Circular regulates the opening and use of foreign currency accounts abroad by resident organizations, including:

1. Credit institutions and branches of foreign banks permitted to conduct foreign exchange activities (hereinafter referred to as permitted credit institutions).

2. Economic organizations (excluding credit institutions).

3. Other organizations include: state agencies, military units, political organizations, political-social organizations, political-social-professional organizations, social organizations, social-professional organizations, social funds, charitable funds of Vietnam operating in Vietnam.

Article 2. Cases of opening and using foreign currency accounts abroad by permitted credit institutions

1. Credit institutions permitted to conduct foreign exchange activities abroad according to the License of the State Bank of Vietnam (hereinafter referred to as the State Bank) may open and use foreign currency accounts abroad to carry out foreign exchange activities consistent with the content approved by the State Bank and the laws of the host country where the foreign currency account is opened, without having to go through the procedures for obtaining permission to open and use foreign currency accounts abroad as stipulated in this Circular.

2. In cases of implementing foreign loans in accordance with current laws, credit institutions permitted may open and use foreign currency accounts abroad to implement foreign loans according to contracts or agreements signed with foreign lenders regarding the need to open foreign currency accounts abroad to implement foreign loans and the laws of the host country where the foreign currency account is opened, without having to go through the procedures for obtaining permission to open and use foreign currency accounts abroad as stipulated in this Circular.

3. After being granted the License to open and use foreign currency accounts abroad (hereinafter referred to as the License) by the State Bank, credit institutions permitted may open and use foreign currency accounts abroad according to the contents specified in the License, Decision amending and supplementing the License (if any), stipulated in this Circular, and the laws of the host country where the credit institution is permitted to open the account in the following cases:

a) Credit institutions permitted to open and use foreign currency accounts abroad to meet the conditions for obtaining permission to establish and operate representative offices, branches, wholly-owned banks abroad according to the laws of the host country;

b) Permitted credit institutions may open and use foreign currency accounts abroad to serve the operations of representative offices abroad.

Article 3. Cases of opening and using foreign currency accounts abroad by resident individuals who are economic organizationsThis Resolution takes effect from the date it is adopted by the National Assembly.5. The decision approving the annual costs for the operations of branches and representative offices abroad signed by the legitimate representative of the organization.

After being granted the License by the State Bank, economic organizations may open and use foreign currency accounts abroad according to the contents specified in the License, Decision amending and supplementing the License (if any), stipulated in this Circular, and the laws of the host country where the economic organization opens the account in the following cases:

1. Economic organizations may open and use foreign currency accounts abroad to meet the conditions for obtaining permits to establish and operate branches and representative offices in accordance with the laws of the host country.

2. Economic organizations may open and use foreign currency accounts abroad to serve the activities of their branches and representative offices abroad.

3. Enterprises, cooperatives, cooperative unions (hereinafter referred to as the borrower) may open and use foreign currency accounts abroad to implement foreign loans according to agreements with foreign lenders.

4. Enterprises under the special important investment program of the Government; enterprises investing in public-private partnership (PPP) form may open and use foreign accounts to fulfill commitments with foreign parties.

5. Economic organizations may open and use foreign currency accounts abroad to fulfill commitments, agreements, contracts with foreign parties including construction contracts abroad; purchase and sale contracts for ships with foreign parties; other commitments, agreements, contracts with foreign parties, excluding the opening and use of foreign currency accounts abroad to implement foreign loans according to the requirements of foreign lenders.

Article 4. Cases for opening and using foreign currency accounts abroad by other organizations

After being granted the License by the State Bank, other organizations specified in Clause 3, Article 1 of this Circular may open and use foreign currency accounts abroad according to the contents specified in the License, Decision amending and supplementing the License (if any), stipulated in this Circular, and the laws of the host country where the organization opens the account for receiving foreign aid, grants or other cases permitted by competent authorities of Vietnam.

Article 5. Term of the Permit

The term of the Permit (the term for using foreign currency accounts abroad) shall be determined based on:

1. The validity period of the document issued by the competent authority abroad allowing the organization to establish and operate branches or representative offices abroad. In cases where the document issued by the competent authority abroad does not specify the validity period, the maximum term of the Permit shall not exceed three years from the date of issuance of the Permit; or

2. The validity period of the foreign loan contract between the borrower and the lender; or

3. The implementation period of commitments, agreements, or the validity period of contracts with foreign parties; or

4. The acceptance period of foreign aid or sponsorship; or

5. The term specified in the document of the competent authority of the host country allowing the establishment and temporary operation of the organization opening foreign currency accounts abroad to meet the conditions for obtaining permission to establish and operate branches, representative offices, or wholly foreign-owned banks according to the laws of the host country. In cases where the competent authority abroad does not issue a temporary establishment and operation permit, the term of the Permit shall be one year from the date of issuance of the Permit.

Article 6. Principles for preparing applications for issuing Permits and Decisions to amend and supplement Permits

1. Applications for the State Bank of Vietnam to issue Permits and Decisions to amend and supplement Permits must be prepared in one set in Vietnamese. In cases where the application is in a foreign language, it must be translated into Vietnamese, and the translation must be confirmed by the legal representative of the organization, except as provided for in Clause 3 of this Article.

2. For copies of documents in the application, the organization must submit certified copies attesting to their accuracy compared to the originals.

3. In cases where an account is opened to serve the activities of branches or representative offices abroad, the organization must legalize the documents of the competent authority of the foreign party allowing the establishment of branches or representative offices abroad according to current laws.

Article 7. Authority to Issue and Revoke Permits and Decisions to Amend and Supplement Permits

1. The Governor of the State Bank of Vietnam decides to issue and revoke Permits.

2. The Governor of the State Bank of Vietnam delegates the Director of the Foreign Exchange Management Department to issue Decisions to amend and supplement Permits for cases involving adjustments to contents related to the opening and use of foreign currency accounts abroad by organizations as stipulated in Article 17 of this Circular.

Chapter II

APPLICATION PROCEDURES AND DOCUMENTS FOR LICENSE ISSUANCE

Article 8. Procedures for Issuing Permits

1. Organizations (except those specified in Clause 1 and Clause 2 of Article 2 of this Circular) when they have the need to open foreign currency accounts abroad, based on the provisions of Articles 9, 10, 11, 12, 13, 14, 15, and 16 of this Circular, prepare one set of application documents and send them via postal service or directly to the State Bank of Vietnam (Foreign Exchange Management Department).

2. Within fifteen working days from the date of receiving complete and valid applications, the State Bank of Vietnam will issue the Permit according to Appendix No. 03 attached to this Circular to the organization. In cases where the application is incomplete or invalid, within seven working days from the date of receipt of the application, the State Bank of Vietnam will issue a written request for the organization to supplement the application.

In cases where the Permit is refused, the State Bank of Vietnam will notify the organization in writing, specifying the reasons.

Article 9. Documents for requesting a License to meet the conditions for obtaining permission to establish and operate representative offices, branches, and wholly foreign-owned banks

1. Application form for requesting a License according to Appendix No. 01 attached to this Circular.

2. Copy of the License for establishment and operation of the permitted credit institution.

3. Copy of the document from the State Bank allowing the establishment of representative offices, branches, and wholly foreign-owned banks.

4. Copy with Vietnamese translation of the document from the foreign side proving that the credit institution must open an account in the host country to meet the conditions for obtaining permission to establish and operate representative offices, branches, and wholly foreign-owned banks as stipulated by the laws of the host country.

5. Copy with Vietnamese translation of the document from the competent authority of the host country allowing temporary establishment and operation of representative offices, branches, and wholly foreign-owned banks (if any).

Article 10. Documents for requesting a License to serve the activities of representative offices abroad of permitted credit institutions

1. The set of documents as prescribed in Clause 1 and Clause 2 of Article 9 of this Circular.

2. Copy of the document from the State Bank allowing the establishment of representative offices abroad.

3. Copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment of representative offices abroad.

4. Decision on the establishment of representative offices abroad signed by the legitimate representative of the permitted credit institution.

5. Decision approving annual costs for the operation of representative offices abroad signed by the legitimate representative of the permitted credit institution.

6. Regulation on the organization and operation of representative offices abroad signed by the legitimate representative of the permitted credit institution (if any).

Article 11. Documents for requesting a License to meet the conditions for obtaining permission to establish and operate branches and representative offices abroad of economic organizationsperiod1. Application form for requesting a License according to Appendix No. 01 attached to this Circular.period2. Copy of the Business Registration Certificate, Investment Registration Certificate, License for establishment and operation, or other equivalent documents as prescribed by law.

3. Copy with Vietnamese translation of the document from the foreign side proving that the economic organization must open an account in the host country to meet the conditions for obtaining permission to establish and operate branches and representative offices abroad as stipulated by the laws of the host country.

4. Copy with Vietnamese translation of the document from the competent authority of the host country allowing temporary establishment and operation of branches and representative offices (if any).

Article 12. Documents for requesting a License to serve the activities of branches and representative offices abroad of economic organizations

1. The set of documents as prescribed in Clause 1 and Clause 2 of Article 11 of this Circular.

2. Copy of the document from the competent authority in Vietnam allowing or confirming registration for the establishment of branches and representative offices abroad.

3. Copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment of branches and representative offices abroad.

4. Decision on the establishment of branches and representative offices abroad signed by the legitimate representative of the organization.

5. Decision approving annual costs for the operation of branches and representative offices abroad signed by the legitimate representative of the organization.

6. Regulation on the organization and operation of branches and representative offices abroad signed by the legitimate representative of the organization (if any).

6. The charter organizing and operating branches and representative offices abroad signed by the legitimate representative of the organization (if any).

4. The application file for amending and supplementing the License of enterprises under the category of particularly important investment according to the Government's program; enterprises investing in public-private partnership (PPP) opening accounts to fulfill commitments with foreign parties:

Article 13. Documents for requesting a Permit to serve the implementation of foreign loans by the borrower

3. Copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment of branches and representative offices abroad.

2. A copy with a Vietnamese translation of the foreign loan agreement signed by the borrower with the foreign lender.

3. A copy with a Vietnamese translation of the account contract or agreement signed, or a document proving that the foreign lender requires the borrower to open a foreign currency account abroad, if such content is not included in the account contract or agreement, specifying the purpose of opening the account, the contents of receipts and payments on the account, and the duration of maintaining the account.

4. A copy of the registration confirmation document or change registration document for foreign loans issued by the State Bank branch of the province or centrally administered city (hereinafter referred to as the State Bank branch of the province or centrally administered city), applicable in cases where foreign loans undergo registration or change registration procedures at the State Bank branch of the province or centrally administered city.

Article 14. Documents for requesting a Permit for enterprises under the category of particularly important investment programs by the Government; enterprises investing in public-private partnership (PPP) form to open accounts to serve the implementation of commitments with foreign parties

3. Copy with Vietnamese translation of the document from the foreign side proving that the economic organization must open an account in the host country to meet the conditions for obtaining permission to establish and operate branches and representative offices abroad as stipulated by the laws of the host country.

2. A copy of the Investment Registration Certificate.

3. An explanatory document on the necessity of opening an account abroad accompanied by supporting documents.

4. A copy with a Vietnamese translation of the account contract or agreement signed with the foreign party (if any).

5. The anticipated contents of foreign currency receipts and payments on the foreign currency account abroad.

Article 15.ồ Documents for requesting a Permit to serve the implementation of commitments, agreements, contracts with foreign parties (excluding the opening and use of foreign currency accounts abroad to implement foreign loans according to the requirements of the foreign lender)

3. Copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment of branches and representative offices abroad.

2. A copy with a Vietnamese translation of the commitment, agreement, or contract signed with the foreign party containing provisions on the opening of a foreign currency account abroad, or a copy with a Vietnamese translation of the document from the foreign party requiring the opening of a foreign currency account abroad to implement the commitment, agreement, or contract, if such provision is not included in the commitment, agreement, or contract.

3. The approval decision on the budget for foreign currency expenses abroad signed by the legal representative of the organization.

4. A copy with a Vietnamese translation of the documents and materials related to overseas tender projects, in cases of implementing overseas tender contracts: the contract signed between the project owner and the main contractor; the contract signed between the main contractor and the sub-contractor, or other relevant documents and materials.

5. An explanatory document on the expected sources of foreign revenue transferred back to the country accompanied by supporting documents (if any) (in cases of implementing overseas tender contracts).

6. A copy of the inspection report or temporary inspection certificate still valid from the competent authority in Vietnam, or a copy with a Vietnamese translation of the inspection certification document from the competent authority abroad (in cases of opening a foreign currency account abroad to implement a ship purchase contract with a foreign party).

7. A document proving the source of foreign currency to implement a ship purchase contract with a foreign party (in cases of opening a foreign currency account abroad to implement a ship purchase contract with a foreign party).

Article 16. Documents for requesting a Permit to receive foreign aid or financial support or other cases permitted by competent authorities of Vietnam.national 2. A copy of the decision of the competent authority of Vietnam on the establishment of the organization.

3. Copy with Vietnamese translation of the document from the foreign side proving that the economic organization must open an account in the host country to meet the conditions for obtaining permission to establish and operate branches and representative offices abroad as stipulated by the laws of the host country.

3. A copy of the document from the competent authority of Vietnam regarding the receipt (assignment to receive) of funding, aid or related documents (if any).

4. A copy with Vietnamese translation of the document from the foreign party regarding the provision of funding or aid, which requests opening an account abroad to receive such funding or aid.

Article 17. Cases of changing or supplementing contents in the Permit.

Chapter III

PROCEDURES AND DOCUMENTS FOR APPLICATION TO AMEND OR SUPPLEMENT THE PERMIT

1. Cases of changing or supplementing contents in the Permit:

d) Increasing the limit of the balance of foreign currency accounts abroad.

a) Changing the name of the organization opening the foreign currency account;

b) Amending and supplementing the purpose of using the account;

c) Amending and supplementing the content of receipts and payments on the account;

d) Increasing (supplementing) the annual limit for transferring foreign currency from within the country to foreign foreign currency accounts;

2. Organizations (except those specified in Clause 1 and Clause 2 of Article 2 of this Circular) must complete procedures to request the State Bank of Vietnam to amend and supplement the Permit for one or more changed contents as stipulated in Clause 1 of this Article.

e) Extending the validity period of the foreign account;

g) Changing the bank where the organization opens the foreign currency account abroad when the purpose, scope, and other related contents concerning the use of foreign currency accounts abroad remain unchanged;

h) Changing the remitting bank in Vietnam;

i) Changing the currency for opening foreign currency accounts abroad.

Article 18. Procedures and formalities for requesting amendments and supplements to the Permit.

1. Organizations (except those specified in Clause 1 and Clause 2 of Article 2 of this Circular) that need to amend or supplement contents in the Permit must prepare one set of documents according to Article 19 of this Circular and send it via post or submit directly to the State Bank of Vietnam (Department of Foreign Exchange Management).

2. Within fifteen working days from the date of receiving complete and valid documents, the State Bank of Vietnam will issue a Decision to amend and supplement the contents in the Permit according to Appendix No. 04 attached to this Circular. In case the documents are incomplete or invalid, within seven working days from the date of receiving the documents, the State Bank of Vietnam will issue a document requesting the organization to supplement the documents.

In case of refusal, the State Bank of Vietnam (Department of Foreign Exchange Management) will notify the organization in writing, specifying the reasons.

Article 19. Documents for requesting amendments and supplements to the Permit.

1. Documents for requesting amendments and supplements to the Permit to meet conditions for obtaining permission to establish and operate representative offices, branches, and wholly-owned foreign banks:

a) Application form for issuing a Decision to amend and supplement the Permit according to Appendix No. 02 attached to this Circular;

b) Explanation documents about the changed contents accompanied by supporting documents;

c) A copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment and operation of branches or representative offices abroad (for changes in the purpose of using accounts, adding annual transfer limits, extending the validity period of accounts after being officially licensed by the competent authority abroad for the establishment and operation of branches or representative offices of economic organizations, or for the establishment and operation of representative offices of credit institutions);

d) Decision approving annual costs for the operation of branches or representative offices abroad (for changes in the purpose of using accounts, adding annual transfer limits, extending the validity period of accounts after being officially licensed by the competent authority abroad for the establishment and operation of branches or representative offices of economic organizations, or for the establishment and operation of representative offices of credit institutions);

e) A copy with Vietnamese translation of the document from the competent authority abroad allowing the extension of the temporary operating period of branches, representative offices, or wholly-owned foreign banks, or an explanation document about the necessity to extend the account in cases where the competent authority abroad does not issue a permit for the temporary establishment and operation of branches, representative offices, or wholly-owned foreign banks (for account extension requests).

2. Documents for requesting amendments and supplements to the Permit to serve the operations of branches or representative offices abroad of credit institutions or economic organizations:

a) Application form for issuing a Decision to amend and supplement the Permit according to Appendix No. 02 attached to this Circular);

c) Decision approving annual costs for the operation of branches or representative offices abroad (for changes or additions to annual transfer limits);

c) A copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment and operation of branches or representative offices abroad (for changes in the purpose of using accounts, adding annual transfer limits, extending the validity period of accounts after being officially licensed by the competent authority abroad for the establishment and operation of branches or representative offices of economic organizations, or for the establishment and operation of representative offices of credit institutions);

d) A copy with Vietnamese translation of the document from the competent authority abroad allowing the extension of the operating period of branches or representative offices abroad, or an explanation document about the necessity to extend the account in cases where the document from the competent authority abroad for the operation of branches or representative offices abroad does not specify the operating period (for requests to extend the validity period of foreign currency accounts abroad).

3. Documents for requesting amendments and supplements to the Permit to implement foreign loans by the borrower:

a) Application form for issuing a Decision to amend and supplement the Permit according to Appendix No. 02 attached to this Circular);

c) A copy with Vietnamese translation of the agreement to amend the account contract or the foreign loan contract already signed, related to the change in the content of foreign currency accounts abroad (if applicable);

c) A copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment and operation of branches or representative offices abroad (for changes in the purpose of using accounts, adding annual transfer limits, extending the validity period of accounts after being officially licensed by the competent authority abroad for the establishment and operation of branches or representative offices of economic organizations, or for the establishment and operation of representative offices of credit institutions);

d) Report on the use of foreign currency accounts abroad up to the date of requesting the Decision to amend and supplement, along with the borrower's commitment to the accuracy of the report;

e) A copy of the confirmation document registering the change in foreign loans issued by the provincial branch of the State Bank of Vietnam applicable in cases where the amendment and supplementation of the Permit relate to changes in the content of foreign loans registered for change by the provincial branch of the State Bank of Vietnam.

4. Documents for requesting amendments and supplements to the Permit of enterprises under the Government's important investment program; enterprises investing in public-private partnership (PPP) projects opening accounts to fulfill commitments to foreign parties:

OF THE LICENSE AND REVOCATION OF THE LICENSE

b) Explanation documents about the changed contents accompanied by supporting documents;

c) A copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment and operation of branches or representative offices abroad (for changes in the purpose of using accounts, adding annual transfer limits, extending the validity period of accounts after being officially licensed by the competent authority abroad for the establishment and operation of branches or representative offices of economic organizations, or for the establishment and operation of representative offices of credit institutions);

c) A copy accompanied by a Vietnamese translation of the commitment, agreement, or contract for amendment/Amendment Annex signed with the foreign party related to the content regulated by the Permit for opening and using foreign currency accounts abroad (if any);

d) A copy accompanied by a Vietnamese translation of the document from the foreign party requesting to adjust the content of opening foreign currency accounts abroad in cases where such terms are not included in the commitments or agreements (if any).

5. The application dossier for amending and supplementing the Permit to implement commitments, agreements, or contracts with foreign parties (excluding the opening and use of foreign currency accounts abroad to implement foreign loans as required by foreign lenders):

b) Explanation documents about the changed contents accompanied by supporting documents;

c) A copy with Vietnamese translation of the document from the competent authority abroad allowing the establishment and operation of branches or representative offices abroad (for changes in the purpose of using accounts, adding annual transfer limits, extending the validity period of accounts after being officially licensed by the competent authority abroad for the establishment and operation of branches or representative offices of economic organizations, or for the establishment and operation of representative offices of credit institutions);

c) A copy accompanied by a Vietnamese translation of the commitment, agreement, or contract for amendment/Amendment Annex signed with the foreign party related to the content regulated by the Permit for opening and using foreign currency accounts abroad (if any);

d) A copy accompanied by a Vietnamese translation of the document from the foreign party requesting to adjust the content of opening foreign currency accounts abroad in cases where such terms are not included in the commitments or agreements (if any).

6. The application dossier for amending and supplementing the Permit to accept foreign aid or sponsorship or other cases permitted by competent Vietnamese authorities for other organizations:

b) Explanation documents about the changed contents accompanied by supporting documents;

b) An explanatory document regarding the changed contents accompanied by supporting documents.

Article 20. Procedures for Reissuing the Permit

1. In cases where the Permit is lost, torn, misplaced, damaged due to natural disasters, fire, or other objective reasons, making it unusable, the organization must submit one (1) set of the reissue Permit application dossier either directly or through postal service to the State Bank of Vietnam (Department of Foreign Exchange Management). The dossier includes:

a) An application for reissuing the Permit, clearly stating the reason for the reissue according to Appendix No. 01 attached to this Circular;

b) A copy of the issued Permit still in effect (if any);

c) Documents proving the loss, tear, misplacement, or damage of the Permit (if any).

2. The procedures for reissuing the Permit shall be carried out in accordance with Clause 2 of Article 8 of this Circular.

3. The validity period of the reissued Permit shall correspond to the validity period of the original Permit or Decision on Amending and Supplementing the Permit (if any) issued at the nearest time.

Article 21. Handling Application Dossiers for Issuing the Permit and Decisions on Amending and Supplementing the Permit in Cases Where Organizations Have Administrative Violations in Foreign Exchange Activities

During the process of handling application dossiers for issuing the Permit and Decisions on Amending and Supplementing the Permit, if the State Bank of Vietnam discovers that an organization has committed administrative violations in foreign exchange activities (including non-compliance with reporting regulations), the issuance of the Permit and Decisions on Amending and Supplementing the Permit (if any) shall be conducted after completing the administrative violation handling process in accordance with current laws on administrative violation handling in the monetary and banking sector.

Chapter IV

AUTOMATIC EXPIRATION OF THE PERMIT AND RECOVERY OF THE PERMIT

Chapter I

Article 22. Cases of Automatic Expiration of the Permit and Decisions on Amending and Supplementing the Permit

1. The Licenses and Decisions to amend and supplement Licenses (if any) of organizations shall automatically expire in the following cases:

a) Expiry of the term for using foreign currency accounts abroad;

b) The organization does not open an account within twelve (12) months from the date of issuance of the Permit;

c) Contracts, commitments, or agreements with foreign parties are canceled; overseas representative offices or branches cease operations before the expiration of the account's term;

d) Confirmation documents for registration or changes in foreign loan borrowings become invalid;

đ) The organization has been granted a Permit by the State Bank of Vietnam to open foreign currency accounts to meet the conditions for establishing and operating overseas branches, representative offices, or wholly-owned banks, but the competent authority abroad has notified a refusal to grant permission for establishment and operation during the Permit's validity period;

e) The organization undergoes division, merger, consolidation, dissolution, or bankruptcy as stipulated by law;

g) The organization has its business registration certificate, investment registration certificate, establishment decision, or equivalent document revoked by a competent state authority.

2. Within thirty (30) days from the date the Permit expires as provided in Clause 1 of this Article, the organization is responsible for:

a) Closing the account and transferring the entire balance (if any) back to the home country, while reporting to the State Bank of Vietnam (Department of Foreign Exchange Management) and the State Bank of Vietnam branch in the province or city where the organization's headquarters is located (for cases specified in points a, b, c, d, e, and g of Clause 1 of this Article);

b) Closing the foreign currency account abroad and transferring all funds transferred abroad under the State Bank of Vietnam's Permit back to the home country after deducting reasonable expenses related to the opening and closing of the foreign currency account, and submitting a report along with the bank receipt from the domestic receiving bank to the State Bank of Vietnam (Department of Foreign Exchange Management) and the State Bank of Vietnam branch in the province or city where the organization's headquarters is located (for cases specified in point đ of Clause 1 of this Article).

Article 23. Revocation of License and Decision to Amend and Supplement the License

1. The State Bank shall revoke the License of an organization in the case where the competent authority for administrative violation handling in the monetary and banking sector applies a remedial measure that involves requesting the competent authority to revoke the License of the organization.

2. Within fifteen working days from the date of receipt of the request to revoke the License of the organization from the competent authority for administrative violation handling in the monetary and banking sector, the Department of Foreign Exchange Management shall submit to the Governor of the State Bank for issuance of the Decision to revoke the License, and the Decisions to amend and supplement the License (if any) of the organization according to Appendix No. 06 attached to this Circular.

The License and the Decisions to amend and supplement the License (if any) of the organization shall cease to be effective from the date on which the Decision to revoke the License, and the Decisions to amend and supplement the License (if any) take effect.

3. The State Bank shall send the revocation notice of the License and the Decisions to amend and supplement the License (if any) to the organization for implementation; and send copies of the revocation notice of the License and the Decisions to amend and supplement the License (if any) to the State Bank branch in the province or city where the organization has its main office and the permitted credit institution for coordination in management and monitoring.

4. Within thirty working days from the date on which the revocation Decision takes effect, the organization shall be responsible for:

a) Closing the account and transferring the entire balance on the account back to the home country;

b) Reporting the closure of accounts to the State Bank (Department of Foreign Exchange Management), and simultaneously sending copies to the State Bank branch in the province or city where the organization has its main office;

c) Returning the original License and the Decisions to amend and supplement the License (if any) to the State Bank (Department of Foreign Exchange Management).

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RESPONSIBILITIES OF RELATED UNITS

Article 24. Responsibilities of Related Units

1. Responsibilities of the Department of Foreign Exchange Management:

a) Receiving applications for issuance of the License and Decisions to amend and supplement the License from organizations;

b) Submitting to the Governor of the State Bank for consideration of issuance of the License, revocation of the License, and the Decisions to amend and supplement the License (if any);

c) Considering issuance of the Decisions to amend and supplement the License;

d) Receiving and compiling reports related to the opening and use of foreign currency accounts abroad by organizations;

đ) Monitoring and advising the Governor of the State Bank on managing, supervising, and handling issues related to the opening and use of foreign currency accounts abroad by organizations.

2. Responsibilities of the Banking Inspection and Supervision Authority:

a) Inspecting, checking, and supervising the activities of opening and using foreign currency accounts abroad by entities within the scope regulated by this Circular in accordance with the law, and inspecting the implementation of provisions of this Circular within their authority;

b) Handling and recommending handling of violations according to the law.

3. Responsibilities of the State Bank branch in provinces and cities:

a) The State Bank branch in provinces and cities shall carry out inspections, checks, and supervision over the activities of opening and using foreign currency accounts abroad by organizations within their jurisdiction;

b) Urging and reminding organizations within their jurisdiction to comply with reporting systems;

c) Handling and recommending handling of violations according to the law within their authority.

4. Responsibilities of permitted credit institutions:

a) Conducting inspections and controls on documents and certificates presented by organizations to ensure compliance with the License and Decisions to amend and supplement the License and relevant laws when transferring funds to foreign currency accounts abroad;

b) Retaining documents and certificates related to foreign exchange transactions as stipulated in this Circular and relevant laws;

c) Identifying violations of this Circular by organizations, promptly reporting to the State Bank (Department of Foreign Exchange Management) for appropriate measures;

d) Strictly implementing the provisions of this Circular, relevant laws, and guiding customers accordingly.

5. Responsibilities of organizations (excluding those specified in Clause 1 and Clause 2 of Article 2 of this Circular):

a) Quarterly, before the tenth day of the first month of each quarter, organizations must submit reports on the use of foreign currency accounts abroad (according to the form at Appendix No. 05 issued together with this Circular) to the State Bank (Department of Foreign Exchange Management) and the State Bank branch in the province or city where the organization has its main office;

b) Implementing the contents stipulated in the License and Decisions to amend and supplement the License issued by the State Bank;

c) Strictly implementing the provisions of this Circular and relevant laws.

Chapter VI

IMPLEMENTING PROVISIONS

Article 25. Transitional Provisions

1. Organizations that have been permitted by the State Bank to open and use foreign currency accounts abroad before the effective date of this Circular may continue to operate in accordance with the Decision to open and use foreign currency accounts abroad and any approvals for changes related to this Decision (if any) issued by the State Bank.

2. For changes related to the opening and use of foreign currency accounts abroad arising after the effective date of this Circular, organizations must follow the procedures for amending and supplementing the License as stipulated in this Circular.

Article 26. Effective Dateệu Iitselffor implementation

1. This Circular shall take effect from December 15, 2015.

2. The second Article of Circular No. 25/2011/TT-NHNN dated August 31, 2011 of the State Bank of Vietnam on implementing the plan to simplify administrative procedures in the foreign exchange sector according to the Government's resolutions on simplifying administrative procedures within the scope of management functions of the State Bank of Vietnam is hereby repealed.

Article 27. Implementation

The Director of the Office, Heads of the Foreign Exchange Management Department, Heads of relevant units under the State Bank of Vietnam, Governors of the State Bank of Vietnam Branches in provinces and centrally governed cities, Chairmen of the Board of Directors, Chairmen of the Board of Members, General Directors (Directors) of credit organizations licensed shall be responsible for organizing the implementation of this Circular.