Circular No. 36/2013/TT-NHNN on the opening and use of foreign currency accounts for the implementation of direct investment abroad

CIRCULAR

Regulations on opening and using foreign currency accounts to carry out activities

for direct investment abroadi

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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Investment Law No. 59/2005/QH11 dated November 29, 2005;

Pursuant to Ordinance No. 06/2013/PL-UBTVQH13 dated March 18, 2013 amending and supplementing certain articles of the Foreign Exchange Ordinance No. 28/2005/PL-UBTVQH11 dated December 13, 2005;

Pursuant to Decree No. 78/2006/NĐ-CP dated August 9, 2006 of the Government on direct investment abroad;

Pursuant to Decree No. 121/2007/NĐ-CP dated July 25, 2007 of the Government on direct investment abroad in oil and gas activities;

Pursuant to Decree No. 17/2009/NĐ-CP dated February 16, 2009 of the Government amending and supplementing certain articles of Decree No. 121/2007/NĐ-CP dated July 25, 2007 on direct investment abroad in oil and gas activities;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013 of the Government on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam (hereinafter referred to as the State Bank);

At the proposal of the Director of the Department of Foreign Exchange Management;

The Governor of the State Bank issues this Circular regulating the opening and use of foreign currency accounts to carry out activities of direct investment abroad.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular regulates the procedures for opening and using accounts; registering and changing account registrations and the progress of transferring foreign currency to implement activities of direct investment abroad by Vietnamese investors after obtaining permission to invest abroad and the transfer of foreign currency abroad before obtaining an investment certificate from Vietnamese investors in the oil and gas sector as prescribed by law.

Article 2. Applicability

1. Vietnamese investors (hereinafter referred to as "investors") include resident organizations (including credit institutions) and individuals who are permitted to engage in direct investment abroad under the provisions of the law.

2. Organizations and individuals related to the activities of direct investment abroad by investors.

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. Authorized credit institutions are credit institutions and branches of foreign banks operating foreign exchange and providing foreign exchange services in accordance with the provisions of the law.

2. A foreign currency direct investment capital account (hereinafter referred to as a direct investment capital account) is a foreign currency settlement account opened by an investor at an authorized credit institution in Vietnam to conduct transactions related to direct investment projects abroad.

3. Registration of a direct investment capital account and the progress of transferring investment capital abroad is the process whereby an investor registers with the State Bank or a provincial branch of the State Bank regarding the direct investment capital account opened at an authorized credit institution to implement overseas investment projects and the progress of transferring investment capital abroad (hereinafter referred to as registration of the account and progress of transferring capital).

4. Registration of changes to a direct investment capital account and the progress of transferring investment capital abroad is the process whereby an investor, after having registered the account and progress of transferring capital with the State Bank or a provincial branch of the State Bank, must register changes with the State Bank or a provincial branch of the State Bank according to the provisions of this Circular if there are changes compared to the contents confirmed in the State Bank's registration confirmation document (hereinafter referred to as registration of changes to the account and progress of transferring capital).

5. Confirmation of registration of the account and progress of transferring capital is the issuance of a confirmation document by the State Bank or a provincial branch of the State Bank confirming that the investor has completed the registration of the account and progress of transferring capital in accordance with this Circular.

6. Confirmation of registration of changes to the account and progress of transferring capital is the issuance of a confirmation document by the State Bank or a provincial branch of the State Bank confirming that the investor has completed the registration of changes to the account and progress of transferring capital in accordance with this Circular.

Chapter II

OPENING AND USING FOREIGN CURRENCY DIRECT INVESTMENT CAPITAL ACCOUNTS

Article 4. Opening a Direct Investment Capital Account

1. After being issued with a Certificate of Overseas Investment, the investor must open one (1) direct investment capital account at a permitted credit institution and register with the State Bank of Vietnam or its provincial branch in accordance with Chapter III of this Circular.

2. All transactions involving the transfer of foreign currency from Vietnam to abroad and vice versa related to overseas direct investment projects must be conducted through this account.

3. Investors with multiple overseas investment projects must open separate direct investment capital accounts for each project.

4. In cases where an overseas investment project involves multiple investors, each investor must open a separate direct investment capital account at the same permitted credit institution to transfer foreign currency within the value of the capital as stated in the Certificate of Overseas Investment issued by the competent Vietnamese authority.

5. When there is a need to open an account at another permitted credit institution, the investor shall follow these steps:

a) The investor opens a direct investment capital account at the new permitted credit institution and registers the change of the direct investment capital account with the State Bank of Vietnam or its provincial branch in accordance with Chapter III of this Circular. The State Bank of Vietnam or its provincial branch is responsible for sending a confirmation document of the registration of the change of the direct investment capital account to the permitted credit institution where the investor currently has an account.

b) Within five working days from the date the State Bank of Vietnam or its provincial branch confirms the change of the direct investment capital account, the investor must close and transfer the entire balance of the current direct investment capital account to the new permitted credit institution's account. The permitted credit institution where the investor currently has the direct investment capital account is responsible for settling the account for the investor and not allowing the investor to use this account to conduct transactions specified in Article 5 of this Circular after the said period.

c) The direct investment capital account at the new permitted credit institution can only be used to conduct transactions specified in Article 5 of this Circular after completing the procedures mentioned in Points a and b of this Clause.

Article 5. Transactions on the Direct Investment Capital Account

The direct investment capital account is used to conduct the following receipts and payments:

1. Receipt transactions:

a) Receipts from the investor’s foreign currency account;

b) Receipts from foreign currency purchased from a permitted credit institution in accordance with current laws;

c) Receipts from foreign currency borrowed (including domestic and foreign loans) in accordance with current laws;

d) Receipts from profits repatriated from overseas direct investment activities;

đ) Receipts of foreign currency capital invested back to Vietnam when reducing capital, liquidating, or ending overseas investment activities;

e) Payments of principal and interest of shareholder loans for overseas investment projects in accordance with current laws;

g) Other receipt transactions related to overseas direct investment activities.

2. Payment transactions:

a) Payments for transferring investment capital abroad;

b) Payments for shareholder loans for overseas investment projects in accordance with current laws;

c) Payments for transferring foreign currency into the investor’s foreign currency account;

d) Other payment transactions related to overseas direct investment activities.

Chapter III

REGISTRATION, CHANGE OF DIRECT INVESTMENT CAPITAL ACCOUNT REGISTRATION, PROGRESS OF CAPITAL TRANSFER ABROAD

REGISTRATION, CHANGE OF DIRECT INVESTMENT CAPITAL ACCOUNT REGISTRATION, PROGRESS OF CAPITAL TRANSFER ABROAD

Article 6. Competence to handle registration, account change registration, and capital transfer progress

1. The State Bank of Vietnam (Department of Foreign Exchange Management) shall carry out the confirmation of registration, account change registration, and capital transfer progress for investors who are credit institutions.

2. The State Bank of Vietnam branch in the province or city where the investor is a credit institution with its main office or where the individual investor has registered their permanent residence shall carry out the confirmation of registration, account change registration, and capital transfer progress for other investors who are not credit institutions.

Article 7. Procedure for handling the account registration and capital transfer progress procedures

1. After opening a direct investment capital account and before transferring foreign currency abroad, the investor shall submit directly or by mail to the State Bank of Vietnam (Department of Foreign Exchange Management) or the State Bank of Vietnam branch in the province or city where the investor is a credit institution with its main office or where the individual investor has registered their permanent residence one (01) set of account registration and capital transfer progress abroad application documents as prescribed in Article 8 of this Circular.

2. The State Bank of Vietnam or the State Bank of Vietnam branch in the province or city shall examine the documents; if additional information is needed to confirm or reject the registration of the account and capital transfer progress, the State Bank of Vietnam or the State Bank of Vietnam branch in the province or city shall issue a document requesting the investor to supplement necessary documents and information within five (05) working days from the date of receipt of the investor's documents.

3. Within ten (10) working days from the date of receipt of complete and valid documents, the State Bank of Vietnam or the State Bank of Vietnam branch in the province or city shall be responsible for confirming or rejecting the registration of the account and capital transfer progress to serve as the basis for the investor to transfer investment capital abroad through the direct investment capital account opened at a permitted credit institution.

4. In case of rejection of the confirmation of the account registration and capital transfer progress of the investor, the State Bank of Vietnam or the State Bank of Vietnam branch in the province or city shall issue a notification letter specifying the reasons.

Article 8. Documents for Account Registration and Capital Transfer Progress

The documents for account registration and capital transfer progress include:

1. Application form for direct investment capital account registration and capital transfer progress abroad (in accordance with Appendix No. 01 attached to this Circular);

2. Legal documents of the investor including: Certified copy of the Business Registration Certificate or Investment Certificate issued by the competent authority of Vietnam (for organizational investors); Identity card or passport (for individual investors);

3. Certified copy of the Overseas Investment Certificate issued by the competent authority of Vietnam;

4. Foreign language copy, Vietnamese translation (with the investor's confirmation of the accuracy of the copy and translation) of the investment approval document issued by the competent authority of the receiving country or other documents indicating that the project has been approved by the competent authority of the receiving country in accordance with the laws of the receiving country;

5. Original document on the schedule of investment capital contribution of the project or the projected schedule of investment capital contribution of the project prepared by the investor;

6. Original document confirming by a permitted credit institution about the opening of the direct investment capital account abroad of the investor.

Article 9. Registration for changes to investment capital accounts and transfer progress

1. In cases where there is a change in the location of opening an investment capital account compared to the content already confirmed by the State Bank of Vietnam, after opening a new account at a permitted credit institution and before transferring foreign currency through the new account, the investor shall be responsible for registering the change with the State Bank of Vietnam or its provincial branch to serve as the basis for transferring investment capital abroad.

2. In cases where there is a change related to the scale of investment capital or the progress of transferring investment capital abroad compared to the content already confirmed by the State Bank of Vietnam, prior to implementing the change, the investor shall be responsible for registering the change with the State Bank of Vietnam or its provincial branch to serve as the basis for transferring investment capital abroad.

Article 10. Procedure for Implementing the Registration Process for Changes to Investment Capital Accounts and Transfer Progress

1. In cases where changes occur regarding investment capital accounts and transfer progress as stipulated in Article 9 of this Circular, the investor shall directly send or mail via post office one (01) set of registration change documents for investment capital accounts and transfer progress abroad to the State Bank of Vietnam or its provincial branch in accordance with the provisions of Article 11 of this Circular.

2. The State Bank of Vietnam or its provincial branch shall examine the documents; if additional information is needed to have sufficient grounds to confirm or reject the confirmation of the registration change for investment capital accounts and transfer progress, the State Bank of Vietnam or its provincial branch shall issue a document requesting the investor to supplement necessary documents and information within five (05) working days from the date of receipt of the investor's documents.

3. Within ten (10) working days from the date of receipt of complete and valid registration change documents, the State Bank of Vietnam or its provincial branch shall be responsible for confirming or rejecting the registration change for investment capital accounts and transfer progress.

4. In cases where the registration change for investment capital accounts and transfer progress of the investor is rejected, the State Bank of Vietnam or its provincial branch shall issue a document notifying the reasons.

Article 11. Documents for Registration of Changes to Investment Capital Accounts and Transfer Progress

1. Documents for registration in cases of changing investment capital accounts include:

a) Application form for changing investment capital accounts and transfer progress of investment abroad (in accordance with Form 02 attached to this Circular);

b) Explanation letter from the investor regarding the reasons for changing the location of opening the investment capital account;

c) Original confirmation from the permitted credit institution where the investor currently has an investment capital account regarding the balance of the account; the amount transferred abroad up to the date of the change occurrence.

2. Documents for registration in cases of changing the progress of transferring investment capital abroad include:

a) Application form for changing investment capital accounts and transfer progress of investment abroad (in accordance with Form 02 attached to this Circular);

b) Explanation letter from the investor regarding the reasons for changing the content, accompanied by agreements, commitments, or other relevant documents about the change in the progress of transferring investment capital (if applicable);

c) Draft of the new investment contribution schedule for the project prepared by the investor;

d) Certified copy from the original Certificate of Investment Abroad that has been adjusted issued by the competent authority of Vietnam (in case the investment project has been adjusted in terms of investment capital scale, investment period, participating parties, investment ratio, and investment form);

đ) Original confirmation from the permitted credit institution where the investor currently has an investment capital account regarding the amount transferred abroad up to the date of the change occurrence.

e) Certified copy from the original proof document showing the implementation of capital transfer using other forms of contributions according to the progress registered with the State Bank of Vietnam;

3. Documents for registration in cases of changing both investment capital accounts and the progress of transferring investment capital abroad include: the components of the documents specified in Point c Clause 1 and Clause 2 of Article 11 of this Circular.

Chapter IV

TRANSFERRING FOREIGN CURRENCY ABROAD BEFORE OBTAINING THE INVESTMENT CERTIFICATE FOR THE INVESTMENT PROJECT

IN THE PETROLEUM SECTOR

Article 12. Principles for transferring foreign currency abroad before obtaining Investment Certificate

1. Investors conducting direct investment abroad in the oil and gas sector who have the need to transfer foreign currency abroad before obtaining an Investment Certificate to study and prepare oil and gas projects must register the transfer of foreign currency with the State Bank of Vietnam (Department of Foreign Exchange Management) in accordance with current laws on direct investment abroad in the oil and gas sector. The registration must be confirmed in writing by the State Bank before transferring foreign currency abroad.

2. The transfer of foreign currency abroad by investors as stipulated in Clause 1 of this Article must be carried out through one foreign currency account opened at one permitted credit institution.

3. After the project receives an Investment Certificate abroad, the foreign currency account specified in Clause 2 of this Article shall be used as a direct investment capital account and must be registered with the State Bank branch of the province or city in accordance with the provisions of Chapter III of this Circular.

4. Investors are responsible for using the transferred foreign currency abroad before obtaining an Investment Certificate in accordance with the purpose registered with the State Bank, strictly complying with current laws on direct investment abroad in the oil and gas sector, foreign exchange management regulations, and other relevant legal provisions.

Article 13. Procedure for registering the transfer of foreign currency abroad before obtaining an Investment Certificate in the oil and gas sector

1. Investors subject to the provisions of Article 12 of this Circular shall submit directly or send via postal service to the State Bank (Department of Foreign Exchange Management) one set of documents for registering the transfer of foreign currency abroad in accordance with the provisions of Article 14 of this Circular.

2. The State Bank will review the documents. If additional information is needed to confirm or reject the registration of the transfer of foreign currency abroad by investors conducting direct investment abroad in the oil and gas sector, the State Bank will issue a written request for the investor to supplement necessary documents and information within five (05) working days from the date of receipt of the investor's documents.

3. Within ten (10) working days from the date of receiving complete and valid documents, the State Bank has the responsibility to confirm the registration of the transfer of foreign currency abroad to serve as the basis for investors conducting direct investment abroad in the oil and gas sector to transfer foreign currency abroad before obtaining an Investment Certificate.

4. In case of rejecting the registration of the transfer of foreign currency abroad by investors conducting direct investment abroad in the oil and gas sector, the State Bank will issue a written notification stating the reasons.

Article 14. Documents for registering the transfer of foreign currency abroad before obtaining an Investment Certificate in the oil and gas sector

Documents for registering the transfer of foreign currency abroad before obtaining an Investment Certificate in the oil and gas sector include:

1. Application for transferring foreign currency abroad before obtaining an Investment Certificate (in accordance with Appendix No. 03 attached to this Circular);

2. A certified copy of the Decision on Establishment, Business Registration Certificate, or other equivalent legal documents of the investor;

3. Investor's explanation of the need to transfer foreign currency before obtaining an Investment Certificate, accompanied by documents proving activities forming overseas oil and gas projects in accordance with current laws on direct investment abroad in the oil and gas sector;

4. Original decision of the authorized representative of the investor regarding the amount of foreign currency costs for activities forming overseas oil and gas projects, and the planned schedule for transferring foreign currency.

Chapter V

TRANSFERS OF PROFITS, LEGAL INCOME, AND DIRECT INVESTMENT CAPITAL FROM ABROAD TO VIETNAM

Article 15. Repatriation of Profits and Investment Capital to Vietnam

1. Investors shall be responsible for repatriating profits and investment capital back to their home country after liquidation, dissolution, reduction in scale of capital, or transfer of the investment project in accordance with the current laws on investment.

2. Profits, investment capital, and other income from the repatriation of investment capital in cases of liquidation, dissolution, reduction in scale of capital, or transfer of the investment project must be transferred into the direct foreign investment account of the investor in accordance with this Circular.

Article 16. Reinvestment of Profits in Overseas Projects

1. In the case where investors wish to reinvest profits obtained from overseas investment projects directly into the same ongoing project, they must follow the procedures to adjust the Certificate of Foreign Investment at the competent authority in Vietnam as stipulated by current laws and report to the State Bank of Vietnam in accordance with Chapter VII of this Circular.

2. In the case where investors wish to reinvest profits obtained from overseas investment projects into another project abroad, they must follow the procedures to obtain a new Certificate of Foreign Investment at the competent authority in Vietnam as stipulated by current laws and must register their accounts and progress of capital transfer with the State Bank of Vietnam in accordance with Chapter II of this Circular.

Chapter VI

RESPONSIBILITIES OF THE PARTIES INVOLVED

Article 17. Responsibilities of the Investor

1. Adhere to regulations on direct foreign investment, implement the transfer of capital in and out of Vietnam's territory and matters related to direct foreign investment as prescribed in this Circular.

2. The direct foreign investment account can only be used after receiving confirmation documentation for registration, change of account, and progress of capital transfer as stipulated in Chapter III of this Circular, except in cases of changing the location of opening the direct foreign investment account as provided for in Clause 5, Article 4, Chapter II of this Circular.

3. When conducting foreign currency transactions through the direct foreign investment account, investors are responsible for detailing the sources of foreign currency income and expenditure according to the guidance of authorized credit institutions.

4. Investors bear full responsibility for using funds in the direct foreign investment account in accordance with the purposes declared to credit institutions and registered with the State Bank of Vietnam.

5. Present relevant documents and certificates as required by authorized credit institutions when conducting foreign currency transfers in and out of Vietnam through the direct foreign investment account.

6. Adhere to reporting requirements as stipulated in Chapter VII of this Circular and other relevant laws.

Article 18. Liability of permitted credit institutions

1. Implement the opening and closing of direct foreign investment accounts upon the request of investors in compliance with this Circular.

2. Only carry out the transfer of investment capital abroad at the request of investors if they present confirmation documentation for registration, change of account, and progress of capital transfer issued by the State Bank or its provincial branch in accordance with Chapter III of this Circular and other relevant documents as required by law.

3. Only proceed with transferring foreign currency abroad before issuing the Certificate of Investment for oil and gas projects if investors present confirmation documentation for the registration of foreign currency transfer abroad as stipulated in Chapter III of this Circular and other relevant documents as required by law.

4. Examine, verify, and retain documents and certificates consistent with actual transactions to ensure that foreign exchange services provided to investors are carried out in accordance with their intended purpose and comply with legal provisions.

5. Guide investors to detail the sources of foreign currency income and expenditure on the direct foreign investment account in accordance with Chapter II of this Circular.

6. Monitor, record, and compile detailed transaction data on the direct foreign investment accounts of each investor to fulfill reporting requirements to the State Bank as stipulated in Chapter VII of this Circular.

7. Guide investors to strictly adhere to current regulations on foreign exchange management for direct foreign investment; promptly report to the State Bank in cases where violations of relevant laws are detected.

8. If an authorized credit institution opens a direct foreign investment account at its own institution, it shall be responsible for complying with the provisions on the transfer of investment capital abroad as stipulated in this Circular.

Article 19. Responsibilities of the State Bank Branches in Provinces and Cities

1. Guide investors to strictly adhere to current regulations on foreign exchange management for direct foreign investment; urge investors within their jurisdiction to comply with reporting requirements as stipulated in Chapter VII of this Circular.

2. Accept and process applications for registration and changes to direct foreign investment accounts and progress of capital transfer abroad for investors within their jurisdiction as prescribed in Chapter III of this Circular. Carry out confirmation of registration and changes to direct foreign investment accounts and progress of capital transfer abroad according to the forms in Appendix 4 and 5 of this Circular.

3. Regularly send copies of confirmation documentation for registration and changes to direct foreign investment accounts and progress of capital transfer of non-bank investors to the State Bank (Department of Foreign Exchange) by the fifth day of each month following the reporting month.

4. Monitor, compile, and summarize the implementation of direct foreign investment abroad by investors within their jurisdiction to meet reporting requirements to the State Bank as stipulated in Chapter VII of this Circular.

5. Continuously supervise and inspect compliance with current laws on foreign exchange management by investors within their jurisdiction.

Article 20. Responsibilities of the Foreign Exchange Management Department

1. Take the lead and coordinate with relevant units of the State Bank to handle common issues related to direct investment abroad within the scope of this Circular.

2. Receive and process applications for registration and changes to direct investment capital accounts, progress in transferring direct investment capital abroad, and applications for transferring foreign currency abroad before issuing Investment Certificates abroad for investors according to the provisions of Chapters III and IV of this Circular.

3. Send copies of confirmation documents for applications to transfer foreign currency abroad before issuing Investment Certificates in the oil and gas sector to the Ministry of Planning and Investment (Foreign Investment Department), the Ministry of Industry and Trade, and the State Bank branch where the investor's main office is located for coordination in monitoring and managing overseas investment activities in the oil and gas sector.

4. Send copies of confirmation documents for applications and changes to direct investment capital accounts and progress in transferring capital to the State Bank branch where the investor’s main office is located immediately after confirming such applications and changes for investors who are credit institutions.

5. Compile reports from the credit institution system and State Bank branches according to the current reporting and statistical regulations of the State Bank.

Chapter VII

REPORTING REGIME AND INSPECTION AND VIOLATION HANDLING WORK

Article 21. Reporting regime for permitted credit institutions

Credit institutions where investors open direct investment capital accounts must report on the income and expenditure on the direct investment capital accounts of investors according to the current reporting and statistical regulations of the State Bank applicable to units under the State Bank and credit institutions, and foreign bank branches.

Article 22. Reporting regime for investors

1. Quarterly (no later than the fifth day of the first month of each quarter following the reported quarter), investors must report on the implementation of transferring direct investment capital abroad (according to Form 06 attached to this Circular) for each project that has been granted an Investment Certificate by the competent authority to the State Bank branch where the investor’s main office is located, or where the individual investor is registered to reside.

2. In cases where foreign currency is transferred abroad before obtaining an Investment Certificate, investors in the oil and gas sector must submit a written report on the situation of transferring foreign currency abroad to the State Bank (Foreign Exchange Management Department) along with transaction documents from the permitted credit institution within fifteen working days from the completion of the foreign currency transfer transaction before obtaining the Investment Certificate.

Article 23. Reporting regime for State Bank branches at provincial and municipal levels

State Bank branches at provincial and municipal levels must report on the confirmation of account registrations and progress in transferring capital, and the implementation of transferring direct investment capital abroad by investors in their jurisdiction according to the current reporting and statistical regulations of the State Bank applicable to units under the State Bank and credit institutions, and foreign bank branches.

Article 24. Requests for extraordinary reports

In cases of urgency or when necessary, investors and permitted credit institutions shall submit reports at the request of the State Bank of Vietnam's provincial and municipal branches.

Article 25. Inspection and Handling of Violations

1. When necessary, the State Bank of Vietnam, its provincial and municipal branches, and relevant agencies shall conduct inspections on the compliance with regulations on direct foreign investment by investors and permitted credit institutions as stipulated in this Circular. Investors and permitted credit institutions have the responsibility to provide all necessary documents and materials to ensure timely and effective inspections.

Chapter VIII

IMPLEMENTING PROVISIONS

Article 26. Effective date

1. This Circular takes effect from February 14, 2014.

2. The following documents and provisions shall cease to be effective from the date this Circular takes effect:

- Circular No. 01/2001/TT-NHNN dated January 19, 2001, issued by the State Bank of Vietnam guiding foreign exchange management for overseas investments by Vietnamese enterprises;

- Circular No. 04/2005/TT-NHNN dated August 26, 2005, issued by the State Bank of Vietnam amending and supplementing Clause 6, Section III of Circular No. 01/2001/TT-NHNN dated January 19, 2001, guiding foreign exchange management for overseas investments by Vietnamese enterprises.

- Article 11 of Circular No. 25/2011/TT-NHNN dated August 31, 2011, regarding the implementation of simplified administrative procedures in the foreign exchange sector according to Government resolutions on simplifying administrative procedures within the scope of the State Bank of Vietnam’s management functions.

Article 27. Implementation Organization

The Director of the Office, Heads of the Foreign Exchange Management Department, Heads of related units under the State Bank of Vietnam, Governors of the State Bank of Vietnam's provincial and municipal branches, Chairmen of the Board of Directors, Chairmen of the Board of Members, and General Managers (Directors) of permitted credit institutions are responsible for organizing the implementation of this Circular.