Circular No. 40/2025/TT-NHNN guiding foreign exchange management for overseas investment in oil and gas activities

CIRCULAR

Guidelines for foreign exchange management for overseas investment in oil and gas activities 

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 No. 46/2010/QH2 ;

On the basis of the Law on Credit Institutions No. 61/2020/QH14 number 96/2025/QH15 number 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Investment Law number On the basis of the Foreign Exchange Ordinance;

C No. 28/2005/PL-UBTVQH11 number Amended and supplemented by Ordinance No. 06/2013/UBTVQH13 70/2014/NĐ-CP;

Decree No. of the Government detailing certain provisions of the Foreign Exchange Ordinance and the Ordinance amending and supplementing certain provisions of the Foreign Exchange Ordinance; 132/2024/NĐ-CP

Decree No. of the Government regulating overseas investment in oil and gas activities; On the basis of Decree No.

/NĐ-CP of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;6 /2025 At the proposal of the Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam issues this Circular guiding foreign exchange management for overseas investment in oil and gas activities.

This Circular guides foreign exchange management for overseas investment in oil and gas activities according to the provisions of Article 1 of Decree

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

132/2024/ND-CP of the Government regulating overseas investment in oil and gas activities, including: 1. Opening and using foreign currency accounts before investment to transfer foreign currency abroad before obtaining the certificate of registration for overseas investment.

2. Opening and using investment capital accounts to carry out money transfers abroad and money transfers back to Vietnam after obtaining the certificate of registration for overseas investment.

3. Registering and registering changes to exceptional transactions of advisors after obtaining the certificate of registration for overseas investment.

1. Investors include resident organizations (excluding credit institutions) and individuals who implement overseas investment in oil and gas activities (hereinafter referred to as investors).

Article 2. Applicability

2. Banks, branches of foreign banks permitted to operate and provide foreign exchange services in Vietnam (hereinafter referred to as permitted banks).

3. Other organizations and individuals related to overseas investment in oil and gas activities.

Article 3. Currency for overseas investment in oil and gas activities

Currency for overseas investment in oil and gas activities includes:

1. Foreign currency in bank accounts at permitted banks or purchased from permitted banks or foreign currency from other lawful sources as prescribed by law.

2. Vietnamese Dong in cases where investment capital is transferred to receiving countries or territories that have signed bilateral or multilateral agreements with Vietnam allowing the use of Vietnamese Dong in settlement and money transfer transactions.

OPENING AND USING ACCOUNTS TO IMPLEMENT TRANSACTIONS RELATED TO OVERSEAS INVESTMENT IN OIL AND GAS ACTIVITIES

Chapter II

OPENING AND USING ACCOUNTS TO IMPLEMENT TRANSACTIONS RELATED

Article 4. Principles for opening and using foreign currency accounts before investment

1. Investors must open one foreign currency account at one permitted bank to conduct transactions related to transferring foreign currency abroad before obtaining the Certificate of Registration for Overseas Investment to meet costs for establishing projects abroad as stipulated in Clause 2, Article 13 of Decree 132/2024/NĐ-CP (hereinafter referred to as the foreign currency account before investment).

2. Investors must open one foreign currency account before investment for each overseas investment project. In cases where multiple investors participate in one overseas investment project, each investor must open one foreign currency account before investment to conduct related transactions.

All transactions related to transferring foreign currency before obtaining the Certificate of Registration for Overseas Investment as stipulated in Article 5 of this Circular must be conducted through the foreign currency account before investment.

3. When investors need to change the type of foreign currency used to open a foreign currency account before investment to another type of foreign currency at the same permitted bank or change the permitted bank to open a foreign currency account before investment (including changing the type of foreign currency), within ten working days from the date of opening a new foreign currency account before investment, investors must convert foreign currency, transfer the balance of foreign currency from the previously opened foreign currency account before investment to the newly opened foreign currency account before investment, and simultaneously close the previously opened foreign currency account before investment. Investors can only conduct transactions related to transferring foreign currency before investment on the newly opened foreign currency account before investment after closing the previously opened foreign currency account before investment.

4. In cases where no investment project is established abroad or no Certificate of Registration for Overseas Investment is obtained, investors must transfer any unused foreign currency transferred abroad back to Vietnam (if applicable) through the foreign currency account before investment and must close the foreign currency account before investment that was opened.

5. After the project obtains the Certificate of Registration for Overseas Investment, the foreign currency account before investment specified in this Article shall be used as the investment capital account as stipulated in Clause 3, Article 14 of Decree 132/2024/NĐ-CP, and investors must register foreign exchange transactions with the State Bank of Vietnam branch in the relevant areas (hereinafter referred to as the State Bank of Vietnam branch in the area) according to the provisions of Article 10 of this Circular.

5. After the foreign investment registration certificate is issued for the project, the foreign currency account before investment as stipulated herein shall be used as the capital investment account in accordance with Clause 3 of Article 14 of Decree No. 132/2024/NĐ-CP, and the investor must register foreign exchange transactions with the State Bank branch in the relevant areas (hereinafter referred to as the State Bank branch in the area) in accordance with Article 10 of this Circular.

Article 5. Transactions for receiving and paying foreign currency before investment

1. Receipts:

a) Receiving foreign currency transferred from the investor's settlement account by transfer;

b) Receiving foreign currency purchased from a permitted bank in accordance with the provisions of the law;

c) Receiving foreign currency from converting foreign currency from a previously opened foreign currency account before investment to another type of foreign currency in accordance with Clause 3, Article 4 of this Circular;

d) Receiving foreign currency from transferring the balance of foreign currency from a previously opened foreign currency account before investment when changing the permitted bank to open the foreign currency account before investment in accordance with Clause 3, Article 4 of this Circular;

đ) Receiving foreign currency from abroad transferred to Vietnam in accordance with Clause 4, Article 4 of this Circular or in cases where the investor receives refunds from foreign parties for costs incurred in forming overseas investment projects in oil and gas activities;

e) Receiving foreign currency from converting foreign currency transferred from abroad to Vietnam in cases where the currency transferred differs from the currency of the foreign currency account before investment;

g) Receiving interest on the balance in the account in accordance with the provisions of the law.

2. Payments:

a) Paying foreign currency out of the country for purposes specified in Clause 2, Article 13 of Decree 132/2024/NĐ-CP;

b) Selling foreign currency to a permitted bank in accordance with the provisions of the law;

c) Transferring foreign currency by transfer into the investor's settlement account in foreign currency;

d) Paying foreign currency from converting foreign currency from a previously opened foreign currency account before investment when changing the type of foreign currency for opening the investment capital account to another type of foreign currency in accordance with Clause 3, Article 4 of this Circular;

đ) Paying foreign currency from transferring the balance of foreign currency from a previously opened foreign currency account before investment when changing the permitted bank to open the foreign currency account before investment in accordance with Clause 3, Article 4 of this Circular;

e) Paying service fees related to account management and money transfers through the account in accordance with the regulations of the permitted bank.

Article 6. Principles for Opening and Using Investment Capital Accounts

1. After obtaining the Certificate of Registration for Overseas Investment, the investor must open one settlement account in one type of foreign currency suitable for transferring investment capital abroad at one permitted bank, except in cases stipulated in Clause 5, Article 4 of this Circular, to carry out transactions related to overseas investment in oil and gas activities (hereinafter referred to as the investment capital account).

2. In cases where investment capital is transferred abroad in Vietnamese Dong, the investor may simultaneously open and use one investment capital account in Vietnamese Dong and one investment capital account in foreign currency at the same permitted bank.

3. The investor must open one investment capital account for each overseas investment project. In cases where multiple investors participate in one overseas investment project, each investor must open one investment capital account to carry out related transactions.

All transactions for receiving and paying as prescribed in Articles 7 and 8 of this Circular must be conducted through the investment capital account.

4. In cases where there is a change in the investor implementing the overseas investment project due to the full transfer of an overseas oil and gas project to a domestic investor, after obtaining the adjusted Certificate of Registration for Overseas Investment, the investor receiving the project transfer must open a new investment capital account at a permitted bank and register foreign exchange transactions with the State Bank Branch Area in accordance with Article 10 of this Circular to continue carrying out transactions related to overseas investment in oil and gas activities. The investor transferring the project must close the investment capital account within ten working days from the date the adjusted Certificate of Registration for Overseas Investment is issued and must notify the closure of the account to the State Bank Branch Area that confirmed the registration of foreign exchange transactions or the most recent confirmation of changes to foreign exchange transactions if such changes have been registered.

5. Except in cases stipulated in Clause 2 of this Article, when the investor has a need to change the type of foreign currency for the investment capital account to another type of foreign currency at the same permitted bank or to change the permitted bank to open the investment capital account (including changing the type of foreign currency), the investor must follow the principle as follows:

a) Open a new investment capital account in another type of foreign currency at the same permitted bank or open a new investment capital account at a different permitted bank;

b) Register changes to foreign exchange transactions related to overseas investment in oil and gas activities with the State Bank Branch Area in accordance with Article 10 of this Circular;

c) Within ten working days from the date the State Bank Branch Area confirms the registration of changes to foreign exchange transactions, the investor must convert foreign currency or transfer the balance from the previously opened investment capital account to the new investment capital account, and simultaneously close the previously opened investment capital account;

d) The new investment capital account can only conduct transactions for receiving and paying as prescribed in Articles 7 and 8 of this Circular after completing the procedures set forth in points a, b, and c of this clause.

Article 7. Transactions for receiving and paying foreign currency on investment capital accounts

1. Receipts:

a) Receiving foreign currency transferred from the investor's settlement account by transfer;

b) Receiving foreign currency purchased from a permitted bank in accordance with the provisions of the law;

c) Receiving foreign currency from converting foreign currency from previously opened investment capital accounts when changing the type of foreign currency for opening investment capital accounts according to Clause 5, Article 6 of this Circular;

d) Receiving foreign currency from transferring the balance of foreign currency on previously opened investment capital accounts when changing the authorized bank for opening investment capital accounts according to Clause 5, Article 6 of this Circular;

đ) Receiving foreign currency from recovering investment funds (costs) that investors are entitled to receive according to Article 18 of Decree No. 132/2024/NĐ-CP;

e) Receiving transferred investment capital from abroad back to Vietnam in cases of transferring overseas oil and gas projects to foreign investors according to laws on investment;

g) Receiving transferred investment capital from abroad back to Vietnam in cases of terminating overseas investments according to laws on investment;

h) Receiving profits and other lawful income transferred back to the country from overseas oil and gas investment activities according to laws on investment;

i) Receiving principal and interest of loans made by investors to legal entities implementing overseas oil and gas investment projects in accordance with the law;

k) Recovering debts from the guarantor related to guarantees provided by investors for legal entities implementing overseas oil and gas investment projects in accordance with the law;

l) Receiving foreign currency from converting foreign currency transferred back to Vietnam from abroad in cases where the currency transferred differs from the currency of the investment capital account;

m) Receiving interest from balances on the account according to the law;

2. Payments:

a) Paying out investment capital abroad in oil and gas activities to implement overseas oil and gas projects according to the law;

b) Selling foreign currency to a permitted bank in accordance with the provisions of the law;

c) Transferring foreign currency by transfer into the investor's settlement account in foreign currency;

d) Lending to legal entities implementing overseas oil and gas investment projects in accordance with the law;

đ) Paying out obligations related to guarantees provided by investors for legal entities implementing overseas oil and gas investment projects in accordance with the law;

e) Converting foreign currency into newly opened investment capital accounts in cases of changing the type of foreign currency for opening investment capital accounts according to Clause 5, Article 6 of this Circular;

g) Transferring the balance of foreign currency to newly opened investment capital accounts in cases of changing the authorized bank for opening investment capital accounts according to Clause 5, Article 6 of this Circular;

Paying service fees related to account management and fund transfers through accounts according to regulations of authorized banks;

Article 8. Transactions for receiving and paying domestic currency on investment capital accounts

1. Receipts:

a) Receiving transfers from the domestic currency account of investors;

b) Receiving balances in cases of changing investment capital accounts according to Clause 5, Article 6 of this Circular;

c) Receiving principal and interest of loans made by investors to legal entities implementing overseas oil and gas investment projects in accordance with the law;

d) Recovering debts from the guarantor related to guarantees provided by investors for legal entities implementing overseas oil and gas investment projects in accordance with the law;

đ) Receiving domestic currency from recovered investment funds (costs) that investors are entitled to receive according to Article 18 of Decree No. 132/2024/NĐ-CP;

e) Receiving transferred investment capital back to Vietnam in cases of transferring overseas oil and gas projects to foreign investors according to laws on investment;

g) Receiving transferred investment capital back to Vietnam in cases of terminating overseas investments according to laws on investment;

Receiving profits and other lawful income in domestic currency transferred back to the country from overseas oil and gas investment activities according to laws on investment;

h) Receiving interest from balances on the account according to the law;

2. Payments:

a) Paying out domestic currency investment capital abroad in oil and gas activities to implement overseas oil and gas projects according to the law;

b) Paying into the domestic currency settlement account of investors;

c) Transferring balances in cases of changing investment capital accounts according to Clause 5, Article 6 of this Circular;

d) Lending to legal entities implementing overseas oil and gas investment projects in accordance with the law;

đ) Paying out obligations related to guarantees provided by investors for legal entities implementing overseas oil and gas investment projects in accordance with the law;

e) Paying service fees related to account management and money transfers through the account in accordance with the regulations of the permitted bank.

Article 9. Transfer of funds abroad to fulfill financial obligations after the completion of foreign investment in oil and gas activities

After the completion of foreign investment in oil and gas activities, the investor shall transfer foreign currency abroad to fulfill financial obligations towards the recipient country, partners as stipulated in the oil and gas contract, license, or other relevant legal documents according to Clause 3, Article 25 of Decree 132/2024/NĐ-CP through the foreign currency settlement account opened at a permitted bank based on presenting the required documents and certificates as specified by the permitted bank.

Chapter III

REGISTRATION, MODIFICATION REGISTRATION OF FOREIGN EXCHANGE TRANSACTIONS

RELATED TO FOREIGN INVESTMENT

IN OIL AND GAS ACTIVITIES

Article 10. Registration, modification registration of foreign exchange transactions

1. After being granted the Certificate of Foreign Investment Registration and the Certificate of Amendment to Foreign Investment Registration by the competent authority, the investor must register foreign exchange transactions related to foreign investment in oil and gas activities in accordance with the procedures, formalities, and documents prescribed in Article 15 of Decree 132/2024/NĐ-CP, and modify registration of foreign exchange transactions related to foreign investment in oil and gas activities in accordance with Clause 1, Clause 2, and Clause 3 of Article 16 of Decree 132/2024/NĐ-CP with the State Bank Branch in the Region where the investor's main office is located or where the individual investor is registered to reside. In cases involving multiple investors in a project, each investor must register and modify registration of foreign exchange transactions related to foreign investment with the State Bank Branch in the Region.

2. In cases where profits from overseas projects are used to implement new investment projects in oil and gas activities abroad as provided for in Point c, Clause 1, Article 67 of the Investment Law, after obtaining the Certificate of Foreign Investment Registration for the new project, the investor must register foreign exchange transactions related to foreign investment in oil and gas activities with the State Bank Branch in the Region in accordance with Article 15 of Decree 132/2024/NĐ-CP and Article 10 of this Circular.

3. The application for registration and modification registration of foreign exchange transactions related to foreign investment in oil and gas activities shall be made using Form No. 01 and Form No. 02 attached to Decree 132/2024/NĐ-CP.

4. The investor shall submit one set of the foreign exchange transaction registration or modification registration dossier to the State Bank Branch in the Region via one of the following methods:

a) Submitting directly to the One-Stop Service Center of the State Bank Branch in the Region;

b) Submitting online through the National Public Service Portal;

c) Sending through postal services.

5. In cases where the dossier is submitted online through the National Public Service Portal, the electronic dossier shall use digital signatures in accordance with the laws on administrative procedures in the electronic environment. In cases where the National Public Service Portal encounters technical issues or errors preventing the acceptance and exchange of electronic information, the declaration, submission, receipt, issuance of results, exchange, and feedback of information shall be conducted through postal services or directly at the One-Stop Service Center of the State Bank Branch in the Region that confirmed the last registration or modification registration of foreign exchange transactions. Documents in the electronic dossier are scanned copies of original documents, original documents (PDF format files), or filled out on the National Public Service Portal.

6. The State Bank Branch in the Region shall be responsible for confirming or refusing to confirm the registration and modification registration of foreign exchange transactions related to foreign investment in oil and gas activities in the form of an electronic document or paper document sent to the investor within ten working days from the date of receiving a complete and valid dossier from the investor. In cases where confirmation of registration or modification registration of foreign exchange transactions is refused, the State Bank Branch in the Region must clearly state the reasons and send an electronic document or paper document to the investor.

Article 11. Confirmation of Registration and Change of Foreign Exchange Transactions

1. The State Bank Branch in the Region shall confirm the registration and change of foreign exchange transactions related to overseas investment in oil and gas activities for organizations with their main office located within the same region or individuals registered as permanent residents within the same region of the State Bank Branch in the Region, according to the forms attached as Appendix I and Appendix II of this Circular.

2. In cases where changes related to the investor implementing the project lead to a change in the State Bank Branch in the Region authorized to confirm the registration and change of foreign exchange transactions related to overseas investment in oil and gas activities:

a) The new State Bank Branch in the Region shall be responsible for receiving applications for changing foreign exchange transactions related to overseas investment in oil and gas activities.

b) The State Bank Branch in the Region that confirmed the foreign exchange transaction registration or the State Bank Branch in the Region that confirmed the most recent change in foreign exchange transaction registration (in cases where the investor has already been issued a confirmation document for the change registration) shall cooperate in providing information and transferring the application for registration and change of foreign exchange transactions according to the request of the new State Bank Branch in the Region.

Article 12. Termination of Effectiveness of Confirmation Documents for Registration and Change of Foreign Exchange Transactions

1. The confirmation document for registration and change of foreign exchange transactions related to overseas investment in oil and gas activities of the State Bank Branch in the Region shall automatically terminate its effectiveness when there is a decision by the competent authority to terminate the effectiveness of the Certificate of Overseas Investment Registration for the investor; or when the investor withdraws from the investment project and the competent authority has adjusted the Certificate of Overseas Investment Registration.

2. The investor may continue to use the investment capital account to carry out transactions to recover capital (costs) from overseas oil and gas projects in accordance with Article 18 of Decree No. 132/2024/NĐ-CP, and repatriate profits in accordance with Article 68 of the Investment Law and Articles 7 and 8 of this Circular when the confirmation document for registration and change of foreign exchange transactions terminates its effectiveness.

3. The State Bank Branch in the Region specified in Article 11 of this Circular shall issue a document to the investor and the permitted bank where the investor opens the investment capital account regarding the termination of effectiveness of the confirmation document for registration and change of foreign exchange transactions and the reasons for termination of effectiveness upon conclusion by the competent authority regarding the falsification of registration and change of foreign exchange transaction documents related to overseas investment in oil and gas activities.

Article 13. Notification When Changing Foreign Exchange Transactions

After being granted the Certificate of Overseas Investment Registration and the adjusted Certificate of Overseas Investment Registration by the competent authority, the investor must notify the change of foreign exchange transactions related to overseas investment in oil and gas activities to the State Bank Branch in the Region where the organization has its main office located within the region or the individual is registered as a permanent resident within the region, in accordance with Clause 4 of Article 16 of Decree No. 132/2024/NĐ-CP. In cases where the project involves multiple investors, each investor must notify the change of foreign exchange transactions related to overseas investment to the State Bank Branch in the Region within the region.

Chapter IV

RESPONSIBILITIES OF THE PARTIES INVOLVED

Article 14. Responsibilities of the Investor

1. Comply with regulations on foreign investment activities in oil and gas operations, implement capital transfers in and out of Vietnam's territory, fulfill reporting systems and other matters related to foreign investment activities in oil and gas operations as stipulated in this Circular and relevant laws.

2. Implement capital transfers abroad according to the contents confirmed in registration certificates and changes in foreign exchange transactions issued by the State Bank Branch for the Region, and bear legal responsibility for the authenticity of documents and registration contents for changes in foreign exchange transactions as prescribed in this Circular and other relevant laws.

3. Provide confirmation documents from authorized banks regarding the closure of foreign currency accounts before investment and previously opened investment capital accounts to the authorized bank where new accounts will be opened.

4. Truthfully declare all income and expenditure on foreign currency accounts before investment and investment capital accounts; provide relevant documents and evidence concerning foreign investment activities in oil and gas operations as required by authorized banks and bear legal responsibility for the authenticity of such documents and evidence presented to authorized banks.

5. Bear legal responsibility for the amount of foreign currency transferred abroad before obtaining the Certificate of Registration for Foreign Investment and the amount transferred after obtaining the Certificate, in accordance with the purposes specified in Decree No. 132/2024/NĐ-CP and this Circular.

6. Clearly state the purpose in the transfer order when executing money transfer transactions.

7. Send notifications to the State Bank of Vietnam and the State Bank Branch for the Region within ten working days from the date of executing foreign currency transfers abroad before obtaining the Certificate of Registration for Foreign Investment, with amounts exceeding the limit set forth in Clause 3, Article 13 of Decree No. 132/2024/NĐ-CP.

8. Be subject to supervision and inspection by the State Bank regarding compliance with current laws on foreign exchange management related to foreign investment activities in oil and gas operations.

Article 15. Responsibilities of Authorized Banks

1. Guide investors to comply with the provisions of this Circular and other relevant laws.

2. Develop and issue internal regulations on procedures related to transferring funds abroad before and after obtaining the Certificate of Registration for Foreign Investment, and transferring funds abroad to fulfill financial obligations to the host country and partners as stipulated in oil and gas contracts, licenses, or other relevant legal documents upon completion of foreign investment activities in oil and gas operations as prescribed in Decree No. 132/2024/NĐ-CP, including at least the following contents:

a) Regulations on documents, papers, and evidence related to money transfer transactions to ensure that transfers are made for the intended purpose.

b) Investors must provide: (i) Documents, papers, and evidence as stipulated in point a of this clause; (ii) A commitment letter stating that the amount transferred abroad before obtaining the Certificate of Registration for Foreign Investment was carried out for the intended purpose and complies with the provisions of Clause 4, Article 4 of this Circular.

3. Transfer foreign currency abroad for investors before obtaining the Certificate of Registration for Foreign Investment as stipulated in Decree No. 132/2024/NĐ-CP and this Circular. Only transfer investment capital abroad in oil and gas operations after obtaining the Certificate of Registration for Foreign Investment upon request of the investor, when the investor presents confirmation documents for registration and changes in foreign exchange transactions related to foreign investment activities in oil and gas operations as stipulated in this Circular and provides documents, papers, and evidence proving the purpose of the transfer in compliance with the law.

4. Examine, verify, and retain appropriate documents and evidence corresponding to actual transactions to ensure that foreign exchange services provided to investors are carried out for the intended purpose and comply with legal regulations.

5. Confirm in writing the opening of the investor's investment capital account, specifying the account number and type of foreign currency as stipulated in point d of Clause 1, Article 15 of Decree No. 132/2024/NĐ-CP, and confirm in writing the balance on the investment capital account, the amount transferred abroad, and the amount transferred back to Vietnam at the time of change as stipulated in point b of Clause 2, Article 16 of Decree No. 132/2024/NĐ-CP.

6. Confirm in writing the amount of foreign currency transferred abroad by the investor before obtaining the Certificate of Registration for Foreign Investment, specifying the account number used for the transfer as stipulated in point đ of Clause 1, Article 15 of Decree No. 132/2024/NĐ-CP.

7. Comply with laws on anti-money laundering and terrorist financing, and financing of the proliferation of weapons of mass destruction.

8. Comply with reporting systems as stipulated in Article 17 of this Circular and other relevant laws.

Article 16. Responsibilities of the State Bank Branch in the Region

1. Guide investors, permitted banks, and other relevant organizations and individuals to fully comply with the provisions set forth in this Circular;

2. Implement registration confirmation and changes to foreign exchange transactions related to overseas investment in oil and gas activities for investors within its jurisdiction as stipulated in this Circular;

3. Monitor, inspect, and supervise the transfer of overseas investment capital and the repatriation of funds to Vietnam related to overseas investment in oil and gas activities;

4. Track, compile statistics, and summarize the implementation of overseas investment capital in oil and gas activities by investors within its jurisdiction to meet the requirements for reporting to the State Bank as prescribed in this Circular;

5. Supervise and inspect compliance with current laws and regulations on foreign exchange management related to overseas investment in oil and gas activities by investors within its jurisdiction;

6. Implement the reporting system as prescribed in Article 19 of this Circular and other relevant legal provisions.

Chapter V

REPORTING SYSTEM

Article 17. Reporting System for Permitted Banks

1. Not later than the 10th day of the month following the month in which foreign currency transfers abroad occur before obtaining an Investment Registration Certificate for Overseas Investment or when foreign currency transfers back to Vietnam occur on pre-investment foreign currency accounts, the permitted bank where the investor has opened a pre-investment foreign currency account must report to the State Bank Branch in the Region using the form attached as Appendix IV to this Circular.

2. Quarterly, permitted banks must report on the implementation of overseas investment capital transfers in oil and gas activities not later than the 10th day of the first month of the subsequent quarter following the reporting quarter using the form attached as Appendix V to this Circular for each project that has been granted an Investment Registration Certificate for Overseas Investment by the competent authority, and send it to the State Bank of Vietnam and the State Bank Branch in the Region.

3. The permitted bank where the consultant opens a budget investment account must report on income and expenditure on the consultant's investment account according to the current reporting and statistical system regulations of the State Bank applicable to credit institutions and branches of foreign banks.

Article 18. Reporting System for Consultants

Quarterly, consultants must report on the implementation of overseas investment capital transfers in oil and gas activities not later than the 10th day of the first month of the subsequent quarter following the reporting quarter using the form attached as Appendix VI to this Circular for each project that has been granted an Investment Registration Certificate for Overseas Investment by the verifying authority, and send it to the State Bank Branch in the Region.

Article 19. Reporting System for the State Bank Branch in the Region

The State Bank Branch in the Region must report to the State Bank of Vietnam on the situation of registration confirmation and changes to foreign exchange transactions related to overseas investment in oil and gas activities, and the implementation of overseas investment capital transfers by investors within its jurisdiction according to the reporting and statistical system regulations applicable to the State Bank Branch in the Region as prescribed by the State Bank.

Article 20. Submission of Requested Reports

In cases of export or when necessary, consultants and banks are permitted to submit reports as requested by the State Bank of Vietnam and its Regional Branches; the Regional Branch of the State Bank of Vietnam shall submit reports as requested by the State Bank of Vietnam.

Chapter VI

IMPLEMENTING PROVISIONS

Article 21. Effective Date

1. This Circular takes effect from December 15, 2025.

2. This Circular abolishes Circular No. 31/2018/TT-NHNN dated December 18, 2018, issued by the Governor of the State Bank of Vietnam guiding foreign exchange management for overseas investment activities in the oil and gas sector.

Article 22. Implementation of Organizational Tasks

The heads of units under the State Bank of Vietnam, banks, foreign bank branches permitted to operate and provide foreign exchange services in Vietnam, and related organizations and individuals are responsible for implementing this Circular.