Circular No. 72/2025/TT-NHNN guiding the use of accounts to conduct foreign exchange activities at the International Financial Center in Vietnam.

 CIRCULAR
Guidelines on the use of accounts to conduct foreign exchange activities động
at the International Financial Center in Vietnam

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

Pursuant to Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam;

Pursuant to Decree No. 329/2025/NĐ-CP of the Government on licensing establishment and operation of banks, foreign exchange management, anti-money laundering, counter-terrorism financing, and counter-proliferation financing at the International Financial Center in Vietnam;

Pursuant to Decree No. 26/2025/NĐ-CP of the Government on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

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

The Governor of the State Bank of Vietnam issues this Circular guiding on the use of accounts to conduct foreign exchange activities động at the International Financial Center in Vietnam.

Article 1. Scope of application

This Circular guides the following contents:

1. The use of accounts as prescribed in Clause 1 and Clause 3 Article 84 of Decree No. 329/2025/NĐ-CP of the Government on licensing establishment and operation of banks, foreign exchange management, anti-money laundering, counter-terrorism financing, and counter-proliferation financing at the International Financial Center in Vietnam for conducting foreign exchange activities within the International Financial Center in Vietnam by member enterprises and foreign investors including:

a) Foreign currency settlement accounts of member enterprises;

b) Capital accounts of member enterprises and foreign investors.

2. The transparency of funds flow in foreign currency transfer transactions as prescribed in point a Clause 1 and Clause 3 Article 84 of Decree No. 329/2025/NĐ-CP.

Article 2. Applicability

This Circular applies to:

1. Member enterprises as prescribed in Clause 6 Article 3 of Decree No. 329/2025/NĐ-CP.

2. Foreign investors as prescribed in Clause 10 Article 3 of Decree No. 324/2025/NĐ-CP of the Government on financial policies in the International Financial Center in Vietnam.

3. Domestic borrowers as prescribed in Clause 1 Article 3 of Decree No. 329/2025/NĐ-CP.

4. Banks providing account-based payment services including member banks as prescribed in Clause 1 Article 2 of Decree No. 329/2025/NĐ-CP where member enterprises and foreign investors open accounts and credit institutions in Vietnam as prescribed in Clause 22 Article 3 of Decree No. 329/2025/NĐ-CP where domestic borrowers open accounts.

5. Other organizations and individuals related.

Article 3. Use of foreign currency settlement accounts of member enterprises

1. Receipts:

a) Foreign currency transferred from abroad;

b) Foreign currency from conducting activities and services in compliance with laws on the International Financial Center in Vietnam with other members, organizations, and individuals outside Vietnam;

c) Foreign currency transferred from domestic investors, foreign investors, and other member enterprises contributing capital to the member enterprise according to Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam and guiding documents;

d) Deposit back the foreign currency cash withdrawn by the member enterprise for employees traveling abroad but not fully spent at the member bank where the withdrawal was made according to current regulations of the State Bank of Vietnam on depositing foreign currency cash into organizational accounts;

đ) Foreign currency received from foreign exchange transactions with member banks as prescribed in Chapter IV of Decree No. 329/2025/NĐ-CP;

e) Receipt of foreign currency from organizations and individuals within Vietnam who are not members according to regulations of the State Bank of Vietnam on using foreign exchange within Vietnam;

g) Foreign currency from the capital account opened by the member enterprise itself at the member bank or another member bank;

h) Transfer of foreign currency from the foreign currency settlement account opened by the member enterprise itself at the member bank or another member bank or credit institution in Vietnam;

i) Other lawful receipts as prescribed by laws on the International Financial Center in Vietnam.

2. Payments:

a) Selling foreign currency to credit institutions in Vietnam;

b) Transferring money, making payments for activities and services in compliance with laws on the International Financial Center in Vietnam with other members, and organizations and individuals outside Vietnam;

c) Converting to other types of foreign currency at the member bank or another member bank;

d) Withdrawing foreign currency cash for individuals working for the organization when sent abroad on business trips;

đ) Transferring or withdrawing foreign currency cash to pay salaries, bonuses, and allowances to non-residents and residents who are foreigners;

e) Transferring foreign currency to the capital account opened by the member enterprise itself at the member bank or another member bank;

g) Transferring foreign currency to the foreign currency settlement account opened by the member enterprise itself at the member bank or another member bank or credit institution in Vietnam;

h) Transferring money, making payments to organizations and individuals within Vietnam who are not members for transactions permitted to be conducted in foreign currency according to regulations of the State Bank of Vietnam on using foreign exchange within Vietnam;

i) Paying out foreign currency for the reduction of capital contribution in member enterprises, profits, and other lawful revenues related to foreign investment in the International Financial Center in Vietnam of foreign investors to the capital account of foreign investors;

k) Paying out foreign currency for capital contributions to establish member enterprises according to Resolution No. 222/2025/QH15 and guiding documents;

l) Other lawful payments as prescribed by laws on the International Financial Center in Vietnam.

3. Activities and services prescribed in Clause 1 and Clause 2 of this Article do not include the activities prescribed in point a Clause 1 Article 84 of Decree No. 329/2025/NĐ-CP.

Article 4. Use organize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.of foreign investors' capital accounts relating to investment activities from abroad into the International Financial Center in Vietnam

1. Receipts:

a) Foreign currency transferred from abroad by foreign investors into the International Financial Center in Vietnam for the purpose of carrying out investment activities to establish member enterprises, contribute capital, purchase shares, or purchase equity interests in member enterprises;

b) Receiving foreign currency transfers from the settlement of the value of investment capital transfer, shares, or equity interests in member enterprises;

c) Receiving foreign currency transfers from the settlement account of members in cases of reducing equity interests, receiving profits, and other lawful revenues related to investment activities in the International Financial Center in Vietnam by foreign investors;

d) Interest on the balance of the foreign investor's capital account.

2. Payments:

a) Transferring funds to carry out activities of contributing capital to establish member enterprises, contributing capital, purchasing shares, or equity interests in member enterprises;

b) Paying fees, charges, taxes, administrative fines, and costs related to transactions involving capital contributions, share purchases, or equity interest acquisitions in member enterprises according to the guidance of the Management Board of the International Financial Center in Vietnam;

c) Transferring investment capital, profits, and other lawful revenues from investment activities in the International Financial Center in Vietnam by foreign investors out of the country;

d) Paying service fees related to account management and money transfer transactions through accounts according to the regulations of the bank providing payment services through accounts.

Article 5. Use organize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.Capital account of member enterprises

1. Receipts:

a) Receiving withdrawn loan funds from individuals or organizations outside the territory of Vietnam;

b) Converting foreign currency from withdrawn loan funds from individuals or organizations outside the territory of Vietnam (in cases where the withdrawal currency is not the currency of the capital account);

c) Revenue from permitted derivative transactions to hedge against exchange rate and interest rate risks related to loans from individuals or organizations outside the territory of Vietnam;

d) Recovering principal, interest, and fees on loans extended to individuals or organizations outside the territory of Vietnam;

đ) Recovering principal, interest, and fees from the foreign currency settlement account opened at a Vietnamese credit institution by the borrower in domestic lending transactions;

e) Receiving foreign currency from the foreign currency settlement account of the member enterprise itself opened at that member bank or another member bank;

g) Receiving transfers from abroad of profits and other lawful revenues related to investment activities from the International Financial Center in Vietnam to be transferred abroad;

h) Receiving transfers from abroad in cases of transferring overseas investments, reducing overseas investments, liquidating, or terminating direct overseas investments;

i) Recovering investment capital, profits, and other lawful revenues related to investment activities from the International Financial Center in Vietnam into the remaining part of Vietnam as stipulated in Decree No. 324/2025/NĐ-CP;

k) Receiving foreign currency transfers from abroad related to indirect investment activities from the International Financial Center in Vietnam to be transferred abroad;

l) Interest on the balance of the account.

2. Payments:

a) Repaying principal, interest, and fees on loans from individuals or organizations outside the territory of Vietnam;

b) Repaying debts (principal, interest), and fees between the member enterprise and the guarantor after the guarantor has fulfilled its guarantee obligations for the member enterprise in loan transactions from individuals or organizations outside the territory of Vietnam;

c) Purchasing foreign currency to repay principal, interest, and fees on loans from individuals or organizations outside the territory of Vietnam when the repayment currency is not the currency of the capital account;

d) Payments arising from derivative transactions to hedge against exchange rate and interest rate risks related to loans from individuals or organizations outside the territory of Vietnam;

đ) Disbursing loans to individuals or organizations outside the territory of Vietnam;

e) Disbursing loans into the foreign currency settlement account opened at a Vietnamese credit institution by the domestic borrower in domestic lending transactions;

g) Transferring investment capital to carry out investment activities from the International Financial Center in Vietnam to abroad;

h) Transferring investment capital to carry out investment activities from the International Financial Center in Vietnam into the remaining part of Vietnam as stipulated in Decree No. 324/2025/NĐ-CP;

i) Transferring to the foreign currency settlement account of the member enterprise itself opened at a member bank;

k) Paying service fees related to account management and money transfer transactions through accounts according to the regulations of the bank providing payment services through accounts.

Article 6. Transparency of Funds

When conducting transactions through capital accounts as specified in Articles 4 and 5 of this Circular, the transfer orders must clearly state the basic information necessary to determine the transaction as follows:

1. For lending transactions:

a) The lender when disbursing the loan amount must clearly state: "disbursing the loan amount ... according to loan contract number... dated...; total value of the loan...";

b) The borrower when transferring money to repay the debt must clearly state: "repaying principal/interest/fees for the loan according to loan contract number... dated...; total value of the loan...".

2. For investment transactions:

a) The bank providing payment services through the account where foreign investors' funds are held, and the account-opening member must require foreign investors and members to clearly state the purpose of the transfer such as: "transferring money to establish a subsidiary company/contribute capital/purchase shares/purchase equity in a subsidiary company according to the contract/agreement/document issued by the competent authority with number... dated..."; or "transferring money to buy/sell securities, other negotiable instruments...";

b) Foreign investors and members must clearly state the purpose of the transfer such as: "transferring money to establish a subsidiary company/contribute capital/purchase shares/purchase equity in a subsidiary company according to the contract/agreement/document issued by the competent authority with number... dated..."; or "transferring money to buy/sell securities, other negotiable instruments...".

Article 7. Responsibilities of Foreign Investors

1. Adhere to the provisions of this Circular, laws governing foreign investment activities in the International Financial Center in Vietnam, and related regulations.

2. Provide relevant documents and evidence concerning foreign investment in the International Financial Center in Vietnam as required and guided by the bank providing payment services through the account, and bear legal responsibility for the accuracy of the documents and evidence presented.

Article 8. Responsibilities of Domestic Borrowers

1. Adhere to the provisions of this Circular and other related laws when signing and implementing loan agreements with members.

2. Present documents as required by law and as requested by the bank providing payment services through the account when conducting money transfer transactions related to loans from members, and bear legal responsibility for the accuracy and honesty of these documents.

Article 9. Responsibilities of Members

1. Adhere to the provisions of this Circular and related laws.

2. Members have the responsibility to require foreign organizations and individuals acting as lenders to clearly state the purpose of the transfer as stipulated in point a, Clause 1, Article 6 of this Circular.

3. Provide relevant documents and evidence concerning foreign exchange activities as required by this Circular at the request of the bank providing payment services through the account, the Competent Authority, and bear legal responsibility for the accuracy of the documents and evidence presented.

Article 10. Responsibilities of Banks Providing Payment Services Through Accounts        

1. Require foreign investors, members, and domestic borrowers to clearly state the purpose of the transfer in the transfer order as stipulated in this Circular; provide relevant documents and evidence concerning money transfer transactions through the accounts of foreign investors, members, and domestic borrowers; ensure that the transfer orders match the documents and evidence presented by foreign investors, members, domestic borrowers, and related parties as stipulated in this Circular.

2. Examine, verify, and retain appropriate papers and evidence corresponding to actual transactions to ensure that foreign exchange services provided to foreign investors, members, and domestic borrowers are carried out for the intended purposes and comply with legal regulations.

3. Adhere to legal regulations on anti-money laundering and counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction.

4. Provide account-based payment services for transactions related to loans from members of domestic borrowers according to this Circular based on:

a) Confirmation documents for registration and changes in loan registration from members of domestic borrowers (in cases where the loan requires registration or change registration); proof documents showing that domestic borrowers have declared the loan (in cases where the loan requires declaration), and other files and documents as prescribed by regulatory authorities;

b) Loan agreements, agreements to change loan agreements, and other related agreements concerning loans from members of domestic borrowers.

Article 11. Implementation Provisions

1. This Circular takes effect from the date of signature.

2. This Circular amends and supplements Article 3 of Circular No. 16/2014/TT-NHNN dated August 1, 2014, issued by the Governor of the State Bank of Vietnam guiding the use of foreign currency accounts and Vietnamese dong accounts of residents and non-residents at authorized banks as follows:

a) Add Point d of Clause 1: "Receiving foreign currency transferred for withdrawing capital from loans from members of the International Financial Center in Vietnam."

b) Add Point i of Clause 2: "Paying off debt (principal, interest) and fees of loans from members of the International Financial Center in Vietnam."

Article 12. Responsibility forimplementation

The heads of units under the State Bank of Vietnam, organizations, and individuals related to this matter are responsible for implementing this Circular.