IT ' S SMART

Guide the opening and use of indirect investment account to carry out the operation.

foreign indirect investment in Vietnam Go.

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Vietnam State Bank Law School No. 46 /2010/QH12 June 16, 2010;

The Code of Credit: 47 /2010/QH12 June 16, 2010;

Investment Law Base 59 /2005/QH11 November 29, 2005;

Stock Law Base 70 /2006/QH11 June 29, 2006;

The amended Law Base, added some of the provisions of the Digital Stock Law 62 /2010/QH12 November 24, 2010;

The foreign exchange commander. 28 /2005/PL-UBTVQH11 December 13, 2005;

The Ordinal Command. 06 /2013/PL-UBTVQH113 March 18, 2013 amendment, adding some of the provisions of the Foreign Exchange Ordination;

Base of Protocol 156 /2013/NĐ-CP November 11, 2013 the Government regulates the functions, duties, powers, and organizational structure of the State Bank of Vietnam (later known as the State Bank);

On the recommendation of the Chief of Foreign Affairs Management,

The Governor of the Bank of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State of the State

Chapter I

GENERAL REGULATION

What? 1. The adjustment range

It provides the opening and use of indirect investment accounts to carry out transactions related to foreign indirect investment in Vietnam.

What? 2. Subject applies

1. This information applies to the following subjects:

a) The foreign investor is the non-resident who performs indirect investment in Vietnam;

b) The organizations and individuals involved in foreign indirect investment activity in Vietnam.

2. This message is not adjusted to foreign investor object as the resident is the organization and the foreign individual. These subjects carried out indirect investment in Vietnam under the current regulation of securities law and other law-related texts that were Ioxin.

What? 3. Explain words

In this message the words below are understood as follows:

1. "Foreign investors" including non-resident human subjects are organizations and foreign individuals who carry out indirect investment practices in Vietnam.

2. "Bank is allowed" to include commercial banks and foreign bank branches that are allowed to do business and operate the foreign exchange service under the rule of law.

3. The "Credit Organization is allowed" to include a credit organization and foreign bank branch which is allowed to do business and operate the foreign exchange service in accordance with the rule of law.

4. "indirect investment account" is a Vietnamese copper payment account issued by foreign investors in the bank permitted to carry out receivable transactions in relation to foreign indirect investment in Vietnam.

What? 4. Common Principles

1. Every indirect investment of foreign investors in Vietnam must be made with the Vietnamese. Transactions concerning foreign indirect investment activity in Vietnam of foreign investors must be made through 1 (a) indirect investment account opening at 1 (one) bank is permitted.

2. When carrying out foreign indirect investment practices in Vietnam under the provisions of regulation at Article 5 of this Smart, foreign investors must comply with the regulations at this Smart, the regulations of the law on opening and use of a liquidity account. accounting, regulation at the Securities Law, Securities Law Guidelines, the existing regulations of France-related legislation relating to capital activities, buying shares of foreign investors in Vietnamese businesses and the activities of foreign investors. on the Vietnamese stock market and other regulations that are associated with the law.

3. The balance on the foreign investor ' s indirect capital account is not transferred to the deposit of a term and deposit savings at the credit organization, the foreign bank branch.

What? 5. The form of foreign indirect investment in Vietnam

Indirect investment in Vietnam by foreign investors includes the following forms:

1. Capital, purchase, share sale, portion of equity in the unlisted Vietnamese business, unregistered trading on the Vietnam stock market and not directly involved in management, operating the business.

2. Capital, buy, sell shares in the Vietnamese business on the transaction registration market (UPCOM) and the listed stock market and do not directly join the management, run the business.

3. Buy, sell bonds and other securities on the Vietnamese stock market.

4. Buy the sale of other valuable documents in Vietnamese-led by the resident being the organization allowed to be released on Vietnamese territory.

5. The investment trust in Vietnam through the fund management company, the securities firm, and institutions are allowed to carry out the investment of the trust in the investment by law on securities; the trust of the investment in Vietnam through the trust organization. and the foreign bank branch is allowed to carry out the investment trust business under the regulation of the State Bank.

6. Capital, transfer of capital to foreign investors (not directly involved in management) in securities investment funds and the fund management firm under the regulation of the securities law.

7. Other forms of indirect investment by law.

Chapter II

TOOL RULES

What? 6. Open indirect investment account

1. When performing indirect investment in Vietnam, foreign investors must open one (01) indirect investment account in one (01) of the bank permitted to carry out receivable transactions under regulation at Article 7 of this Information.

2. The case of foreign investor is opening and using indirect capital account indirectly at a licensed bank but there is a need to open indirect capital accounts at another permitted bank, foreign investors must close their capital ' s capital investment account, according to the report. Indirectly, indirectly, transfer of the balance on this account to the new account. The procedure is open, closing the indirect investment account made according to the regulation of the permitted bank.

Foreign investors are only made to deliver the collected transactions on the newly opened indirect investment account according to the above stated rule after the previously closed and indirect investment capital account has opened.

What? 7. Use of indirect investment capital account

Indirect investment accounts are used to carry out the collection transactions related to foreign indirect investment in Vietnam:

1. Section:

a) The income from the currency sale to the credit organization is allowed;

b) Earnings transfer of capital, shares, stock and other valuables, receive dividends, interest from bonds and paper priced from a Vietnamese copper from foreign indirect investment activity in Vietnam;

c) The transfer of the account from the Vietnamese copper payment account of the open foreign investor at the bank is allowed;

d) Revenue from the account of the fund management company, securities firm, credit organization and foreign bank branch are allowed to carry out an investment trust transaction for foreign investors (applicable in the case of real foreign investors), the company said. Indirect investment in Vietnam in the form of investment trust);

Other legal transactions in Vietnam by foreign investors in relation to foreign indirect investment in Vietnam.

2. Section:

a) Chi performs foreign indirect investment practices in Vietnam under the prescribed forms at Article 5 of this Smart;

b) The foreign currency procurement in credit organization is allowed to transfer capital, profit, and legal sources abroad;

c) The cost of the legal expenses that arise in Vietnam;

d) The genus transferred to the Vietnamese copper payment account of the open foreign investor at the permitted bank;

It transfers to the account of the fund management companies, the securities company, and organizations that are allowed to carry out the investment trust business for foreign investors (applicable in the case of foreign investors making indirect investment in Vietnam). Male in the form of investment trust.

e) Other legal transactions involving foreign indirect investment in Vietnam.

What? 8. Transfer of investment abroad

Where there is a need for capital transfers, profits and other legal sources from indirect investment activity abroad, foreign investors are used in Vietnam on indirect investment financing to buy foreign currency at the permitted credit organization and the foreign currency. Move abroad.

What? 9. Transformation the investment form of foreign investor

1. The transition from indirect investment form to the form of direct investment or conversion from the form of direct investment to the indirect investment form of foreign investors is made in accordance with the current regulation of the law on investment and other investment laws. The other rules of the law are relevant.

2. The case of foreign investor is making indirect investment in Vietnam in the form of shares of shares or capital funds in Vietnam 's business transition to direct investment form (participating in management, business executive), the transformation of the country' s business. The account is done as follows:

a) The case of foreign investor does not continue to carry out indirect investment activity in Vietnam, after the completion of the procedure to transform the form of investment under the existing regulations of law, foreign investors make an opening of the investment capital account. Directly by the Vietnamese at the bank is allowed, then closing the previously unannounced indirect investment account simultaneously transferring the balance on this account to the capital account directly invested in the newly opened Vietnamese copper. It is directly in Vietnam in accordance with existing regulations on foreign exchange management and other provisions of the relevant legislation. The procedure to close indirect investment capital account and the opening procedure of direct investment financing by the Vietnamese to be made under the provisions of the permitted bank;

b) The case continues to perform indirect investment activity in Vietnam, foreign investors are used in the previously opened indirect investment account to carry out indirect investment activity in Vietnam on a regulatory compliance basis at this Smart. and other regulations of relevant legislation. At the same time, foreign investors carry out the opening and use of direct capital account directly to carry out foreign direct investment practices in Vietnam under the current regulation of foreign exchange management on foreign direct investment activities at the United States. Vietnam and other provisions of the law are involved.

Chapter III

RIGHTS, THE OBLIGATIONS OF THE CREDIT ORGANIZATION ARE ALLOWED

AND FOREIGN INVESTORS.

What? 10. Rights, the obligations of the credit organization are allowed

1. When carrying out the income transactions on an indirect investment account for foreign investors, the credit organization is allowed to have the right to require foreign investors to publish documents, evidence related to foreign indirect investment activity. in Vietnam.

2. When carrying out the income transactions on an indirect investment account for foreign investors, the credit organization is allowed to have a responsibility:

a) A foreign investor Guide to the implementation of the opening procedures, closing indirect investment financing and regulations at this Smart;

b) Regulation, examination and retention of documents, evidence related to the transactions of receivables, the genus is done on the indirect investment capital account submitted by foreign investors to ensure that the supply of foreign exchange services is carried out on purpose and purpose. in accordance with the rule of law;

c) The sale of foreign currency to foreign investors on the basis of the credit organization ' s foreign currency.

3. In addition to the rights and obligations stipulated at paragraph 1, paragraph 2 This, the bank is allowed to take responsibility for the guidance of foreign investors to make the transfer of indirect investment accounts by regulation at Article 17 of this.

What? 11. Rights, the obligations of foreign investors

1. Foreign investors are allowed to carry out foreign indirect investment practices in Vietnam on the basis of compliance with regulations at this level and other provisions relevant to the Vietnamese law.

2. On the implementation of the earnings transactions on indirect capital account, the foreign investor is responsible for:

a) The collection of collection transactions regarding foreign indirect investment activity in Vietnam at the request and guidance of the permitted bank;

b) The program, the addition of the records, documents, certificates from the requirements of the authorized bank.

Chapter IV

REPORT MODE

What? 12. The report mode for credit organization is allowed.

Credit organizations are allowed to carry out reports of the State Bank by the current regulation of the State Bank on statistical reporting mode.

What? 13. Request for a sudden report

Cases of sudden or when necessary, foreign investors, authorized credit organizations and the State Bank of the State Branch of the Province, the Central City of the Central Committee to implement the Report of relevant content at the request of the State Bank.

Chapter V.

TEST WORK, INSPECTION, SURVEILLANCE, BREACH OF BREACH.

What? 14. Check out inspection, inspection, surveillance

1. State Bank, Provincial State Bank of the Province, the Central City of the Central Committee to implement the inspection, inspection, monitoring of the situation that approve the regulation of the authorized bank and the foreign investor in relation to the opening and use of capital accounts. Indirect investment by foreign investors to carry out foreign indirect investment in Vietnam.

2. The organizations, individuals who are tested are responsible for providing every document document required by the regulation to be checked, the inspector, the supervisor is done in time, effective.

What? 15. Waste Processing

The case violates regulations at this level, depending on the extent of the violation, foreign investors and banks are allowed to be punished under the laws of law.

Chapter VI

THE ORGANIZATION.

What? 16.

1. This message came into effect from 28 April 2014.

2. This information replaces the Digital 03 /2004/TT-NHNN June 25, 2004 of the State Bank's Guide to Foreign Exchange Management for Financing Of Foreign Investors's shares in Vietnamese businesses.

What? 17. The transition clause

1. Within 90 days of this date from the date of this date, the foreign investor has the responsibility to make the transition of indirect capital account indirectly to continue the implementation of indirect investment in Vietnam under the following regulations:

a) The case for foreign investors has opened a capital account, purchasing shares in Vietnam, foreign investors making a transfer of the name of the capital, buying shares of Vietnamese copper on the indirect capital account.

b) The case for foreign investors has opened a capital account, purchasing shares in Vietnam, and the number of Vietnamese residers on the account of the non-Vietnam-based currency of the open stock company in the bank:

-Foreign investors make the transfer of a capital account name, purchasing shares of the Vietnamese copper in the form of indirect investment capital account;

-Foreign investors perform their Vietnamese balance on a non-Vietnam-based non-Vietnamese currency deposit account of the open stock company in the bank allowed to go to an open indirect investment account at the permitted bank;

c) The case for foreign investors has not yet opened a capital account, bought shares in Vietnam and has a balance of Vietnamese money deposited at a non-term Vietnamese currency deposit account of the open stock company at the permitted bank:

-Foreign investor makes an opening of the indirect investment capital account at a permitted bank;

-Foreign investors perform their Vietnamese balance on a non-Vietnam-based non-Vietnamese currency deposit account of the open stock company in the bank allowed to go to the open investment capital account that has opened up to continue. There ' s an indirect investment in Vietnam;

d) The case for foreign investors has opened a capital account, buying shares in Vietnam, and also having a currency deposit balance on a non-term non-foreign currency deposit account of the open stock company at the permitted bank:

-Foreign investors make the transfer of a capital account name, purchasing shares of the Vietnamese copper that has opened to indirect investment account;

-Foreign investors make a transfer of their foreign currency deposits on an unintended non-foreign currency deposit account of the open stock company at the bank permitted to Vietnam; then carry out the amount of Vietnamese currency. This goes to the indirect investment account to continue to do indirect investment in Vietnam.

e) The case where foreign investors have not opened a capital account, buying shares in Vietnam, while also having a currency deposit balance on a non-term non-foreign currency deposit account of the open stock company at the bank is allowed:

-Foreign investor makes an opening of the indirect investment capital account at a permitted bank;

-Foreign investors make a transfer of their foreign currency deposits on an unintended non-foreign currency deposit account of the open stock company at the bank permitted to Vietnam; then carry out the amount of Vietnamese currency. This goes to the indirect investment account to continue to do indirect investment in Vietnam.

2. The case does not continue to carry out indirect investment activity in Vietnam:

a) Foreign investors are allowed to transfer the balance of money to their Vietnamese coins on a non-term non-Vietnamese currency deposit account of the open stock company at the permitted bank and the balance of deposits of its foreign currency on a cash account. The non-term currency deposit of open securities companies in the bank is allowed to go to the Vietnamese dollar account or foreign investor's foreign investment account, which at the bank is allowed to serve legal purposes in Vietnam by regulation. about foreign exchange management and other regulations of the law that are relevant or moving abroad;

b) Foreign investors use their Vietnamese balance above at the non-term Vietnamese currency of open securities companies in the bank are allowed to buy foreign currency and move abroad on the basis of records, The valid evidence is consistent with the current regulation of foreign exchange management.

3. The case after 90 days from this date has been enforced, foreign investors do not make the transition of indirect investment account by regulation at paragraph 1 This, foreign investors are not implemented as an indirect investment. In Vietnam, through a capital account, purchasing shares, an unrestricted deposit account with foreign currency and the Vietnamese copper of the open stock company at the bank is permitted.

What? 18. Organization of Action

Chief of the Office, the Chief of Foreign Affairs Management, the Head of State Bank-related units, Director of the State Bank of the State Branch of the provinces, Central City, Chairman of the Board, Chairman of the Board of Directors, President of the Bank. director (Director) of credit organizations, the foreign bank branch is responsible for organizing this private practice.