Amending regulations on opening and using foreign currency accounts abroad by resident organizations

Accordingly, performing the tasks according to the 2025 Circular Development Program of the State Bank of Vietnam issued together with Decision No. 2886/QD-NHNN dated December 31, 2024 of the Governor of the State Bank of Vietnam. At the same time, based on reviewing regulations to implement the policy of simplifying administrative procedures for organizations and enterprises during the implementation process, the State Bank of Vietnam presided over the drafting of a Circular amending and supplementing a number of articles of Circular No. 20/2015/TT-NHNN dated October 28, 2015 of the Governor of the State Bank of Vietnam, regulating the opening and use of foreign currency accounts abroad by institutional residents.

The Circular is developed with the following orientation: Upgrading to online public services at levels 3, 4, ... to minimize the time and cost of complying with administrative procedures, creating favorable conditions for organizations and individuals to flexibly carry out administrative procedures in many forms at the lowest cost. At the same time, eliminating some components of the dossier with duplicate content. Adjusting some contents in accordance with the functions, tasks and authority of the Foreign Exchange Management Department.

In addition, review the names of units within the State Bank and State Bank branches in the regions to comply with Decree No. 26/2025/ND-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers and organizational structure of the State Bank of Vietnam....

Some of the revised contents are as follows: According to the provisions of Article 5 of Circular 20/2015/TT-NHNN, the management of the term of use of foreign accounts is based on the term of the License of the representative office abroad. However, in reality, the term of the License of the representative office abroad is diverse, with a short term of only 2-3 years, in some cases extending to 5-10 years, or no term is specified. In cases where the term is long, the term of use of the foreign account is also extended, causing difficulties in the management and monitoring of the operation of the organization's foreign currency account abroad.

Therefore, it is proposed to amend the regulations on the period of time allowed to maintain overseas accounts in the direction of basing on the License of overseas representative offices but not exceeding 03 (three) years from the date of issuance of the License.

Article 6 of Circular No. 20/2015/TT-NHNN does not stipulate the method of submitting application for a License, Decision on amending and supplementing a License. Supplement regulations and add the method of submitting application online via the National Public Service Portal or on the State Bank Public Service Portal to upgrade to online public services. In addition, amend the authority to grant and revoke Licenses and Decisions on amending and supplementing Licenses to open and use foreign currency accounts abroad to the Director of the Foreign Exchange Management Department. Amend the responsibilities of the Foreign Exchange Management Department to be consistent with the authority to grant and revoke Licenses and Decisions on amending and supplementing Licenses to open and use foreign currency accounts abroad in Article 7...

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