Vietnam is one of the fastest-growing economies in the world. The low cost of living and highly qualified population make it an ideal location for foreign companies who are looking to branch out and invest. However, expanding internationally has its disadvantages as well. Not knowing the local laws and regulations makes it a thousand times harder to open a company overseas.
License to open and operate foreign currency accounts overseas |
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Purpose | To regulate the activities involving foreign currency accounts open overseas | ||||||||||||||
What is it | License | ||||||||||||||
Who should apply | 00 00: All enterprise. Subjects who wish to open foreign currency accounts overseas. |
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Where to apply |
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Validity of the License and application fee | Unspecified | ||||||||||||||
Application conditions and documents |
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The process |
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How long it will take to process the application? | 15 working days | ||||||||||||||
Inspecting authorities | Inspection Agencies of the State Bank of Vietnam and its branches in provinces. | ||||||||||||||
Non-compliance penalty |
Penalties range from 10.000.000 VND to 20.000.000 VND. See Article 18 of the Government’s Decree No. 202/2004/ND-CP of December 10, 2004 on sanctioning violations in the monetary and banking fields |
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Legal texts regulating this license |
The Law on Credit Institutions No.07/1997-QHX of December 12, 1997
The Law No.20/2004/QH11 of June 15, 2004 on amending and supplementing a number of articles of the Law on Credit Institutions Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management Government’s Decree No. 131/2005/ND-CP of October 18, 2005 on amending and supplementing a number of articles of Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management Circular No. 01/1999/TT-NHNN7 of April 16, 1999 of the State Bank providing guidance on implementation of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management |
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Other useful information |
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