Performing foreign exchange registration for outbound investment from Vietnam is a critical administrative procedure that investors must execute when transferring capital abroad to implement overseas projects. This registration not only ensures that outbound capital flows strictly comply with statutory regulations but also serves as the legal framework for regulatory authorities to monitor and manage all foreign exchange transactions generated throughout the project lifecycle. To guarantee seamless implementation in accordance with investment legislation and foreign exchange management laws, investors must clearly understand the prerequisites, dossier requirements, licensing authorities, and step-by-step procedures.
When are investors permitted in outbound investment capital transfer to execute investment activities?
Investors are permitted to transfer funds abroad – prior to being granted an Outbound Investment Registration Certificate or obtaining confirmation of foreign exchange transaction registration (for projects not subject to the requirement for an Outbound Investment Registration Certificate) – to cover expenses associated with the formation of the investment project, including:
- Market and investment opportunity research;
- Field surveys;
- Documentary research;
- Collection and purchase of documents and information relevant to the selection of the investment project;
- Compilation, assessment, and appraisal, including the selection and engagement of consultants to assess and appraise the investment project;
- Organization of seminars and scientific conferences;
- Establishment and operation of overseas liaison offices related to the formation of the investment project;
- Purchase or lease of assets to support the formation of the overseas investment project.
- Accordingly, Clause 1, Article 32 of Decree No. 103/2026/ND-CP stipulates that investors may transfer investment capital abroad to implement investment activities upon meeting the following conditions:
- Having been granted an Outbound Investment Registration Certificate for projects subject to the requirement for such a certificate;
- Having the investment activity approved or licensed by the competent authority of the host country (if applicable);
- Holding an overseas investment capital account.
When must foreign exchange registration be performed for outbound investment?
Article 13 of Circular 34/2026/TT-NHNN stipulates that investors shall register for foreign exchange transactions for the first time after meeting the following conditions:
For projects subject to the issuance of an outbound investment registration certificate
Investors must be issued an outward investment registration certificate by the competent authority. This is a crucial prerequisite for proceeding to the foreign exchange management procedures.
For projects not subject to the issuance of an outbound investment registration certificate
For projects not subject to the issuance of an outward investment registration certificate, the investor must be granted an automated filing code on the National Investment Information System.
Thus, the fact that an outward investment registration certificate is not required does not mean the investor is exempt from foreign exchange management procedures.
Must have the right to make investments in the host country
Investors must obtain approval or a license from the competent authority of the host country or possess documentation proving their right to conduct investment activities in the host country in accordance with that country’s laws.
This regulation aims to ensure that the transfer of capital from Vietnam abroad is linked to an investment activity that has a legal basis in the host country.
An investment capital account must be opened
An investor must open an investment capital account at a licensed bank.
Pursuant to Clause 7, Article 3 of Circular 34/2026/TT-NHNN, an investment capital account is a payment account opened by an investor at a licensed bank for a specific project to conduct receipt and payment transactions related to outward investment activities.
Which authority holds competence over foreign exchange registration in Vietnam?
Pursuant to Article 12 of Circular 34/2026/TT-NHNN, authority is divided between the State Bank of Vietnam and the Regional State Bank.
State Bank
The State Bank confirms the registration of foreign exchange transactions for the following projects:
- Overseas investment projects undertaken by investors that are credit institutions;
- Overseas investment projects related to national defense and security, implemented pursuant to agreements between the Government of Vietnam and the governments of other countries;
- Overseas investment projects of state-owned groups and corporations included in the list of state-owned groups and corporations specified in Appendix I of Decree No. 366/2025/NĐ-CP;
- Overseas investment projects of other economic organizations that are not subject to the requirement of reporting to the Prime Minister for consideration and approval.
Regional State Bank
The State Bank branch in the locality where the investor – if an organization (other than a credit institution) – has its headquarters, or where the investor – if an individual – has registered permanent residence, shall confirm the initial registration and registration of changes regarding foreign exchange transactions for the following cases:
- Outward investment projects with capital of 7 billion VND or more, or projects involving sectors or trades subject to conditions for outward investment;
- Outward investment projects with capital of less than 7 billion VND that do not involve sectors or trades subject to conditions for outward investment.
Application dossier for initial foreign exchange registration in Vietnam
For projects subject to the issuance of an outbound investment registration certificate
- Application for initial foreign exchange transaction registration, using the form in Appendix 01 issued with Circular 34/2026/TT-NHNN.
- Investment approval or license issued by the competent authority of the host country, accompanied by citations of the host country’s regulations relevant to the project’s investment form.
- Confirmation from an authorized bank regarding the pre-investment account, investment capital account, and foreign exchange transaction status.
For projects not subject to the issuance of an outbound investment registration certificate
The composition of the dossier depends on the specific case, in accordance with Article 15 of Circular 34/2026/TT-NHNN.
Procedures for registration of foreign exchange transactions for outbound investment activities in Vietnam
Step 1: Complete procedures for outbound investment
The investor determines whether the project is subject to the issuance of an outward investment registration certificate.
- For projects subject to such issuance, the investor must obtain an outward investment registration certificate.
- For projects not subject to such issuance, the investor carries out procedures in accordance with the law on investment and is issued an automated filing code on the National Investment Information System.
Step 2: Fulfill requirements in the host country
The investor must obtain written approval, a license, or documentation proving the right to carry out investment activities in the host country.
Step 3: Open an investment capital account
The investor opens an investment capital account at an authorized bank for each specific project.
Step 4: Prepare the dossier
The investor prepares the registration application and relevant documents in accordance with Article 14 or Article 15 of Circular 34/2026/TT-NHNN, as applicable.
Step 5: Submission of the dossier
In accordance with regulations governing the preparation, submission, receipt, and return of results for dossiers, investors may submit their dossiers:
- In person at the Single-window Unit of the State Bank or the Regional State Bank;
- Via postal service;
- Online via the National Public Service Portal.
For electronic dossiers, documents must comply with regulations on administrative procedures in the electronic environment; electronic dossiers may consist of electronic files or scanned copies of original documents, depending on the specific type of document.
Step 6: Processing by the competent authority
- Within 03 working days of receiving the dossier: The Single-window Unit of the State Bank or the Regional State Bank checks the completeness of the dossier and issues a notification regarding official acceptance or a request for amendments or supplementation.
- After reviewing the dossier: The competent authority issues a written confirmation of foreign exchange transaction registration or a written refusal stating the reasons.
Key considerations when performing foreign exchange transaction registration in Vietnam
To minimize the need for document supplementation or avoid interruptions to fund transfers, investors should pay attention to the following points:
- Correctly identify the investment procedure before proceeding with foreign exchange formalities: Investors must determine whether the project requires an outward investment registration certificate. This determination dictates the required documentation and the subsequent procedural steps.
- Correctly identify the competent authority: The State Bank of Vietnam and its regional branches have different areas of jurisdiction depending on the specific case. Misidentifying the authority can prolong the processing time.
- Thoroughly verify information in the dossier: Details regarding the investor, project, host country, capital amount, currency, investment capital account, and capital transfer schedule must be consistent across all documents.
- Pay attention to the validity period of banking documents: This is a common area where errors occur during dossier preparation.
- Do not transfer capital prematurely before completing necessary procedures: Investors must distinguish between pre-investment transfers and official investment capital, and adhere to the regulations governing the respective accounts.
- Proactively register changes: Whenever there are adjustments to investment capital, transfer schedules, banks, accounts, or other details subject to change requirements, investors must review their obligations regarding change registration before executing transactions.
- Maintain complete transaction records: Transfer vouchers, account statements, bank confirmations, and related documents are essential for explaining project implementation status and fulfilling reporting obligations.
Some related questions
How long is the initial foreign exchange transaction registration confirmation valid?
For projects subject to the issuance of an Overseas Investment Registration Certificate, the initial foreign exchange transaction registration confirmation automatically ceases to be valid upon the issuance of a decision by the Ministry of Finance to terminate the validity of the Overseas Investment Registration Certificate.
What currency is used to transfer investment capital abroad?
Pursuant to Article 4 of Circular 34/2026/TT-NHNN, the currencies used for pre-investment transfers and the transfer of investment capital abroad include foreign currencies and the Vietnamese Dong. The Vietnamese Dong may be used for pre-investment transfers and capital transfers to a host country or territory if Vietnam has signed a bilateral or multilateral agreement with that country or territory permitting the use of the Vietnamese Dong in payment and money transfer transactions.
When must a change in foreign exchange transactions be registered?
Pursuant to Article 16 of Circular 34/2026/TT-NHNN, investors must register changes to foreign exchange transactions whenever there are alterations to the details specified in the most recently issued foreign exchange transaction registration confirmation. Such cases include:
- A change in the investor implementing the project due to the partial transfer of the overseas investment project.
- A change in the investor’s address that results in a change to the regional branch of the State Bank responsible for confirming the registration of the foreign exchange transaction change.
- A change in the authorized bank where the investment capital account is opened.
- A change (including the opening of a new account) regarding an investment capital account denominated in a different foreign currency for the same overseas investment project at an authorized bank.
- Changes related to an increase in the monetary investment capital transferred abroad.
- Changes to the schedule for transferring monetary investment capital abroad.
- Changing from a project not subject to the issuance of an Outbound Investment Registration Certificate to a project subject to the issuance of an Overseas Investment Registration Certificate, in accordance with investment laws.
- Changing from a project subject to the issuance of an Overseas Investment Registration Certificate to a project not subject to the issuance of an Overseas Investment Registration Certificate, in accordance with investment laws.
When must a notification regarding changes to foreign exchange transactions related to overseas investment activities be submitted?
Pursuant to Article 19 of Circular 34/2026/TT-NHNN, the following cases involving changes require the submission of a notification:
- Reduction of the investor’s monetary overseas investment capital;
- Change in the name of the investor implementing the project;
- Change in the investor’s address that does not alter the competent authority responsible for confirming the registration of changes to foreign exchange transactions;
- Change in the name of the overseas investment project or the name of the economic organization established abroad;
- Transfer of the entire overseas investment project to a domestic investor; termination of an overseas investment project that is not subject to the issuance of an Overseas Investment Registration Certificate;
- Failure by the investor to repatriate profits and other lawful revenues to Vietnam;
- Use of profits derived from the overseas investment project to increase the investment capital for that same project.
Are investors required to report on the status of overseas investment capital transfers?
Every quarter – and no later than the 5th day of the first month of the quarter following the reporting quarter – investors must submit reports to the State Bank or the regional branch of the State Bank where their foreign exchange transaction registration was most recently confirmed. These reports must cover the status of outward investment capital transfers as well as the status of the repatriation of capital, profits, and other lawful revenues to Vietnam.
Foreign exchange registration for outbound investment from Vietnam is a crucial procedure that investors must comply with under Circular 34/2026/TT-NHNN, and Viet An Law is ready to assist investors throughout the process.
