Transfer Foreign Investment Funds
3 minute read
24 Apr 2020
How can investors transfer foreign investment funds into Vietnam and transfer funds from Vietnam to overseas?
In order to do that, investors will need to open a Direct Investment Capital Account (DICA) for their FDI companies, either in foreign currency or Vietnam Dong.
DICA in a foreign currency will allow investors to receive direct capital contribution and overseas transfer of profits and legal revenues from direct investment activities in Vietnam and other transactions relating to revenue, expenditures, transfer, payment of foreign currency exchange, capital contribution, foreign loan, etc.
These types of accounts can be opened at any licensed bank with sufficient documents. Depend on each type of investment, required documents should vary such as Investment Registration Certificate, approval for a capital contribution or share acquisition from the relevant department of planning and investment, license of establishment and operation in accordance with specialized law, signed PPP contracts with competent authorities and other documents which can prove the compliance with the law of capital contribution of foreign investors (Required Documents).
The Vietnamese government also offers flexibility to foreign investors during the preparation stage of a project and avoids administrative tasks by permitting transfer money to Vietnam either directly from an offshore account or its onshore payment account to pay for development costs
prior to the issuance/signing of Required Documents.
Upon obtaining the above documents, funds transferred to Vietnam for development costs may be converted in whole or in part into a capital contribution or foreign loans or returned to the foreign investor after deducting the costs incurred.
If Vietnamese authorities refuse to issue Required Documents or termination of direct investment projects, the foreign investor is entitled to remit the remaining amounts offshore plus interest (if any) after deducting the expenses.
For assistances related to FDI, FDI bank account, transfer of capital to Vietnam and remittance of fund/profit from Vietnam, please contact us at: email@example.com; hotline: +84 908 107 788