On July 31, 2026, the Governor of the State Bank of Vietnam promulgated Circular No. 38/2026/TT-NHNN on foreign exchange control for foreign investment activities in Vietnam.
Accordingly, from August 18, 2026, Article 10 of Circular No. 38/2026/TT-NHNN regulates the payment of transfer value as follows:
(1) Payment of the transfer value of shares or capital contributions in a foreign-invested economic organization specified in Clause 1 Article 6 of Circular No. 38/2026/TT-NHNN shall be made as follows:
- Payments between non-resident investors; between member enterprises; between a member enterprise and a non-resident investor; or between resident investors shall not be made through an investment capital account;
- Payments between a member enterprise and a resident investor, or between a non-resident investor and a resident investor, shall be made through an investment capital account.
(2) Under a business cooperation contract (BCC), payment of the value of an investment project transfer between a member enterprise and a non-resident investor; between a member enterprise and a resident investor; between a non-resident investor and a resident investor; between non-resident investors; or between member enterprises shall be made through an investment capital account.
(3) For a public-private partnership (PPP) project, payment of the value of an investment project transfer between non-resident investors or between a non-resident investor and a resident investor directly implementing the PPP project shall be made through an investment capital account.
(4) Under a petroleum contract, payment of the value of a transfer of an investment project, participating interest, or a contractor’s rights and obligations between a non-resident investor and a resident investor shall be made through an investment capital account.
See more details in Circular No. 38/2026/TT-NHNN effective as of August 18, 2026.
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