The Circular prescribes more persons entitled to use foreign exchange are foreign investors allowed to provide foreign currency advances and security deposit via wire transfer upon participating in auctions in the following situations:
- Purchasing shares of state enterprises carrying out the equitization process obtaining consent from the Prime Minister;
- Purchasing shares and state capital contributions at state enterprises and foreign-invested enterprises carrying out the capital divestment obtaining consent from the Prime Minister;
- Purchasing shares and contributed capital portions that state enterprises have invested in other enterprises carrying out the capital divestment obtaining consent from the Prime Minister.
In case of winning an auction, foreign investors will be entitled to transfer their investment capital as per regulations on foreign exchange management in order to pay costs of purchase of shares and contributed capital portions.
In case of failing an auction, they will be entitled to transfer their foreign currency advances and security deposit abroad after deductions from costs that may be incurred 9if any).
Circular No. 03/2019/TT-NHNN is set to commence on May 13, 2019.
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