Headlines 27/06/2019 07:56 SA

Regulations on persons eligible to make term deposits are about to take effect

Phạm Hồng

On December 31, 2018, State Bank of Vietnam promulgated the Circular No. 49/2018/TT-NHNN on term deposits.

The Circular set forth regulations on persons eligible to make term deposits as follows:

- Resident persons or entities.

- Non-residents, including:

+ Diplomatic missions, consular posts and representative agencies of international organizations in Vietnam; representative offices and project management offices of foreign organizations in Vietnam;

+ Vietnamese citizens that are not covered by regulations laid down in point e and g of clause 2 of Article 4 in the amended Foreign Exchange Ordinance;

+ Foreign individuals obtaining permission to stay in Vietnam for at least 6 months.

Additionally, there is a supplementary regulation under which resident entities may use foreign-currency accounts opened at authorized banks for performing the following transactions:  

Collecting foreign currency wired from such transactions as payment of term deposit principal and interest in foreign currency in compliance with law on term deposits. 

Circular No. 49/2018/TT-NHNN will be in force on July 5, 2019.

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