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.
>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE
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