Is it permissible for investors to use digital signatures in the application for foreign exchange management for outward investment in Vietnam?

Is it permissible for investors to use digital signatures in the application for foreign exchange management for outward investment in Vietnam?

Pursuant to Article 10 of the Circular 12/2016/TT-NHNN (amended by Clause 1.b Article 3 of the Circular 24/2022/TT-NHNN) stipulating as follows:

Procedures for the registration of outward investment-related forex transactions

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2a. In case an application is submitted online through the National public service portal or the SBV’s public service portal, the submitted documents may bear digital signature in accordance with regulations of law on completion of administrative procedures by electronic means. If the National public service portal or the SBV’s public service portal failed or encountered a problem, and thus is unable to receive and exchange electronic information, the declaration, sending, receipt, exchange and response to information as well as return of application processing results will be made by post or directly at the single-window section the SBV’s provincial branch as prescribed in Article 8 of this Circular.

2b. All documents included in the electronic application are scanned copies of the original or physical original documents (in PFD format) or are filled out on the SBV’s public service portal.

2c. The investor shall assume responsibility for the accuracy and truthfulness of information provided in its submitted application.

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As regulations above, from 15/02/2023, the investors can use digital signatures when submitting the application for foreign exchange management for outward investment in Vietnam via the National public service portal.

In Vietnam: Does the application for the registration of outward investment-related forex transactions include the copy of Certificate of the outward investment registration?

Pursuant to Article 9 of the Circular 12/2016/TT-NHNN stipulating the application for the registration of outward investment-related forex transactions as follows:

The application for the registration of outward investment-related forex transactions

The application for the registration of outward investment-related forex transactions consists of:

1. The application form for the registration of outward investment-related forex transactions (using the form stated in Annex No. 01 herein).

2. The copy which is originated from the master register or certified copy or copy, enclosed with the original for comparison, of Investment License or Certificate of outward investment or Certificate of the outward investment registration issued by competent authorities of Vietnam. The person making the comparison of the copy with the original thereof, if any, shall verify the accuracy of the copy with its original.

3. The copy in foreign language and the translation into Vietnamese (with the investor's confirmation of the accuracy of such copy and translation) of the written approval or the investment permit issued by the host country or the document proving that the investment activities executed in the host country are conformable with the host country's law.

4. The original certificate of the investor's investment capital account granted by the licensed credit institution, including account number and type of foreign currency.

5. The original certificate granted by the licensed credit institution to certify the amount transferred abroad by the investor before the investor obtains the Certificate of outward investment registration for the purpose of covering expenditures for activities related to the forming of such investor’s investment project abroad in compliance with laws in cases where the investment capital is transferred abroad before having Certificate of outward investment registration granted.

6. The written explanation about the transfer of investment capital in VND to foreign countries in cases where the investment capital in VND is transferred abroad.

As regulations above, the application for the registration of outward investment-related forex transactions may includes the copy of Certificate of the outward investment registration.

What are regulations on power to confirm the registration of outward investment-related forex transactions in Vietnam?

Pursuant to Article 8 of the Circular 12/2016/TT-NHNN stipulating power to confirm the registration of outward investment-related forex transactions in Vietnam as follows:

Power to confirm the registration of outward investment-related forex transactions and registration of changes thereof

1. The registration of outward investment-related forex transactions and the registration of changes thereof made by the investor that is a credit institution shall be confirmed by SBV.

2. The registration of outward investment-related forex transactions and the registration of changes thereof made by the investor that is not a credit institution shall be confirmed by SBV’s branch in a province or city where the main office of the investor that is not a credit institution is located, or the individual investor’s permanent residence or other investor’s business is registered.

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Above are regulations on power to confirm the registration of outward investment-related forex transactions in Vietnam.

Best regards!