Circular 38/2026/TT-NHNN: Key Changes in Foreign Exchange Management
*📢 New Circular on Foreign Exchange Management for Investment in Vietnam*
On 31 July 2026, the State Bank of Vietnam issued Circular 38/2026/TT-NHNN, effective 18 August 2026. It replaces Circular 06/2019 and updates how foreign investors move money in and out of Vietnam.
Key changes:
→ *New terminology, wider scope.* "Direct investment capital account" is now the "Investment Capital Account," with the concept expanded to cover investment flows from the new International Financial Centre (VIFC) into the rest of Vietnam, and petroleum sector investors for the first time.
→ *The >50% foreign ownership threshold is retained* — but it now sits alongside several distinct account-opening categories rather than acting as a catch-all test. Existing structures should be re-checked against the new categories.
→ *A new pre-IRC mechanism.* Investors can now open an Investment Capital Account before their Investment Registration Certificate is issued or adjusted — a practical option for entities still mid-incorporation.
→ *Greater transparency obligations for banks*, including internal rules on account use and a requirement to state the specific purpose on every transfer order.
Two 12-month deadlines to note: foreign petroleum investors have until 18 August 2027 to open the new accounts, and entities required to close legacy accounts have the same window to do so.
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