Protrade International One Member Co., Ltd

Foreign exchange control

FX control regime is tight and restrictive of any outflows of foreign currency.

Transactions typically include:
- Repatriation of profits earned from the Vietnam’s operation;
- Payment for goods and services purchased overseas;
- Repatriation of capital contribution;
- Repayment of loans including interest.

Foreign investors are allowed to remit profits overseas provisionally, on a quarterly/semi-annual basis, at year end or upon termination of business operation.

Transactions typically include:
- CIT returns must be lodged and tax due paid beforehand;
- Profits must be determined in accordance with Vietnam accounting/tax regulations;
- No provisional remittance allowed for the last year of business operation.

Companies are required to submit the Declaration for profit remittance to the local tax authority and bank will process remittance based on tax authority’s certification.