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FX control regime is tight and restrictive of any outflows of foreign currency.
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Transactions typically include:
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Repatriation of profits earned from the Vietnam’s operation; |
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Payment for goods and services purchased overseas; |
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Repatriation of capital contribution; |
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Repayment of loans including interest. |
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Foreign investors are allowed to remit profits overseas provisionally, on a quarterly/semi-annual basis, at year end or upon termination of business operation.
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Transactions typically include:
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CIT returns must be lodged and tax due paid beforehand; |
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Profits must be determined in accordance with Vietnam accounting/tax regulations; |
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No provisional remittance allowed for the last year of business operation. |
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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. |
