Tiếng Việt (Vietnamese)


In Vietnam Investment Review

Nguyen Mai Phuong (Senior Counsel at EPLegal)


Lately, the Ministry of Planning and Investment (MPI) proposed the government a draft decree to amend Decree 108/2006/ND-CP providing guidelines for the implementation of a number of articles of Law on Investment ("Draft Decree"). Noticeably, the Draft Decree has made great amendments on procedures for capital contributions and share acquisitions in Vietnamese enterprises. This article will discuss whether the amendment may make any improvement to the current scenario.

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CLIENT ALERTS (May 7, 2012)

This Newsletter is to keep you informed of latest regulations and guidance on (i) work permit for foreigners and (ii) foreign currency loans.

1/ Work permit requirements to Chief Rep. Officer confirmed in writing

Pursuant to Art.9.1(h) of Decree 34/2008/NĐ-CP (supplemented by Decree 46/2011/NĐ-CP) on employment and administration of foreigners working in Vietnam, “a foreigner working as Head of Representative Office, Head of Project Office or a foreigner assigned to represent all activities in Vietnam by foreign NGO” is exempt from work permit. As the wording of this provision might be confusing, EPLegal sought an official ruling via the Government Web Portal (http://www.chinhphu.vn/) and received its confirmation that not all foreigners working as Head of Rep. /Project Office of legal persons in general but only those of foreign NGOs are exempted from work permit requirements.

2/ Loans in foreign currency for borrowers as residents

Under Circular 03/2012/TT-NHNN (“Circular 03”, effective from May 2, 2012) and some guidance documents issued by the State Bank of Vietnam (SBV), borrowers will have better access to foreign currency loans until December 31, 2012. According to new regulations, credit institutions (including branches of foreign banks) are allowed to provide foreign currency loans as follows:

Loans type


Applicable period


1. Loans for oversea payment for imported goods and services.

Customers have sufficient forex in order to paying of debt rely on the income source from production and business.

Permitted before Circular 03

Circular 03

2. Short-term loans for oversea payment to import petrol,

Having the approval in writing of the SBV.

From May 2, 2012

Circular 03

 Loans for enterprises that were allocated the 2012 petrol import quotas set by the MOIT.

Sufficient forex to repay the debt is not required;

The lenders must register the loans with the SBV (in form provided by Official Letter 2650/NHNN-CSTT) right after signing the credit contracts.

May 2, 2012 – December 31, 2012

Official Letter 2650/NHNN-CSTT

3. Loans for implementing projects, plan on production goods in the prioritized fields under the Government’s policy.

Having written approval by the SBV for each specific case upon request of credit institutions;

Credit institutions make their own feasibility assessment

From May 2, 2012

Circular 03

  Short-term loans to carry out projects in production/ trading of goods for exportation

Borrowers have enough foreign-currency amounts earned from export activities to repay loans;

When receiving the loan disbursement, borrowers have to sell the amount of the borrowed foreign currency to their lenders in the form of forex spot transaction (except cases in which payments are to be made in foreign currency).

From May 2 to December 31, 2012.

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Decision 857/QÐ-NHNN

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Link: http://www.eplegal.com

Uniform forex move may miss the point

By Tony Nguyen, managing director of EPLegal 

A new draft of amended ordinance on foreign exchange management was posted on May 10 to collect public opinions.

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CLIENT ALERT (6 November 2012)
Please click here for the full version
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