Circular 04/2005/TT-NHNN amending Clause 6, Section III of Circular 01/2001/TT-NHNN providing guidance on foreign exchange management of Vietnamese enterprises' outward direct investment by the State bank promulgate

CIRCULAR

ON THE AMENDMENT, SUPPLEMENT OF PARAGRAPH 6, SECTION III OF THE CIRCULAR NO. 01/TT-NHNN DATED 19/01/2001 GUIDING THE FOREIGN EXCHANGE CONTROL APPLICABLE TO DIRECT INVESTMENT IN FOREIGN COUNTRIES BY VIETNAMESE ENTERPRISE

Pursuant to the Decree No. 22/1999/ND-CP dated 14/4/1999 of the Government providing for the direct investment in foreign countries by Vietnamese enterprises and with the view to expanding the ability to approach to foreign currency capital sources of Vietnamese enterprises which are authorized to invest in foreign countries, the State Bank of Vietnam amends, supplements paragraph 6, Section III of the Circular No. 01/2001/TT-NHNN dated 19/01/2001 guiding the foreign exchange control applicable to direct investment in foreign countries by Vietnamese enterprises as follows:

1. 6. Enterprises are entitled to use foreign currency from following sources to remit overseas for the investment capital contribution, the implementation of investment projects in accordance with the provisions in the Investment License issued by competent agency:

a. Their account foreign currency deposit opened at an authorized Bank;

b. Foreign currency bought from an authorized Bank;

c. Foreign currency borrowed from an authorized Bank in line with provisions of the State Bank of Vietnam on lending in foreign currency.

2. This Circular shall be effective after 15 days since its publication in the Official Gazette.

3. The Director of the Administrative Department, the Director of the Foreign Exchange Control Department, Heads of units of the State Bank, General Managers of the State Banks branches in provinces, cities under the central Governments management; General Directors (Directors) of Credit Institutions and enterprises which are entitled to invest in foreign countries, within the scope of their function, assignment, shall be responsible for the implementation of this Circular.

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