How to transfer foreign currencies for direct investment abroad
VNGOP- The State Bank of Việt Nam gives some instructions for the transfer of foreign currencies for direct investment activities abroad.
Question (Trần Linh Chi, Hà Nội): I am planning to build a hotel in the Federal Republic of Germany. According to the Vietnamese laws, can Vietnamese individuals or organizations transfer foreign currencies to do investment in other countries?
Answer (State Bank of Việt Nam): If an individual wants to transfer money to other countries for building hotels or trading facilities - a form of direct investment, they have to follow Article 2, Decree 78/2006 issued on August 9, 2006 by the Government on direct investments abroad.
At the same time, the investor must fulfill necessary procedures stipulated by the Ministry of Planning and Investment (MPI) to acquire a Certificate on Overseas Investment (COI). Then, they can transfer foreign currencies in line with current regulations on managing foreign exchange. The amount of transfer is clearly defined in the COI issued by the MPI.
