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Opening Accounts for FDI Businesses in Vietnam

From September 25th, 2014, FDI enterprises in Vietnam shall be able to open VND account for direct investment as they can only open a foreign currency account before.

This is the most important regulations for local and foreign investors regulated in circular 19/2014/TT-NHNN, issued by State Bank of Vietnam about managing foreign currency of FDI inward Vietnam. The Circular will be put in practice from 25th September 2014. This adjustment is really helpful for the foreign investors, especially for those who use Vietnam currency legally for investment.

Moreover, the prior expenditures for investment in Vietnam have not yet been accountable for deductible expenses in the tax report. From now on, those costs will be accountable for deductible expenses. Therefore, the new regulations seem to be very supportive for foreign investors.

(Source: State Bank of Vietnam)

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