Foreign Exchange Control in Vietnam

Foreign Exchange Control in Vietnam

The Vietnamese dong is not freely convertible and the market is still largely dependent on foreign currency, particularly United States dollars. The Government has been implementing measures to gradually reduce the country’s dependency on the dollar. All buying, selling, lending and transfer of foreign currency must be made through banks and other financial institutions authorised […]

Banking and Foreign Exchange in Vietnam

Banking and Foreign Exchange in Vietnam

Generally, all foreign investors with established presences in Vietnam will need to open a bank account in order to conduct their business in Vietnam. Foreign investors in Vietnam may open accounts denominated in Vietnamese dong, and may also open accounts denominated in United States dollars and other foreign currencies. Banks include domestic commercial banks, state-owned […]