Vietnam FX Management for FDI 2026: New Rules

Vietnam foreign exchange management for foreign investment sees a major update with Circular 38/2026/TT-NHNN (effective 18 August 2026, replacing Circular 06/2019/TT-NHNN). The headline change: the “DICA” name is abolished in favor of “Investment Capital Account”, which may now be opened right after the Enterprise Registration Certificate is issued — no need to wait for the Investment Registration Certificate. In parallel, Circular 34/2026/TT-NHNN (30 June 2026, replacing Circular 12/2016/TT-NHNN) governs outbound investment.

1. New FX management framework — Circular 38/2026/TT-NHNN

Effective: 18 August 2026, replacing Circular 06/2019/TT-NHNN.
Renaming: the “DICA” (direct investment capital account) label is abolished; uniformly called the “Investment Capital Account”.
Key change: investors may open the investment capital account immediately after receiving the Enterprise Registration Certificate (ERC), without waiting for the Investment Registration Certificate (IRC) — significantly shortening capital preparation timelines.
Transaction principle: all investment-related transactions — capital contributions, share/equity acquisitions, capital transfers, profit repatriation — must go through the investment capital account.
Scope and transaction lists must be verified directly in Articles 1, 2, and 8 of the original Circular 38/2026/TT-NHNN.

2. Transition for existing DICA accounts

The question businesses ask most: how are DICA accounts opened under Circular 06/2019/TT-NHNN treated once Circular 38/2026 takes effect? Businesses must check the transitional provisions in the original Circular 38/2026/TT-NHNN to determine whether old accounts remain usable, whether renaming or re-registration is required, and any conversion deadline. Do not assume continuity under “old practice”.

3. Outbound investment — Circular 34/2026/TT-NHNN

Circular 34/2026/TT-NHNN (30 June 2026, replacing Circular 12/2016/TT-NHNN) governs outbound investment by Vietnamese organizations and individuals, including account, transfer, and reporting rules for overseas investment projects. Vietnamese businesses planning outbound investment should update to this new framework.

4. Key risks

Off-account transactions: conducting investment transactions outside the investment capital account may breach FX management rules.
Profit repatriation: must go through the investment capital account in compliance with prescribed conditions and procedures — errors can block cash flows.
Scope questions: whether Circular 38/2026 also covers indirect investment remains a point to verify against the original text; the current administrative penalty framework for FX violations should likewise be checked for validity before risk assessment.

Frequently asked questions

When can the investment capital account be opened under the new rules?

Under Circular 38/2026/TT-NHNN (effective 18 August 2026), investors may open the investment capital account immediately after receiving the Enterprise Registration Certificate, without waiting for the Investment Registration Certificate.

Do old DICA accounts remain usable?

Check the transitional provisions in the original Circular 38/2026/TT-NHNN for continued use, conversion requirements, and deadlines.

How is profit repatriated?

Through the investment capital account, following the conditions and procedures in Circular 38/2026/TT-NHNN.

Cited legal instruments

Circular 38/2026/TT-NHNN (effective 18 August 2026; replacing Circular 06/2019/TT-NHNN)
Circular 34/2026/TT-NHNN (30 June 2026; replacing Circular 12/2016/TT-NHNN)

Legal notice

The legal content of this article is reviewed by the FLAW AI Legal Council and submitted to the owner for approval; it is not an opinion of a licensed lawyer and does not replace legal advice for specific cases.

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