Outbound investment from Vietnam has a new foreign exchange rulebook. Circular 34/2026/TT-NHNN, signed by the State Bank Governor on 30 June 2026 and effective 31 July 2026, runs to 9 chapters and 38 articles and replaces the previous framework for moving capital abroad. For Vietnamese groups expanding regionally, the changes are procedural but unforgiving – and they start before the licence is even issued.
What Circular 34/2026 covers for outbound investment
The circular governs five areas of outbound investment: transferring money abroad before the Outward Investment Registration Certificate is granted (or, for projects that do not need one, before the foreign exchange registration confirmation); opening and using the pre-investment account and the outward investment capital account; registering foreign exchange transactions; transferring capital out and repatriating capital, profits and lawful income back to Vietnam; and other related foreign exchange activity. Forms of investment listed in Article 1.2 of Decree 103/2026/ND-CP sit outside its scope.
The outbound investment pre-investment account
For outbound investment, Article 6 states the principle plainly – every receipt and payment connected with pre-investment transfers must run through a dedicated pre-investment account. Three practical consequences follow. Where a project has several investors, each investor must open its own separate pre-investment account, and all of them at the same authorised bank. Where an investor wants to change banks, it opens the new account, moves the balance and closes the old account within 10 working days, then hands the new bank written confirmation of the closure and the transaction history. And the new account cannot be used for anything except receiving that transferred balance until the old one is actually closed.
For single-investor projects, total pre-investment transfers must stay within the pre-investment transfer cap unless the Government provides otherwise. Spending abroad on due diligence, deposits or project formation before that account exists is the mistake that delays licensing later.
Exchange rates and the cumulative transfer ceiling
Article 5 fixes which rate applies where. Investment capital in foreign currency is converted to dong at the transfer selling rate published on the website of the authorised bank holding the capital account, taken at the moment the investor prepares the foreign exchange registration document – the same rate used to test whether a project falls under Article 18.1 of Decree 103/2026/ND-CP. Cross-currency conversions use the bank’s rate at the time of the transfer. Statistical reporting uses the accounting rate announced by the Ministry of Finance through the State Treasury.
The ceiling matters more than the rate for outbound investment planning. Cumulative amounts already transferred plus amounts planned for the period may not exceed the cumulative capital transfer limit recorded in the confirmed foreign exchange registration, measured in the investment currency at the time of each transfer. Groups that fund an overseas subsidiary faster than their registered schedule breach the circular even when the total is right.
Outbound investment FAQs
Does this affect investors coming into Vietnam?
No – Circular 34/2026 governs capital leaving Vietnam. Inbound investors follow the direct investment capital account rules instead, covered in our guide to foreign investment in Vietnam.
What should groups do before 31 July 2026?
Map every planned transfer against the registered schedule, confirm the pre-investment account structure matches the number of investors, and align the bank relationship before spending abroad. Our banking and finance team handles the registration; the circular itself is published through the Ministry of Finance and State Bank channels.
Repatriation: bringing capital and profits home
The circular treats the outbound investment return leg with the same discipline as the outward one. Capital recovered, profits distributed and other lawful income from an outbound investment project must be transferred back to Vietnam through the outward investment capital account, in line with the registered foreign exchange transaction. Investors who leave proceeds sitting offshore in an operating subsidiary account, or route them through a third entity for convenience, create a reconciliation problem that surfaces at the next registration amendment – typically at the worst moment, when a follow-on transfer is urgent.
Profit repatriation from outbound investment also interacts with tax. Income earned abroad flows into the Vietnamese entity’s corporate income tax position, and foreign tax credits depend on documentation issued in the host country. Coordinating the foreign exchange step with the tax filing calendar avoids the common outcome where money arrives correctly but the paperwork supporting a credit does not.
A practical compliance checklist
Five habits keep an outbound investment programme clean. Register before spending – the pre-investment account exists precisely so early costs are traceable. Keep one bank relationship per project unless there is a compelling reason to move, because switching triggers the ten-working-day closure sequence. Reconcile transfers against the registered schedule every quarter rather than annually, since the cumulative ceiling is tested at each transaction. Amend the registration when the project timetable slips, instead of transferring against an outdated schedule. And retain the bank confirmations – closure letters, transaction histories, rate evidence – because the file, not the intention, is what an inspection reviews.
Groups running several overseas projects should also standardise internally. One template for board approval, one owner for foreign exchange registrations across the group, and a single register of ceilings and drawn amounts turns outbound investment compliance from a recurring scramble into a routine quarterly review.
This article is provided for general information only and does not constitute legal advice for any specific case. Regulations may change – please consult a qualified professional before acting. Should further analysis be required, please contact one of our lawyers below.
