The DICA account Vietnam regime, formally the direct investment capital account, is the plumbing through which every foreign direct investment flows. Capital in, loans in, profit out and capital out all pass through it, and a payment routed elsewhere can block the corresponding outbound transfer for years.
This guide sets out the six operating rules we brief on at incorporation, based on the foreign exchange regime administered by the State Bank of Vietnam.
DICA Account Vietnam: Who Must Open One
Every enterprise with foreign direct investment must open a direct investment capital account, as must a foreign investor participating in a business cooperation contract or performing a project without establishing a legal entity. The account is opened at one licensed bank in Vietnam and is separate from the company’s ordinary payment accounts.
The obligation attaches once the investment registration certificate issues. Opening the DICA account Vietnam facility before the first capital call is essential, because a contribution paid into a current account will not be recognised as charter capital by the bank for later remittance purposes.
DICA Account Vietnam: Which Transactions Must Pass Through It
Four categories must move through the account: contribution of charter capital and other direct investment capital; drawdown and repayment of medium and long term offshore loans; remittance of profit and other lawful income abroad; and repatriation of capital on transfer, reduction or dissolution.
Ordinary trading receipts and payments do not pass through the DICA account Vietnam facility and should run through the company’s current accounts. Mixing the two is the most common cause of reconciliation problems when a group later tries to remit dividends.
DICA Account Vietnam: Currency and Multiple Accounts
The company may hold one account in Vietnamese dong and one account in each foreign currency in which capital is contributed or loans are drawn, all at the same bank. Holding accounts at more than one bank for the same investment is not permitted.
The currency of the account should match the currency in which the capital is committed in the investment registration certificate. Where equity is committed in United States dollars but contributed in dong, the exchange rate applied and the date of conversion should be documented, because the recorded contribution amount governs the amount that may later be repatriated.
DICA Account Vietnam: Changing Banks
Changing the account bank is permitted but must be sequenced correctly. The company opens the new account, transfers the entire balance, closes the old account, and notifies affected counterparties and the State Bank where a registered loan is involved.
Registered offshore loans reference the account details filed at registration, so a bank change without a corresponding notification can suspend permitted drawdowns and repayments. We recommend completing the loan registration amendment before, not after, the transfer.
DICA Account Vietnam: Profit Remittance Mechanics
Profit may be remitted abroad after the annual financial statements are finalised and the corporate income tax finalisation return is filed, and after notification to the tax authority within the prescribed period before transfer. The bank will require the audited accounts, the tax finalisation return, the notification and the shareholder resolution declaring the distribution.
Accumulated losses must be covered before distribution. Where the company has both distributable profit and unrecovered losses, the bank will look at the cumulative position. Our guide to profit remittance covers the sequence and the common blockers.
DICA Account Vietnam: Capital Repatriation and Exit
On a share transfer to another foreign investor the price is settled between the two foreign parties abroad and does not pass through the account, whereas a transfer to a Vietnamese buyer must be settled through the DICA account Vietnam facility. Getting this wrong at closing creates an outbound transfer that the bank cannot process.
On dissolution, capital is returned through the account after tax clearance and creditor settlement. The bank compares the outbound amount against recorded contributions, which is why the paper trail from the first capital call matters at the last one. Our note on capital repatriation sets out the documentation.
15 Things to Prepare Before Setting Up an FDI Company in Vietnam
A four-page pre-filing checklist covering structure and market access, capital and the DICA account, licensing and legalisation, work permits, and tax. Current to July 2026, including Decree 96/2026/ND-CP, Decree 219/2025/ND-CP and Decree 236/2025/ND-CP.
Frequently Asked Questions
Can an indirect investor use a DICA account?
No. Foreign portfolio investors use an indirect investment capital account, which is a different instrument with different rules.
Can the account be used to pay suppliers?
No. Trading payments run through ordinary current accounts. The direct investment capital account is limited to capital and income flows.
What if capital was paid into the wrong account?
Regularisation is possible but requires evidence reconciling the payment with the registered capital. Do it before the next audit rather than at the point of remittance.
Is a DICA account needed for a representative office?
No. A representative office is not a direct investment vehicle; it operates ordinary accounts for its running costs.
Set Up Your Capital Flows Correctly
IVLF Advisors opens and documents direct investment capital accounts, aligns them with the investment registration certificate, registers offshore loans and manages profit and capital remittance. See also our guides on total investment capital and offshore loan registration, and guidance from the State Bank of Vietnam. Contact our team.
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.
