Foreigners will soon be allowed to save money in Vietnam?

According to the draft circular of the State Bank, foreigners can deposit savings in VND and foreign currencies for a term at banks in Vietnam.

The State Bank of Vietnam (SBV) is seeking comments on a draft circular guiding term deposit transactions at credit institutions and foreign bank branches, in the direction that non-residents who are foreign legal entities and individuals with a presence in Vietnam can make term deposits in VND and foreign currencies.

Maybe in the near future, foreigners will be allowed to save money in Vietnam.

The draft circular states that foreign legal entities present in Vietnam in the forms of branches, representative offices, executive offices, operational offices, diplomatic missions, and consular missions in Vietnam can deposit term deposits to serve the activities of such non-residents' forms of presence in Vietnam.

Non-residents are individuals present in Vietnam, including foreigners residing in Vietnam for less than 12 months; foreigners studying, receiving medical treatment, traveling or working for representative offices, executive offices, operating offices, diplomatic missions, consular missions of foreign legal entities in Vietnam regardless of the duration.

According to the State Bank, the regulation allowing foreigners to deposit savings in VND and foreign currencies at commercial banks aims to limit hot capital flows and speculation in the currency market, as well as ensure the legal rights of non-residents present in Vietnam.

To deposit term savings with interest, non-resident foreign customers are only allowed to use VND and foreign currencies on their VND payment accounts and foreign currency payment accounts. This regulation is to ensure compliance with the policy of developing non-cash payments and foreign exchange management goals, facilitating the management and supervision of state management agencies./.

According to VOV