Vietnam Maintains Restrictions on the Use of Foreign Exchange Within Its Territory

The State Bank of Vietnam issued Decision No. 2452/QĐ-NHNN, confirming that Circular No. 32/2013/TT-NHNN and its subsequent amendments and supplementary provisions remain in force, including relevant provisions of Circular No. 03/2019/TT-NHNN and Chapter III of Circular No. 75/2025/TT-NHNN. The decision takes effect on the date of signing; the source text does not specify that date.

Under Circular No. 32/2013/TT-NHNN, except where permitted by regulation, residents and nonresidents in Vietnam may not use foreign exchange for transactions, payments, listings, advertising, quotations or pricing, or to state prices in contracts and agreements. The restriction also applies to converting or adjusting prices for goods, services and contracts into foreign exchange.

Banks, nonbank credit institutions and foreign bank branches authorized by the State Bank of Vietnam to conduct foreign exchange business may use foreign exchange for transactions, payments and quotations within the scope of their authorization. Corresponding exceptions also apply to duty-free shops, state agencies at border crossings, capital contributions to investment projects in Vietnam, payments under entrusted import-export contracts, and certain transactions involving international tenders, oil and gas, and insurance, subject to the applicable conditions and payment methods.

Illustrative image of foreign exchange use within Vietnam.（VietVance）

Circular No. 03/2019/TT-NHNN allows foreign investors to pay deposits or security payments in foreign currency by bank transfer when participating in share auctions related to the equitization of state-owned enterprises, purchasing state-owned shares or capital contributions in enterprises undergoing state divestment, and other specified cases. Successful bidders must transfer investment capital in accordance with foreign exchange regulations to pay the purchase price. Unsuccessful bidders may transfer their foreign-currency deposits or security payments abroad after any related expenses have been deducted.

Chapter III of Circular No. 75/2025/TT-NHNN further provides that organizations involved in security, national defense, oil and gas, and other necessary cases may use foreign exchange within Vietnam after receiving written approval from the State Bank of Vietnam. Applications may be submitted in person, by post or through the National Public Service Portal. The State Bank of Vietnam must consider approval within 35 days of receiving a complete and valid application. If an application does not meet the requirements for processing, it must request additional materials in writing within 10 working days of receipt. Any refusal of approval must be explained in writing.

Source: VietVance