On July 31, 2026, the State Bank of Vietnam officially issued Circular No. 38/2026/TT-NHNN, replacing Circular No. 06/2019/TT-NHNN; this document took effect on August 18, 2026. Circular 38/2026/TT-NHNN refines the legal framework for managing foreign investment capital flows and expands the scope of application to include member enterprises of the International Financial Center in Vietnam.

1. Expansion of the concept and scope of “Investment Capital Account” 

• Change in fundamental terminology: Pursuant to Clause 3, Article 3 of Circular 38/2026/TT-NHNN, the narrow terms “Direct Investment Capital Account” and “Foreign Direct Investment Capital Account” have been eliminated in favor of the broader concept: “Foreign Investment Capital Account in Vietnam.”
• Scope of transactions: The new concept encompasses all receipt and payment transactions related to foreign investment activities in Vietnam, including capital flows from the International Financial Center in Vietnam to the rest of the country.

2. Expansion of entities required to open an FDI capital account

In addition to foreign-invested economic organizations subject to Circular No. 06/2019/TT-NHNN, Article 6 of Circular No. 38/2026/TT-NHNN adds the following groups of entities required to open and use an FDI capital account:

• Foreign-invested economic organizations established by member enterprises within an International Financial Center;
• Foreign-invested economic organizations in which a member enterprise holds more than 50% of the charter capital through capital contributions or the purchase of shares/capital contributions;
• PPP project enterprises established by foreign investors;
• Member enterprises participating in a Business Cooperation Contract (BCC);
• Contractors that are foreign investors in petroleum operations.

3. Permission to open an FDI capital account during the pre-investment stage

For the first time, enterprises are permitted to open an FDI capital account prior to being granted an Investment Registration Certificate, as specifically stipulated in Clause 3, Article 7 of Circular No. 38/2026/TT-NHNN.

• Purpose of use during the pre-project stage: to receive charter capital and interest earned on the account balance; to pay legitimate expenses related to investment preparation activities in Vietnam; and to refund capital to investors and member enterprises.

After obtaining the Investment Registration Certificate: The enterprise shall continue to maintain this FDI capital account and may open additional FDI capital accounts in other foreign currencies if necessary.