To specify regulations governing foreign exchange management for foreign investment activities in Viet Nam, on July 31, 2026, the State Bank of Vietnam issued Circular 38/2026/TT-NHNN (Circular 38). Circular 38 takes effect on August 18, 2026, with several key highlights as follows:

(i) Circular 38 permits foreign investors to open investment capital accounts and make certain payment transactions prior to obtaining an Investment Registration Certificate;
(ii) Circular 38 expands the scope of entities eligible to open investment capital accounts;
(iii) Circular 38 permits foreign investors to open investment capital accounts in multiple foreign currencies at a single financial institution.

Circular 38/2026/TT-NHNN: Key considerations regarding foreign exchange management for foreign investment in Viet Nam

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