To upgrade and develop the Vietnamese stock market, simplify procedures and dossier, and facilitate foreign investors when participating in the stock market, on April 29, 2025, the State Bank of Viet Nam promulgated Circular 03/2025/TT-NHNN regulating the opening and use of Vietnamese Dong accounts for foreign indirect investment activities in Viet Nam, replacing Circular 05/2014/TT-NHNN. Circular 03 takes effect from June 16, 2025 with some notable new points which investors should be aware of as follows:

(i) Simplification of the procedures for opening indirect investment accounts;
(ii) Amendment and supplementation of some principles when opening and using Vietnamese Dong accounts to conduct foreign indirect investment activities in Viet Nam;
(iii) Supplementation of the provisions on several exceptional cases in which foreign investors are allowed to open an additional indirect investment account corresponding to each securities trading code issued at one licensed bank for foreign indirect investment activities in Viet Nam.