The State Bank of Vietnam issued Circular 38/2026/TT-NHNN on 31 July 2026, and it takes effect on 18 August 2026. It replaces Circular 06/2019/TT-NHNN and addresses the launch of Vietnam’s International Financial Center and a number of practical difficulties investors and banks had encountered under the previous framework. The key changes are set out below.
Broader scope. The Circular now covers capital flowing from the International Financial Center into the rest of Vietnam under Decree 329/2025/ND-CP, in addition to conventional foreign direct investment. Securities investment and trading on the stock exchange under Clause 3, Article 73 of Decree 96/2026/ND-CP remain outside its scope, as does anything involving listed public companies.
New categories of regulated parties. IFC member enterprises and foreign petroleum contractors are each treated as a distinct category under the Circular, rather than being addressed by analogy to FDI enterprises as before.
For further detail on the new FX rule, please visit DFDL.
