Vietnam Updates Foreign Exchange Rules for Foreign Investment and International Financial Centres
The State Bank of Vietnam issued Circular No. 38/2026/TT-NHNN, effective August 18, 2026, replacing Circular No. 06/2019/TT-NHNN and aligning the foreign exchange framework with the Law on Investment 2025, including a regime for International Financial Centers in Vietnam (“VIFC”).
Key changes include:
a) Identification of foreign-invested economic organizations: The ownership threshold of charter capital held by foreign investors has been adjusted from “51% or more” under Circular No. 06/2019/TT-NHNN to “more than 50%”.
b) Expansion of the regulatory scope: Circular covers investment activities from VIFC to the rest of Vietnam allowing them to open and use foreign investment capital accounts similarly to foreign investors.
c) Capital contributions in multiple currencies: Investors may select one of the permitted currencies as the conversion currency to determine the value of their capital contribution, using the exchange rate applied by the bank when the funds are credited.
d) Pre-investment fund transfers: A mechanism is introduced for transferring funds for pre-investment activities before completion of Investment Registration Certificate (“IRC”) procedure, with a repayment mechanism if the IRC is not issued.
In a nutshell, the Circular establishes mechanisms for implementing regulations under the Law on Investment and the VIFC regime, making Vietnam’s investment environment more competitive.
Contributed by RÖDL Vietnam
Vietnam Competition Commission (“VCC”) Penalizes Violations of Personal Data and Consumer Protection Regulations
While new rules are shaping the regulatory landscape, recent enforcement actions show how these requirements are being applied in practice. On 7 August 2026, the Vietnam Competition Commission (“VCC”) announced on its website that it had issued a decision imposing an administrative fine of VND 1.36 billion on a leading ride-hailing platform in Vietnam for the following violations:
- Failing to provide consumers with the option to consent or not consent to the use of their information for sharing, disclosure, or transfer to third parties.
- Stipulating prohibited terms in its nationwide general terms and conditions.
- Failing to notify or publicly disclose sponsorship of influencers whose images, advice, or recommendations are used for commercial promotion or to encourage purchases or use of products or services.
- Failing to fully and accurately display feedback and review results as required.
- Failing to specify the effective date in its nationwide general terms and conditions.
- Failing to publicly disclose to vulnerable consumers the applicable contents, mechanisms, and policies as required.
VCC required the Company to cease the violations, update its contents and policies, and ensure full compliance with consumer protection laws.
This case serves as a reminder for businesses to ensure compliance with personal data protection and consumer rights protection regulations.
Contributed by RÖDL Vietnam
