Chapter VI

FOREIGN EXCHANGE MANAGEMENT

Article 66.- Opening of accounts

Foreign-invested enterprises and foreign business cooperation partiesare entitled to open foreign-currency accounts and Vietnam dong accounts at banks licensedto operate in Vietnam.

In special cases, for a number of projects with urgent demand,foreign-invested enterprises may open accounts at banks overseas after they obtain theapproval of the Vietnam State Bank. The enterprises shall have to report to the VietnamState Bank on the situation on the use of accounts opened abroad. The opening, use andclosure of accounts of enterprises shall comply with the regulations of the Vietnam StateBank.

Article 67.- Regulation on ensuring foreign currencies

1. Foreign-invested enterprises and foreign business cooperationparties are entitled to buy foreign currency(ies) at commercial banks licensed to deal inforeign currencies so as to meet the current transactions and other licensed dealingsaccording to legislation on foreign exchange management.

2. For particularly important projects with investment made under theGovernment's programs in each period, the Prime Minister shall decide balance of foreigncurrency(ies) for foreign-invested enterprises and foreign business cooperation parties,which is specified in the investment licenses.

3. The Vietnamese Government ensures the support in balancing foreigncurrency(ies) for foreign-invested enterprises and business cooperation parties thatinvest in infrastructure construction and a number of other important projects in caseswhere the commercial banks fail to fully satisfy the foreign currency demands stated inClause 1 of this Article.

Article 68. - Transfer of revenues abroad by foreign investors

1. After fulfilling their tax obligations, foreign investors may transfer abroad:

a) Profits earned from business activities, revenues divided to them;

b) Revenues from service provision and technology transfer;

c) Principals and interests of foreign loans;

d) Investment capital;

e) Other money amounts and assets under their lawful ownership.

2. Upon the termination of operation and dissolution of theirenterprises, foreign investors are entitled to transfer abroad the assets under theirlawful ownership.

3. Where the amount transferred abroad as provided for in Clause 2 ofthis Article is larger than the initial capital and reinvestment capital, the differencethereof shall be transferred abroad only after it is approved by the investment licensingbody.

Article 69. - Transfer of foreigners' incomes abroad

Foreigners working in the foreign-invested enterprises or under thebusiness cooperation contracts shall be entitled to transfer abroad their salaries andother lawful incomes in foreign currency(ies) after having paid the income tax and otherexpenses.

Article 70.- Exchange rates

The rates for conversion of foreign currencies into Vietnamese currencyand vice versa applicable in the process of investment, production and business offoreign-invested enterprises and business cooperation parties shall comply with theregulations of the Vietnam State Bank at the time of conversion.