LEGAL DOCUMENT No. 45, 11-17 November...

THE BANK OF VIET NAM

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
No. 12/TT-TH7 Ha — Hanoi
September 5, year...

CIRCULARS
The promulgation of guidelines for the implementation of Decision No. TTG dated
April 8, year... of the Prime Minister on the addition and correction of several articles related
to foreign currency management in economic conditions new finance.

To implement Decision No. TTG dated April 8,... of the Prime Minister on the addition
and correction of several articles related to foreign currency management in the new situation,
the State Bank Vietnam will apply measures to give specific instructions as follows:

1- The organizations and units related to the August 4 TTG decision..... are enterprises
(including foreign-invested enterprises), organizations, associations, and multi-national
organizations established and operating under the current laws of Vietnam.

All organizations and entities must deposit all foreign currency amounts generated at
home and abroad into their foreign currency accounts at banks that are authorized to do
foreign currency business and transactions in Vietnam. (such as State Commercial Bank, Bank of
Investment and Development Bank, Commercial Joint Stock Bank, Joint Venture Bank, and
Foreign Bank Branches) following the following regulations:

* All organizations that are licensed to do import-export business and provide

services to foreigners, when receiving foreign currency, must deposit all these foreign
currencies into their foreign currency accounts at banks above within the time limits specified
in the contract.

* All organizations and units are authorized by the State Bank to receive foreign
currency through trading goods and providing services, as well as all organizations and units
that obtain foreign currency from financial sources within the State Bank. countries such as
support funds, gifts, advertising, fairs... or financial sources from abroad, must deposit exactly
the entire amount in this foreign currency into their accounts at banks. goods mentioned
above.

1.1- Banks and financial companies that have not been licensed by the State Bank to
open foreign currency accounts in foreign countries, if they wish to open accounts abroad, they
need to fulfill the pre-requisites and submit an application. file to the State Bank (Department
of Foreign Exchange)
to be licensed to open a foreign currency account in a foreign country as specified below
 1.1.1- About the conditions
a Must have a license approved by the Governor of the State Bank to
allow trading activities in the field of foreign currency.
b. Must have a minimum prescribed capital of VND 50 million
c. Must operate effectively for at least 2 years
d. Must have a business relationship with foreign banking institutions
e. Must have a team of qualified and qualified staff

1.1.2- About the profile:

a. Application for opening a foreign currency account abroad (according
to the attached application form)
b. Decision on establishment and operation license of the bank.
c. Business registration certificate
d. A report on the bank's business results for the last two years with a
written comment and assessment of the director of the State Bank of the
province or local city on the ability to operate. overseas business of the
bank.

Within 15 days after receiving the complete set of documents, the State Bank
will consider and grant a license to open a foreign currency account abroad, or will notify the
bank or company in writing. financiers know why they are not licensed.

The State Bank entrusts banks and financial companies with business licenses to
carry out business activities in the foreign currency sector and open foreign currency accounts
abroad, to encourage units, this organization in transactions related to foreign currency
accounts according to their business situation.

1.2- For units in the aviation, maritime, postal, and insurance industries, when needing
to open foreign currency accounts abroad, these units must send them to the State Bank
(Department of Foreign Affairs). Remittance) the following downloads:

a. Application for opening a foreign currency account abroad (according to the attached
application).
b. Deciding to set up a business.
c. Business registration certificate.
d. documents of the competent authority of the host country allowing the Vietnamese
side to sell tickets directly (for both aviation and marine industries)
e. Contracts signed with foreign countries on compensation (for the two branches of
Post and Insurance)

1.3- For enterprises established and operating under the law Foreign Investment in
Vietnam:
 Must comply with the provisions of Circular No. TT-NH7 dated September 18, year ...
issued by the Governor of the State Bank on guiding the implementation of Chapter X of Decree
No. 18/CP dated April 16, .. . on specific provisions for the implementation of foreign
investment law in Vietnam

1.4- Vietnamese economic units that are approved by the Government to set up
branches in foreign countries to conduct production and business activities, in addition to the
documents prescribed in Articles a, b, and c of this Part 1.2 above they must submit according
to government decisions and documents of countries allowing these units to set up branches in
the country to carry out production and business activities.

An application file for permission to open an overseas foreign currency account of the
organizations and units mentioned in Articles 1.2, 1.3, and 1.4 is only applicable for the first
time applying for opening a foreign currency account abroad (from the date of issue). the next
time, if there is a need to open a foreign currency account abroad, these units and
organizations only need to apply to open a foreign currency account abroad).
The State Bank has the right to request the above-mentioned organizations and units to
provide additional documents if there is a change in the content or purpose of their business
activities.

The licenses for opening foreign currency accounts previously issued by the Governor of
the State Bank to banks, financial companies, other organizations, and units are still valid.

Within 30 days after receiving the complete dossier, the State Bank must consider and
update the permission to open foreign currency accounts in foreign countries with such
organizations and units or notify them of the reasons for not doing so. grant these licenses.