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Japanese Partner

New Circular 10/2016/TT-NHNN guiding offshore portfolio investment

On 29 June 2016, the State bank of Vietnam issued Circular 10/2016/TT-NHNN guiding the implementation of some contents of the Decree No. 135/2015/ND-CP on offshore portfolio investment (“Circular 10”). This new Circular including 9 Chapters, 38 Articles and 16 Annexes, will come into effect on 13 August 2016. There are several key points regarding offshore portfolio investment of Vietnamese employees as follows:

Vietnamese employees working in foreign organizations in Vietnam are entitled to make offshore portfolio investments by participating in incentive share programs for shares issued oversea (Article 7). The incentive share programs must be implemented through an organization executing the incentive share program (Article 8.1) in conformity with the following forms (Article 9)

  • Shares-award.
  • Share-option with preferential conditions.

Earnings from sale of shares, share-option, dividends and other lawful incomes in foreign currency must be transferred to Vietnamese employees via the share incentive program account of the executing organization (Article 8.2).

In addition, Circular 10 also provides detailed dossiers, registration procedures for issuance of certificates of investment activities, offshore portfolio investment trust.