HCMC proposes foreign currency accounts for overseas Vietnamese

HCMC – HCMC is considering proposing a legal framework to allow overseas Vietnamese individuals the option to open bank accounts denominated in foreign currency. This framework would also enable a seamless transfer of funds and profits between different currencies, streamlining transactions for overseas investors. HCMC Chairman Phan Van Mai’s initiative sent to the Standing Committee of the HCMC Party Committee outlines six key components. Overseas Vietnamese are encouraged to participate in financial markets, real estate, and domestic businesses. In the first half of 2023, remittances to HCMC reached US$4.4 billion, accounting for 66% of 2022’s total.