The State Bank of Vietnam recently released new enterprise forex settlement management regulations, proposing more explicit and strict requirements for forex settlement under cross-border trade, foreign investment profit repatriation, and service trade.

Key changes in the new rules include: first, strengthening mandatory forex conversion requirements for enterprise forex income, stipulating that export enterprises must convert forex income to dong within specified timeframes; second, improving the audit process for foreign-invested enterprise profit repatriation, requiring more complete financial and tax documentation; third, strengthening authenticity verification for service trade forex payments to prevent illegal capital outflows.

For Chinese and other foreign enterprises operating in Vietnam, it is necessary to closely monitor these policy changes, timely adjust forex management strategies, and ensure compliant operations.