EAASVNV2

EAST ASIA AREA SERVICES COMPANY LIMITED, BIC/SWIFT Code Details

Address: MPLAZA SAIGON BUILDING FLOOR, 19 39 LE DUAN HO CHI MINH CITY, 7000 VIET NAM

Payment Instructions

General instructions for international payments to banks in VIETNAM:

Overview

Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g. SWIFT BIC or local bank code, account number, and beneficiary bank address).

Central Bank: For additional information, please refer to www.sbv.gov.vn.

Country Requirements/Restrictions

Payment Restrictions: FX Control Regulations, issued by the State Bank of Vietnam, are amended from time to time according to monetary control policies of the State.

VND is unable to be traded offshore due to its un-convertibility. Purchase of VND is not restricted, as such overseas remittance in foreign currencies can be converted easily for local payments. Purchase of foreign currency, for both domestic and overseas payments from Vietnam, is permitted subject to allowable purposes and required supporting documentations are submitted.

Domestic payment in foreign currency is restricted: Refer to Circular 32/2013 and Circular 16/2015 for eligible payments.

VND against USD rate is calculated based on USD/VND central exchange rate and trading band. The central exchange rate of VND against USD shall be fixed by reference to the weighted average exchange rate in the inter-bank foreign currency market, the exchange rate movements in the international market of currencies of some countries that have trading, borrowing, debt payment, significant investment relationships with Vietnam, macro-economic and monetary balances and goals of monetary policies.

USD is accepted for local payments, subject to certain requirements and supporting documents. USD payments into Vietnam for onward credit in VND will be converted by the remitting bank.

Payments cannot be made to Foreign Indirect Investment Accounts (FIIAs).

Additional Documentation: The beneficiary may be required to provide supporting documentation by the correspondent or beneficiary bank. VND in-country settlement requires no specific documentation. Foreign currency receipts of any amount are subject to explanation on nature/purpose of payment. Current accounts are used for underlying goods and services activities. Wholly and partially foreign enterprises are required to open a Capital account, which is reserved for capital and loan related transactions. Refer to Circular 06/2019 - FX control for foreign direct investment in Vietnam, Including Capital account, Circular 12/2014, 03/2016 and 05/2016 for foreign loan.

New Information

Tax codes are required when making payments to the local Vietnamese tax authorities (or equivalent). These tax codes relate to both the sender (Remitter) and the receiver (Beneficiary). The communication of a tax payment will usually occur between the tax authority and the remitter, and a unique tax code tax identifier number will be generated online for the remitter to use when initiating their payment. This code is needed by the local tax authorities in order to recognize that the payment relates to a specific beneficiary. VND is a zero decimal currency; payments must be entered as whole. Ensure amounts have no decimals to avoid rejection. Depending on the beneficiary bank, the value date for local clearing payments is within one business day.

Payment Formatting Rules for VND:

IBAN: No

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of EAST ASIA AREA SERVICES COMPANY LIMITED for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from EAST ASIA AREA SERVICES COMPANY LIMITED, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.