On 29 April 2025, the State Bank of Vietnam issued Circular 03, creating favorable conditions for foreign investors. This is reported by The Investor.
Simplified legalization procedures in Vietnam
The new circular specifically regulates transactions involving indirect foreign investments and the operation of dedicated accounts established for such purposes.
Circular 03 replaces previously issued regulations related to investment procedures, significantly reducing the time required for foreign investors to open trading accounts. Notably, the circular eliminates the requirement for consular legalization of documents submitted when opening investment accounts.
This is a key improvement that makes it easier for foreign institutions to open accounts. Previously, the process could take months due to legalization procedures, writes The Investor.
Earlier, in March 2025, the State Securities Commission of Vietnam announced plans to introduce a series of broad measures aimed at creating more favorable conditions for foreign investment. Following the resolution of organizational matters, new financial instruments designed to facilitate investment activities are expected to be introduced in the near future.
Other recent changes in document legalization in Vietnam
Earlier, Schmidt & Schmidt reported that, as of March 17, 2025, the U.S. Embassy and Consulate General in Vietnam have significantly limited the types of affidavits they are authorized to issue. Going forward, affidavits will be limited to “general matters” and statements confirming that a U.S. citizen is not currently married — a requirement for registering a marriage in Vietnam.
An affidavit, under U.S. and U.K. law, is a written statement or declaration made by an individual acting as a witness, given under oath and certified by a notary public or another authorized official.
A statement on the U.S. Embassy's website said the changes were made in light of regulatory changes and established international practice. The main point in the embassy's statement is that Americans will no longer be able to use the practice of affidavits to legalize most civil status documents.
We will no longer be able to provide affidavits from U.S. citizens attesting to the authenticity of documents issued in the United States, including birth certificates, marriage certificates, divorce decrees, academic records, and driver’s licenses, the Embassy’s website states.
As a result, holders of American documents lose the opportunity to “bypass” the consular legalization procedure, which must be carried out in the United States. Representatives of the Embassy recommend to address such questions to the authorized bodies of the United States.
The message reminds that Vietnam is not a party to the Hague Convention on Apostille, so to use American documents on its territory it is necessary to undergo the procedure of consular legalization. It is longer, more complicated and more expensive than apostilization.
What is consular legalization?
If your document is intended for use in a country that is not a member of the Hague Apostille Convention, it must undergo consular legalization. This is a more complex and time-consuming procedure than an apostille. For each individual country not party to the Hague Convention, the document must be legalized separately in accordance with that country’s requirements.
In our video, we explain what consular legalization is, why it is necessary, when it applies, how it differs from apostille certification, and explore the historical background of consular legalization.
If you require consular legalization of documents issued abroad, please contact Schmidt & Schmidt. We provide consular legalization services in more than 80 countries worldwide.
