Vietnam: Competent Authority Arrangement with United States, implementing FATCA

Vietnam: Competent Authority Arrangement

State Bank of Vietnam in February 2017 announced that the “competent authorities” of Vietnam and the United States of America entered into a Competent Authority Arrangement (“CAA”) in October 2016 concerning implementation of the FATCA regime in Vietnam.

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According to the announcement (13 February 2017) about the CAA between Vietnam and the United States, Vietnamese financial institutions are to study the CAA and intergovernmental agreement (IGA) Model 1B between Vietnam and the United States for proper implementation and compliance. The CAA addresses matters concerning registration of Vietnamese financial institutions as well as rules for the timing and manner of automatic exchange of information.

 

Read a February 2017 report prepared by the KPMG member firm in Vietnam

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